以太坊交易所淨流量最近出現急劇的正成長

鏈上數據顯示，衍生性商品交易所剛剛收到了大量以太坊存款，這可能會導致以太坊價格波動。

On-chain data reveals that derivatives exchanges have just received large Ethereum deposits, an occurrence that might influence the volatility of ETH's price.

鏈上數據顯示，衍生性商品交易所剛剛收到了大量以太坊存款，這起事件可能會影響以太坊價格的波動。

Recent Spike In ETH Exchange Netflow Is A Bearish Sign

近期 ETH 交易網路流量激增是一個看跌訊號

As an analyst noted in a recent CryptoQuant Quicktake analysis, the Exchange Netflow for ETH has seen a recent large spike. The Exchange Netflow metric showcases the net volume of ETH flowing into or out of the wallets connected to centralized exchanges.

正如一位分析師在最近的 CryptoQuant Quicktake 分析中指出的那樣，ETH 的交易網路流量最近出現了大幅飆升。交易所淨流量指標顯示了流入或流出連接到中心化交易所的錢包的 ETH 淨流量。

When the indicator’s value is positive, it means that a net number of tokens are being deposited by investors to these platforms. The impact of these transactions on ETH depends on the type of exchange the coins are moving to.

當該指標值為正值時，表示投資者正在向這些平台存入淨數量的代幣。這些交易對 ETH 的影響取決於代幣轉移到的交易所類型。

Ellsworth: recent large spikes in derivatives exchange netflow (left) and their impact on ETH price (right) – both over the past few months. any guesses as to what might happen next time? https://cryptoquant.com/ethereum/netflow-exchange-derivatives …

Ellsworth：近期衍生性商品交易所淨流量大幅飆升（左）及其對 ETH 價格的影響（右）——都是在過去幾個月發生的。你猜一下下次會發生什麼事嗎？ https://cryptoquant.com/ethereum/netflow-exchange-derivatives …

March 10, 2023

2023 年 3 月 10 日

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Recent spikes in derivatives exchange netflow (left) and their impact on ETH price (right) - both over the past few months. Any guesses as to what might happen next time?

最近衍生性商品交易所淨流量的激增（左）及其對 ETH 價格的影響（右）——都是在過去幾個月發生的。你猜猜下次會發生什麼事嗎？

In the case of spot exchanges, deposits are usually made by investors whenever they want to sell, and so positive exchange netflows to platforms of this type can have a bearish effect.

就現貨交易所而言，投資者通常在想要出售時進行存款，因此流向此類平台的正外匯淨流量可能會產生看跌效應。

For derivatives exchanges, which are the relevant platforms in the current discussion, the relationship with the price tends to not be as straightforward. Investors transfer their coins to these exchanges in order to open up new positions in the derivatives market.

對於衍生性商品交易所（即目前討論的相關平台）而言，其與價格的關係往往不那麼簡單。投資者將他們的代幣轉移到這些交易所，以便在衍生性商品市場上開設新的部位。

Since new positions are generally opened with some amount of leverage, the overall risk in the sector can be assumed to increase when investors are depositing to derivatives exchanges. This can introduce more volatility into the price of ETH.

由於新頭寸通常會使用一定程度的槓桿來開立，因此當投資者向衍生性商品交易所存款時，該行業的整體風險可能會增加。這可能會為 ETH 的價格帶來更大的波動性。

A negative Exchange Netflow is usually bullish no matter the platforms involved, as it implies that investors are moving their coins to self-custodial wallets, perhaps because they plan to hold into the long term.

無論涉及哪個平台，負的交易淨流量通常都是看漲的，因為這意味著投資者正在將他們的代幣轉移到自我託管錢包中，也許是因為他們計劃長期持有。

Now, here's a visual representation of the trend in the Ethereum Exchange Netflow for the derivatives platforms over the last few weeks:

現在，以下是過去幾週衍生性商品平台的以太坊交易網路流量趨勢的直觀表示：

The above chart showcases how the Ethereum Exchange Netflow has seen a recent large spike into positive territory, which suggests that a large net deposit has just been made by investors to the derivatives platforms.

上圖顯示了以太坊交易所淨流量最近如何大幅飆升至正值區域，這表明投資者剛剛向衍生性商品平台存入了大量淨存款。

Around 82,000 ETH have been transferred to these exchanges by the holders with this net inflow spree. As highlighted earlier, this trend may lead to higher volatility for ETH.

透過這次淨流入熱潮，持有者已將大約 82,000 ETH 轉移到這些交易所。正如之前所強調的，這種趨勢可能會導致 ETH 波動性更高。

It’s difficult to say which direction any emerging volatility might take the cryptocurrency in, though, as other positive spikes in the last couple of months have had mixed results.

不過，很難說任何新興的波動可能會將加密貨幣帶向哪個方向，因為過去幾個月的其他積極飆升的結果好壞參半。

Given that the latest spike has coincided with a plunge in Ethereum’s price, though, a lot of these may be short positions predicting a further decline. If so, a swing to the upside could lead to liquidating these positions, which would add fuel to the rally.

不過，鑑於最近的上漲與以太坊價格暴跌同時發生，其中許多可能是預測以太坊價格進一步下跌的空頭部位。如果是這樣，向上波動可能會導致這些部位被清算，這將為漲勢增添動力。

ETH Price At The Moment

目前 ETH 價格

At the time of writing, Ethereum is trading at around $2,400, down almost 7% during the last week.

截至撰寫本文時，以太坊交易價格約為 2,400 美元，上週下跌近 7%。