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.
