加密世界的悄悄轉變：中心化交易平台上比特幣儲備的減少

加密貨幣世界正經歷一場無聲卻重大的轉變：中心化交易平台上的比特幣儲備減少。

The world of cryptocurrency is undergoing a silent yet significant transformation: the decrease in bitcoin reserves on centralized exchange platforms. This evolution, far more than just a simple technical indicator, reveals fundamental changes in investor behaviors and market dynamics. As bitcoin approaches the symbolic threshold of $100,000, the study of reserves on Binance and Coinbase sheds new light on how market players perceive and utilize this asset.

加密貨幣世界正經歷一場無聲卻重大的轉變：中心化交易平台上的比特幣儲備減少。這種演變不僅僅是一個簡單的技術指標，它揭示了投資者行為和市場動態的根本變化。隨著比特幣接近 10 萬美元的象徵性門檻，對 Binance 和 Coinbase 儲備的研究為市場參與者如何看待和利用這一資產提供了新的線索。

The Contrasted Strategies of Binance and Coinbase

Binance和Coinbase的策略對比

Global bitcoin reserves on centralized exchanges have significantly dropped over the past two years. Indeed, they have decreased from 3.3 million BTC in 2022 to only 2.5 million BTC in 2024. This overall decline reflects a growing adoption of self-custody solutions, yet marked differences remain between the major platforms. Binance, the global leader in exchanges, has maintained relative stability in its reserves, which rose from 579,000 BTC at the beginning of the year to 586,000 BTC in November. Conversely, Coinbase, which attracts a predominantly institutional clientele, reported a notable decrease, with reserves falling from 993,000 BTC in January to 790,000 BTC in November.

過去兩年，集中交易所的全球比特幣儲備大幅下降。事實上，它們已從 2022 年的 330 萬比特幣減少到 2024 年的僅 250 萬比特幣。全球交易所領導者幣安的儲備量保持相對穩定，從年初的 579,000 BTC 上升至 11 月的 586,000 BTC。相反，主要吸引機構客戶的 Coinbase 報告顯著下降，儲備從 1 月的 993,000 BTC 降至 11 月的 790,000 BTC。

This divergence highlights user preferences. “Institutional investors are increasingly opting for cold storage solutions, which reduces their dependence on exchanges,” states CryptoQuant. In contrast, Binance remains a stronghold of active trading. The platform thus attracts users seeking quick and accessible transactions. These data reflect the differentiated roles these platforms play in the ecosystem.

這種差異凸顯了使用者偏好。 CryptoQuant 表示：“機構投資者越來越多地選擇冷儲存解決方案，這減少了他們對交易所的依賴。”相比之下，幣安仍然是活躍交易的大本營。因此，該平台吸引了尋求快速且易於交易的用戶。這些數據反映了這些平台在生態系統中所扮演的不同角色。

The Rise of Self-Custody

自我保管的興起

Such a reduction in reserves is accompanied by another significant phenomenon: a drastic drop in inter-exchange flows. Historically, these flows would increase during periods of volatility, reflecting panic movements from investors. However, these movements are currently at historically low levels. According to CryptoQuant, this evolution marks a step towards a more stable and optimistic market. Investors seem to favor long-term holding. They’re thus moving their assets away from platforms where liquidity or security risks are higher.

外匯存底的減少也伴隨著另一個顯著現象：交易所間流量的急劇下降。從歷史上看，這些資金流在波動時期會增加，反映出投資者的恐慌情緒。然而，這些變動目前處於歷史低點。根據 CryptoQuant 的說法，這種演變標誌著市場朝著更穩定和樂觀的方向邁出了一步。投資者似乎更傾向於長期持有。因此，他們將資產從流動性或安全風險較高的平台轉移。

This transformation is not without consequences. The decrease in immediate selling pressure could support prices as bitcoin is currently hovering around $96,400. However, a concentration of liquidity on platforms like Binance could pose issues during peak activity periods. Such a situation risks exacerbating liquidity constraints in the event of a sudden surge in volumes. This evolution highlights the importance of balanced reserve management in an ever-changing market.

這種轉變並非沒有後果。由於比特幣目前徘徊在 96,400 美元左右，即時拋售壓力的下降可能會支撐價格。然而，流動性集中在幣安等平台可能會在活動高峰期帶來問題。如果交易量突然激增，這種情況可能會加劇流動性限制。這一演變凸顯了平衡儲備管理在不斷變化的市場中的重要性。

In the coming months, as bitcoin approaches the symbolic threshold of $100,000, investors and analysts will closely monitor these dynamics. The decline in reserves on exchanges, coupled with the rise of self-custody, could well reshape the contours of the crypto ecosystem.

未來幾個月，隨著比特幣接近 10 萬美元的象徵性門檻，投資者和分析師將密切關注這些動態。交易所儲備的下降，加上自我託管的興起，很可能重塑加密貨幣生態系統的輪廓。