Data: Sub-$400 Cost Basis ETH Ancient Whale Has Repeatedly Taken Profits, Subsequently Leading to Periodic Price Tops

BlockBeats News, January 1st, on-chain data analyst Murphy published an article analyzing the behavior of ETH ancient whales with a cost basis below $400 in this cycle. Currently, the average holding cost of 5 to 7-year-old ETH is $378. Between 2024 and 2025, whenever the ETH price breaks through the $4000 mark, a large number of ancient chips will cash out profits. For example, in March 2024, chips held for over 5 years realized a daily profit of $600 million, and in June, a massive $1 billion profit took flight. In September 2025, holding for over 7 years, and in October, holding for over 10 years, both saw daily profits of over $500 million. After ancient chips take profits, ETH invariably reaches a phase-wise peak.

Since May 2024, when ETH treasuries started buying heavily, the supply of ETH held for over 5 years has gradually decreased. However, ETH ancient whales with a cost basis below $400 still hold 20.1 million coins.