比特幣交易所儲備近期大幅下降

鏈上數據顯示，比特幣最近繼續離開交易所的錢包，這表明該資產的價格可能看漲。

The on-chain analysis for Bitcoin (BTC) has shown that the asset has continued to leave the exchanges’ wallets in recent times, which could be a bullish sign for the cryptocurrency.

比特幣（BTC）的鏈上分析顯示，該資產最近持續離開交易所的錢包，這可能是加密貨幣的看漲訊號。

According to analyst Ali Martinez in a recent post on X, exchanges have seen a massive amount of Bitcoin leave over the last few months. The on-chain metric of relevance here is the “Exchange Reserve,” which tracks the total token count that’s currently sitting in the wallets of all centralized exchanges.

分析師阿里馬丁內斯 (Ali Martinez) 最近在 X 上發表的一篇文章中表示，過去幾個月，交易所發現大量比特幣被拋售。這裡相關的鏈上指標是“交易所儲備”，它追蹤當前所有中心化交易所錢包中的代幣總數。

When the value of this metric rises, it means that investors are making net deposits into these platforms at the moment. As one of the main reasons that could lead holders to transfer their coins to exchanges is for selling-related purposes, this trend can be bearish for the asset’s price.

當該指標的值上升時，意味著投資者目前正在向這些平台進行淨存款。由於可能導致持有者將代幣轉移到交易所的主要原因之一是出於出售相關目的，因此這種趨勢可能對資產價格不利。

On the other hand, the indicator registering a decline implies that the users are transferring a net amount of BTC out of the wallets associated with exchanges. This could be a potential sign that investors want to hold their coins in the long term, which can naturally be bullish for the cryptocurrency.

另一方面，指標下降意味著用戶正在從與交易所相關的錢包中轉移淨額的 BTC。這可能是投資者希望長期持有代幣的潛在跡象，這自然對加密貨幣有利。

Here is a chart that shows the trend in the Bitcoin Exchange Reserve over the past year:

下圖顯示了過去一年比特幣交易儲備的趨勢：

The above graph shows that the Bitcoin Exchange Reserve has been on a consistent downtrend since early in the year, suggesting that investors have been continuously draining the supply on these platforms.

上圖顯示，自今年年初以來，比特幣交易所儲備一直處於持續下降趨勢，這表明投資者一直在不斷耗盡這些平台上的供應。

More specifically, the indicator’s value has reduced by 400,000 BTC over the last eight months, which is over $27 billion at the current exchange rate of the cryptocurrency.

更具體地說，該指標的價值在過去八個月中減少了 40 萬 BTC，以當前加密貨幣匯率計算，價值超過 270 億美元。

The relentless withdrawals from these platforms can be a positive sign for the asset if the investors have made them for accumulation. There could be, however, another reason behind this trend.

如果投資者是為了累積而從這些平台上不斷撤資，那麼對於該資產來說可能是一個正面的訊號。然而，這種趨勢背後可能還有另一個原因。

The chart shows that the outflows from the exchanges started roughly around the time the spot exchange-traded funds (ETFs) got approval from the US Securities and Exchange Commission (SEC).

圖表顯示，大約在現貨交易所交易基金（ETF）獲得美國證券交易委員會（SEC）批准的時間左右，交易所開始資金流出。

The spot ETFs provide an alternate means of getting exposure to Bitcoin’s price movements in a mode familiar to traditional investors. Traders who don’t want to dabble with cryptocurrency wallets and exchanges may prefer to invest in the asset through these financial instruments.

現貨 ETF 提供了另一種方式，以傳統投資者熟悉的方式了解比特幣的價格走勢。不想涉足加密貨幣錢包和交易所的交易者可能更願意透過這些金融工具投資資產。

As such, the long-term decline that the Exchange Reserve has been going through could represent the market shift that the emergence of the spot ETFs has induced.

因此，外匯存底經歷的長期下跌可能代表了現貨ETF的出現所引發的市場轉變。

BTC Price at the Moment

目前的比特幣價格

At the time of writing, BTC is trading at around $68,000, which shows an increase of over 9% in its price over the last seven days.

截至撰寫本文時，BTC 的交易價格約為 68,000 美元，過去 7 天其價格上漲了 9% 以上。