Analysis of the Sources of ETH Purchasing Power and Latest Chip Structure
The buying groups for ETH are somewhat different from those for BTC. The main purchasing power for BTC comes from 'new buyers', while the purchasing power for ETH primarily comes from 'faith buyers' and 'aggressive buyers'. In contrast, new buyers are scattered and inconsistent, especially during the pullback bottom range in March-April, where they were almost absent (Figure 1).
When the market starts, it is initially 'faith buyers' who take action, followed by 'aggressive buyers'; whereas in the BTC purchasing power data I shared yesterday, we observed a continuous influx of 'new buyers' actively entering the market at the pullback bottom.