Analyst: Most ETH holders are not satisfied with the current price to take profits, and new buyers can maintain positive buying to absorb the selling pressure.

BlockBeats News, on July 27, on-chain data analyst Murphy posted on social media that after July 20, the activity of "new buyers" of ETH has been very active, indicating a strong demand for ETH from new funds. Long-term holders (aggressive buyers) also maintained a certain level of accumulation while ETH prices were in a sideways trend. Meanwhile, there are not many profit sellers, indicating that most holders of unrealized gains are not satisfied with the current price of ETH, showing strong confidence in holding coins. From the on-chain activity data of ETH, the number of transactions has approached the historical high in May 2021, and the transfer amount (in USD value) has also risen rapidly. Although the price of ETH is still below December 2024 (around $4,000), the on-chain transfer amount has already surpassed that of the same period. The number of transactions represents on-chain activity, while the increase in transfer amounts indicates that more and more large funds are actively participating. Murphy stated that although the staking data from ETH 2.0 shows that nearly 700,000 staked ETH are currently waiting to exit, indicating that the chip-switching process from old OGs to new institutions for this cycle is about to accelerate. However, he believes that as long as the demand side, led by "new buyers", can maintain sustained enthusiasm, even if these chips generate excess supply for a time, the market can fully absorb it.