Analyst: On-chain indicators show that BTC profit-taking chips are starting to hold back, while ETH, despite no new buyers getting on board, is seeing believers continue to buy.

On April 23, on-chain data analyst Murphy posted on social media that according to the RSI (Relative Strength Index) indicator launched by Glassnode, a group of new buyers of BTC showed significant activity in April, and they actively bought after the price bottomed out. At the same time, a group of trend buyers are also following suit. Between April 8 and April 15, there was a partial exodus of profitable chips, but this behavior did not continue in the subsequent rally, indicating that market confidence is slowly recovering and profitable chips are starting to be sold. And the data situation for ETH is very different from that of BTC. Since February of this year, there have been few new and trending buyers for ETH. At the same time, there was a concentrated loss selling (capitulation) between April 10 and April 16, after which this behavior did not continue as the price rebounded. However, there have always been some investors who insist on buying when the price of ETH falls, and this behavior has continued since March 26. It is reported that Glassnode’s RSI indicator divides investors into five categories: investment behavior of buying when falling (firm investors), investment behavior of buying when rising (trend investors), buying behavior for the first time (new investors), profit-taking investors, and investors who surrender losses. By analyzing the behavioral changes of different investor groups, it helps users identify extreme emotional changes.