Bitcoin Holds Up, Ethereum Collapses...73% of Individual Demand Evaporates 'Shock'

▲ Bitcoin (BTC), Ethereum (ETH)

While the cryptocurrency market continues its narrow range-bound movement around $2.56 trillion, Bitcoin (BTC) defended its 50-day moving average, but Ethereum (ETH) failed to secure the same support line.

According to FXStreet on May 20 (local time), the cryptocurrency market showed limited fluctuations around $2.56 trillion over the past four days. The market retreated to the 50-day moving average despite a strong dollar, falling stock prices, and weak gold prices, then confirmed short-term support.

Bitcoin secured support in the downward range near $76,000 since late last month. In recent days, the 50-day moving average has strengthened its role as a support line for Bitcoin and the overall market. However, the resistance of the 200-day moving average continues to fall, indicating that the bullish and bearish thresholds are converging.

On the other hand, Ethereum failed to establish the 50-day moving average as a support line. Ethereum was pushed down to the $2,100 level, and selling pressure continued from the beginning of this month. In particular, it faced stronger resistance at the 200-week moving average, and FXStreet evaluated its failure to break through this line as a new bearish signal for Ethereum.

Among major cryptocurrencies, Algorand (ALGO) showed strength, rising 7.1%, and Zcash (ZEC) rose 2.4%. In contrast, Toncoin (TON) fell 3.9%, Immutable (IMX) fell 3.6%, and Neo (NEO) fell 2.6%, indicating weakness.

Against the market backdrop, a slowdown in individual investor demand was highlighted. Citing CryptoQuant data, FXStreet reported that Bitcoin's individual investor demand decreased by 73% over the past 30 days. The market structure is shifting towards large capital, and individual investors are gradually decreasing in observable on-chain activity.

A forecast for the tokenized asset market was also presented. Standard Chartered Bank projected that the total market capitalization of tokenized assets would reach $4 trillion by 2028. Echo, a Bitcoin-centric DeFi protocol, suspended cross-chain operations after a bridge attack on the Monad network, with actual losses estimated at approximately $816,000.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*