en.bitcoinsistemi.com
On-chain data reveals that the profit-taking and market exits of “legacy” Ethereum ($ETH) whales, whose holdings cost less than $400, coincided with the gradual peaks of the price during this cycle.
On-chain data analyst Murphy noted that the average cost of $ETH held for 5-7 years in the current cycle is around $378. According to the analysis, during the 2024-2025 period, whenever the $ETH price surpassed the $4,000 threshold, long-term whales engaged in significant profit-taking.
In March 2024, investors who had held $ETH for more than 5 years realized approximately $600 million in profits in a single day. In June 2024, this figure reached $1 billion.
In September 2025, over $500 million worth of $ETH was sold in a single day from wallets that had been held for more than 7 years; in October 2025, this figure rose to over 10 years from wallets that had held $ETH for over 10 years.
According to Murphy, these sell-offs invariably follow temporary peaks in the $ETH price.
On the other hand, although the supply held for over 5 years has gradually decreased due to aggressive purchases by $ETH treasury companies starting in May 2024, it is stated that veteran $ETH whales still hold approximately 20.1 million $ETH in stock.
*This is not investment advice.