Dormant Ethereum wallets stir on September 30 as exchange balances hold steady

A large amount of long-dormant ETH moved on September 30, according to on-chain analytics platform Santiment. The coins that changed hands had been sitting untouched for a long time. Exchange balances stayed stable. That combination matters, because old coins waking up usually sets traders bracing for a sell-off. What the on-chain data shows Santiment’s reading for September 30 centered on a metric called age consumed. It rises when coins that have sat still for a long time suddenly move. On September 30, that metric ran high. Yet exchange balances did not jump in step, which suggests those coins were not dumped onto trading venues all at once. Ethereum’s exchange netflow turned positive that day, with a net inflow of roughly 33.9k ETH, arriving amid otherwise stable exchange balances. No significant price action or confirmed selling pressure was reported in connection with the September 30 transfers, based on available reports. A month of wallets waking up On September 21, four wallets that had been inactive for more than two years collectively sent 48,047 ETH to Bitfinex, valued at approximately $130.7 million. An early Ethereum holder who originally acquired 3,000 ETH at an aver...