Currently, the crypto market is under fire from bears, and coins like Ethereum (ETH) are already starting to feel the heat. Amid the struggle to recover, there have been massive inflows of ETH into centralized exchanges, which could spell further struggles for the digital asset going forward.

Ethereum Whales Move Millions To Centralized Exchanges

Multiple reports from the on-chain whale tracking platform Whale Alert have shown that Ethereum whales could be exiting their positions in large volumes. The reports started on Saturday, July 22, when the first transaction was first picked up on the blockchain.

In the first transaction, Whale Alert shows that the whale had moved 15,000 ETH to Gate.io. And at the time, the transaction was worth around $28.28 million. However, this was only the …