Ethereum [ETH] looks stronger again, but nothing’s as straightforward as it seems.
On the one hand, the token has been helped by capital flows and lower sell pressure. On the other, Bitcoin [BTC] is still the main asset pulling market demand. However, things have been shaky there too.
Ethereum back on its feet?
Alphractal’s realized cap impulse chart showed ETH turning positive for the first time in eight weeks. In fact, capital is beginning to reprice the network.
This is important because realized cap shows where coins last moved. This makes it a useful signal to check whether new demand is entering or old holders are repositioning themselves.
Source: Alphractal
With ETH’s price at around $2,374 and derivatives positioning at a multi-week high, recovery seemed to be cleaner than the past few attempts.
Still, make no mistake. It’s very early right now.
A clear demand signal?
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.
Source: X
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.
Source: Alphractal
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.
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