比特幣從交易所撤離：加密貨幣市場看漲預兆

近年來，鏈上數據顯示，加密貨幣交易所持有的比特幣（BTC）數量不斷減少，達到六年來的最低點。這一趨勢表明流動性供應減少以及機構和零售採用增加，可能導致價格上漲。外匯存底的下降和比特幣 ETF 的上漲改變了市場動態，顯示比特幣未來表現和價格軌蹟的樂觀前景。

Bitcoin's Exodus from Exchanges: A Bullish Sign for the Crypto Market

比特幣從交易所撤離：加密市場的看漲訊號

In a remarkable departure from recent years, data from on-chain analytics platforms has revealed a significant decline in the amount of Bitcoin (BTC) held on cryptocurrency exchanges. This trend has reached a six-year low, with exchange reserves plummeting to 1,945,051 BTC as of April 2, 2024, according to CryptoQuant's Bitcoin Exchange Reserve dashboard.

與近年來不同的是，來自鏈上分析平台的數據顯示，加密貨幣交易所持有的比特幣（BTC）數量大幅下降。根據 CryptoQuant 的比特幣交易儲備儀表板，這一趨勢已達到六年來的最低點，截至 2024 年 4 月 2 日，交易儲備暴跌至 1,945,051 BTC。

This precipitous drop reflects a staggering decline of 90,700 BTC (approximately $6.2 billion) in just the past month, a testament to the growing preference among investors to hold their Bitcoin in personal wallets. The trend has persisted since November 2022, following the disastrous bank run on FTX, which exposed rampant fraud and triggered a mass exodus of crypto holders to self-custodial solutions.

這種急劇下降反映了過去一個月內驚人的 90,700 BTC（約 62 億美元）的下跌，證明了投資者越來越傾向於將比特幣保存在個人錢包中。自 2022 年 11 月 FTX 發生災難性銀行擠兌事件以來，這一趨勢一直持續存在，這場擠兌暴露了猖獗的詐欺行為，並引發加密貨幣持有者大規模轉向自我託管解決方案。

Despite these recent outflows, Glassnode's data indicates that a substantial amount of Bitcoin, approximately 2.31 million BTC, remains on exchanges. However, the overall trend is unmistakable: exchange balances have declined steadily, with current levels hitting their lowest point since April 2018.

儘管最近有這些資金外流，但 Glassnode 的數據表明，仍有大量比特幣（約 231 萬比特幣）留在交易所。然而，整體趨勢是明確無誤的：外匯餘額穩定下降，目前水準觸及 2018 年 4 月以來的最低點。

This shift away from exchanges is viewed as a bullish sign by market analysts, as it suggests a shrinking liquid supply of BTC on the network. Reduced supply, coupled with increased demand, often leads to higher prices. In fact, the price of Bitcoin has already surged by over 50% since the start of the year, reaching $67,499.

市場分析師將這種遠離交易所的轉變視為看漲訊號，因為這表明網路上比特幣的流動性供應正在減少。供應減少，加上需求增加，往往會導致價格上漲。事實上，自今年年初以來，比特幣的價格已飆升超過 50%，達到 67,499 美元。

The impact of Bitcoin exchange-traded funds (ETFs) on the market is also evident in the diminishing supply of Bitcoin on over-the-counter (OTC) desks. U.S. Bitcoin spot ETFs, which have attracted an influx of $12 billion since January 11, have emerged as a primary source of OTC demand. These ETFs currently hold over 827,000 BTC, exerting significant influence on the global spot market.

比特幣交易所交易基金（ETF）對市場的影響也反映在場外交易（OTC）平台上比特幣供應的減少。自 1 月 11 日以來，美國比特幣現貨 ETF 已吸引了 120 億美元的流入，已成為場外交易需求的主要來源。這些ETF目前持有超過827,000枚BTC，對全球現貨市場產生重大影響。

Some analysts speculate that the advent of these ETFs could disrupt traditional Bitcoin exchanges like Coinbase, as investors gravitate towards ETFs for their ease of access and regulatory compliance.

一些分析師推測，這些 ETF 的出現可能會擾亂 Coinbase 等傳統比特幣交易所，因為投資者因其易於存取和遵守監管規定而傾向於 ETF。

Examining the distribution of Bitcoin holdings by exchange, Binance reigns supreme with the largest trove at 538,750 BTC. Bitfinex, Coinbase, and Gemini follow suit with 372,000 BTC, 292,000 BTC, and 133,000 BTC, respectively. This distribution mirrors the overarching trend of dwindling exchange balances, underscoring the shift towards storing Bitcoin in personal wallets and alternative off-exchange storage methods.

從交易所的比特幣持有量分佈來看，幣安以 538,750 BTC 的數量位居榜首。 Bitfinex、Coinbase 和 Gemini 緊隨其後，分別出售 372,000 BTC、292,000 BTC 和 133,000 BTC。這種分佈反映了外匯餘額減少的總體趨勢，強調了將比特幣儲存在個人錢包和其他場外儲存方法中的轉變。

The confluence of declining exchange reserves, institutional adoption, and retail investors holding more Bitcoin in anticipation of ETFs and the halving event paints a promising picture for Bitcoin's price trajectory.

外匯存底下降、機構採用以及散戶投資者因預期 ETF 持有更多比特幣以及減半事件的綜合作用，為比特幣的價格軌跡描繪了一幅充滿希望的圖景。

In sum, the flight of Bitcoin from exchanges, fueled by the surge in Bitcoin ETFs and the preference for self-custody, signals a positive trend for the cryptocurrency market. The diminishing liquid supply of Bitcoin on exchanges suggests a potential increase in demand and higher prices. The dominance of U.S. Bitcoin spot ETFs and the dwindling supply of Bitcoin on OTC desks are reshaping the dynamics of Bitcoin trading and investment. These developments are widely regarded by market analysts as bullish indicators for Bitcoin's future performance and price trajectory.

總而言之，在比特幣 ETF 激增和自我託管偏好的推動下，比特幣從交易所逃離，標誌著加密貨幣市場的積極趨勢。交易所比特幣流動性供應的減少表明需求可能會增加，價格也會上漲。美國比特幣現貨 ETF 的主導地位以及場外交易櫃檯上比特幣供應的減少正在重塑比特幣交易和投資的動態。這些發展被市場分析師廣泛視為比特幣未來表現和價格軌跡的看漲指標。