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Research: Bitcoin shrimp, crab cohorts aggressively buying; ETH equivalent cohorts selling
- Josh OSullivan
- 2023-01-10
- 3850
- ETH
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Summary:Bitcoin and Ethereum Shrimp and Crab cohorts reveal a stark difference in market trend and sentiment of the top two cryptocurrencies.
Glassnode data analysisData encryption quartz sandstoneIt shows the obvious trend difference between BTC and ETH shovels.
The key narrative of BTC's fundamentals is that so many investors believe in the reason for the asset - they will buy it regardless of the price. According to the data on the Glassnode chain, shrimp (holding one BTC or less) are more efficient in purchasing BTC than ever before.
As of the time of submission, BTC Shrimp held 1.2 million BTC and bought about 90000 BTC in the past 30 days. In December 2022, BTC shrimp accumulated 60000 BTC in 30 days. The evidence related to this trend is called direct evidence.
However, compared with ETH Shrimps (holding one ETH or less), this trend has reversed - 300000 ETH has been sold within 30 days. The attitude of ETH shrimp is quite different from that of BTC holders. Because shrimp became a net merchant, it held about 160000 ETH as of the time of submission.
When carefully observing and comparing their respective Crab queues, the industry trend difference between BTC and ETH was further strengthened.
The BTC Cancer Group holds 3000000 BTC in the embodiment stage, and accumulates BTC at a rate of about 200000 BTC within 30 days, which is also the fastest accumulation rate of the group in history.
The ETH crab group reflects the mood of the ETH shrimp group - holding about 150000 ETH and maintaining the influence of net merchants, without obvious signs of accumulation.
The significant difference between the rising BTC sentiment and the bullish ETH mentality shows that the BTC shrimp and crab groups are still less sensitive to the market - the dollar average variable cost (DCA) customers will not be blocked.
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