April 2026 has seen a massive rebound from the correction of March. However, it presented a notable divergence between Ethereum ($ETH) and Bitcoin ($BTC). In this respect, Bitcoin ($BTC) jumped from $68,219 to $76,306 while Ethereum ($ETH) jumped from $2,103 to $2,256. As per the data from CryptoQuant, Bitcoin ($BTC) recorded an 11.85% increase, while Ethereum ($ETH) saw a relatively low 7.28% rise. So, the divergence highlights that the market underwent a $BTC-led recovery amid the shifting financial dynamics.

Deconstructing April’s Recovery — The Divergence in Supply-Demand Structure Between Bitcoin and Ethereum

“If ETH begins to show sustained spot demand similar to BTC, broader altcoin participation may follow. Until then, Bitcoin dominance is likely to persist.” – By @xwinfinance pic.twitter.com/UVw1bfVXAr

In line with the on-chain data, Bitcoin ($BTC) has significantly outcompeted Ethereum ($ETH) with its 11.85% April rally in comparison with a 7.28% gain. This underscores the influence of institutional supply and demand structures in shaping the trajectory of the biggest crypto assets. Particularly, the Coinbase Premium Index of Bitcoin shifted from the negative territory to the positive zone. This signals a renowned interest among the US-based institutions.

At the same time, the exchange netflows presented recurrent outflows. So, Bitcoin ($BTC) was quitting exchanges, decreasing the sell-side supply alongside bolstering accumulation. Such a dual dynamic of constrained supply and robust demand established the basis for $BTC’s surge, elevating the prices to the psychological threshold of $80K.

According to CryptoQuant, when compared with Bitcoin ($BTC), Ethereum ($ETH) displayed a considerably weaker structure. So, with institutional capital favoring Bitcoin, Ethereum’s price trajectory remained more reactive, led by fluctuation in the exchange netflows. Keeping this in view, the supply-led market outlook limited $ETH’s capability to keep pace with $BTC’s momentum. Overall, if Ethereum starts showing stable spot demand just like Bitcoin, wider altcoin market engagement may follow.

Bitcoin price in Telegram @btc_price_every_hour

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