[On-Chain Data: ETH Whales with Costs Below $400 Cash Out Multiple Times, Leading to Temporary Price Peaks]
On-chain data analyst Murphy analyzed that ancient ETH whales with costs below $400 cashed out profits multiple times during 2024 to 2025. Each time ETH prices broke above $4,000, these ancient holders cashed out hundreds of millions of dollars in a single day. For example, in March 2024, $600 million was cashed out in one day, and in June, $1 billion was cashed out in a single day. In September and October 2025, whales holding ETH for over 7 years and 10 years respectively cashed out more than $500 million in a single day. After these ancient holders realized their profits, ETH prices temporarily peaked. Since May 2024, after ETH Treasury companies made significant purchases, the supply of ETH held for over 5 years has gradually declined. However, ancient whales with costs below $400 still hold 20.1 million ETH.