PANews reported on January 1st that regarding the price distribution of ETH, will ancient tokens with a cost below $400 be locked up indefinitely and not actually enter circulation? Analyst Murphy, in an article published on the X platform, analyzed that ETFs and DAT companies absorbed 12.05 million ETH selling pressure in this cycle. Without them, ETH's price performance would have been even worse. Ancient tokens held for more than 5 years with a cost below $400 still have high "activity," especially when the price is close to or above $4,000. Currently, there are still 20 million of these tokens, accounting for 17% of the total circulating supply. Similarly, there are 3.79 million BTC tokens with a cost below $1,000, accounting for 18.9% of the total circulating supply. However, unlike ETH, 1 million of these belong to Satoshi Nakamoto, and most of the rest have been lost. Coupled with higher community consensus, the "activity" of these ancient BTC tokens is significantly lower than that of ETH.

Personally, I believe that if we can add some new narratives and innovations to the existing ETF + DAT allocation, and try to consume half of the remaining 20 million ancient tokens, then the price of ETH is expected to experience a qualitative leap.