Ethereum’s dormancy flow has fallen to its lowest point since early 2022, breaking below one million for the first time. This shift signals an interesting dynamic in the crypto market, and experts are wondering if this is indicative of long-term accumulation or a potential market reversal. 2025 hasn’t been kind to Ethereum investors, but historically low dormancy levels have always coincided with major bottoming points, with analysts drawing parallels between this current situation and past cycles where long-term holders exhibited subdued spending behavior. However, the question remains whether this is simply a signal of undervalued tokens or an indication of a broader market turn.