According to crypto analyst Ali, approximately 420,000 Ethereum 
ETHUSD Transferred to various crypto exchanges in the last 3 weeks. This steady movement of ETH worth around $1.47 billion has caught the attention of both investors and analysts.
It is worth noting that such a large amount of Ethereum flowing into an exchange could suggest different strategies by holders. Large transfers to exchanges usually signal that investors are preparing to sell, which can lead to a fall in prices.
Approximately $420,000 ETH has been transferred to #crypto exchanges in the past three weeks, with a value of approximately $1.47 billion. pic.twitter.com/mBoiMZJFJT — Ali (@ali_charts) March 22, 2024
However, the ETH token shift is still subject to speculation. The move may be in response to the recent market recovery, with investors looking to book profits. It may also have something to do with institutional investors and large holders known as “whales” adjusting their portfolios in anticipation of future market movements.
The total amount of ETH transferred was approximately $1.47 billion, which could be enough to influence the market. The price of Ethereum has been volatile in recent weeks, and a move of this magnitude can contribute to price fluctuations.
At the time of writing, ETH had fallen 4.75% in the past 24 hours to $3,345, reflecting the broader market decline, and was down 10.21% for the week. ETH remains significantly down from its March 12th high of $4,093.
Long-term ETH investors remain solid
According to a recent analysis provided by Lucas Outumuro, Head of Research at IntoTheBlock, the amount of ETH in wallets held for more than a year continues to hit new highs.
Long-term ETH investors don't appear to be selling, despite reports that the SEC is looking to re-evaluate Ether's classification as a security and the chances of an ETF being approved are decreasing. .
Overall, ETH investors remain optimistic after the Dencun upgrade. This week saw the highest ETH trading volume on mainnet since May 2022. The average daily trading volume of ETH is trending upward, similar to the early bull market of 2020-2021.
In contrast to the previous bull market, Layer 2 (L2) is dominant, with the total number of transactions for Base, Optimism, and Arbitrum more than double that of mainnet. The number of ETH on L2 recently exceeded 10 million for the first time, doubling since last year.
