A large volume of previously dormant Ethereum moved at the end of September, marking the biggest shift of long-held coins since early June, according to data from Santiment Intelligence.
Ethereum's Age Consumed metric spiked to approximately 580 million token-days on September 30. This reading was roughly nine times the average weekday level seen throughout September and represented the highest figure recorded since June 2. The Age Consumed metric tracks the movement of coins based on the duration of their prior dormancy, indicating that significant quantities of older tokens were transferred.
Despite the scale of the transfer, the actual number of tokens that reached trading platforms was minimal. Exchange supply increased by only about 18,000 tokens on September 30 before dropping by approximately 21,000 ETH the following day. This change was negligible when compared to the roughly 5.9 million coins held on exchanges, indicating an absence of immediate selling pressure. By comparison, exchange balances had risen by more than 140,000 ETH during the previous major spike in the Age Consumed metric on June 2.
Analytics providers noted that while the identity of the entities moving the tokens cannot be definitively determined, past instances of this scale typically aligned with wallet reorganizations rather than liquidation events as the asset navigated the $2,700 price level.
Meanwhile, market observers highlighted broader technical and sentiment shifts surrounding the asset. Trader Merlijn The Trader pointed to a breakout in the ETH/BTC pair, suggesting the altcoin has broken a nearly ten-year downtrend against the market leader. Analyst Altcoin Sherpa described Ethereum's setup as solid, noting that overall market outlooks remain closely tied to Bitcoin's performance.
Concurrently, market sentiment toward the asset declined to its most bearish level since June 7, with Santiment tracking a ratio of 0.89 bullish comments for every bearish remark.
