According to Glassnode's "hodlwaves" indicator, which provides a chronological breakdown of the speed of on-chain transactions, more than half of Ethereum's circulating supply has not moved in more than a year.
Specifically, Glassnode reports that only 39.6% of ETH has been used in any type of transaction over the last 12 months.
About 28% of Ethereum last moved between the last 12 and 24 months, the largest segment of on-chain activity.
It looks like a large number of whales or large Ethereum holders have been accumulating the crypto throughout 2019 in anticipation of the launch of Ethereum 2.0, which is expected to occur in the coming months.
Around 20% of the coins have not moved since 2017.
The imminent launch of the phase 0 of Ethereum 2.0 seems to have caused an increase in the short-term speed of on-chain transfers, as the proportion of Ethereum moved over the past 24 hours has gone from less than 0.5% during January and February to an average of more than 1% in early September.
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