Half of Ethereum’s circulating supply has been still for a year

  • More than half of all ETH did not move in at least 12 months.
  • It is believed that many whales spent 2019 accumulating ETH in order to use it for staking.
  • There was an increase in the short-term velocity of on-chain transfers, as phase 0 of ETH 2.0 approaches.

Ethereum has seen great network activity over the past several months, mostly due to the DeFi sector, as well as other coins and projects, smart contracts, dApps, and more. However, when it comes to its own circulating supply, more than half of it has not moved for over a year, according to recent reports.

A large amount of Ethereum has been sitting still for over a year

Glassnode’s hodlwaves — a tool that provides details of on-chain transaction velocity through time — recently revealed that around 28% of ETH did not move for over a year. These coins have seen some circulation between the past 12 and 24 months, but since then, they were sitting still, locked away in various wallets.


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This indicates that many have spent the previous year accumulating ETH coins, as they waited for Ethereum 2.0 to roll out. As most are likely aware, this has not happened yet, despite the fact that ETH 2.0 was supposed to come out in February.

But, a few more delays pushed the launch of this Ethereum overhaul even further into the future, and even its phase 0 is only expected to start in the following months.

Still, many are patiently waiting for it, and in the meantime, they are accumulating ETH which will likely be used for staking, once ETH 2.0 arrives, and brings this functionality.

Another 20% of ETH has not moved since October 2017, meaning that they were completely stationary for three full years, now. These coins may or may not move into staking when phase 0 allows it, and analysts are carefully watching them to see what will happen.

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