Ethereum’s realized cap turning positive is encouraging, but demand is still being led by Bitcoin. The Coinbase Premium Index showed Bitcoin moving back into a stronger demand zone in April. In fact, there were repeated positive readings as the price recovered from its lows.
A positive premium usually means stronger spot buying on Coinbase, often read as U.S-led demand. ETH’s recovery, by comparison, looked more like it was caused by lower sell pressure than anything else.
BTC whales are not convinced…
… and the latest whale data revealed why. In just 92 hours, older BTC cohorts took very different actions – 11,300 BTC sold, 7,000 BTC bought, and 12,849 BTC moved after sitting dormant for three years.
Long-dormant wallets usually do not move without reason, and when large holders are buying, selling, and transferring size at the same time, that usually means there’s uncertainty behind what meets the eye.
Put simply, the market looks stronger than it did a few weeks ago. However, it’s not quite settled just yet.
Final Summary
- Ethereum’s realized cap has turned positive for the first time in eight weeks!
- Despite that, the crypto market remains uncertain, with demand for Bitcoin being higher.