A question that’s been asked quite frequently: Can you still buy the dip in ETH now? This deserves a good discussion because many friends holding ETH or looking to buy low are probably concerned.

Let’s start with the conclusion — it’s quite difficult. Just look at a set of data and you’ll understand.

ETH held for more than 5-7 years has an average cost of only $378. What does this mean? A large number of early investors are now in a state of huge profits.

The key point is this: every time ETH reaches the $4,000 mark, a massive amount of old chips start to cash out. In March 2024, investors holding for over 5 years cashed out $600 million in a single day. By June, this number skyrocketed to $1 billion. In September and October of 2025, it got even more extreme — long-term holders of 7 and 10 years each sold over $500 million in a single day.

And then? ETH’s market started to decline. This is no coincidence. To be blunt, it’s precisely the massive selling of these ancient chips that has suppressed the market, making it very difficult for the price to go higher.

Looking at the holdings data, since May 2024, traditional large enterprises have begun strategically accumulating ETH. The supply curve of coins held for over 5 years has indeed been gradually declining. But even so, there are still 21 million old chips circulating in the market.

It’s worth noting that 25 traditional companies have already joined the ETH strategic reserve camp. While this force provides some support, it’s still challenging to counteract the selling pressure from profit-taking chips in the short term.