Dormant Ethereum Coins Stir on September 30 Amid Stable Exchange Balances
A significant amount of long-dormant Ethereum (ETH) was moved on September 30, according to data from Santiment. The coins that changed hands had been sitting idle for a long time.
The exchange balances remained stable despite the large movement of old ETH. This combination is notable because typically, when old coins wake up, traders expect a sell-off.
Santiment's on-chain analysis showed that the 'age consumed' metric spiked on September 30, indicating a surge in activity from previously inactive wallets. However, exchange balances did not increase significantly, suggesting that the coins were not dumped onto trading platforms all at once.
Ethereum's exchange netflow turned positive on that day, with a net inflow of around 33.9k ETH. This influx of coins arrived amidst otherwise steady exchange balances.