It’s encouraging that Ethereum’s realized limit turns positive, but demand remains led by Bitcoin. The Coinbase Premium Index showed Bitcoin returning to a stronger demand zone in April. There were even repeated positive readings as the price recovered from its lows.
A positive premium usually means stronger spot buying on Coinbase, often read as US-led demand. ETH’s recovery, in comparison, seemed to be driven more by lower selling pressure than anything else.
BTC whales aren’t convinced…
…and the newest whale data revealed why. In just 92 hours, older BTC cohorts took very different actions: sold 11,300 BTC, bought 7,000 BTC, and moved 12,849 BTC after three years of inactivity.
Long-inactive portfolios usually don’t move without reason, and when large holders buy, sell, and transfer their size at the same time, it usually means there’s uncertainty behind what appears at first glance.
Simply put, the market looks stronger than it did a few weeks ago. However, it is not yet completely settled.
Final summary
- Ethereum’s realized limit has become positive for the first time in eight weeks!
- Nevertheless, the crypto market remains uncertain as demand for Bitcoin is greater.