Bitcoin's historical influence over market trends is being challenged as Ethereum holders continue to accumulate, diverging from the liquidation trend seen among long-term Bitcoin holders. According to IntoTheBlock, this shift is largely due to the growing yield opportunities for Ethereum, making it a more attractive hold. Currently, 27.5% of the total ETH supply is staked, with 16.3% of this staked ETH being restaked via protocols such as Eigenlayer, Karak Network, and Symbiotic.

Many long-term Ethereum holders are also awaiting the approval of a spot Ethereum ETF and new all-time highs before deciding to sell. With over 83% of ETH holders currently in profit, the asset could witness a significant rally in the future.

On the other hand, Bitcoin's bearish trend persists despite almost 90% of its holders being in profit. Glassnode's latest analysis revealed a significant decline in the volume of transactions on the Bitcoin network, indicating a decreased appetite for speculation among investors and a growing sense of market indecisiveness.