CryptoQuant: Bitcoin Lead Likely Until ETH Spot Buying Rises
CryptoQuant finds bitcoin dominance may persist until sustained ethereum spot buying appears; U.S. BTC spot ETFs logged $532M on May 4 and $2.44B in April versus $61.29M for ETH on May 4.
CryptoQuant’s analysis of on-chain and exchange data for April and early May 2026 finds bitcoin and ether are operating under different demand regimes. The firm says bitcoin’s market share is likely to remain elevated until ether attracts sustained spot-level purchases.
The data show U.S. bitcoin spot exchange-traded funds recorded a $532 million net inflow on May 4 and $2.44 billion in net inflows for April, the largest monthly institutional buying total in nearly eight months. Ethereum spot ETFs registered $61.29 million in net inflows on May 4, but the analysis notes ETH flows have not matched bitcoin in scale or persistence.
CryptoQuant distinguishes spot buying from leveraged trading. Spot purchases remove coins from exchange inventories, reducing available sell-side supply. By contrast, futures and other leveraged instruments do not take coins off exchanges; those positions can be closed quickly, returning supply and increasing short-term volatility.
As one example of leveraged positions unwinding, the firm cites a trade in which a 700 BTC short was closed at an estimated $1.94 million loss as bitcoin moved above $81,000.
The analysis lists indicators to watch for signs of broader demand for ether: daily U.S. spot ETF flow data for ETH, ether balances on exchanges, and the pace at which ether’s gap to its own all-time highs narrows relative to bitcoin. The report uses U.S. spot ETF flows as a proxy for institutional spot demand and frames the divergence between BTC and ETH flows as a signal to monitor for potential changes in market allocations.
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