According to ChainCatcher, data released by IntoTheBlock shows that long-term Bitcoin holders have begun to sell since January, but long-term Ethereum holders are still accumulating. Currently, 27.5% of the total market value of Ethereum is pledged, of which 16.3% of the pledged ETH is re-pledged through protocols such as Eigenlayer, which highlights the strong demand for native returns among ETH holders.

Long-term holders may be waiting for the approval of the Ethereum ETF and for a new all-time high before deciding to sell. IntoTheBlock noted that as market prices rise, long-term holders begin to sell the 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 until after the peak of the cycle, so monitoring this activity helps to estimate market peaks more accurately.