Bitcoin and Ethereum price movements marked a striking divergence in the crypto market in May. While the price of Bitcoin dropped from $82,000 to $77,000 from May 11 to May 18, Ethereum has fallen from $2,400 to $2,100 since April. Although similar declines occurred in two major cryptocurrencies, the dynamics in the market developed quite differently.
Significant separation in on-chain data
According to the latest data shared by on-chain analysis company CryptoQuant, Bitcoin’s 30-day Net Taker Volume was measured as positive $ 58 million as of May 18. This figure was around 243 million dollars in April. The fact that this indicator never turned negative despite the decrease reveals that buyers are still absorbing the selling pressure in the Bitcoin market.
According to CryptoQuant’s analysis, “Buyers are still here. The persistence of aggressive demand even as the price declines creates remarkable resilience in investor behavior in Bitcoin.”
On the Ethereum side, the picture is quite different. ETH’s Net Taker Volume indicator, which reached a record level at the beginning of March, dropped to minus 113 million dollars on May 17. This value falling below zero indicates that buyers have disappeared in Ethereum and sellers have taken full control.
Mini dictionary: Net Taker Volume is an on-chain metric that shows the difference between active buy (taker buy) and sell (taker sell) transactions on cryptocurrency exchanges. Positive values indicate aggressive buyer demand and negative values indicate dominant selling action.
Bitcoin and Ethereum divergence in ETP flows
Another sign of the divergence in the market also showed itself in the movements of money into exchange-traded funds (ETPs). As of the last week, there was an outflow of $81.6 million from Ethereum-based ETPs, while on the Bitcoin side, on the contrary, there was a net inflow of $192.1 million. This data confirms that investors prefer Bitcoin in the short term, while outflows in Ethereum are accelerating.
| Indicators | Bitcoin | Ethereum |
|---|---|---|
| Last price level | $77,000 | $2,100 |
| Net Taker Volume (Mid May) | +$58 million | -113 million dollars |
| ETP weekly flow | +$192.1 million | -$81.6 million |
Chain rotation and question marks in the market
Analysts state that this difference is not due to a sudden panic, but rather to market preferences. The fact that sellers are taking control of Ethereum and Bitcoin is in demand despite the selling pressure brings to the agenda the possibility of capital rotation in the market. However, current data does not show precisely which asset the cash flow is shifting to.
Some experts who follow the chain rotation theory evaluate that the combination of Bitcoin’s ability to absorb selling pressure and increasing sales in Ethereum indicates a search for a new balance in the market.
In CryptoQuant’s latest report, a critical question was raised: Will this negative Taker Volume in Ethereum be a precursor to the general market trend, or will the ongoing buyer demand in Bitcoin pull the entire market up again? The answer is unclear for now.
Looking at the medium-term picture, Bitcoin still faces strong buyer support at $77,000, while Ethereum cannot find the same enthusiasm at $2,100. The developments provide important signals for market players.
