What Happened: Data shared by blockchain analytics firm Glassnode shows today that the Ethereum blockchain supply which was last active from five to seven years ago has just reached an all-time high of 9,934,820 ETH — equivalent to nearly $18.5 billion as of press time. The firm also pointed out today the seven-day moving average of the number of Ethereum deposits to cryptocurrency exchanges reached a six-month low of under 1,300.

Other data shared by Glassnode indicate on Monday the seven-day moving average of Ethereum's transaction volume reached a one-month low of 68,074 ETH, with the previous low of 68,236 ETH being observed in May. Also, Ethereum's number of sending addresses reached an eight-month low on Monday. This suggests that while long-term investment is increasing, short-term speculative activity, as well as activity on Ethereum's on-chain ecosystem, is slightly cooling off.