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More than half of Ethereum’s circulating supply hasn’t moved in more than a year, with just 39.6% of Ether (ETH) having changed hands in the past 12 months.
According to Glassnode’s “hodlwaves” chart, which offers a chronological breakdown of the speed of on-chain transactions, about 28% of Ether last moved between the past 12 and 24 months, making up the largest segment of on-chain activities.
The data suggests that many whales spent 2019 hoarding Ether before the project’s ETH 2.0 review, for which Phase 0 is expected to begin in the coming months, allowing users to stake their Ether for the first time.
About 20% of tokens haven’t moved since before October 2017, with analysts looking to see if a percentage of these coins are moved into staking with the launch of phase 0.
~ 60% of all ETH hasn’t moved in 1+ years.
As eth2 phase 0 approaches, it will be interesting to see how much this percentage decreases as Ethereum OG moves its stock into staking.
I am particularly curious to see if any of the coins in the 5+ year category move pic.twitter.com/9H38dYAHDq
– Anthony Sassano | sassal.eth ⛽ (@ sassal0x) October 14, 2020
The upcoming phase 0 launch appears to have triggered a recent increase in the short-term speed of on-chain transfers, with the share of Ether shifting in the past 24 hours increasing from less than 0.5% during January and February to an average above 1% in early September.
Weekly rate also increased from 1.5% at the beginning of the year to 5% in both July and September, while monthly and quarterly transfers have similarly increased steadily since June.
In contrast, Bitcoin’s (BTC) short-term on-chain speed has largely declined following the pre-halving hype and Black Thursday crash of March 2020, with weekly transfers rising by nearly 6% of the offer in February at between 3.5% and 4%. in the month of September.
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