Analysis: The decline of Ethereum and the surge in token transfer volume may indicate the exhaustion of selling pressure and the formation of a local bottom

CryptoOnchain posted on social media that when the price of Ethereum dropped to the $2000 range, Token Transfers (14-day moving average) surged sharply to 2.75 million, the highest level since August 2025. This spike indicates panic selling and a "cleanout" of weak hands. Historical data shows that such extreme activity often signals a depletion of selling pressure and may form a local bottom.

It is reported that Token Transfers (14-day moving average) is an on-chain data metric used to observe the trends and intensity of token transfer activities on the Ethereum (or related blockchain) network. It typically refers to the simple moving average of the number of transfer transactions for all ERC-20 standard tokens on the network over the past 14 days.