$BTC and $SOL have bid-heavy books. $ETH does not.
Snapshot 13:30 UTC, top 500 levels:
$BTC: $11M bid vs $6M ask (+27.44%)
$SOL: $8M bid vs $5M ask (+25.62%)
$ETH: $6M bid vs $6M ask (-0.35%)
The two assets with the heaviest long crowd, measured by account ratios of 3.43 on $SOL and 3.92 on $ETH, are not behaving the same way at all.
$SOL has deep resting bids while price sits near its 15-day low. $ETH has a balanced book while price falls 5.73% with the heaviest selling flow of the three.
Same market, same day, opposite microstructure. If you were only watching a chart, these would look like the same trade. #BTC #SOL #ETH
Snapshot 13:30 UTC, top 500 levels:
$BTC: $11M bid vs $6M ask (+27.44%)
$SOL: $8M bid vs $5M ask (+25.62%)
$ETH: $6M bid vs $6M ask (-0.35%)
The two assets with the heaviest long crowd, measured by account ratios of 3.43 on $SOL and 3.92 on $ETH, are not behaving the same way at all.
$SOL has deep resting bids while price sits near its 15-day low. $ETH has a balanced book while price falls 5.73% with the heaviest selling flow of the three.
Same market, same day, opposite microstructure. If you were only watching a chart, these would look like the same trade. #BTC #SOL #ETH