比特币交易所储备近期大幅下降

链上数据显示，比特币最近继续离开交易所的钱包，这表明该资产的价格可能看涨。

The on-chain analysis for Bitcoin (BTC) has shown that the asset has continued to leave the exchanges’ wallets in recent times, which could be a bullish sign for the cryptocurrency.

比特币（BTC）的链上分析显示，该资产最近持续离开交易所的钱包，这可能是加密货币的看涨信号。

According to analyst Ali Martinez in a recent post on X, exchanges have seen a massive amount of Bitcoin leave over the last few months. The on-chain metric of relevance here is the “Exchange Reserve,” which tracks the total token count that’s currently sitting in the wallets of all centralized exchanges.

分析师阿里·马丁内斯 (Ali Martinez) 最近在 X 上发表的一篇文章中表示，过去几个月，交易所发现大量比特币被抛售。这里相关的链上指标是“交易所储备”，它跟踪当前所有中心化交易所钱包中的代币总数。

When the value of this metric rises, it means that investors are making net deposits into these platforms at the moment. As one of the main reasons that could lead holders to transfer their coins to exchanges is for selling-related purposes, this trend can be bearish for the asset’s price.

当该指标的值上升时，意味着投资者目前正在向这些平台进行净存款。由于可能导致持有者将代币转移到交易所的主要原因之一是出于出售相关目的，因此这种趋势可能对资产价格不利。

On the other hand, the indicator registering a decline implies that the users are transferring a net amount of BTC out of the wallets associated with exchanges. This could be a potential sign that investors want to hold their coins in the long term, which can naturally be bullish for the cryptocurrency.

另一方面，指标下降意味着用户正在从与交易所相关的钱包中转移净额的 BTC。这可能是投资者希望长期持有代币的潜在迹象，这自然对加密货币有利。

Here is a chart that shows the trend in the Bitcoin Exchange Reserve over the past year:

下图显示了过去一年比特币交易储备的趋势：

The above graph shows that the Bitcoin Exchange Reserve has been on a consistent downtrend since early in the year, suggesting that investors have been continuously draining the supply on these platforms.

上图显示，自今年年初以来，比特币交易所储备一直处于持续下降趋势，这表明投资者一直在不断耗尽这些平台上的供应。

More specifically, the indicator’s value has reduced by 400,000 BTC over the last eight months, which is over $27 billion at the current exchange rate of the cryptocurrency.

更具体地说，该指标的价值在过去八个月中减少了 400,000 BTC，按当前加密货币汇率计算，其价值超过 270 亿美元。

The relentless withdrawals from these platforms can be a positive sign for the asset if the investors have made them for accumulation. There could be, however, another reason behind this trend.

如果投资者是为了积累而从这些平台上不断撤资，那么对于该资产来说可能是一个积极的信号。然而，这种趋势背后可能还有另一个原因。

The chart shows that the outflows from the exchanges started roughly around the time the spot exchange-traded funds (ETFs) got approval from the US Securities and Exchange Commission (SEC).

图表显示，大约在现货交易所交易基金（ETF）获得美国证券交易委员会（SEC）批准的时间左右，交易所开始资金流出。

The spot ETFs provide an alternate means of getting exposure to Bitcoin’s price movements in a mode familiar to traditional investors. Traders who don’t want to dabble with cryptocurrency wallets and exchanges may prefer to invest in the asset through these financial instruments.

现货 ETF 提供了另一种方式，以传统投资者熟悉的方式了解比特币的价格走势。不想涉足加密货币钱包和交易所的交易者可能更愿意通过这些金融工具投资资产。

As such, the long-term decline that the Exchange Reserve has been going through could represent the market shift that the emergence of the spot ETFs has induced.

因此，外汇储备经历的长期下跌可能代表了现货ETF的出现所引发的市场转变。

BTC Price at the Moment

目前的比特币价格

At the time of writing, BTC is trading at around $68,000, which shows an increase of over 9% in its price over the last seven days.

截至撰写本文时，BTC 的交易价格约为 68,000 美元，过去 7 天其价格上涨了 9% 以上。