Dormant Ethereum Sees Largest Awakening Since June Without Triggering Exchange Inflows

On-chain analytics platform Santiment reported a major spike in dormant Ethereum ($ETH) activity on September 30, marking the largest single-day reactivation of vintage coins since June 2.
Despite the movement of long-held supply, underlying market structure remains insulated from immediate liquid selling pressure:
• Dormancy Awakening vs. Exchange Balances: While the Age Consumed metric surged to multi-month highs, centralized exchange reserve balances remained largely unchanged, signaling that the relocated tokens were not routed to spot order books for liquidation.
• Custodial Reallocation & OTC Activity: Analysts attribute the non-exchange movement to institutional custody restructuring, over-the-counter (OTC) desk settlements, internal treasury management, or self-custody migrations ahead of fourth-quarter positioning.
• Supply Dynamics: By avoiding exchange order books, the transfer alleviates near-term fears of whale-driven market absorption, keeping the circulating liquid float constrained even as historical coin velocity ticks higher.