Long-established wallets holding Ethereum are selling off the asset at the fastest pace since 2021. The market has to absorb about 45,000 ETH daily, obtained from early investors.

After the latest wave of sales, the altcoin price dropped to $3152.17 due to deteriorating sentiment and long liquidations. The open interest in ETH fell to $17 billion after the last round of liquidations.

According to Glassnode data, a significant portion of sales came from wallets that are 3–10 years old. Their owners are locking in profits to avoid getting caught in another bear market.

A strategic sell-off by "whales" means that Ethereum currently has more opportunities for profit. The ratio of market to realized value (MVRV) indicates the accumulation of wallets with significant unrealized profits.

A negative MVRV value is a sign of market capitulation, which ETH has not reached even during previous sell-offs. Historically, altcoins tend to show negative values for months, especially during prolonged bear markets.

Currently, the MVRV ratio has reached its highest level for 2025 at 2.1 points, which may lead to selling pressure if some "whales" decide to increase their average price. ETH is still actively traded, with part of the supply still being used for short-term swaps.

At the same time, retail investors' sentiment towards Ethereum is at a yearly low. The ETH fear and greed index stands at 29 points, indicating anxious sentiments in trading.

In the last 24 hours, the altcoin has decreased in price by more than 9.3% to $3,168.