Ethereum Lags Bitcoin Recovery — Retail Has 'Left the Building' Says Analyst

CryptoQuant noted that retail capitulation at this scale has historically appeared during late-stage corrections, though it does not necessarily signal an immediate rebound.

• Retail sentiment on Stocktwits around both Bitcoin and Ethereum trend in ‘bearish’ territory over the past day. 
• According to an analyst at CryptoQuant, there is no evidence of selling among accumulating whales for Ethereum.
• They said that when it comes to overall cryptocurrency market, retail participation has effectively dried up.

Ethereum (ETH) continued to trade in the red even as the rest of the cryptocurrency market recovered, with Bitcoin (BTC) largely rangebound.

Ethereum’s price edged 0.7% lower in the last 24 hours to $1,950, while Bitcoin’s price rose 0.8% to $67.200. Retail sentiment around the two largest cryptocurrencies by market capitalization remained in ‘bearish’ territory over the past day, with chatter at ‘low’ levels. 

A CryptoQuant analyst noted that there is no evidence of selling among accumulating whales. Instead, they appear to be adding at lower prices, which is pushing the realized price lower over time.

Solana Outpaces Bitcoin Gains

Solana (SOL) led gains among crypto majors, up 1.9% in the last 24 hours to $83. Retail sentiment around the altcoin on Stocktwits also trended in ‘bearish’ territory over the past day. 

The overall cryptocurrency market edged 0.3% higher in the last 24 hours , still below the $2.4 trillion mark. CoinGlass data showed around $160 million in liquidations, with long bets accounting for around $100 million of the total.

Crypto Policy Moves Forward, But Slowly

In Washington, policy discussions at the White House on a crypto market structure bill made incremental progress, but no final deal has been reached yet. Strain in the private credit markets, with Blue Owl announcing it has halted redemptions from its inaugural retail fund, and geopolitical concerns over U.S. military action against Iran continue to weigh on risk assets.

Where Is The Crypto Market Headed Next?

Analysts at CryptoQuant said retail participation has effectively dried up. “Retail just left the building,” one of the analysts wrote. “Retail is fully disengaged. No accumulation. No FOMO.” 

CryptoQuant noted that retail capitulation at this scale has historically appeared during late-stage corrections, though it does not necessarily signal an immediate rebound. It added that it could be a long wait, since retail investors often stay sidelined longer than expected.

Analysts at Glassnode said the 90-day simple moving average of the change in open interest across major crypto assets has remained negative since October 2025. The firm noted that the pullback in open interest suggests speculative activity and derivatives liquidity continue to contract. Appetite for leverage has yet to return, reinforcing a broader risk-off environment.

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