Long Dormant Bags Stirring Up Trouble 💀
But fr the actual eth hitting exchanges was basically nada which means this weird move is probs just wallets getting reorganized instead of folks dumping as the coin keeps battling that 2700 level 💰. According to santiment intel the age consumed metric popped off to around 580 million token days on september 30th which is like nine times the usual weekday vibe in september and the highest since june 2nd 📊. Age consumed tracks how long those coins sat still so this giant spike means a ton of old eth suddenly shifted hands 🖤. It sounds like holders cashing in on that rally from 1500 to 2700 but santiment says nah exchange supply only ticked up by 18k eth that day then dropped 21k the next 🌙. That tiny amount means no real sell pressure compared to the 5.9 million coins sitting on platforms rn 🔥. Back in june when the metric last spiked exchange balances jumped over 140k eth instead. Santiment admits we cant tell exactly who moved the coins but these shifts usually line up with wallet tweaks not straight up selling 🦇.Eth Setup Still Looks Pretty Solid 🌹
Meanwhile trader merlijn the trader pointed out a huge flip in the eth btc pair where it broke that long downtrend against btc for nearly ten years lmao 📈. He called it the cycle where eth becomes the markets blue chip coin fr. Analyst altcoin sherpa chimed in saying the eth outlook is still pretty solid and not as bearish as some think tho it all hinges on what btc pulls next 💅. Sentiment around eth hit its most bearish point since june 7 with only 0.89 bullish comments per bearish one but that often flips things around for the asset anyway ✨.Just another echo from the void by iconofsin.eth 💖
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