According to BlockBeats, a report released by IntoTheBlock on June 23 indicates that while long-term Bitcoin holders have been selling off since January, Ethereum holders continue to accumulate. Currently, 27.5% of the total Ethereum market cap is in a staked state, with 16.3% of the staked ETH re-staked through protocols such as Eigenlayer. This highlights the strong demand for native returns among Ethereum holders. Additionally, long-term holders may be waiting for the approval of an Ethereum ETF and a new historical high before deciding to sell.
IntoTheBlock notes that as market prices rise, long-term holders begin to sell off assets they have accumulated over time. Historical data shows that this profit-taking usually begins in the early stages of a bull market and continues after the cycle peak. Therefore, monitoring this activity can help more accurately estimate market peaks.
