📉 April saw Bitcoin's consolidation pressures despite high trading volumes and ETF inflows, with prices between $60k and $66.7k due to short-term holder sell-offs. Ethereum faced debates over staking policy changes, raising concerns about its future scalability and monetary asset role. 📊 Glassnode's composite momentum index indicates a market cool-down as key metrics enter downtrend phases, suggesting reduced demand and slowing positive momentum.

The anticipation for Bitcoin's fourth halving and the disappointment from the lacklustre price action that followed it shaped investor behaviour. Similar events in 2016 and 2020 also saw immediate market corrections despite the long-term bullish implications of reduced Bitcoin supply. Ethereum experienced notable fluctuations with its price dropping by -17.80%, partly due to uncertainty around U.S. spot ETH ETF approvals and internal community debates over proposed staking policy changes.

Bitcoin's price consolidated between $64k and $73k in early April, supported by an upsurge in spot trading and on-chain exchange volumes. Despite diminishing growth rates in network statistics due to the expanding ecosystem, Bitcoin's capability to maintain its position as a premier settlement network remains undeterred.

Ethereum's ecosystem found itself at the centre of a heated debate surrounding changes to the network's staking policy. Proposals to cap annual issuance to slow the staking pool's expansion have been met with significant resistance from the community. The future of Ethereum’s staking landscape remains uncertain, as the community navigates this delicate balancing act to protect both network scalability and its function as a store of value.

Bitcoin is experiencing a phase of consolidation and potential correction, with key metrics indicating a slowdown in positive momentum and an increase in selling pressure. Traders should be cautious as the demand for Bitcoin at higher price levels may be waning.