ETF and DAO platforms are taking on the main selling pressure of ETH, and an analyst assesses the long-term prospects of old coins.

Analyst Murphy, in his analysis on the X platform, examined the critical role of institutional players in the Ethereum market. According to his assessment, ETFs and DAO platforms of the current cycle absorbed selling pressure of over 12 million ETH, significantly supporting the network’s price stability.

Old Coins: Active but Potentially Unstable

Research shows that historical coins purchased more than 5 years ago at prices below $400 remain highly active in the market, especially when ETH approaches or exceeds the $4000 mark. The analyst noted that there are about 20 million units of such long-held assets, accounting for 17% of the total circulation. This indicates a significant potential selling pressure that could last for a long time.

Compared to Bitcoin, the situation looks different. Old BTC coins worth less than $1000 amount to 3.79 million (18.9% of circulation), but most of them are lost, and another 1 million belong to Satoshi Nakamoto, who holds them. This creates lower activity in the market for old BTC compared to Ethereum, where long-term investors are more prone to sell-offs.

Role of Institutions and Future Prospects

According to Murphy, without the participation of ETFs and DAO platforms in this market cycle, ETH’s price dynamics would be significantly worse. The analyst suggests that if new narratives and innovative solutions enter the market, the sale of half of the 20 million old coins through institutional channels could lead to a qualitative price jump for Ethereum.

Such a strategy will require further activation of ETF and DAO platforms, which have the potential to absorb significant volumes of old tokens without critically impacting the market price.