On-chain data reveals a sharp divergence between Bitcoin and Ethereum, as BTC buyers continue to absorb selling pressure while ETH sellers take control. According to CryptoQuant, Bitcoin's 30-day moving average of Net Taker Volume stood at a positive $58 million as of May 18, cooling from April's $243 million but never turning negative. In contrast, Ethereum's Net Taker Volume plummeted to negative $113 million, indicating aggressive taker selling.
This divergence is mirrored in exchange-traded product flows: Bitcoin attracted $192.1 million in net inflows during a recent week, while Ethereum suffered $81.6 million in outflows. The on-chain data suggests a rotation of capital, though it does not confirm where funds are moving.
Ethereum's struggles are compounded by a 41% plunge in its DeFi total value locked (TVL) since January, from $106.687 billion to $62.957 billion. A bearish inverted cup and handle pattern has formed on the daily chart, with the neckline at $2,087. A break below could target $1,690, while bulls need a move above $2,210 to signal recovery.
Mid-term holder behavior adds to the caution. Glassnode's HODL Waves data shows the 3-6 month cohort's share dropped from 18.63% to 12.73% in six weeks, hinting at a loss of conviction. With Ethereum price near $2,140, the market watches whether Bitcoin's underlying buyer demand can pull the broader market higher, or if ETH's negative taker volume foreshadows a deeper decline.
