隨著機構擁抱加密貨幣，比特幣外流激增

隨著現貨交易所交易基金（ETF）在美國推出，自 1 月 11 日以來，價值約 95 億美元的比特幣（BTC）已從加密貨幣交易所撤出，總計超過 136,000 個 BTC。這一趨勢表明市場動態轉向長期持有，減少了比特幣的可用供應，並可能推動未來價格上漲。

Bitcoin Exodus: Mass Withdrawals Signal Institutional Adoption and Bullish Sentiment

比特幣外流：大規模提款標誌著機構採用和看漲情緒

The cryptocurrency market has witnessed a significant shift in the movement of Bitcoin (BTC) over the past few months, driven by the launch of spot exchange-traded funds (ETFs) in the United States. Since January 11, data from on-chain analytics firm Glassnode reveals that over 136,000 BTC, worth approximately $10 billion, has left crypto exchanges.

過去幾個月，在美國推出現貨交易所交易基金（ETF）的推動下，加密貨幣市場見證了比特幣（BTC）走勢的重大轉變。自 1 月 11 日以來，鏈上分析公司 Glassnode 的數據顯示，超過 136,000 枚 BTC（價值約 100 億美元）已離開加密貨幣交易所。

This mass exodus of BTC from exchanges is a testament to the growing institutional adoption of Bitcoin. The U.S. spot Bitcoin ETFs have been on the market for less than three months, yet they have already facilitated the withdrawal of approximately $9.5 billion worth of BTC from major trading platforms.

比特幣從交易所的大規模流出證明了比特幣在機構中的採用不斷增長。美國現貨比特幣ETF上市不到三個月，但已經幫助主要交易平台提取了價值約95億美元的比特幣。

As of March 28, Coinbase, one of the largest crypto exchanges in the U.S., held a combined 2,320,458 BTC, representing its lowest balance since April 2018. The trend continues unabated, with Glassnode reporting withdrawals totaling more than 22,000 BTC ($1.54 billion) on March 27 alone, the third-largest daily tally of 2023.

截至3 月28 日，美國最大的加密貨幣交易所之一Coinbase 總共持有2,320,458 BTC，這是自2018 年4 月以來的最低餘額。這一趨勢有增無減，Glassnode 報告稱，2019 年12 月28 日提款總額超過22,000 BTC（15.4 億美元）。光是 3 月 27 日這一天，就創下了 2023 年第三大單日統計數字。

J.A. Maartunn, a contributor to the on-chain analytics platform CryptoQuant, highlighted a significant transfer of the stablecoin USD Coin (USDC) to Coinbase. This inbound transfer was the largest of its kind in history, suggesting a potential influx of buying pressure.

J.A. Maartunn 是鏈上分析平台 CryptoQuant 的貢獻者，他強調了穩定幣美元硬幣 (USDC) 向 Coinbase 的重大轉移。此次入境轉移是史上規模最大的一次，顯示潛在的購買壓力湧入。

The mass withdrawals of BTC from exchanges are a clear indication that investors are not looking to sell their holdings. Instead, they are opting to hold their Bitcoin outside of exchanges, likely in hardware wallets or other secure storage solutions. This behavior is typically associated with long-term holders, who believe in the asset's long-term value and are not motivated by short-term price fluctuations.

比特幣從交易所大規模撤資清楚表明投資者不打算出售其持有的比特幣。相反，他們選擇將比特幣保存在交易所之外，可能保存在硬體錢包或其他安全儲存解決方案中。這種行為通常與長期持有者有關，他們相信資產的長期價值，並且不受短期價格波動的驅動。

The institutional adoption of Bitcoin through spot ETFs is expected to have a significant impact on the asset's supply dynamics. As ETFs continue to grow in popularity, the demand for BTC is likely to increase, while the supply of available coins on exchanges will diminish. This supply-demand imbalance could lead to a "squeeze" in the market, driving the price of BTC higher.

機構透過現貨 ETF 對比特幣的採用預計將對該資產的供應動態產生重大影響。隨著 ETF 繼續受歡迎，對 BTC 的需求可能會增加，而交易所上可用硬幣的供應將會減少。這種供需失衡可能會導致市場“擠壓”，從而推高比特幣的價格。

The upcoming halving event in mid-April, which will reduce the block subsidy for miners by half, will further exacerbate this supply shortage. After the halving, the BTC supply will expand by just 3.125 BTC per newly-mined block, further reducing the amount of BTC available for sale.

4月中旬即將到來的減半事件將使礦工的區塊補貼減少一半，這將進一步加劇這種供應短缺。減半後，每個新開採的區塊的 BTC 供應將僅增加 3.125 BTC，進一步減少可供出售的 BTC 數量。

Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, believes that the halving will be a significant catalyst for Bitcoin's price. He notes that Bitcoin will become harder to produce than gold, with half its supply growth rate. Coupled with pent-up institutional demand from ETFs and a programmatic supply squeeze from the halving, Edwards anticipates a positive outlook for Bitcoin in the coming months.

比特幣量化和數位資產基金 Capriole Investments 創辦人 Charles Edwards 認為，減半將成為比特幣價格的重要催化劑。他指出，比特幣將變得比黃金更難生產，其供應成長率只有黃金的一半。再加上 ETF 被壓抑的機構需求以及減半帶來的計劃性供應緊張，愛德華茲預計未來幾個月比特幣的前景將樂觀。

It is important to note that the cryptocurrency market remains volatile, and investors should conduct their research before making any financial decisions. However, the mass exodus of BTC from exchanges is a clear indication that institutional investors are becoming increasingly bullish on Bitcoin. As adoption grows and supply tightens, the future of Bitcoin appears optimistic.

值得注意的是，加密貨幣市場仍然不穩定，投資者在做出任何財務決策之前應進行研究。然而，比特幣從交易所大規模外流清楚地表明機構投資者越來越看好比特幣。隨著採用率的成長和供應的緊張，比特幣的未來似乎很樂觀。