最近的数据表明，交易所的比特币储备大幅减少，这往往是价格上涨的先兆

根据 CryptoQuant 的最新数据，这一趋势表明投资者正在将其持有的比特币转移到冷库中，从而减少了市场上的可用供应量。

Data from CryptoQuant highlights a substantial decrease in Bitcoin reserves on exchanges, a trend that has frequently preceded price rallies.

CryptoQuant 的数据突显了交易所的比特币储备大幅减少，这种趋势经常出现在价格上涨之前。

This development suggests that investors are transferring their Bitcoin holdings to cold storage, reducing the available supply in the market.

这一事态发展表明投资者正在将其持有的比特币转移到冷库，从而减少了市场上的可用供应。

When Bitcoin reserves diminish, selling pressure tends to decrease, creating favorable conditions for a potential price increase. The current reduction in Bitcoin supply mirrors past patterns that have led to notable upward price movements.

当比特币储备减少时，抛售压力往往会减少，为潜在的价格上涨创造有利条件。目前比特币供应的减少反映了过去导致价格显着上涨的模式。

Bitcoin's Next Bull Run?

比特币的下一次牛市？

“Decreasing #Bitcoin reserves and rising stablecoin reserves indicate a bullish outlook for Bitcoin. As the market supply tightens and buying power builds, we could be on the verge of a price rally.” – By @OnchainTarek

“#Bitcoin 储备的减少和稳定币储备的增加表明比特币的前景看好。随着市场供应收紧和购买力增强，我们可能正处于价格上涨的边缘。” ——@OnchainTarek

Link ?https://t.co/frUAfdSBrk pic.twitter.com/4fxB9cowf1

链接?https://t.co/frUAfdSBrk pic.twitter.com/4fxB9cowf1

— CryptoQuant.com (@cryptoquant_com) September 11, 2024

— CryptoQuant.com (@cryptoquant_com) 2024 年 9 月 11 日

Increasing Stablecoin Reserves

增加稳定币储备

While Bitcoin reserves continue to drop, stablecoin reserves on exchanges are experiencing a rise. This shift reflects increased liquidity as traders prepare to re-enter the market.

尽管比特币储备持续下降，但交易所的稳定币储备却在增加。这种转变反映出随着交易者准备重新进入市场，流动性增加。

Stablecoins serve as a readily available resource for investors, signaling that many are poised to capitalize on potential buying opportunities. The growing stablecoin supply further emphasizes the readiness of the market to support future buying activity, possibly leading to a strong price breakout.

稳定币是投资者随时可用的资源，这表明许多人准备利用潜在的购买机会。稳定币供应的增长进一步强调了市场准备支持未来的购买活动，这可能导致价格的强劲突破。

Consistent Exchange Withdrawals

一致的交易所提款

Supporting these observations, IntoTheBlock’s netflow data indicates a persistent withdrawal trend in Bitcoin over multiple time frames. In the last 24 hours, Bitcoin experienced a net withdrawal of 8.03K BTC, with a 7-day netflow showing a withdrawal of 6.29K BTC.

IntoTheBlock 的净流量数据支持了这些观察结果，表明比特币在多个时间范围内存在持续的提款趋势。过去24小时内，比特币净提现量为80.3万枚，7天净流量为62.9万枚。

Over the last 30 days, the netflow remained negative, further emphasizing the consistent withdrawal trend. The continuous removal of Bitcoin from exchanges strengthens the notion that investors are holding their assets, potentially awaiting a more favorable market condition for selling.

近30天净流量仍为负值，进一步凸显了持续的回撤趋势。比特币不断从交易所下架，强化了这样一种观念：投资者持有其资产，可能等待更有利的市场条件来出售。

Economic Factors Shape Bitcoin’s Trajectory

经济因素塑造比特币的轨迹

Additionally, an analysis from analyst Benjamin Cowen showed that current economic conditions are playing a crucial role in shaping Bitcoin’s performance. Similarities between the current cycle and the 2019 Bitcoin cycle have emerged, with monetary policy being a key influence.

此外，分析师本杰明·考恩（Benjamin Cowen）的分析表明，当前的经济状况在塑造比特币的表现方面发挥着至关重要的作用。当前周期与 2019 年比特币周期之间出现了相似之处，货币政策是关键影响因素。

According to him, the Federal Reserve’s rate hikes and quantitative tightening measures are impacting Bitcoin’s growth trajectory, slowing its rise compared to previous halving years.

他表示，美联储的加息和量化紧缩措施正在影响比特币的增长轨迹，与之前减半年份相比，其涨幅放缓。

While these policies continue to exert pressure, Cowen suggests that future rate cuts could eventually support Bitcoin’s price rebound, although the timing may extend longer than anticipated due to the prolonged period of high interest rates.

尽管这些政策继续施加压力，但考恩表示，未来的降息最终可能会支持比特币价格反弹，尽管由于高利率持续时间较长，降息时间可能会比预期更长。