以太坊靠近一個週期嗎？累積階段的新公制點

根據新的市場信號，以太坊的交易可能正在低於其真實價值，引起了加密分析師阿里·馬丁內斯（Ali Martinez）的注意。

Crypto analyst Ali Martinez has spotted a new market signal that may indicate Ethereum is currently trading below its fair value.

加密分析師阿里·馬丁內斯（Ali Martinez）發現了一個新的市場信號，可能表明以太坊目前的交易低於其公允價值。

According to Martinez, the Entity-Adjusted Dormancy Flow just dropped below the one million mark, a level that has previously coincided with long-term market bottoms.

根據馬丁內斯（Martinez）的說法，該實體調整後的休眠流量剛剛下降到100萬大關以下，這一水平與長期市場底層相吻合。

This metric, which is used to determine if an asset is oversold, combines low investor activity with strong coin holding behavior. Essentially, when coins are dormant and market cap remains high, it may indicate that most holders are choosing not to sell, which is usually a sign of confidence among long-term investors.

該指標用於確定資產是否超賣，將低投資者的活動與強大的硬幣保持行為相結合。本質上，當硬幣處於休眠狀態並且市值保持較高時，可能表明大多數持有人都選擇不出售，這通常是長期投資者中信心的標誌。

This drop in the Dormancy Flow below one million may be a sign that Ethereum has reached a major accumulation phase. It also signals weak market sentiment, potential capitulation, and buying activity from more strategic players, often referred to as smart money.

休眠流動以下的這種下降可能表明以太坊已經達到了一個主要的積累階段。它還表明了弱市場情緒，潛在的投降以及從更具戰略參與者的購買活動，通常稱為智能貨幣。

According to data from Glassnode, Dormancy Flow helps investors identify macro trends by comparing a coin’s market cap to how long those coins remain inactive. When that flow dips sharply, it often aligns with price bottoms and signals that the market may be preparing for a long-term shift upward.

根據GlassNode的數據，休眠流程通過將硬幣的市值與這些硬幣保持不活躍的時間進行比較，可以幫助投資者識別宏觀趨勢。當該流量急劇下降時，它通常與價格最低點保持一致，並表明市場可能正在為長期轉變做準備。

This analysis aligns with recent reports of large-scale ETH withdrawals from centralized exchanges. Over the past five days alone, nearly half a million ETH (453,000 coins) have been pulled from exchanges, which is usually seen as a bullish sign. It suggests that investors are planning to hold their ETH rather than engaging in short-term trades or selling.

該分析與最新的報告有關從集中交流的大規模ETH退出的報導一致。僅在過去的五天中，將近一百萬ETH（453,000枚硬幣）從交流中拉出，通常被視為看漲的標誌。這表明投資者計劃持有他們的ETH，而不是從事短期交易或銷售。