On July 27, blockchain data analyst Murphy posted on social media that the activity of ETH "new buyers" has been very positive since July 20, indicating strong new capital demand for ETH. Long-term holders (aggressive buyers) have continued to accumulate during ETH's price consolidation. Meanwhile, profit-taking sellers are few, suggesting that most holders with gains are not satisfied with ETH's current price, demonstrating strong confidence in holding.
Looking at ETH's on-chain activity data, transaction numbers are approaching the historical high from May 2021, and transfer amounts (in USD value) are rapidly increasing. While ETH's price remains below December 2024 levels (around $4,000), on-chain transfer amounts have already exceeded those from the same period. Transaction numbers represent on-chain activity, and the rise in transfer amounts indicates that more large funds are actively participating.
Murphy stated that although Ethereum 2.0 staking data shows nearly 700,000 ETH are currently queued for withdrawal, signaling an acceleration in token switching from old OGs to new institutions in this cycle, he believes that as long as demand from "new buyers" maintains its sustained enthusiasm, the market can easily absorb any temporary excess supply.
