Editor's Note: This article comes fromNakamoto Shallot (ID: xcongapp), Odaily is authorized to publish.

Editor's Note: This article comes from

Nakamoto Shallot (ID: xcongapp)

According to a cryptoslate analysis article, the amount of ETH transferred to exchanges has surpassed its previous high, which was in December 2018, when the price of ETH fell to $89. Across all major cryptocurrency platforms, the total inflow of Ethereum increased to 14.5 million, which may indicate that investors are interested in selling their ETH.

A transfer into an exchange usually indicates that the investor is selling their asset, while a withdrawal usually indicates that the investor wants to hold the asset for the long term. So it could also indicate that investors are hedging their portfolios as price trends are likely to fall further amid the coronavirus shock.

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Ethereum transfers are reaching new highs (Source: ViewBase)

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Uncertainty grows in Ethereum and cryptocurrency markets

Since the second week of March, the prices of cryptocurrency assets such as Ethereum and Bitcoin have been highly correlated with US stocks. The decline in the stock market was mainly caused by the decline in investors' appetite for risky assets, which also led to a sell-off in the cryptocurrency market.