Analyst: ETH ancient chips will not be locked up for the long term, ETF and DAT companies have absorbed 12.05 million selling pressure in this cycle

Analyst Murphy posted an analysis on platform X, stating: "The ETF + DAT companies have absorbed a total of 12.05 million ETH selling pressure in this cycle. Without them, the price performance of ETH would certainly be much worse. The 'activity' of ancient chips held for over 5 years, with a cost below $400, is still very high. Especially when the price approaches or exceeds $4000. Currently, there are still 20 million of these chips, accounting for 17% of the total circulation; similarly, there are 3.79 million BTC chips with a cost below $1000, accounting for 18.9% of the total circulation; however, unlike ETH, among these, 1 million are Satoshi's, and most of the rest have been lost. Coupled with a higher community consensus, the 'chip activity' of these ancient BTC is significantly lower than that of ETH.

I personally believe that based on the existing ETF + DAT configuration, if we can add some new narratives and innovations to strive to consume half of the remaining 20 million ancient chips, then the price of ETH is expected to usher in a qualitative leap."