According to CryptoQuant report, strong demand is pushing Bitcoin and Ethereum higher:

⚫There has been $1bn daily inflows of new large Bitcoin investors.

⚫Daily purchase of ETH from permanent holders has averaged 40k ETH after the approval of ETH ETFs compared to 5k ETH before.

⚫Total holdings of large ETH investors are now at 16m ETH, compared to 15.4m before.

However, stablecoin liquidity needs to recover to support sustained price growth, as USDT growth has slowed to its lowest rate since February 11.

Despite Bitcoin's rise, Santiment notes a decrease in trader enthusiasm, suggesting a positive sign for continued market growth due to the lack of FOMO.