A fan asked a pretty interesting question: Will those ancient ETH chips with a cost basis below $400 just stay locked forever, unable to enter the circulating market?

Honestly, this is worth a detailed discussion. After all, for current ETH holders or friends planning to buy ETH on dips, this is a pretty critical point.

Let's start with the conclusion — no, they won't.

Why do I say that? Just look at the data. From ETH's price distribution, although there are quite a few chips with ultra-low costs, their activity levels are actually much higher than many expect. Historically, during major price surges and drops, these chips have shown clear records of buying and selling, indicating that early holders are not just locking them up permanently.

From another perspective, as the market develops, more and more holders of ultra-low-cost chips have either already taken profits or, even if they still hold, will gradually release them according to market rhythm. Especially during bull markets, this kind of release pressure becomes even more apparent. So rather than saying they will be permanently locked, it's better to see them as a hidden source of market liquidity—ready to emerge whenever needed.