The on-chain analytics firm Glassnode has explained how Bitcoin investor behavior tends to reflect in price trend reversals and continuations.
Glassnode Highlights Key Behavioral Patterns Behind Bitcoin Moves
In a new thread on X, Glassnode has shared a new way to categorize Bitcoin investors based on their on-chain spending patterns. Under this indicator, called the Supply by Investor Behavior, there are five cohorts: Conviction Buyers, First Buyers, Momentum Buyers, Loss Sellers, and Profit Takers.
First Buyers, Loss Sellers, and Profit Takers are pretty self-explanatory. Conviction Buyers refer to the investors who buy despite a decline in the cryptocurrency’s price, while Momentum Buyers refer to those who buy during uptrends.
“The metric tracks the cumulative token supply held by each cohort over time,” notes the analytics firm in the chart’s description on its website. “To focus solely on investor behavior, we exclude exchanges and smart contracts.”
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