加密世界用於壯觀的波動

在全球清算背景下，加密貨幣市場在一周內的以太坊價格下跌了10％。

The world of crypto is used to spectacular fluctuations, but some fund movements stand out more than others. In the span of a week, $1.8 billion worth of ETH has left exchanges.

加密世界被用來壯觀的波動，但某些基金的運動比其他基金更具出色。在一周的時間裡，價值18億美元的ETH離開了交流。

Such a volume of withdrawals had not been observed since December 2022, raising questions about the state of the market and the strategy of investors. Should this be seen as a sign of distrust towards Ethereum or, on the contrary, a mark of confidence in its long-term valuation potential? Between bullish interpretation and economic uncertainty, this dynamic could reshape the crypto market landscape.

自2022年12月以來，人們一直沒有觀察到這樣的戒斷，這引發了有關市場狀況和投資者戰略的疑問。這是否應該被視為對以太坊的不信任的跡象，或者相反，這是對其長期估值潛力的信心？在看漲的解釋和經濟不確定性之間，這種動態可以重塑加密市場的格局。

A massive exodus of ETH : simple withdrawal or a market signal?

ETH的大規模出埃及記：簡單提款還是市場信號？

The crypto market recorded a 10 % drop in the price of Ethereum over the week, in a global context of liquidation. However, while this drop could have prompted massive sales, investors opted for a different strategy: withdrawing their ETH from exchanges. According to analyses by IntoTheBlock published on the social network X (formerly Twitter) on March 10, 2025, this $1.8 billion worth of ETH transferred to private wallets represents the largest weekly withdrawal volume in over a year.

在全球清算背景下，加密貨幣市場在一周內的以太坊價格下跌了10％。但是，儘管這種下降本來可以促使銷售大規模銷售，但投資者選擇了另一種策略：從交流中撤回他們的ETH。根據Intotheblock的分析，於2025年3月10日在社交網絡X（以前稱為Twitter）上發表，這筆18億美元轉移到私人錢包的ETH代表了一年多以來最大的每週撤離量。

If such a movement can be perceived as a bearish signal, it also reflects a behavior often associated with strategic accumulation. Indeed, when an asset holder withdraws their funds from an exchange, it is generally to hold them long-term, rather than to liquidate them immediately. The scale of the phenomenon thus suggests that many investors consider the current price levels as an interesting entry point, despite the prevailing volatility.

如果可以將這種運動視為看跌信號，則也反映了通常與戰略積累相關的行為。確實，當資產持有人從交易所撤回其資金時，通常是要長期持有它們，而不是立即清算。因此，該現象的規模表明，儘管流動性的波動性盛行，但許多投資者將當前的價格水平視為一個有趣的入口點。

A market under tension between liquidations and accumulation

清算與積累之間緊張的市場

Beyond these massive withdrawals, the crypto market faces strong selling pressure. The entire sector has experienced a bout of volatility marked by a wave of liquidations totaling $647 million across all cryptos. This correction has affected many investors who use leveraged positions, with nearly $490 million of long positions liquidated in just a few days. Such fragility could partly explain the choice of some holders to move their ETH out of exchanges.

除了這些大規模提款之外，加密貨幣市場還面臨著巨大的銷售壓力。整個行業都經歷了波動率的曲折，並以所有加密貨幣總計6.47億美元的清算浪潮為標誌。這種更正影響了許多使用槓桿頭寸的投資者，短短幾天內就清算了近4.9億美元的長期職位。這種脆弱性可以部分解釋一些持有人的選擇，以將其ETH從交流中移出。

From a technical perspective, Ethereum is currently evolving within a descending triangle, a chart pattern that could precede a significant price movement. A breakout from this pattern would potentially trigger an 18% price variation of ETH, although it is still impossible to affirm in which direction the market will choose to go. This uncertain context thus places Ethereum in a pivotal zone, where upcoming price movements will be closely scrutinized.

從技術的角度來看，以太坊目前正在降落的三角形中發展，這種圖表模式可以在價格上的重大轉移之前發展。這種模式的突破可能會觸發ETH的18％價格變化，儘管仍然無法確認市場選擇前進的方向。因此，這種不確定的環境將以太坊置於關鍵區域，即將進行的價格變動將受到仔細審查。

The massive capital movement around Ethereum highlights the existence of opposing strategies in the market. While some investors liquidate their positions under selling pressure, others seem to take advantage of this correction to accumulate. The central question remains whether these massive withdrawals mark the beginning of a bullish reversal or whether they precede a new period of unsertainty for Ethereum. In an increasingly volatile economic context, the upcoming trajectory of the crypto market will largely depend on Ethereum’s ability to regain positive momentum and restore investor confidence.

以太坊周圍的大規模資本運動突出了市場中相反的策略的存在。雖然一些投資者在銷售壓力下清算其頭寸，但另一些投資者似乎利用這種更正來積累。中心問題是這些大規模戒斷是否標誌著看漲逆轉的開始，還是在以太坊不確定的新時期之前。在越來越波動的經濟環境中，加密市場的即將到來的軌跡將在很大程度上取決於以太坊恢復積極動力和恢復投資者信心的能力。

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Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l’engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. J'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

我是Alyra發行的區塊鏈顧問認證的科學畢業生，我於2019年加入了Cointribuna冒險。我堅信區塊鏈有可能改變經濟的許多部門，我承諾提高認識，並向公眾提高人們對這個不斷發展的生態系統的認識。我的目標是讓每個人都能更好地了解區塊鏈並抓住他們提供的機會。我每天都在努力對新聞進行客觀的分析，破譯市場趨勢，傳達最新的技術創新，並將其視為正在進行的革命的經濟和社會問題。