Bitcoin shrimp, crab cohorts aggressively buying; ETH equivalent cohorts selling

Hull Invest

Glassnode data analyzed by crypto slate We found significant trend differences between the Bitcoin (BTC) and Ethereum (ETH) shrimp and crab cohorts.

The core narrative of BTC fundamentals is why so many investors believe in assets and buy them regardless of price. Evidence of this can be seen below, with more aggressive BTC purchases than ever before.

Source: Glassnode
Source: Glassnode

At the time of writing, BTC Shrimps holds a total of 1,200,000 BTC and has purchased around 90,000 BTC in the last 30 days. Evidence of this trend was seen in BTC Shrimp amassing his 60,000 BTC in his 30 days in December 2022.

However, when compared to ETH Shrimp (holding less than 1 ETH), the trend is reversed, with 300,000 ETH sold in 30 days. The mentality of ETH shrimp is very different from BTC holders. Shrimp has become an online seller and holds approximately 1,600,000 ETH at the time of writing.

Source: Glassnode
Source: Glassnode

The difference in BTC and ETH market behavior is further emphasized when observing and comparing the respective Crab cohorts.

The BTC Crab cohort currently holds 3,000,000 BTC and is accumulating BTC at a rate of around 200,000 BTC in 30 days. This is the fastest ever accumulation rate in this cohort.

The ETH Crab cohort mirrors the sentiment of the ETH Shrimp cohort, holding around 1,500,000 ETH and remaining in a net short position with no signs of significant accumulation.

The stark difference between bullish BTC sentiment and bearish ETH sentiment shows that the BTC shrimp and crab cohorts are still price insensitive.

Read the latest market report

Leave a Reply

Your email address will not be published. Required fields are marked *