CZ說，比特幣（BTC）基本面令人難以置信，但仍有新的公牛運行。

一些人指出，加密貨幣的鍊鍊體積遠不及2021峰。這促使某人質疑是否是新公牛

Despite Bitcoin's lackluster fundamentals, some believe the cryptocurrency is still preparing for a bull run.

儘管比特幣的基本原理乏味，但有些人認為加密貨幣仍在為公牛奔跑做準備。

The community has expressed increasing concern over Bitcoin's underwhelming fundamentals. Some have pointed out that the cryptocurrency's on-chain volume is nowhere near the 2021 peak, prompting one person to question whether a new bull run is actually coming this time.

該社區對比特幣的巨大基本面表示了越來越多的關注。一些人指出，加密貨幣的鏈上的體積遠遠不及2021峰，促使一個人質疑這次是新的牛跑。

However, Changpeng Zhao (CZ), the former CEO of cryptocurrency exchange Binance, has a different explanation for the declining fundamentals. He believes that Bitcoin is emerging as a reserve asset, which is why the on-chain activity is not reflecting the price action.

但是，加密貨幣交易所二元公司的前首席執行官Changpeng Zhao（CZ）對基本面下降有不同的解釋。他認為，比特幣正在成為儲備資產，這就是為什麼鏈活動沒有反映價格行動的原因。

After the introduction of highly successful Bitcoin exchange-traded funds (ETFs), many investors are now getting exposure through them instead of directly buying and selling BTC. This would explain the lack of on-chain transactions despite the rising price.

在引入非常成功的比特幣交易所交易基金（ETF）之後，許多投資者現在通過它們獲得曝光率，而不是直接買賣BTC。這可以解釋儘管價格上漲，但缺乏鏈交易。

“My gut feeling is that BTC is now more of a reserve asset and less of a transaction currency due to high fees and long block times. A lot of the new money is buying ETFs, which don't reflect in on-chain TX. I could be wrong,” CZ said.

“我的直覺是，由於高費用和較長的塊時間，BTC現在更像是儲備資產，而不是交易貨幣。許多新資金都是購買ETF，這不會反映在鏈TX上。我可能錯了，” CZ說。

This echoes the recent point made by Chris Kuiper, director of research at Fidelity's crypto unit. As reported by U.Today, Kuiper explained that the dominance of Bitcoin ETFs is the key reason why the mempool has become pretty much empty. Hence, the poor on-chain performance does not necessarily mean that another bull run is not possible.

這回應了Fidelity的加密貨幣部門研究總監Chris Kuiper最近提出的觀點。正如U.Today報導的那樣，Kuiper解釋說，比特幣ETF的主導地位是Mempool變得空虛的關鍵原因。因此，穩定的鏈性表現並不一定意味著不可能進行另一次公牛。

Some analysts now expect Bitcoin to make a major move in the near future after its volatility reached its lowest level since the fourth quarter of 2023.

現在，一些分析師預計比特幣在2023年第四季度的波動率達到其最低水平後的不久的將來會採取重大行動。

Bitcoin is currently changing hands at $97,190, according to CoinGecko data.

根據Coingecko數據，比特幣目前以97,190美元的價格易手。