The crypto price rises in recent days have been influencing the whole industry, including the top cryptocurrencies like Ethereum. The latest development in this respect deals with the transfers of ETH tokens to the centralized crypto exchanges in March. The well-known crypto statistics and analytics provider CryptoQuant recently provided its exclusive insights in this respect.
ETH Transactions to CEXs Reach a Record Figure of $913 Million
As per the analytics forum, the current month has witnessed the transfer of a huge amount of funds in *ETH*. Particularly, the centralized exchanges have been the chief recipients of the above-mentioned crypto funds transfers. The analytics provider took to the social media platform X to provide details about the respective development.
It pointed out that the recent days of this month have seen a significant contribution by the respective transactions. Although March is far from its end, such transfers have already played a substantial role in establishing a unique benchmark. According to CryptoQuant, the respective transfers have been flowing in the current direction for quite some time.
The Development Highlights Regulatory Uncertainty and Influences Investor Sentiment
While pointing toward the historical data, it mentioned that 2022’s June was the month when this movement began. Following that time, the ETH transfers have continued to amass to high levels. As a result of all this, the accumulation of crypto transactions in ETH has reached a notable figure. Hence, the ETH transactions to CEXs are more than $913 million at the moment.
There are several speculations about the potential causes behind this. Some people say that the regulatory turmoil has been a driving force behind these fund flows. In addition to displaying the regulatory uncertainty, this is also having a huge impact on the overall sentiment of the crypto investors.
