On April 23, on-chain data analyst Murphy posted on social media that according to the RSI (Relative Strength Index) indicator launched by glassnode, BTC showed significant activity from a batch of new buyers in April, who actively bought after the price rebounded. At the same time, trend buyers were also following up. There was some profit-taking chip escape between April 8 and April 15, but this behavior did not continue in the subsequent rebound, indicating that market confidence is gradually recovering, and profit-taking chips are becoming reluctant to sell.
The data situation for ETH is very different from BTC. Since February this year, ETH has almost no new buyers and trend buyers. Meanwhile, there was concentrated loss selling (surrender) between April 10 and April 16, and this behavior did not continue after the price rebounded. However, some investors have consistently bought during ETH price drops, a behavior that has continued from March 26 to now.
It is reported that glassnode's RSI indicator divides investors into five major categories: buying during price drops (steadfast investors), buying during price increases (trend investors), first-time buyers (new investors), profit-taking investors, and loss surrender investors. By analyzing the behavioral changes of different investor groups, it helps users identify extreme emotional changes.
