Ethereum

The <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-signals-uptrend-3580/" target="_blank" rel="noopener ">price of Ethereum</a> has not exactly lived up to its promise as the month has gone on, despite a stellar start to the month. While this bearish pressure has been widespread in the general cryptocurrency market, regulation uncertainty has been an additional concern for ETH, igniting a negative sentiment around the “king of altcoins.” 
Interestingly, the latest on-chain revelation shows a substantial amount of Ethereum has made its way to exchanges so far in March, suggesting that investors might be losing confidence in the <a href="https://www.newsbtc.com/bitcoin-news/high-stakes-week-for-bitcoin-and-ethereum-as-central-bank-decisions-approach-key-predictions/" target="_blank" rel="noopener ">long-term promise of the cryptocurrency</a>. 
<h2 id="are-investors-losing-confidence-in-ethereum">Are Investors Losing Confidence In Ethereum?</h2> 
According to data from CryptoQuant, more than $913 million has been recorded in net ETH transfers to centralized exchanges so far in March. This on-chain information was revealed via a <a href="https://cryptoquant.com/insights/quicktake/65fd78fdc5dce70945d89a40-March-Sees-913M-USD-in-Net-ETH-Transfers-to-CEXs-%C2%BFSpurred-by-Regulatory-Turmoil?utm_source=telegram&amp;utm_medium=sns&amp;utm_campaign=quicktake&amp;utm_content=onchainschool" target="_blank" rel="noopener nofollow">quicktake post</a> on the data analytics platform. 
This net fund movement represents the largest volume of Ethereum transferred to centralized exchanges in a single month since June 2022. Even though March is still a week from being over, this exchange inflow appears to be a complete deviation from the pattern observed over the past few months. 
<img loading="lazy" decoding="async" class="aligncenter wp-image-599276 size-large" src="https://www.newsbtc.com/wp-content/uploads/2024/03/2024-03-23-06.16.06.jpg?w=860&amp;resize=860%2C542" alt="Ethereum " width="860" height="542" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/2024-03-23-06.16.06.jpg?w=1280 1280w, https://www.newsbtc.com/wp-content/uploads/2024/03/2024-03-23-06.16.06.jpg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/2024-03-23-06.16.06.jpg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/2024-03-23-06.16.06.jpg?w=860&amp;resize=860%2C542 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/2024-03-23-06.16.06.jpg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/2024-03-23-06.16.06.jpg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
As shown in the chart above, October 2023 was the last time cryptocurrency exchanges witnessed a positive net flow. It is worth noting that there was significant movement of Ethereum tokens out of the centralized platforms in subsequent months up until this month. 
Meanwhile, a separate data point that supports the massive exodus of ETH to centralized exchanges has come to light. Popular crypto analyst Ali Martinez <a href="https://x.com/ali_charts/status/1771142679398613449?s=20" target="_blank" rel="noopener nofollow">revealed on X</a> nearly 420,000 Ethereum tokens (equivalent to $1.47 billion) have been transferred to cryptocurrency exchanges in the past three weeks. 
The flow of<a href="https://www.newsbtc.com/news/solana/solana-whale-1000000-sol-binance-bearish/" target="_blank" rel="noopener "> large amounts of cryptocurrency to centralized exchanges</a> is often considered a bearish sign, as it can be an indication that investors may be willing to sell their assets. Ultimately, this can put downward pressure on the cryptocurrency’s price. 
Substantial fund movements to trading platforms could also represent a shift in investor sentiment. It could be a sign that investors are losing faith in a particular asset (ETH, in this case). 
Moreover, the recent regulatory headwind surrounding Ethereum specifically accentuates this hypothesis.&nbsp; According to the <a href="https://bitcoinist.com/ethereum-in-the-hot-seat-sec-security-label-looms/" target="_blank" rel="noopener nofollow">latest report</a>, the United States Securities and Exchange Commission is considering a probe to classify the ETH token as a security. 
<h2 id="eth-price">ETH Price</h2> 
As of this writing, the <a href="https://www.newsbtc.com/altcoin/altcoins-fall-ethereum-solana-surpass-expectations/" target="_blank" rel="noopener ">Ethereum token</a> is valued at $3,343, reflecting a 4% price decline over the past /4 hours. According to data from CoinGecko, ETH is down by 11% in the past week. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/X1tEAA6f/" alt="Ethereum" width="2174" height="1434">

March Sees Nearly $1 Billion In Ethereum Netflow To Centralized Exchanges – What’s Happening?

Table of Contents

NewsBTC

Other articles published on Mar 23, 2024

The Best Cryptos to Invest in Now for 2024: A Comprehensive Review

Claude Opus AI predicts SHIB price for the end of 2024

Ethereum Faces Price Volatility as Market Uncertainty Continues

The AML Law of EU Might Break the Decentralization Promise!

Here Is Why Shiba Inu (SHIB) Price Could Drop By 23% Soon

EU Declares Self-Custody Crypto Wallets Illegal in Payment Transactions

Join our free newsletter for daily crypto updates!