According to a report recently released by IntoTheBlock, data from Mars Finance shows that although long-term Bitcoin holders began selling in January, long-term Ethereum holders are still accumulating.
This is in stark contrast to its behavior in the previous cycle, when the latter behaved very similarly to Bitcoin holders. Currently, 27.5% of Ethereum's total market value supply is staked, of which 16.3% of the staked ETH is re-staked through protocols such as EigenLayer. This highlights the strong demand for native returns among ETH holders.
Additionally, long-term holders may be waiting for the Ethereum ETF to be approved and for new all-time highs to be set before deciding to sell. Additionally, long-term holders may be waiting for the Ethereum ETF to be officially approved and for new all-time highs to be set before deciding to sell.
