交流中的以太坊（ETH）供应已跌至新的历史最低点

链上的数据显示，随着投资者继续撤回ETH，交流的以太坊供应已跌至新的历史最低点。

On-chain data shows that the Ethereum Supply on Exchanges has plunged to a new all-time low as investors have continued to withdraw ETH.

链上的数据表明，随着投资者继续撤回ETH，交流的以太坊供应已跌至新的历史最低点。

Ethereum Supply On Exchanges Has Continued Its Downtrend Recently

交流中的以太坊供应最近继续下降

In a new post by on-chain analytics firm Santiment, the latest trend in the Supply on Exchanges for Ethereum was discussed. The “Supply on Exchanges” refers to an indicator that measures, as its name already suggests, the percentage of the total ETH supply that’s currently sitting in the wallets attached to centralized exchanges.

在链上分析公司的新帖子中，讨论了以太坊交流的最新趋势。 “交易所供应”是指一个指标，该指标顾名思义，该指标已经表明，目前位于集中式交易所的钱包中的ETH供应总额的百分比。

When the value of this metric rises, it means that investors are depositing a net number of tokens to these platforms. As one of the main reasons why holders may transfer their coins to exchanges is for selling-related purposes, this kind of trend can have a bearish impact on the coin’s price.

当该指标的价值上升时，这意味着投资者将净数量令牌存入这些平台。作为持有人可以将硬币转移到交换的主要原因之一是出于销售相关的目的，这种趋势可能会对硬币的价格产生看跌的影响。

On the other hand, the indicator going down implies that supply is leaving the exchanges. Usually, investors withdraw their coins into self-custodial wallets when they plan to hold them in the long term, so such a trend can be bullish for the cryptocurrency.

另一方面，下降的指标意味着供应正在离开交流。通常，投资者计划长期将硬币撤回自我监测的钱包中，因此这种趋势可以看涨对加密货币。

Now, here is the chart shared by the analytics firm that shows the trend in the Supply on Exchanges for Ethereum over the last few years:

现在，这是分析公司共享的图表，该图表显示了过去几年以太坊交流的供应趋势：

The Ethereum Supply on Exchanges has been showing a long-term downtrend, but there have been periods of temporary deviation, as displayed by the above graph.

交换上的以太坊供应一直显示出长期的下降趋势，但是如上图所示，已经存在暂时偏差的时期。

One such phase came around the time of the bull run toward the end of 2024, a potential sign that some investors decided to exit from ETH during the profitable opportunity.

一个这样的阶段发生在公牛跑到2024年底时，这是一些潜在的信号，一些投资者决定在有利可图的机会中退出ETH。

In the months since the peak, though, the indicator has gone back to the downward trajectory, suggesting that holders have resumed their accumulation. Today, the metric is sitting at 4.9%, which is the lowest value ever recorded.

但是，在峰值以来的几个月中，指标又回到了向下的轨迹，表明持有人恢复了积累。如今，该指标的价格为4.9％，这是有史以来记录的最低价值。

In the same chart, Santiment has also attached the data for the Supply on Exchanges of Bitcoin. It would appear that the number one cryptocurrency has also seen a trend of net outflows during the last few years and there haven’t been any notable instances of divergence.

在同一张图表中，Santiment还附加了比特币交换的供应数据。看来，在过去的几年中，排名第一的加密货币也看到了净流出的趋势，并且没有明显的分歧。

Over the past five years, investors have withdrawn 1.7 million BTC from exchanges. This decline has taken the metric’s value to 7.1%, which is the lowest since November 2018. In the same period, ETH holders have taken out 15.3 million tokens of the asset from these platforms.

在过去的五年中，投资者从交易所撤回了170万BTC。该指标的价值将自2018年11月以来的最低点提高到了7.1％。在同一时期，ETH持有人从这些平台上夺走了1530万个令牌。

Something to keep in mind is that while exchanges played a central role in the market years ago, that’s no longer strictly the case. The emergence of the exchange-traded funds (ETFs) means there is now another major gateway into the sector, so exchange outflows may not carry quite the same impact as before anymore.

要记住的是，尽管交流在几年前的市场中发挥了核心作用，但事实并非如此。交易所交易基金（ETF）的出现意味着现在有另一个主要的门户进入该行业，因此交换流出可能不会像以前一样具有相同的影响。

ETH Price

ETH价格

At the time of writing, Ethereum is floating around $2,500, down more than 2% in the last week.

在撰写本文时，以太坊的上涨额约为2500美元，上周下降了2％以上。