Analyst: Most ETH holders are not satisfied with the current price to take profits, and new buyers are eagerly stepping in to absorb the selling pressure

BlockBeats News, July 27th, on-chain data analyst Murphy posted on social media that since July 20th, the activity of ETH "new buyers" has been very positive, indicating a strong demand for ETH from new funds. Long-term holders (aggressive buyers) have also maintained a certain level of accumulation while the ETH price has been trading sideways. At the same time, there are not many profit-taking sellers, indicating that the majority of holders in profit are not satisfied with the current price of ETH, showing strong confidence in holding.

Looking at ETH's on-chain activity data, the number of transactions has nearly reached the historical peak of May 2021, and the transfer amount (USD value) is also rapidly increasing. As ETH's price is still below the December 2017 level (around $4,000), the on-chain transfer amount has already surpassed that period. The number of transactions represents on-chain activity, while the increase in transfer amount indicates that more and more large funds are actively participating.

Murphy stated that although from Ethereum 2.0 staking data, it can be seen that nearly 700,000 staked ETH are currently queued for withdrawal, indicating that the chip switching process from old OGs to new institutions in this cycle of ETH is about to accelerate. However, as long as the demand side, mainly led by "new buyers," can maintain continuous positivity, even if these chips produce excess supply for a while, the market can fully absorb it.