Glassnode data analyzed by CryptoSlate showed a significant trend difference between the Bitcoin (BTC) and Ethereum (ETH) shrimp and crab cohorts.
The core narrative of BTC’s fundamentals is the reason so many investors believe in the asset and buy regardless of price. Evidence of this can be seen below, as shrimp (holding one BTC or less) are buying BTC more aggressively than ever before, according to on-chain data from Glassnode.
At press time, BTC Shrimps have a total of 1,200,000 BTC and have bought approximately 90,000 BTC in the last 30 days. Evidence of this trend was seen when BTC Shrimps accumulated 60,000 BTC over 30 days in December 2022.
However, compared to ETH shrimp (which have one ETH or less), the trend is reversed: a sell-off of 300,000 ETH is seen over a 30-day period. The ETH Shrimp mindset is very different from that of BTC holders. as shrimp become net sellers, holding roughly 1,600,000 ETH at press time.
The difference in market trend between BTC and ETH is further reinforced by looking at and comparing the respective Crab cohorts.
The BTC Crab cohort currently holds 3,000,000 BTC and is accumulating BTC at a rate of approximately 200,000 BTC over 30 days, the fastest accumulation rate ever seen for this cohort.
The ETH Crab cohort mirrors the sentiment of the ETH Shrimp cohort: it holds roughly 1,500,000 ETH and remains in a net seller position with no signs of significant accumulation.
The clear difference between BTC bullish sentiment and ETH bearish sentiment reveals that BTC shrimp and crab cohorts remain price insensitive – dollar cost averaging (DCA) buyers are not hampered.
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This post Bitcoin shrimp, crab cohorts buying aggressively; Selling ETH-Equivalent Cohorts
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