• Ethereum surged 60% in May, but long-term holders are selling.
• Over $3.4B in ETH left exchanges, hinting at rising confidence.

Ethereum [ETH] just pulled off a 60% sprint in May, riding a $3.42 billion wave of fresh accumulation.

But while the bulls were busy high-fiving, long-term holders started quietly heading for the exit — perhaps cashing in, perhaps sensing the music might be about to stop.

After surging past the $2,500 mark in a blistering early-May rally, Ethereum now appears to be catching its breath.

The daily chart showed a noticeable slowdown, with price action flattening and volume thinning out near the $2,509 level.

This consolidation follows a 60% rally that saw ETH peak at $2,617 before retreating slightly. Meanwhile, the RSI hovered around 67, just below the overbought threshold — a sign of bullish momentum.

With long-term holders reportedly trimming positions and buyers showing restraint, ETH seems to be entering a wait-and-see phase.

According to Santiment data, the Age Consumed metric has flashed red twice in recent days, marking two of the largest spikes in long-term holder activity since October.

These abrupt upticks show that seasoned investors are offloading dormant ETH — often a sign of profit-taking near perceived local tops.

The magnitude of these moves, the largest in seven months, brings doubt to Ethereum’s short-term outlook.

If conviction among LTHs continues to wane, the selling pressure could weigh heavily on ETH’s ability to sustain its momentum.

Over the past month, more than 1.34 million ETH — worth upwards of $3.42 billion — has quietly exited centralized exchanges, showing a strong shift in investor behavior.

The sharp decline in available supply, coinciding with momentum from the Pectra upgrade, shows that market participants are positioning for long-term holds rather than short-term trades.