What’s Cooking with Ethereum? 🧐

So, here’s the spicy tea: Ethereum investors who’ve been holding their ETH for over three years are suddenly like that kid who’s had too much candy and just can’t help but share. Yep, they’re offloading a whopping 45,000 ETH per day – the highest it’s been since back in February 2021!

Who Are These Long-Term Holders? 🤔

According to our pals over at Glassnode, those who’ve held their coins for a solid 3 to 10 years are tapping into their stash. These folks are in the elite club known as long-term holders (or LTHs for short), who are normally known for their diamond hands. Why? Because the longer you clutch your coins, the less likely you are to sell them.

Signs of Distress or Sweet Opportunity? 😬

But wait, there’s more! The recent increase in selling from these seasoned investors might mean the market’s looking a bit shaky. If even the die-hard HODLers start to panic and sell, it might raise some eyebrows. This could indicate that things aren’t as rosy as one might hope on the Ethereum front.

Tracking the Trends 📈

How do we keep tabs on this drama? Enter the Spent Volume by Age indicator! This nifty tool lets us see which investor age groups are making moves on the blockchain. A little birdie (aka Glassnode) shared some juicy charts showing a significant uptick in selling for our old guard of 3 to 10-year ETH holders.

Breaking Down the Numbers 💰

As of late August, our 90-day moving average is dancing above 45,000 ETH, which translates to about $139 million being cashed out daily by our veteran market folks. Crazy, right? This kind of action hasn’t been seen since February 2021, right before some major sell-offs were recorded.

Bearish Impact on the Market 🐻

With this mini-exodus, Ethereum is experiencing a bit of a mood drop. It’s like when your favorite show gets canceled – are we in for another bear market re-run from late 2021, or is there hope for a bull run revival akin to February 2021?

ETFs and the Current Situation 📉

And let’s not forget, long-term holder selling isn’t the only storm brewing. Ethereum spot exchange-traded funds (ETFs) are also feeling the heat with some serious outflows: a nasty $1.21 billion over the past month. Ouch! Meanwhile, Bitcoin’s having a worse day at the park with $2.80 billion exiting stage left.

What’s Ethereum Up to Now? ⚡

As I write this, Ethereum is hanging out around $3,100, taking a little dip of over 4% this week. Will it bounce back? Only time will tell!