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On-chain analytics firm CryptoQuant says Bitcoin and Ethereum’s recoveries in 2026 are being driven by different demand structures, with Bitcoin supported by sustained institutional spot buying and Ethereum stabilizing mainly because selling pressure has eased rather than because new demand has arrived. The distinction could shape how the broader market moves next.
CryptoQuant’s analysis of on-chain and exchange data covering April and early May 2026 finds that the two assets are operating under fundamentally different demand conditions.
Bitcoin’s recovery, the firm says, has been driven by real spot purchases—investors buying BTC and withdrawing it from exchanges into long-term storage. This process removes sell-side supply from available exchange inventories and can create a structural tailwind for price even when trading volumes are low.
Ethereum’s stabilization, by contrast, appears to reflect sellers stepping back rather than buyers stepping in, according to CryptoQuant.
CryptoQuant highlights that the source of demand can have different market effects. When demand comes through spot ETFs or direct purchases, coins leave exchange inventories and are effectively taken off the market. When demand is expressed primarily through futures and perpetual contracts, coins remain on exchanges and positions can be unwound quickly—returning supply and potentially increasing volatility if sentiment shifts.
CryptoQuant’s institutional gap between the two assets is reflected in spot ETF flows cited in its analysis.
CryptoQuant’s central finding points to a threshold: Bitcoin dominance—BTC’s share of total crypto market capitalization, currently above 60%—is likely to remain until Ethereum shows sustained spot buying comparable to what has supported Bitcoin’s recovery.
If ETH eventually mirrors BTC’s spot-demand pattern, CryptoQuant suggests a broader altcoin rally could follow as capital rotates from Bitcoin into the wider market.
Until that rotation occurs, the current environment is characterized as capital concentration rather than a broad-based recovery, a distinction CryptoQuant says market observers are tracking heading into the second quarter.
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