Analysis: The surge in Ethereum's downward token transfer volume may indicate that selling pressure is exhausted and a local bottom is forming.

ChainCatcher message: CryptoOnchain posted on social media that when the price of Ethereum dropped to the $2,000 range, Token Transfers (14-day moving average) surged sharply to 2.75 million, the highest level since August 2025. This spike indicates panic selling and a major purge of weak hands. Historically, such extreme activity often signals the exhaustion of selling pressure and may form a local bottom.

It is reported that Token Transfers (14-day moving average) is an on-chain data indicator used to observe the trend and strength of token transfer activity on the Ethereum (or related blockchain) network. It typically refers to the simple moving average of all ERC-20 and other standard token transfer transactions on the network over the past 14 days.