以太坊的公牛運行：2025年ETH的跌倒儲量信號

以太坊一直處於區塊鏈革命的最前沿，不僅提供加密貨幣。它是分散應用程序（DAPP），分散融資（DEFI）和智能合約協議的骨幹。

Ethereum (ETH) reserves on spot exchanges have fallen to their lowest point in six years, according to data from Coinmetrics. As of Jan. 23, only 8.1 million ETH were available on these exchanges. This marks a significant drop from the high of 32.1 million ETH in early 2021.

根據Coinmetrics的數據，以太坊（ETH）的儲備金（ETH）儲備在六年來下降到了六年來的最低點。截至1月23日，在這些交流中只有810萬個ETH。這標誌著2021年初的3210萬ETH的高度下降。

Reserves refer to the amount of cryptocurrency available on exchanges for immediate trading. Generally, a decrease in the amount of Ethereum on exchanges can signal a few things:

儲備金是指立即交易的交易所可用的加密貨幣數量。通常，交流中的以太坊數量減少可以表明一些事情：

This observation aligns with the current scenario. Over the past year, there has been a clear trend of decreasing liquidity for Ethereum. And it’s not just individual investors who are withdrawing their assets — institutional investors are doing the same.

該觀察結果與當前情況保持一致。在過去的一年中，以太坊流動性降低了一個明顯的趨勢。不僅是個人投資者正在撤回其資產，而且機構投資者也在這樣做。

Historically, when cryptocurrency reserves drop, the market tends to become more bullish due to the lack of readily available supply. This can create upward pressure on the asset’s price. Here's why Ethereum’s reduced reserves may be a bullish signal:

從歷史上看，當加密貨幣儲備下降時，由於缺乏隨時可用的供應，市場往往會變得更加看漲。這可能會對資產的價格產生向上的壓力。這就是以太坊減少的儲量可能是看漲信號的原因：

1. Reduced Selling Pressure

1。銷售壓力降低

As fewer coins are available for sale, there is less selling pressure in the market. This means that even small demand spikes can cause significant price increases, as there are fewer assets in circulation to meet the demand.

由於可供出售的硬幣較少，因此市場上的銷售壓力較小。這意味著即使是小小的需求尖峰也會導致價格大幅上漲，因為流通量的資產較少以滿足需求。

2. Increased Staking Participation

2。增加參與

The Ethereum 2.0 upgrade and the growing incentives to stake ETH are key factors contributing to the lower reserves. Investors may be holding their coins in staking pools to earn rewards, thus removing coins from the market temporarily. With staking rewards growing and a greater number of ETH stakers, the overall market supply diminishes.

以太坊2.0升級和越來越多的利用ETH的激勵措施是導致較低儲量的關鍵因素。投資者可能會將硬幣持有放入池以賺取獎勵，從而暫時將硬幣從市場上刪除。隨著積分獎勵的增長和更多的ETH Stakers，總體市場供應減少了。

3. Institutional Involvement

3。機構參與

Another factor at play is the increased institutional participation in the Ethereum ecosystem. These large investors may be securing their holdings off exchanges, anticipating longer-term price appreciation. Institutional interest has played a key role in Bitcoin’s rise and is beginning to have a similar effect on Ethereum.

另一個因素是，在以太坊生態系統中的機構參與增加。這些大型投資者可能會確保其持有的交流，預計長期價格讚賞。機構興趣在比特幣的崛起中發揮了關鍵作用，並且開始對以太坊產生類似的影響。

Ethereum has historically performed well in the early months of the year. February, in particular, has been one of the strongest months for Ethereum, with an average return of 17.13%. If Ethereum maintains its seasonal trends, a rally in the coming months is certainly a possibility. The confluence of low reserves, strong historical performance, and increasing institutional support makes Ethereum’s price rise seem plausible.

以太坊歷史上的表現在今年初表現良好。尤其是2月，這是以太坊最強大的月份之一，平均回報率為17.13％。如果以太坊保持其季節性趨勢，那麼在接下來的幾個月中的集會肯定是一種可能性。低儲量，強大的歷史表現和製度支持的匯合，使以太坊的價格上漲顯得合理。

How Low Reserves Can Impact Ethereum’s Price

低儲量會影響以太坊的價格

Low reserves have historically signaled impending bullish movements. If the demand for ETH increases while the supply on exchanges decreases, we could see a surge in prices. Market participants are often cautious when liquidity is low, which could result in more speculative buying as investors try to capitalize on potential upward price movement.

低儲量在歷史上表明了即將來臨的看漲運動。如果對ETH的需求增加而交流的供應減少，我們可能會看到價格上漲。當流動性較低時，市場參與者通常會謹慎，這可能會導致更具投機性的購買，因為投資者試圖利用潛在的上價變動。

While the news around Ethereum’s low reserves is largely bullish, the performance of ETH relative to Bitcoin has been a bit more mixed. Bitcoin’s dominance over the market is still undeniable, and the ETH/BTC pair has shown some weakness over the past few months. This divergence is notable because it indicates that investors may be prioritizing Bitcoin over Ethereum in the current market environment.

儘管有關以太坊低保護區的新聞在很大程度上是看漲的，但相對於比特幣的ETH的表現卻更加混亂。比特幣在市場上的主導地位仍然不可否認，而ETH/BTC對在過去幾個月中表現出一些弱點。這種分歧是值得注意的，因為它表明投資者在當前市場環境中可能優先考慮比特幣而不是以太坊。

Here are some key factors that could be driving Ethereum’s weakness against Bitcoin:

這是一些可能推動以太坊對比特幣的弱點的關鍵因素：

Ethereum’s role in the decentralized finance (DeFi) and decentralized applications (dApps) sectors cannot be overstated. The platform’s ability to host smart contracts has fueled the explosive growth of these industries. While the market has seen some turbulence in the past, especially with the rise of alternative layer-1 blockchains, Ethereum’s dominance in the DeFi sector remains strong.

以太坊在分散融資（DEFI）和分散應用程序（DAPP）部門中的作用不能被誇大。該平台託管智能合約的能力推動了這些行業的爆炸性增長。儘管過去市場有些動盪，尤其是隨著替代1層區塊鏈的興起，以太坊在辯護部門的主導地位仍然很強。

However, the key issue for Ethereum moving forward will be its ability to scale effectively. If Ethereum is unable to handle the growing demand from DeFi protocols without high fees and network congestion, it risks losing more of its market share to competitors. On the other hand, if Ethereum successfully scales its infrastructure through Ethereum 2.0 and Layer 2 solutions, it could further solidify its position in the market and drive a massive bull run.

但是，以太坊前進的關鍵問題將是其有效擴展的能力。如果以太坊無法在沒有高費用和網絡擁塞的情況下處理Defi協議的不斷增長的需求，那麼它就有可能將其更多的市場份額失去給競爭對手。另一方面，如果以太坊通過以太坊2.0和第2層解決方案成功擴展其基礎架構，則可以進一步鞏固其在市場中的地位並推動大規模的公牛運行。

There are several key factors that will influence Ethereum’s future price trajectory:

有幾個關鍵因素會影響以太坊的未來價格軌跡：