Ethereum Dormant Coins Stir, But Price Remains Unfazed

A significant amount of previously dormant Ethereum (ETH) was moved on September 30, with approximately 580 million token-days being transferred. This is roughly nine times the average weekday level for September and the highest reading since June 2.

The movement of these old coins might have suggested that holders were trying to take advantage of the recent rally and book profits. However, exchange supply increased by only around 18,000 tokens on September 30 before declining by approximately 21,000 ETH a day later.

This relatively insignificant amount suggests that the immediate selling pressure didn't spike, especially when compared to the roughly 5.9 million coins held on trading platforms. In contrast, exchange balances soared by more than 140,000 ETH on June 2, when the Age Consumed metric last registered a massive increase.

According to Santiment Intelligence, it's impossible to determine who moved the latest batch of dormant ETH, but previous such moves have coincided with wallet reorganizations rather than outright selling. Meanwhile, popular trader Merlijn The Trader highlighted what he considers a major shift in the ETH/BTC pair, arguing that Ethereum has broken the long-running downtrend against Bitcoin.