在監管審查和市場波動下，以太坊交易所資金流入激增至兩年高點

在美國證券交易委員會對以太坊基金會可能被歸類為證券的調查期間，以太坊流入交易所的淨流入達到兩年來的最高水準。 ETH 交易流量激增，總計 7.2 億美元，恰逢市場情緒看跌，MVRV 和盈虧比等指標表明，虧損拋售的投資者保持謹慎態度。

Ethereum's Net Exchange Inflows Surge to Two-Year High Amidst Regulatory Scrutiny and Market Volatility

在監管審查和市場波動的背景下，以太坊的淨交易流入量飆升至兩年高點

The leading altcoin, Ethereum (ETH), has witnessed a surge in net flows into crypto exchanges, reaching a two-year high this week. This significant influx of ETH into trading platforms coincides with the ongoing "legal campaign" to classify Ethereum as a security by the United States Securities and Exchanges Commission (SEC).

領先的山寨幣以太幣（ETH）見證了加密貨幣交易所的淨流量激增，本週達到兩年來的新高。 ETH 大量湧入交易平台的同時，美國證券交易委員會 (SEC) 正在進行將以太坊歸類為證券的「法律運動」。

SEC's Investigation Spurs Exchange Inflows

美國證券交易委員會的調查刺激了交易所資金流入

AMBCrypto previously reported that the SEC had dispatched investigative subpoenas to US companies, including the Swiss-based Ethereum Foundation, which supports the Ethereum network. This regulatory scrutiny has raised concerns among Ethereum holders, potentially motivating them to move their assets to exchanges for sale or hedging purposes.

AMBCrypto 先前報導稱，SEC 已向美國公司發出調查傳票，其中包括支持以太坊網路的瑞士以太坊基金會。這種監管審查引起了以太坊持有者的擔憂，可能促使他們將資產轉移到交易所進行出售或對沖目的。

Data Reveals Bullish Momentum in Exchange Flows

數據顯示外匯流量看漲勢頭

According to data from IntoTheBlock, ETH's net flows into exchanges this week amounted to a staggering $720 million. This level of inflow has not been observed since September 2022, indicating a significant shift in investor sentiment.

根據 IntoTheBlock 的數據，本週 ETH 流入交易所的淨流量達到驚人的 7.2 億美元。自 2022 年 9 月以來從未出現過如此水平的資金流入，顯示投資者情緒發生了重大轉變。

Typically, an increase in net exchange inflows suggests that holders are liquidating their ETH holdings, either to secure profits or mitigate potential losses. This trend has resulted in a modest uptick in ETH's exchange reserve, rising by 1% during the period under review.

通常情況下，淨外匯流入的增加表明持有者正在清算其持有的 ETH，以確保利潤或減輕潛在損失。這一趨勢導致 ETH 的外匯儲備小幅上升，在審查期間增加了 1%。

Bearish Market Conditions Exacerbate Exchange Flows

看跌的市場狀況加劇了外匯流動

While the SEC's investigation has undoubtedly contributed to this spike in exchange inflows, it is also attributable to the general market decline experienced during the same period. CoinGecko data reveals that the global cryptocurrency market capitalization has dropped by 4% in the past seven days due to a surge in coin sell-offs.

儘管美國證券交易委員會的調查無疑導致了外匯流入的激增，但它也是同期市場整體下滑的原因之一。 CoinGecko數據顯示，由於代幣拋售激增，全球加密貨幣市值在過去7天內下跌了4%。

On-Chain Metrics Reveal Mixed Market Sentiment

鏈上指標揭示了複雜的市場情緒

An analysis of ETH's transaction profitability using on-chain metrics presents a divergence in market sentiment. The Market Value to Realized Value (MVRV) ratio, which measures the average profit or loss of an investor, has plummeted by 22%, suggesting potential undervaluation. This could indicate an opportune time for buying ETH.

使用鏈上指標對 ETH 交易獲利能力進行的分析表明，市場情緒存在分歧。衡量投資者平均利潤或損失的市場價值與已實現價值 (MVRV) 比率已暴跌 22%，顯示估值可能被低估。這可能表明是購買 ETH 的最佳時機。

However, the daily ratio of ETH's transaction volume in profit to loss has plunged to a low of 0.664, indicating that more investors are selling their coins at a loss. This suggests that short-term sentiment among investors remains cautious or bearish.

然而，ETH日交易量盈虧比已跌至0.664的低位，顯示更多投資者正在虧本拋幣。這表明投資者的短期情緒仍然謹慎或看跌。

Conclusion

結論

The convergence of the SEC's investigation, bearish market conditions, and mixed on-chain metrics has resulted in a significant influx of ETH into exchanges. While the MVRV ratio suggests potential undervaluation, the high ratio of sell-offs indicates a cautious approach among investors. It remains to be seen whether this elevated exchange inflow will persist or reverse as market conditions and regulatory developments evolve.

SEC 的調查、看跌的市場狀況和混合的鏈上指標的結合導致 ETH 大量湧入交易所。雖然 MVRV 比率表明估值可能被低估，但高拋售率表明投資者採取謹慎態度。隨著市場狀況和監管發展的變化，這種增加的外匯流入是否會持續或逆轉還有待觀察。