Bitcoin dominance to continue until Ethereum spot demand rises, says Cryptoquant analysis.

Cryptoquant's analysis shows Bitcoin and Ethereum have different supply-demand dynamics in 2026. Bitcoin's dominance is expected to persist as it benefits from strong spot demand, especially through U.S. Bitcoin spot ETFs, which saw $2.44 billion inflows in April. Ethereum, while seeing some spot ETF inflows, has not matched Bitcoin's scale or consistency, limiting its price momentum. The report suggests that a broader altcoin rally depends on Ethereum achieving sustained spot buying similar to Bitcoin's, which would reduce exchange supply and support prices more stably than leveraged futures demand.