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Dormant Ethereum wallets belonging to long-term holders shifted 37,806 ETH in a move that coincided with a notable inflection point: long-term whale profitability on the network turned negative for the first time since 2019.
The development complicates the bull case for $ETH heading into what analysts have flagged as a pivotal test at the $1,500 price level.
What Moved and Why It Matters On-chain activity from older wallets is typically read as a signal of conviction shifting — holders who sat through previous cycles deciding to act.
When those wallets move coins at a moment when long-term holders are collectively underwater for the first time in roughly six years, the question becomes straightforward: are they repositioning, or are they exiting?
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