Analyst: On-chain Indicators Show BTC Profit Holders Begin to Hold Tight; ETH Lacks New Buyers, but Believers Keep Buying

Blockbeats reported on April 23 that on-chain data analyst Murphy posted on social media, stating that according to Glassnode's RSI (Relative Strength Index) indicator, a group of new buyers showed significant activity in April, actively purchasing BTC following the price rebound. Likewise, a group of trend buyers are also following up. Between April 8 and April 15, there was a partial exit of profit-holders, but this behavior did not continue during the subsequent rebound, indicating that market confidence is gradually recovering and profit-holders are starting to hold tight.

The situation with ETH data is quite different from BTC. Since February this year, ETH has seen almost no new buyers or trend buyers. Meanwhile, from April 10 to April 16, there was a concentrated sell-off at a loss (capitulation), but this behavior did not continue after the price rebound. Nevertheless, some investors persistently bought ETH during price declines, a behavior that has continued since March 26.

Glassnode's RSI indicator categorizes investors into five main types: buy-during-declines behavior (steadfast investors), buy-during-increases behavior (trend investors), first-time-buying behavior (new investors), profit-taking investors, and loss-capturing investors. Analyzing the behavioral changes of different investor groups helps users identify changes in extreme sentiment.