More than half of Ethereum’s circulating supply has not moved in more than a year, with only 39.6% of Ether (ETH) changing hands over the past 12 months.
According to Glassnode’s ‘hodlwaves,’ which offers a chronological breakdown of the velocity of on-chain transactions, roughly 28% of Ether last moved between the past 12 and 24 months — comprising the largest segment of on-chain activity.
Ethereum hodlwaves: Glassnode
The data suggests that many whales spent 2019 accumulating Ether in advance of the project’s ETH 2.0 overhaul — for which phase 0 is expected to commence in the coming months, allowing users to stake their Ether for the first time.
Around 20% of tokens have not moved since before October 2017, with analysts watching to see if a percentage of these coins are moved into staking with the roll-out of phase 0.
~60% of all ETH hasn’t moved in 1+ years.
With eth2 phase 0 approaching, it’ll be interesting to see