比特幣在交易所的供應量僅下降到7.1％，這是自2018年11月以來的最低水平

比特幣在交易所的供應量僅下降到7.1％，這是自2018年11月以來的最低水平 - 而以太坊首次下跌了4.9％

Bitcoin's supply on exchanges has fallen to just 7.1% - its lowest level since November 2018 - while Ethereum has dropped below 4.9% for the first time in its 10+ year history.

比特幣在交易所的供應量僅下降到7.1％ - 自2018年11月以來的最低水平 - 而以太坊在其10年以上的歷史上首次下跌了4.9％。

The pace of outflows over the past five years is striking: more than 1.7 million BTC and 15.3 million ETH have been withdrawn from CEXes.

在過去的五年中，流出的步伐令人驚訝：超過170萬BTC和1,530萬ETH已從CEXES撤回。

These figures are a testament to the growing trend toward self-custody and long-term holding, potentially setting the stage for a supply squeeze if demand begins to accelerate.

這些數字證明了自我觀察和長期持有的趨勢的增長，如果需求開始加速，有可能為供應擠壓奠定基礎。

According to a recent report by Santiment, the total supply of Bitcoin (BTC) and Ethereum (ETH) on centralized exchanges (CEXs) has reached a multi-year low.

根據Santiment的最新報告，集中式交易所（CEXS）上比特幣（BTC）和以太坊（ETH）的總供應已達到多年低點。

As of August 10, BTC balance on exchanges fell to its lowest point since November 2018, while ETH balance dropped below 4.9% for the first time in its 10+ year history.

截至8月10日，交流的BTC餘額降至2018年11月以來的最低點，而ETH Balance在其10年以上的歷史上首次下跌了4.9％。

The pace of these outflows over the past five years is striking. More than 1.7 million BTC and 15.3 million ETH have been withdrawn from CEXs.

在過去五年中，這些流出的速度令人震驚。從CEXS撤回了超過170萬BTC和1,530萬ETH。

These figures indicate a striking shift in market dynamics, potentially setting the stage for a "supply shock" if demand begins to accelerate.

這些數字表明市場動態發生了驚人的轉變，如果需求開始加速，則有可能為“供應衝擊”奠定基礎。

The supply shock debate

供應衝擊辯論

供應衝擊辯論

A supply shock typically occurs when available tokens on exchanges dwindle just as demand surges, creating upward pressure on prices.

當交換的可用代幣逐漸減少時，通常會發生供應衝擊，就像需求激增一樣，給價格上升壓力。

With BTC and ETH balances at their lowest in years, the stage seems set.

隨著BTC和ETH餘額的最低數年，階段似乎設定了。

Historically, similar trends in drastically shrinking "float" limit sell-side liquidity, which has been known to precede major crypto rallies.

從歷史上看，在大幅縮小的“浮動”限制賣方流動性上，眾所周知，這是主要的加密集會之前的類似趨勢。

But not everyone is convinced. Some argue that whales may simply be moving their coins to cold storage for greater security, not necessarily accumulating more.

但是並不是每個人都相信。一些人認為，鯨魚可能只是將硬幣移至冷藏，以獲得更大的安全性，而不一定會積累更多的安全性。

Other relevant factors include the still-limited participation of retail traders in crypto and the potential cooling of the "buzz" after the recent wave of Bitcoin ETFs.

其他相關因素包括零售商人在加密貨幣中仍然有限的參與以及最近的比特幣ETF浪潮之後的“嗡嗡聲”的潛在冷卻。

If sentiment were to shift quickly, the capital waiting on the sidelines could pour back into exchanges, potentially leading to a rapid reversal of the current trend.

如果情緒迅速轉移，那麼等待場上的資本可能會倒入交流中，可能導致當前趨勢的迅速逆轉。

Bitcoin: From fringe to mainstream

比特幣：從邊緣到主流

比特幣：從邊緣到主流

In a stunning statistic, River and The Nakamoto Project report that an estimated 50 million Americans now own Bitcoin.

在一個令人驚嘆的統計數據中，River和Nakamoto項目報告稱，估計有5000萬美國人擁有比特幣。

This number surpasses those who own gold by a "huge margin."

這個數字超過了那些以“巨大的利潤”而擁有黃金的人。

As more people are investing in Bitcoin and holding it long-term, leading to a smaller balance on exchanges, this shift in priorities is becoming increasingly clear.

隨著越來越多的人投資比特幣並長期持有它，導致交流的平衡較小，這種優先事項的轉變變得越來越清楚。

Bitcoin is rapidly losing its status as a "fringe" asset and instead becoming a serious contender as a future reserve asset.

比特幣正在迅速失去其作為“邊緣”資產的地位，而是成為未來儲備金的認真競爭者。

The striking rate at which BTC is being drained from exchanges may be less related to speculation in the short-term and more to a long-term redefinition of value in the digital age.

BTC從交流中排出的驚人速度可能與短期內的投機相關，而與數字時代的長期重新定義相關。