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The Hidden Power of Long-Held ETH: Why Ancient Tokens Could Reshape the Market
Market analysis reveals a compelling narrative about the concentration of old Ethereum holdings and their potential market influence. According to recent research, Ethereum tokens purchased at costs below $400—now comprising roughly 20 million ETH or 17% of total supply—represent a sleeping giant in price dynamics.
The Stabilizing Force of Institutional Accumulation
Over the current market cycle, major ETF and DAT platforms have strategically absorbed 12.05 million ETH tokens. This institutional intervention has played a critical role in preventing the market from being more adversely affected by selling pressures. Without this accumulation, ETH prices would have faced significantly greater downward momentum. The current market price of ETH at $3.13K sits in a zone where these ultra-low-cost holders remain highly incentivized to maintain their positions.
Bitcoin’s Contrasting Pattern
A comparative analysis with Bitcoin reveals distinct differences in market behavior. BTC tokens acquired below $1,000 account for 3.79 million coins, or 18.9% of total circulation. However, Bitcoin’s situation differs materially from Ethereum’s—approximately 1 million of these ancient BTC tokens are attributed to Satoshi Nakamoto and considered permanently locked, while most others are genuinely lost to market circulation.
This reduced active supply explains why old Bitcoin holders show lower engagement levels compared to ETH counterparts. The community consensus around Bitcoin’s scarcity is stronger, but the practical effect is a smaller pool of truly tradeable ancient tokens at $91.27K current valuations.
The Untapped Potential for ETH Price Acceleration
The analysis suggests a compelling scenario: if existing ETF and DAT mechanisms introduce fresh narratives and technological innovations, these instruments could potentially absorb half of the remaining 20 million ancient ETH tokens. Such accumulation would fundamentally reshape supply dynamics and create substantial upside pressure on ETH prices. This absorption capacity, combined with strategic innovation, represents the most direct path to meaningful price appreciation in the near term.