According to BlockBeats news, on July 27, on-chain data analyst Murphy posted on social media that the activity of 'new buyers' of ETH has been very active since July 20, indicating strong demand for ETH from new funds. Long-term holders (aggressive buyers) have also maintained a certain level of accumulation while the price of ETH is stable. Meanwhile, there are not many profit-takers, suggesting that most holders with unrealized gains are not satisfied with the current price of ETH, showing strong confidence in holding.
From the on-chain activity data of ETH, the number of transactions is approaching the historical high of May 2021, and the transfer amount (in dollar value) is also rising rapidly. While the price of ETH is still below December 2024 (around $4,000), the on-chain transfer amount has already surpassed the same period. The number of transactions represents on-chain activity, and the rise in transfer amounts indicates that more large funds are actively participating.
Murphy stated that although the staking data from Ethereum 2.0 shows that nearly 700,000 staked ETH are currently waiting to exit, indicating that the process of chip transfer from old OGs to new institutions in this cycle is about to accelerate. However, he believes that as long as the demand side, primarily composed of 'new buyers,' can maintain continuous enthusiasm, even if these chips generate excess supply for a time, the market can fully absorb it.
