The right answer is probably nothing much is going on. The data statistics picked by Glassnode, an analytical agency, shows that 60% of coins weren't moved for more than a year. The agency took research on data about the transactions inside the Ethereum network and reported about the tendency of ETH holders to keep holding their coins in their wallets. 28% of coins were last moved between 12 and 24 months ago.
For crypto experts, everything seems clear. The ETH holders are looking forward to the big network update known as Ethereum 2.0. This update promises to become a full rerun of the project and will make us reevaluate everything we know about one of the world's biggest cryptocurrency people call "the first after Bitcoin".
The main difference between old and new Ethereum networks will be in the algorithm of the block reward. The network will start using the PoS algorithm (Proof-of-Stake) instead of the PoW (Proof-of-Work) they always used. The PoW algorithm rewards the participants for solving an extra difficult math task (it's how mining is actually performed). The PoS algorithm will reward those holders whose coins are already inside the system locked in their wallets.
Both mining and staking require investments to bring the users' profit. Crypto mining consumes an enormous amount of electricity and requires big expenses to buy special hardware. Staking is about buying as many coins as possible and holding them inside the system. The more coins you buy, the more chances of receiving a reward you acquire. The reward is charged automatically.
Regardless of the strong trend of holding ETHs inside the wallets waiting for staking, there's still twice more ETHs being moved recently compared to the beginning of 2020. This trend developed an inverse proportion to Bitcoin's movement at the same moment, whose dynamics were weak. Experts connect this change to the active growth of DeFi-projects whose protocols mostly use Ethereum's smart contracts.
Ethereum absolutely dominates in the DeFi field at the moment but the ecosystem keeps evolving. Today the smart contract systems that function no worse than Ethereum and provide even better safety of data already exist. In addition, they are less costly in use compared to Ethereum's fees. However, few of these projects are able to equally compete with ETH on the market. This is why we may be sure no blockchain will be able to beat Ethereum in the near future.