Glassnode: Both BTC and ETH are out of extreme oversold conditions

According to data from blockchain analysis firm Glassnode, both BTC and ETH have come out of extreme oversold conditions, but from the perspective of on-chain activity, the Bitcoin network is still dominated by “coin hoarders,” so far There hasn’t been any notable return of new demand. On the Ethereum side, Ethereum transaction demand has been gradually declining since the sell-off in May 2021. But seeing a brief burst of activity in recent weeks, it could be constructive if the trend can continue higher. Ethereum’s gas price recently dropped by a 7-day median to just 17.5Gwei, indicating that Ethereum’s relative activity is still at multi-year lows despite recent price increases that haven’t attracted an uptick in network usage.

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