Bitcoin is again in motion, now negotiating nearly $ 109,000 and reaching a market capitalization of 2.11 billions of dollars. But what stimulates these major price changes? A new Glassnode update, a main Blockchain data business, helps to explain. It shows how the two main types of buyers, long -term believers and investors for the first time are very different roles on the market.
And yes, emotions are always a large part of history.
Why the buyers of convictions count to turns
The latest Glassnode analysis examines the behavior of investors using spending models on Bitcoin, Ethereum and ERC-20 tokens. According to data, buyers of convictions and new buyers play very different roles.
Conviction buyers are long -term believers. They are not shaken during slowdowns. In fact, Glassnode shows that these buyers generally appear around market funds, when fear is at the highest. In the bull markets, they help buy the dips, prevent steep withdrawals and add support during minor corrections.
But the conviction alone is not enough to increase prices. For this, you need something else, a new request.
Buyers for the first time increase prices
To get a solid rally, Glassnode says you need “buyers for the first time”. These are people who buy Bitcoin or Ethereum for the first time. When many new buyers enter, they bring fresh money on the market, and this is what often increases prices.
For example, from July to December 2024 and again from March to May 2025, Glassnode saw a big jump in these new buyers. The twice, the price of Bitcoin increased quickly later. This shows how powerful the new request can be.
Emotions always governing the market
Even if the graphics and the data are useful, most traders always act according to emotion. Many retail traders follow fear, media threw or buzz on social networks. On the other hand, professional merchants use this emotional trade to their advantage.
This is why Glassnode created something called the “fomometer”. It helps follow when traders are too excited or too frightened.