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▲ Bitcoin (BTC), Ethereum (ETH)
An analysis revealed that while Bitcoin (Bitcoin, BTC) led the cryptocurrency market rebound in April, Ethereum (Ethereum, ETH) lagged in terms of demand. Japanese cryptocurrency research firm XWIN Research diagnosed that the April rebound was closer to a Bitcoin-centric capital inflow rather than a broad market recovery.
The Crypto Basic reported on May 5, citing an XWIN Research report, that Bitcoin rose from $68,219 to $76,306 in April, an increase of 11.85%. Bitcoin also tested the $79,500 mark during the trading session. During the same period, Ethereum rose from $2,103 to $2,256, only increasing by 7.28%, and its peak remained around $2,466.
XWIN Research analyzed that the gap between the two assets was not merely a difference in price fluctuations but indicated a structural difference in demand. Bitcoin's recovery was supported by demand from U.S. institutional investors and inflows into spot ETFs. The Coinbase Premium also turned positive again, confirming a recovery in buying interest.
Strategy additionally purchased over 56,200 BTC in April, injecting more than $4 billion into the market. BlackRock-led Bitcoin spot ETFs also invested over $1.197 billion in Bitcoin that same month, and have already bought $1.16 billion in May.
Net outflows of Bitcoin from exchanges also consistently occurred. This indicates a trend where selling pressure decreased as investors moved Bitcoin off exchanges. XWIN Research viewed that a structure where demand increased while the immediately tradable supply in the market decreased was a key background for Bitcoin's rebound.
In contrast, Ethereum did not show the same level of institutional demand as Bitcoin. Ethereum's Coinbase Premium showed a relatively flat trend, and the intensity of capital inflow was weaker compared to Bitcoin. The analysis suggests that its price increase was more dependent on changes in exchange supply and easing selling pressure rather than aggressive accumulation.
XWIN Research explained Ethereum's price structure as a trend responding to supply changes rather than active accumulation. In April, Ethereum spot ETF inflows only amounted to $356 million. During the same period, Bitcoin spot ETF inflows reached almost $3 billion.
The report concluded that the April rebound signaled a phase of selective capital allocation in the cryptocurrency market. Instead of funds spreading to all cryptocurrencies simultaneously, they are concentrating on assets with clear demand signals. While Bitcoin was actively accumulated, Ethereum's rise largely depended on a slowdown in selling.
XWIN Research viewed that the broader participation of altcoins depends on Ethereum's sustained recovery in spot demand. Until demand signals similar to Bitcoin are confirmed for Ethereum, Bitcoin's market dominance could continue. The April rebound was presented not as a simple recovery market, but as a structural turning point where the movement of funds within the cryptocurrency market is changing.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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