Data: Ancient ETH whales with costs below $400 have repeatedly taken profits and exited, often coinciding with local price tops.

BlockBeats News, on January 1, on-chain data analyst Murphy published an analysis of the behavior of ancient ETH whales with a cost basis below $400 in this cycle. Currently, the average turnover cost for ETH held for 5 to 7 years is $378. During 2024 to 2025, whenever the price of ETH breaks through the $4,000 mark, a large number of ancient tokens are cashed out for profit. For example, in March 2024, tokens held for over 5 years realized a single-day profit of $600 million, and in June, there was an even larger single-day profit outflow of $1 billion. In September 2025, tokens held for over 7 years, and in October, those held for over 10 years, each saw single-day cash-outs exceeding $500 million. After these ancient tokens are cashed out for profit, ETH has without exception reached a local peak in stages.

Since May 2024, after ETH treasury companies began large-scale purchases, the supply of ETH held for over 5 years has gradually declined, but ancient ETH whales with a cost basis below $400 still hold a stock of 20.1 million tokens.