Bitcoin has surged past $80,000 in May 2026, outperforming Ethereum as on-chain metrics reveal diverging trends. After a volatile March, Bitcoin recovered from a low of $65,000, breaking $70,000 in April. In contrast, Ethereum's price, which dropped to $1,943 in March, recovered to $2,421 in April and is currently trading at $2,388. Recent analyses by CryptoQuant highlight that Bitcoin's rally was driven by institutional demand and constrained supply, as indicated by the Coinbase Premium Index and Exchange Netflow chart. Meanwhile, Ethereum's price movements have been more reactive, influenced by erratic exchange netflows. The ETH/BTC ratio has declined by 4.37% over the past month, suggesting Bitcoin's dominance is likely to persist through Q2 2026.