ETH’s recent downside could be more than just a meager event thanks to…

ETH long-term holders are bowing to the FUD and pressure to take profits. According to the latest Glassnode alerts, ETH’s realized cap just reached a new 5-month high.

Although the foundation contributed to selling pressure in the past, it wasn’t always at the top of a bull trend. There have been a few instances where buying pressure prevailed despite large outflows from Ethereum Foundation addresses. In fact, multiple indicators confirmed that there was significant demand in the market.

Addresses holding 0.01 ETH or more just reached a new ATH, confirming that traders in the retail segment were buying. While this may lead to speculation that they are providing exit liquidity, a glance at whale activity revealed that addresses holding 1000 or more ETH have also started accumulating in the last two days.Source: GlassnodeRecent data suggested that long-term holders were bowing to the FUD and pressure to take profits.

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