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▲ Bitcoin (BTC), Ethereum (ETH)
An analysis has emerged stating that while Bitcoin (BTC) led the cryptocurrency market rebound in April, Ethereum (ETH) lagged in terms of demand. XWIN Research, a Japan-based cryptocurrency research firm, diagnosed that the April rebound was more akin to a Bitcoin-centric capital concentration rather than a widespread market recovery.
The Crypto Basic reported on May 5, citing an XWIN Research report, that Bitcoin rose by 11.85% in April, climbing from $68,219 to $76,306. Bitcoin also tested the $79,500 mark during intraday trading. During the same period, Ethereum only rose by 7.28%, from $2,103 to $2,256, and its peak remained around $2,466.
XWIN Research analyzed that the gap between the two assets reflects not just simple price fluctuations but structural differences in demand. Bitcoin's recovery was supported by demand from US institutional investors and inflows into spot ETFs. The Coinbase Premium also turned positive again, confirming a recovery in buying interest.
Strategy added more than 56,200 BTC in April, injecting over $4 billion into the market. Bitcoin spot ETFs, led by BlackRock, also invested over $1.197 billion in Bitcoin in the same month, and have already bought $1.16 billion in May.
Consistent net outflows of Bitcoin from exchanges were also observed. This indicates a trend where investors moved Bitcoin off exchanges, reducing selling pressure. XWIN Research viewed the structure of increasing demand coupled with decreasing immediately tradable supply in the market as the 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 price increase was also analyzed to be more dependent on changes in exchange supply and easing of selling pressure rather than active accumulation.
XWIN Research explained Ethereum's price structure as a reaction to supply changes rather than active accumulation. In April, Ethereum spot ETF inflows amounted to only $356 million. During the same period, Bitcoin spot ETF inflows reached nearly $3 billion.
The report concluded that the April rebound signals a phase of selective capital allocation in the cryptocurrency market. Instead of funds spreading simultaneously across all cryptocurrencies, they are concentrating on assets with clear demand signals. While Bitcoin was actively accumulated, Ethereum's rise largely relied on a slowdown in selling.
XWIN Research believes that broader participation in altcoins depends on the sustained recovery of Ethereum's spot demand. Bitcoin's market dominance could continue until similar demand signals are confirmed for Ethereum. The April rebound was presented not as a simple recovery 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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