比特币在交易所的供应量仅下降到7.1％，这是自2018年11月以来的最低水平

比特币在交易所的供应量仅下降到7.1％，这是自2018年11月以来的最低水平 - 而以太坊首次下跌了4.9％

Bitcoin's supply on exchanges has fallen to just 7.1% - its lowest level since November 2018 - while Ethereum has dropped below 4.9% for the first time in its 10+ year history.

比特币在交易所的供应量仅下降到7.1％ - 自2018年11月以来的最低水平 - 而以太坊在其10年以上的历史上首次下跌了4.9％。

The pace of outflows over the past five years is striking: more than 1.7 million BTC and 15.3 million ETH have been withdrawn from CEXes.

在过去的五年中，流出的步伐令人惊讶：超过170万BTC和1,530万ETH已从CEXES撤回。

These figures are a testament to the growing trend toward self-custody and long-term holding, potentially setting the stage for a supply squeeze if demand begins to accelerate.

这些数字证明了自我观察和长期持有的趋势的增长，如果需求开始加速，有可能为供应挤压奠定基础。

According to a recent report by Santiment, the total supply of Bitcoin (BTC) and Ethereum (ETH) on centralized exchanges (CEXs) has reached a multi-year low.

根据Santiment的最新报告，集中式交易所（CEXS）上比特币（BTC）和以太坊（ETH）的总供应已达到多年低点。

As of August 10, BTC balance on exchanges fell to its lowest point since November 2018, while ETH balance dropped below 4.9% for the first time in its 10+ year history.

截至8月10日，交流的BTC余额降至2018年11月以来的最低点，而ETH Balance在其10年以上的历史上首次下跌了4.9％。

The pace of these outflows over the past five years is striking. More than 1.7 million BTC and 15.3 million ETH have been withdrawn from CEXs.

在过去五年中，这些流出的速度令人震惊。从CEXS撤回了超过170万BTC和1,530万ETH。

These figures indicate a striking shift in market dynamics, potentially setting the stage for a "supply shock" if demand begins to accelerate.

这些数字表明市场动态发生了惊人的转变，如果需求开始加速，则有可能为“供应冲击”奠定基础。

The supply shock debate

供应冲击辩论

供应冲击辩论

A supply shock typically occurs when available tokens on exchanges dwindle just as demand surges, creating upward pressure on prices.

当交换的可用代币逐渐减少时，通常会发生供应冲击，就像需求激增一样，给价格上升压力。

With BTC and ETH balances at their lowest in years, the stage seems set.

随着BTC和ETH余额的最低数年，阶段似乎设定了。

Historically, similar trends in drastically shrinking "float" limit sell-side liquidity, which has been known to precede major crypto rallies.

从历史上看，在大幅缩小的“浮动”限制卖方流动性上，众所周知，这是主要的加密集会之前的类似趋势。

But not everyone is convinced. Some argue that whales may simply be moving their coins to cold storage for greater security, not necessarily accumulating more.

但是并不是每个人都相信。一些人认为，鲸鱼可能只是将硬币移至冷藏，以获得更大的安全性，而不一定会积累更多的安全性。

Other relevant factors include the still-limited participation of retail traders in crypto and the potential cooling of the "buzz" after the recent wave of Bitcoin ETFs.

其他相关因素包括零售商人在加密货币中仍然有限的参与以及最近的比特币ETF浪潮之后的“嗡嗡声”的潜在冷却。

If sentiment were to shift quickly, the capital waiting on the sidelines could pour back into exchanges, potentially leading to a rapid reversal of the current trend.

如果情绪迅速转移，那么等待场上的资本可能会倒入交流中，可能导致当前趋势的迅速逆转。

Bitcoin: From fringe to mainstream

比特币：从边缘到主流

比特币：从边缘到主流

In a stunning statistic, River and The Nakamoto Project report that an estimated 50 million Americans now own Bitcoin.

在一个令人惊叹的统计数据中，River和Nakamoto项目报告称，估计有5000万美国人拥有比特币。

This number surpasses those who own gold by a "huge margin."

这个数字超过了那些以“巨大的利润”而拥有黄金的人。

As more people are investing in Bitcoin and holding it long-term, leading to a smaller balance on exchanges, this shift in priorities is becoming increasingly clear.

随着越来越多的人投资比特币并长期持有它，导致交流的平衡较小，这种优先事项的转变变得越来越清楚。

Bitcoin is rapidly losing its status as a "fringe" asset and instead becoming a serious contender as a future reserve asset.

比特币正在迅速失去其作为“边缘”资产的地位，而是成为未来储备金的认真竞争者。

The striking rate at which BTC is being drained from exchanges may be less related to speculation in the short-term and more to a long-term redefinition of value in the digital age.

BTC从交流中排出的惊人速度可能与短期内的投机相关，而与数字时代的长期重新定义相关。