Glassnode: Bitcoin maintains strong upward trend, Ethereum's recovery faces resistance

ChainCatcher message, Glassnode's latest data shows that the participation of first-time buyers and momentum buyers in the Bitcoin market remains strong, while profit-taking activity is at a moderate level. This supply-demand structure supports the durability of the recent Bitcoin rebound.

Meanwhile, Ethereum has seen a significant increase in first-time buyers for the first time since February, and momentum buyer activity has also risen over the past 7 days. However, profit-takers have become more active simultaneously, which explains why the recent recovery in Ethereum's price has stalled.

Market analysts point out that although large whale wallets are actively accumulating cryptocurrencies, overall market demand has cooled down. New ETF inflows have stabilized, and the inflow of stablecoins has not reached the levels seen during previous surges, suggesting that new capital is adopting a cautious or wait-and-see approach.