Data provided by on-chain analytics platform Nansen revealed surprising insights. On May 21, Tuesday, the amount of Ethereum deposited into exchanges reached 81,840 ETH, valued at $306 million. This marked the largest single-day transaction since January.

Moreover, similar large transfers to exchanges were observed for three consecutive days, a scenario last seen when cryptocurrency prices peaked locally in March 2024.

Analysts have noted that these substantial transfers are directly linked to Ethereum’s recent price increases. Investors are being cautioned about a potential sell-off or a temporary peak.

David Shuttleworth, a research partner at Anagram, highlighted that short-term investors might be sending assets to exchanges to realize profits.

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