According to online reports, Glassnode's latest data shows that first-time and momentum buyers in the Bitcoin market continue to maintain strong participation, and profit-taking activity remains moderate. This supply and demand structure supports the persistence of the recent Bitcoin rebound. At the same time, Ethereum has seen significant growth in its first batch of buyers for the first time since February, and momentum buyer activity has also increased in the past seven days. However, profit-takers have simultaneously become more active, which explains why the Ethereum price recovery has stalled recently. Market analysts pointed out that although large whale wallets are actively hoarding cryptocurrencies, overall market demand has cooled down, new ETF inflows have leveled off, and stablecoins inflows have failed to reach the level of previous increases, suggesting that new capital is being cautious or in a wait-and-see state.