Ethereum's Dormant Token Mass Exodus Sparks Reshuffling Hopes
A massive movement of previously dormant Ethereum has taken place, with 580 million tokens changing hands at the end of September. However, the amount of ETH that actually reached exchanges was relatively small, suggesting that this activity may be the result of wallet reshuffling rather than holders selling their assets. According to Santiment Intelligence, Ethereum's Age Consumed metric surged to approximately 580 million token-days on September 30, the highest reading since June 2.
While this might seem like an opportunity for old holders to cash in on the recent rally, Santiment reassured that this doesn't seem to be the case. Exchange supply increased by only around 18,000 tokens on September 30 before declining by approximately 21,000 ETH a day later.
Merlijn The Trader highlighted what he considers a major shift in the ETH/BTC pair, arguing that Ethereum has broken the long-running downtrend that has weighed on it against Bitcoin for nearly ten years. However, fellow analyst Altcoin Sherpa stressed that Ethereum's outlook will remain heavily dependent on what Bitcoin does next.