Ethereum’s price action finished April with a stalemate between bulls and bears, indicating a potential cooldown in demand after its recent recovery. Despite this, the latest market data reveals intriguing insights into ETH’s long-term potential. 72% of circulating ETH was acquired within the last year, suggesting most buyers have been providing liquidity to long-term holders who offloaded their holdings in the past five months. A significant portion (99%) of ETH investors who bought recently were at a loss, which dampened investor sentiment and likely contributed to waning institutional interest during Q1 2025. 72% of circulating ETH was acquired within the last year, suggesting most buyers have been providing liquidity to long-term holders. 99% of recent ETH buyers were at a loss. This outcome has negatively impacted the market’s sentiment and may be one of the reasons behind institutional disinterest in Q1 2025. However, recent data suggests a potential shift is underway. Institutional flows into Ethereum ETFs surged in the last few business days after initially experiencing heavy outflows in the first half of April, suggesting that discounted prices and shifting macro-economic conditions are now more favorable for accumulation, especially by institutions. Exchange reserves also witnessed an uptrend, followed by a pivot towards the downside over the last 6 days, indicating a renewed demand wave. These observations suggest that a bullish trend could emerge in May if market conditions remain favorable. This potential comeback aligns with growing whale activity. According to recent data, 93% of ETH holdings were concentrated in large addresses (whales). This observation confirms that whales have been accumulating at discounted prices, likely due to market weakness and low prices. The market conditions in Q1 and the first half of April align well with whale accumulation activity, suggesting a bullish outlook driven by these long-term players. Meanwhile, Bitcoin dominance has been on an upward trend, which could indicate more liquidity flow into altcoins after new highs are observed. Ethereum’s price was still discounted compared to its December 2024 peak, highlighting potential for further appreciation if market conditions allow. This suggests a bullish wave may be brewing for ETH in May if certain market factors remain favorable.