在监管审查和市场波动下，以太坊交易所资金流入激增至两年高点

在美国证券交易委员会对以太坊基金会可能被归类为证券的调查期间，以太坊流入交易所的净流入达到两年来的最高水平。 ETH 交易流量激增，总计 7.2 亿美元，恰逢市场情绪看跌，MVRV 和盈亏比等指标表明，亏损抛售的投资者保持谨慎态度。

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

在监管审查和市场波动的背景下，以太坊的净交易流入量飙升至两年高点

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).

领先的山寨币以太坊（ETH）见证了加密货币交易所的净流量激增，本周达到两年来的新高。 ETH 大量涌入交易平台的同时，美国证券交易委员会 (SEC) 正在进行将以太坊归类为证券的“法律运动”。

SEC's Investigation Spurs Exchange Inflows

美国证券交易委员会的调查刺激了交易所资金流入

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 此前报道称，SEC 已向美国公司发出调查传票，其中包括支持以太坊网络的瑞士以太坊基金会。这种监管审查引起了以太坊持有者的担忧，可能促使他们将资产转移到交易所进行出售或对冲目的。

Data Reveals Bullish Momentum in Exchange Flows

数据显示外汇流量看涨势头

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.

根据 IntoTheBlock 的数据，本周 ETH 流入交易所的净流量达到惊人的 7.2 亿美元。自 2022 年 9 月以来从未出现过如此水平的资金流入，表明投资者情绪发生了重大转变。

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.

通常情况下，净外汇流入的增加表明持有者正在清算其持有的 ETH，以确保利润或减轻潜在损失。这一趋势导致 ETH 的外汇储备小幅上升，在审查期间增加了 1%。

Bearish Market Conditions Exacerbate Exchange Flows

看跌的市场状况加剧了外汇流动

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.

尽管美国证券交易委员会的调查无疑导致了外汇流入的激增，但它也是同期市场整体下滑的原因之一。 CoinGecko数据显示，由于代币抛售激增，全球加密货币市值在过去7天内下跌了4%。

On-Chain Metrics Reveal Mixed Market Sentiment

链上指标揭示了复杂的市场情绪

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.

使用链上指标对 ETH 交易盈利能力进行的分析表明，市场情绪存在分歧。衡量投资者平均利润或损失的市场价值与已实现价值 (MVRV) 比率已暴跌 22%，表明估值可能被低估。这可能表明是购买 ETH 的最佳时机。

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日交易量盈亏比已跌至0.664的低位，表明更多投资者正在亏本抛币。这表明投资者的短期情绪仍然谨慎或看跌。

Conclusion

结论

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 的调查、看跌的市场状况和混合的链上指标的结合导致 ETH 大量涌入交易所。虽然 MVRV 比率表明估值可能被低估，但高抛售率表明投资者采取谨慎态度。随着市场状况和监管发展的变化，这种增加的外汇流入是否会持续或逆转还有待观察。