交流中的以太坊（ETH）供應已跌至新的歷史最低點

鏈上的數據顯示，隨著投資者繼續撤回ETH，交流的以太坊供應已跌至新的歷史最低點。

On-chain data shows that the Ethereum Supply on Exchanges has plunged to a new all-time low as investors have continued to withdraw ETH.

鏈上的數據表明，隨著投資者繼續撤回ETH，交流的以太坊供應已跌至新的歷史最低點。

Ethereum Supply On Exchanges Has Continued Its Downtrend Recently

交流中的以太坊供應最近繼續下降

In a new post by on-chain analytics firm Santiment, the latest trend in the Supply on Exchanges for Ethereum was discussed. The “Supply on Exchanges” refers to an indicator that measures, as its name already suggests, the percentage of the total ETH supply that’s currently sitting in the wallets attached to centralized exchanges.

在鏈上分析公司的新帖子中，討論了以太坊交流的最新趨勢。 “交易所供應”是指一個指標，該指標顧名思義，該指標已經表明，目前位於集中式交易所的錢包中的ETH供應總額的百分比。

When the value of this metric rises, it means that investors are depositing a net number of tokens to these platforms. As one of the main reasons why holders may transfer their coins to exchanges is for selling-related purposes, this kind of trend can have a bearish impact on the coin’s price.

當該指標的價值上升時，這意味著投資者將淨數量令牌存入這些平台。作為持有人可以將硬幣轉移到交換的主要原因之一是出於銷售相關的目的，這種趨勢可能會對硬幣的價格產生看跌的影響。

On the other hand, the indicator going down implies that supply is leaving the exchanges. Usually, investors withdraw their coins into self-custodial wallets when they plan to hold them in the long term, so such a trend can be bullish for the cryptocurrency.

另一方面，下降的指標意味著供應正在離開交流。通常，投資者計劃長期將硬幣撤回自我監測的錢包中，因此這種趨勢可以看漲對加密貨幣。

Now, here is the chart shared by the analytics firm that shows the trend in the Supply on Exchanges for Ethereum over the last few years:

現在，這是分析公司共享的圖表，該圖表顯示了過去幾年以太坊交流的供應趨勢：

The Ethereum Supply on Exchanges has been showing a long-term downtrend, but there have been periods of temporary deviation, as displayed by the above graph.

交換上的以太坊供應一直顯示出長期的下降趨勢，但是如上圖所示，已經存在暫時偏差的時期。

One such phase came around the time of the bull run toward the end of 2024, a potential sign that some investors decided to exit from ETH during the profitable opportunity.

一個這樣的階段發生在公牛跑到2024年底時，這是一些潛在的信號，一些投資者決定在有利可圖的機會中退出ETH。

In the months since the peak, though, the indicator has gone back to the downward trajectory, suggesting that holders have resumed their accumulation. Today, the metric is sitting at 4.9%, which is the lowest value ever recorded.

但是，在峰值以來的幾個月中，指標又回到了向下的軌跡，表明持有人恢復了積累。如今，該指標的價格為4.9％，這是有史以來記錄的最低價值。

In the same chart, Santiment has also attached the data for the Supply on Exchanges of Bitcoin. It would appear that the number one cryptocurrency has also seen a trend of net outflows during the last few years and there haven’t been any notable instances of divergence.

在同一張圖表中，Santiment還附加了比特幣交換的供應數據。看來，在過去的幾年中，排名第一的加密貨幣也看到了淨流出的趨勢，並且沒有明顯的分歧。

Over the past five years, investors have withdrawn 1.7 million BTC from exchanges. This decline has taken the metric’s value to 7.1%, which is the lowest since November 2018. In the same period, ETH holders have taken out 15.3 million tokens of the asset from these platforms.

在過去的五年中，投資者從交易所撤回了170萬BTC。該指標的價值將自2018年11月以來的最低點提高到了7.1％。在同一時期，ETH持有人從這些平台上奪走了1530萬個令牌。

Something to keep in mind is that while exchanges played a central role in the market years ago, that’s no longer strictly the case. The emergence of the exchange-traded funds (ETFs) means there is now another major gateway into the sector, so exchange outflows may not carry quite the same impact as before anymore.

要記住的是，儘管交流在幾年前的市場中發揮了核心作用，但事實並非如此。交易所交易基金（ETF）的出現意味著現在有另一個主要的門戶進入該行業，因此交換流出可能不會像以前一樣具有相同的影響。

ETH Price

ETH價格

At the time of writing, Ethereum is floating around $2,500, down more than 2% in the last week.

在撰寫本文時，以太坊的上漲額約為2500美元，上週下降了2％以上。