最近的數據表明，交易所的比特幣儲備大幅減少，這往往是價格上漲的先兆

根據 CryptoQuant 的最新數據，這一趨勢表明投資者正在將其持有的比特幣轉移到冷庫中，從而減少了市場上的可用供應。

Data from CryptoQuant highlights a substantial decrease in Bitcoin reserves on exchanges, a trend that has frequently preceded price rallies.

CryptoQuant 的數據突顯了交易所的比特幣儲備大幅減少，這種趨勢經常出現在價格上漲之前。

This development suggests that investors are transferring their Bitcoin holdings to cold storage, reducing the available supply in the market.

這一事態發展表明投資者正在將其持有的比特幣轉移到冷庫，從而減少了市場上的可用供應。

When Bitcoin reserves diminish, selling pressure tends to decrease, creating favorable conditions for a potential price increase. The current reduction in Bitcoin supply mirrors past patterns that have led to notable upward price movements.

當比特幣儲備減少時，拋售壓力往往會減少，為潛在的價格上漲創造有利條件。目前比特幣供應的減少反映了過去導致價格顯著上漲的模式。

Bitcoin's Next Bull Run?

比特幣的下一次牛市？

“Decreasing #Bitcoin reserves and rising stablecoin reserves indicate a bullish outlook for Bitcoin. As the market supply tightens and buying power builds, we could be on the verge of a price rally.” – By @OnchainTarek

「#Bitcoin 儲備的減少和穩定幣儲備的增加表明比特幣的前景看好。隨著市場供應收緊和購買力增強，我們可能正處於價格上漲的邊緣。 ——@OnchainTarek

Link ?https://t.co/frUAfdSBrk pic.twitter.com/4fxB9cowf1

連結?https://t.co/frUAfdSBrk pic.twitter.com/4fxB9cowf1

— CryptoQuant.com (@cryptoquant_com) September 11, 2024

— CryptoQuant.com (@cryptoquant_com) 2024 年 9 月 11 日

Increasing Stablecoin Reserves

增加穩定幣儲備

While Bitcoin reserves continue to drop, stablecoin reserves on exchanges are experiencing a rise. This shift reflects increased liquidity as traders prepare to re-enter the market.

儘管比特幣儲備持續下降，但交易所的穩定幣儲備卻在增加。這種轉變反映出隨著交易者準備重新進入市場，流動性增加。

Stablecoins serve as a readily available resource for investors, signaling that many are poised to capitalize on potential buying opportunities. The growing stablecoin supply further emphasizes the readiness of the market to support future buying activity, possibly leading to a strong price breakout.

穩定幣是投資者隨時可用的資源，這表明許多人準備好利用潛在的購買機會。穩定幣供應的成長進一步強調了市場準備支持未來的購買活動，這可能導致價格的強勁突破。

Consistent Exchange Withdrawals

一致的交易所提款

Supporting these observations, IntoTheBlock’s netflow data indicates a persistent withdrawal trend in Bitcoin over multiple time frames. In the last 24 hours, Bitcoin experienced a net withdrawal of 8.03K BTC, with a 7-day netflow showing a withdrawal of 6.29K BTC.

IntoTheBlock 的淨流量數據支持了這些觀察結果，表明比特幣在多個時間範圍內存在持續的提款趨勢。過去24小時內，比特幣淨提現量為80.3萬枚，7天淨流量為62.9萬枚。

Over the last 30 days, the netflow remained negative, further emphasizing the consistent withdrawal trend. The continuous removal of Bitcoin from exchanges strengthens the notion that investors are holding their assets, potentially awaiting a more favorable market condition for selling.

近30天淨流量仍為負值，進一步凸顯了持續的回撤趨勢。比特幣不斷從交易所下架，強化了這樣一種觀念：投資者持有其資產，可能等待更有利的市場條件來出售。

Economic Factors Shape Bitcoin’s Trajectory

經濟因素塑造比特幣的軌跡

Additionally, an analysis from analyst Benjamin Cowen showed that current economic conditions are playing a crucial role in shaping Bitcoin’s performance. Similarities between the current cycle and the 2019 Bitcoin cycle have emerged, with monetary policy being a key influence.

此外，分析師本傑明·考恩（Benjamin Cowen）的分析表明，當前的經濟狀況在塑造比特幣的表現方面發揮著至關重要的作用。當前週期與 2019 年比特幣週期之間出現了相似之處，貨幣政策是關鍵影響因素。

According to him, the Federal Reserve’s rate hikes and quantitative tightening measures are impacting Bitcoin’s growth trajectory, slowing its rise compared to previous halving years.

他表示，聯準會的升息和量化緊縮措施正在影響比特幣的成長軌跡，與先前減半年份相比，其漲幅放緩。

While these policies continue to exert pressure, Cowen suggests that future rate cuts could eventually support Bitcoin’s price rebound, although the timing may extend longer than anticipated due to the prolonged period of high interest rates.

儘管這些政策繼續施加壓力，但考恩表示，未來的降息最終可能會支持比特幣價格反彈，儘管由於高利率持續時間較長，降息時間可能會比預期更長。