由於投資者退出交流，以太坊（ETH）供應率達到10年

以太坊（ETH）是市場資本化的第二大加密貨幣，最近在交易所供應量大幅下降，在近十年來達到了其最低點。

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has experienced a striking reduction in its supply on exchanges, to its lowest point in nearly a decade. This trend, highlighted by on-chain data from analytics firm Santiment, indicates that investors are diligently withdrawing their ETH from centralized exchanges.

以太坊（ETH）是市場資本化的第二大加密貨幣，其交易所供應的供應量顯著降低到近十年來的最低點。這一趨勢是由分析公司的鍊鍊數據強調的，這表明投資者正在努力從集中式交流中撤回其ETH。

This large-scale movement is often a telltale sign of strong accumulation, which could have bullish implications for the cryptocurrency’s price.

這種大規模運動通常是強烈積累的明顯標誌，這可能對加密貨幣的價格具有看漲的影響。

Ethereum’s Supply on Exchanges Hits 10-Year Low

以太坊在交流上的供應量命中10年低點

The metric “Supply on Exchanges” measures the total amount of Ethereum held in exchange wallets. A higher reading usually indicates increased selling pressure, as investors transfer their assets to exchanges for trading or liquidation. Conversely, a lower reading suggests ETH is being withdrawn, frequently to private wallets for long-term investment or staking, decreasing the immediate selling pressure within the market.

公制“交換上的供應”衡量了交換錢包中持有的以太坊總量。較高的閱讀通常表明銷售壓力增加，因為投資者將其資產轉移到交易或清算交易所。相反，較低的閱讀表明，ETH經常被撤回，經常被私人錢包以進行長期投資或積累，從而減少了市場內的立即銷售壓力。

As per Santiment’s latest insights, Ethereum’s supply on exchanges has reached its lowest level in nearly ten years. This milestone is significant as it signals a potential shift in investor behavior, favoring long-term investment over short-term trading.

根據Santiment的最新見解，以太坊在交流方面的供應在近十年內達到了最低水平。這一里程碑很重要，因為它表明投資者行為可能發生了可能的轉變，這有利於長期投資而不是短期交易。

Key Factors Driving ETH Withdrawals

推動ETH提款的關鍵因素

Several factors could be contributing to this decline in Ethereum’s supply on exchanges:

以太坊在交流中的供應量下降可能會導致幾個因素：

Potential Price Implications: Is Ethereum Primed for a Rally?

潛在的價格影響：以太坊是為集會準備的嗎？

Historically, a decrease in an asset’s supply on exchanges tends to align with upward price movements, as the selling pressure lessens while demand stays constant or increases. If the trend of ETH leaving exchanges continues, the scarcity could create conditions for a supply crunch, potentially pushing prices upward.

從歷史上看，交易所資產供應的減少往往與向上的價格變動保持一致，因為銷售壓力降低，而需求保持恆定或增加。如果ETH離開交流的趨勢繼續存在，那麼稀缺性可能會為供應緊縮創造條件，並可能向上推動價格。

Several analysts are predicting that Ethereum could be preparing for a substantial rally due to these on-chain dynamics.

幾位分析師預測，由於這些鏈動力學，以太坊可能正在為實質性集會做準備。

Here’s why analysts believe Ethereum could be poised for a rally:

這就是為什麼分析人士認為以太坊可以預先進行集會的原因：

Challenges and Potential Risks

挑戰和潛在風險

Despite the bullish indicators, several challenges could still impact Ethereum’s price trajectory:

儘管有看漲的指標，但一些挑戰仍然可能影響以太坊的價格軌跡：

Sharp decline in Ethereum's supply on exchanges hits 10-year low. Is this a bullish sign for ETH price? | CryptoSlatefrom 1970 to 1973, the "Supply of ETH on Exchanges" has never fallen below 2.00M. But recently, it dropped below that level to reach its lowest point since at least 2014.

以太坊在交流上的供應急劇下降了10年低點。這是ETH價格的看漲標誌嗎？ |從1970年到1973年，“交流中的ETH供應”從未下降到2000萬以下。但是最近，至少自2014年以來，它降至該水平以下，以達到其最低點。

According to crypto analytics firm Santiment, the metric tracks the total amount of Ethereum that is being held by exchange wallets. A higher reading usually means there is more selling pressure, as investors are transferring their coins to exchanges to sell them. A lower reading suggests that ETH is being withdrawn from exchanges, often by investors who are planning to hold their coins for the long term or to stake them.

根據Crypto Analytics公司的說法，該度量標準跟踪了交換錢包所持有的以太坊總量。較高的閱讀通常意味著銷售壓力更大，因為投資者將硬幣轉移到交換以出售它們。較低的閱讀表明，ETH通常是由計劃長期持有硬幣或將其存放的投資者撤回的。

The chart shows that Ethereum's supply on exchanges has been steadily decreasing since the beginning of 2023. This trend is significant because it signals a potential shift in investor behavior.

該圖表顯示，自2023年初以來，以太坊在交流上的供應一直在穩步下降。這種趨勢很大，因為它標誌著投資者行為的潛在轉變。

In early 2023, investors were largely focused on short-term trading, which led to rapid changes in Ethereum's price. However, as the crypto winter progressed, investors may have become more interested in accumulating large amounts of ETH for the long term.

2023年初，投資者主要集中在短期交易上，這導致了以太坊價格的迅速變化。但是，隨著加密貨幣冬季的發展，投資者可能對長期積累大量的ETH變得更加感興趣。

ETH price movement in 2023. Credit: TradingView

2023年的ETH價格變動。信貸：TradingView

Earlier this year, we discussed how the shift in on-chain metrics like "price-to-holder's bottom topology" and "new addresses, 30d avg" signaled that a large-scale accumulation was unfolding.

今年早些時候，我們討論了諸如“價格到持有人的底層拓撲”和“新地址，30D AVG”之類的鍊鍊指標的轉變表明，大規模積累正在發生。

This aligns with the observation that a lower "Supply of ETH on Exchanges" usually coincides with higher price movements, as the selling pressure lessens and demand remains constant or increases.

這與觀察到的觀察到，較低的“交流中的ETH供應”通常與更高的價格變動相吻合，因為銷售壓力降低和需求保持恆定或增加。

If the trend of ETH leaving exchanges continues, then the lower liquidity could create conditions for a supply crunch, potentially driving prices higher. Several analysts are also predicting that a large Ethereum rally could be on the cards.

如果ETH離開交流的趨勢繼續存在，那麼較低的流動性可能會為供應緊縮而產生條件，並可能使價格更高。幾位分析師還預測，大型以太坊拉力賽可能會出現在卡片上。

Here are some of the reasons why analysts believe Ethereum could be poised for a rally:

以下是分析師認為以太坊可以進行集會的一些原因：

However, there are also some challenges that could impact Ethereum's price recovery. The crypto winter is still ongoing, and there is a possibility of further price declines. Additionally, the competitive landscape in the DeFi sector is heating up, which could put pressure on Ethereum's dominance in the decentralized finance market.

但是，還有一些挑戰可能會影響以太坊的價格恢復。加密冬季仍在進行中，而且有可能進一步下降。此外，Defi行業的競爭格局正在加熱，這可能會對以太坊在分散的金融市場中的主導地位施加壓力。

Finally, it's important to note that on-chain data can be a lagging indicator of price movements. While a lower supply of ETH on exchanges could eventually lead to an increase in price, there is no guarantee that this will happen immediately. Ultimately, Ethereum's price will be driven by the broader market trends and the interplay of supply and demand.

最後，重要的是要注意，鏈上數據可能是價格變動的滯後指標。儘管交流中的ETH供應較低可能會導致價格上漲，但不能保證這將立即發生。最終，以太坊的價格將由更廣泛的市場趨勢和供求的相互作用驅動。