Glassnode: Surge in ETH First-Time and Momentum Buyers
On August 9, on-chain analytics firm Glassnode reported a significant rise in ETH first-time buyers and momentum traders over the past few days. The data shows renewed ETH demand driven by new entrants and existing holders raising their cost basis to reenter the market. The spike in ETH first-time buyers reflects growing confidence in Ethereum’s price trajectory, while momentum buyers have capitalized on recent price movements. These on-chain indicators signal potential bullish momentum for Ethereum as market participants increase their exposure.
Bullish
Glassnode’s observation of rising ETH first-time buyers and momentum traders has historically coincided with upward price movements for Ethereum. Increased participation by new buyers often boosts liquidity and positively influences market sentiment, while momentum buying reflects traders capitalizing on price strength. In the short term, this influx can drive further price appreciation as demand outpaces supply. Over the long term, sustained engagement from both new and existing holders may underpin a stronger baseline for Ethereum’s valuation, suggesting a bullish outlook.