以太坊（ETH）繼續流出集中交流

以太坊（ETH）繼續以顯著的速度從集中式交流中流出。僅在過去的七天中，淨流出就超過了3.8億美元

Ethereum (ETH) continues to flow out of centralized exchanges at a significant rate. Over the past seven days alone, net outflows surpassed $380 million, according to blockchain analytics firm IntoTheBlock.

以太坊（ETH）繼續以顯著的速度從集中式交流中流出。根據區塊鏈分析公司Intotheblock的數據，僅在過去的七天中，淨流出就超過了3.8億美元。

This reduction in exchange-held ETH reflects growing investor accumulation into self-custody and could point to a tightening supply narrative that has historically preceded price rallies.

這種減少交換的ETH的減少反映了投資者不斷增長的自我群體積累，並可能表明供應敘事的緊縮敘事歷史上已經先於價格集會。

ETH Accumulation Persists Despite Price Volatility

儘管價格波動，ETH積累仍然存在

Data shows Ethereum’s net flows from exchanges were consistently negative between April 24 and May 1, with a particularly large outflow recorded on April 26. This behavior suggests that investors were utilizing short-term price blips to buy and withdraw ETH into self-custody.

數據表明，以太坊的交流淨流量在4月24日至5月1日之間始終是負面的，在4月26日記錄了流出量特別大。這一行為表明投資者正在利用短期價格漏斗來購買和將ETH撤回自我客戶。

Despite price fluctuations throughout the week, ETH ended the period on a positive note, climbing back above $1,840. Analysts interpret sustained exchange outflows as a bullish sign as reduced supply on exchanges lowers the risk of sell pressure and may create the conditions for a breakout if demand increases.

儘管整個星期的價格波動，但ETH以積極的態度結束了這段時間，恢復了1,840美元以上。分析師將持續的交換流出解釋為看漲的標誌，因為交換的供應減少會降低銷售壓力的風險，如果需求增加，則可能會為突破帶來突破的條件。

(Chart: Glassnode)

（圖表：玻璃節）

On-chain data also shows that the largest Ethereum holders, known as "whales," are either maintaining their positions or continuing to accumulate, even as the second-largest cryptocurrency has massively underperformed Bitcoin this cycle.

鏈上的數據還表明，即使第二大加密貨幣在本週期中，最大的以太坊持有人，稱為“鯨魚”，要么維持其位置或繼續積累。

CryptoQuant analyst Darkost pointed out that wallets holding over 100,000 ETH have increased by about 3% since August 2024, which he sees as an indication of “smart money” positioning. He added that since 2020, the proportion of ETH held by large wallets has been gradually decreasing, but now that trend seems to be reversing.

加密分析師Darkost指出，自2024年8月以來，擁有100,000多個ETH的錢包增長了約3％，他認為這表明“聰明”的定位。他補充說，自2020年以來，大錢包持有的ETH比例逐漸減少，但是現在這種趨勢似乎正在逆轉。

More bullish on-chain data that may be setting up Ethereum for a major rebound

更多看漲的鍊鍊數據可能正在為重大反彈設置以太坊

Darkost also noted that the number of active addresses has remained stable despite ETH’s price decline. He observed considerable selling pressure in the derivatives market, although it may be subsiding. Notably, Net Taker Volume went positive on April 23 and 24, which could signal the beginning of a bottoming process if the trend continues.

Darkost還指出，儘管ETH的價格下跌，活動地址的數量仍然保持穩定。他觀察到衍生品市場的銷售壓力很大，儘管它可能正在緩解。值得注意的是，淨接收者的數量在4月23日至24日為正，這可能表明，如果趨勢持續下去，則可以表明底部過程的開始。

These metrics run contrary to the “Ethereum is dead” narrative, he said. In essence, despite ETH currently trading around 62% below its 2021 all-time high, on-chain data indicates enduring strength and strategic accumulation.

他說，這些指標與“以太坊死了”的敘述相反。從本質上講，儘管ETH目前的交易量低於其2021年曆史最高的鍊鍊數據，但仍表明持久的力量和戰略積累。

How to approach ETH

如何接近ETH

In summary, while some encouraging long-term signals exist, on-chain data still reflects a lingering pessimism around ETH, Darkost concluded. He also noted that open interest has dropped significantly and trading volume remains low, both of which highlight the cautious market sentiment.

總而言之，儘管存在一些令人鼓舞的長期信號，但鏈上數據仍然反映出圍繞ETH的悲觀情緒，Darkost得出結論。他還指出，開放興趣已經大大下降，交易量仍然很低，這兩者都強調了謹慎的市場情緒。

The most prudent approach may be to await a clear invalidation of the bearish trend or, at most, engage in a light dollar-cost averaging (DCA) strategy, he said.

他說，最謹慎的方法可能是等待看跌趨勢的明顯無效，或者最多從事輕盈的美元平均戰略（DCA）策略。