• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
Bitcoin vs Ethereum

Ethereum Price More Influenced By Off-Chain Markets Than Bitcoin, Data May Suggest

Keshav Verma
by Keshav Verma
2 hours ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Glassnode data could imply Ethereum price dynamics are more influenced by derivatives and other off-chain markets compared to Bitcoin.

CBD Data Shows Divergence In Spot Activity For Bitcoin & Ethereum

In a new post on X, on-chain analytics firm Glassnode has talked about how the Cost Basis Distribution (CBD) has diverged between Bitcoin and Ethereum recently.

Related Reading: Japan Post Bank To Issue Digital Yen In 2026—$1.3 Trillion Deposits Go Blockchain

The CBD refers to an indicator that tells us about the amount of a given asset that addresses or investors on the network last purchased at each of the price levels visited by the cryptocurrency in its history.

This metric is useful because investors put special emphasis on their break-even level and tend to make some kind of move when a retest of it occurs. The more amount of the asset that the holders purchased at a particular level, the stronger is their reaction to a retest.

Now, first, here is a chart that shows the trend in the CBD for Bitcoin over the last few months:

Bitcoin CBD

Looks like BTC is currently retesting a major demand zone | Source: Glassnode on X

As displayed in the above graph, the Bitcoin CBD acquired a large “air gap” when Bitcoin saw its explosive rally back in July. This happened because BTC moved through price levels too fast for buying and selling to occur at them, so very few coins were able to receive a cost basis at them.

As BTC consolidated after the rally cooling off, levels started being filled up with supply. The same has followed during the latest phase of decline and now, the previous air gap has disappeared. This shows that demand for spot trading has maintained for the cryptocurrency.

While Bitcoin has seen this trend, the CBD has behaved differently for the second largest asset in the sector, Ethereum.

Ethereum CBD

How the CBD has changed for ETH over the past few months | Source: Glassnode on X

From the chart, it’s apparent that Ethereum’s rallies have also created air gaps, but unlike Bitcoin, its phases of slowdown haven’t resulted in any levels filling up to a notable degree. “This suggests ETH price dynamics may be more influenced by off-chain markets such as derivatives,” notes Glassnode.

Historically, price action built on products like derivatives has often proven to be more volatile. Given that Ethereum is currently not observing any high levels of spot buying, it only remains to be seen what the fate of its bull run would be.

Related Reading: Bitcoin ETFs Post Net Inflows Again, But Ethereum Still Dominates

In some other news, Bitcoin has been trading near an important on-chain cost basis level after the recent price decline, as CryptoQuant author Maartunn has pointed out in an X post.

Bitcoin STH Realized Price

The trend in the Realized Price of the BTC short-term holders | Source: @JA_Maartun on X

The level in question is the average cost basis of the short-term holders, investors who purchased their Bitcoin within the past 155 days. In the past, losing the level often resulted in short-term shifts to bearish phases.

ETH Price

Ethereum has been on the way down recently with its price falling to $4,270 after a 6% weekly pullback.

Ethereum Price Chart

The price of the coin appears to have gone down recently | Source: ETHUSDT on TradingView
Featured image from Dall-E, CryptoQuant.com, Glassnode.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Keshav Verma

Keshav Verma

Follow

Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

Full Profile

Related Posts

Ethereum Buys Surge As Jack Ma-Linked Yunfeng Financial Invests $44 Million

Ethereum Buys Surge As Jack Ma-Linked Yunfeng Financial Invests $44 Million

5 hours ago
Ethereum

Spot Ethereum ETFs Shine With Strong Inflows Despite Price Struggles – Details

16 hours ago
starknet-panne-ethereum-redemarrage-apres-arret

Panne Starknet : le L2 d’Ethereum repart après 4h d’arrêt

19 hours ago
Bitcoin OG Sells 2,000 BTC To Buy Ethereum – Capital Rotation Accelerates

Bitcoin OG Sells 2,000 BTC To Buy Ethereum – Capital Rotation Accelerates

1 day ago
Ethereum

Ethereum Foundation Comes Out Of Hiding With Brand New Token, Here’s What It Does

1 day ago
Whale Adds $430M Ethereum As Institutional Demand Drives Market

Whale Adds $435-M Ethereum As Institutional Demand Drives Market

2 days ago

Premium Sponsors

Press Releases

  • Top 5 Most Profitable ASIC Miners in 2025: ROI Comparison

    13 hours ago
  • Bitget to Transfer 440 Million BGB to Morph Foundation...

    14 hours ago
  • From Institutional to Individual Investors: How XRP and...

    14 hours ago
  • Despite XRP price fluctuations, Mint Miner lets holders...

    15 hours ago
  • CryptoMiningFirm Launches First XRP, BTC Mobile App: Earn...

    17 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.