Lead
Ethereum is facing elevated distribution pressure as on-chain data shows holders have been selling more than 45,000 ETH per day since late August, marking the largest sustained selling pace since 2021. The trend is highlighted by Glassnode’s long-term activity metrics, suggesting a notable shift in investor behavior.
Key Developments
- Sustained outflows: Glassnode data indicates daily ETH sold has exceeded 45,000 since late August.
- Historical scale: This represents the biggest regular selling streak since 2021.
- On-chain lens: The signal comes from the
ETH Spent Volume by Agemetric, observed on a 90-day moving average basis.
What the Data Shows
Glassnode’s ETH Spent Volume by Age (90D MA) highlights when older cohorts of ETH begin moving coins, often associated with distribution phases or profit-taking:
- The chart spans from 2020 through mid-2023, with pronounced spikes in early 2021, late 2021, and mid-2023.
- A black price line overlaid on the chart tracks ETH’s market trajectory against spending by age bands, providing context for investor behavior across cycles.
While on-chain selling does not automatically translate to immediate market dumps, persistent elevated “spent volume” can reflect renewed willingness among long-term holders to realize gains, rotate positions, or rebalance portfolios.
Market Context and Interpretation
- A pickup in older-coin spending often coincides with periods of heightened volatility or macro reassessment by long-term investors.
- The magnitude—exceeding 45,000 ETH daily—underscores a broad-based distribution phase not seen since the post-2021 cycle swings.
- Investors may monitor complementary signals such as exchange balances, staking inflows/outflows, and derivatives funding rates to assess whether this selling pressure is abating or accelerating.
For broader methodology and definitions, see Glassnode.
Looking Ahead
Market participants will watch whether spent volume normalizes, signaling a potential cooling of selling pressure, or persists, which could keep Ethereum price action choppy. Key follow-ups include changes in long-term holder behavior, ETH supply dynamics across exchanges and staking, and whether new catalysts emerge to offset distribution.