Bitcoin (BTC) and Ethereum (ETH) are currently showing mixed investor sentiment. Both momentum buyers and first buyers in the Bitcoin ecosystem are showing notable engagement, reflecting sustained demand.
On-chain analytics firm Glassnode shared insights into the latest engagement levels in the Bitcoin and Ethereum networks.
Bitcoin Ecosystem: Resilient Buyer Engagement Highlighting Significant Demand
The latest data from Glassnode suggests that both types of buyers—exclusive market entrants (first buyers) and trend-chasing investors (momentum buyers)—are displaying interest in the Bitcoin ecosystem. Additionally, the existing Bitcoin holders are not engaging majorly in profit-taking.
This trend is very constructive for the recent rally of Bitcoin. It also signals that the market is slowly building a relatively sustainable basis as there is less large-scale distribution.
This reduces the risk of severe corrections that the abrupt sell-offs pose. Meanwhile, Ethereum is presenting a somewhat different dynamic.
After many months of subdued activity, ETH is presenting its earliest meaningful surge among first buyers since February. However, profit-taking is rising among Ethereum investors, suggesting a potentially approaching resistance in comparison with Bitcoin.
Broader Market Nears Key Technical and Psychological Levels
According to Glassnode, despite this delicate difference between the Bitcoin and Ethereum dynamics, the broader market maintains active engagement. Particularly, Bitcoin is expressing a more resilient structural support in the case of price rally. However, Ethereum’s recovery momentum faces pressure. Hence, the market is approaching notable technical and psychological levels.
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