Massive Ethereum Awakening: Why 580M in Dormant ETH Just Moved Without Crashing Price

A massive amount of previously dormant Ethereum suddenly moved at the end of September. But there's a catch. OG Ethereum investors woke up a few days ago by completing the biggest move of long-dormant coins since early June. However, the actual number of ETH that reached exchanges was negligible, which suggests that this unusual activity may reflect wallet reshuffling rather than holders rushing to cash out as the underlying asset continues to fight the $2,700 level. Old ETH Woke Up According to data shared by the analytics resource Santiment Intelligence, Ethereum’s Age Consumed metric surged to approximately 580 million token-days on September 30. This was roughly nine times its average weekday level during September and the highest reading since June 2. Age Consumed measures the movement of coins based on how long they had previously remained dormant. This means that such a large spike indicates that significant quantities of older ETH were suddenly transferred. While this might sound like old holders trying to take advantage of the recent rally that saw ETH surge from $1,500 to $2,700 and book some profits, Santiment reassured that this doesn’t seem to be the case. Exchange sup...