以太坊的鳳凰時刻：鯨魚的積累和交換出埃及記信號潛在的價格反彈在2025年的加密冬季

2025年對於加密貨幣市場來說是一個坩堝，曾經重新調製的“山寨幣之王”以太坊首當其衝。

The year 2025 has been a crucible for the cryptocurrency market, with icy winds of macroeconomic uncertainty and evolving regulations sweeping across the digital asset landscape. Ethereum, once the "king of altcoins," has been no stranger to this chilling environment, plunging below the psychological threshold of $2,000—a level last seen over a year ago.

2025年對於加密貨幣市場來說是一個坩堝，宏觀經濟不確定性的冰冷風和不斷發展的法規在整個數字資產環境中席捲。以太坊曾經是“山寨幣之王”，對這個令人恐懼的環境並不陌生，低於2,000美元的心理門檻，這是一年多以前的最後一個水平。

As the cryptocurrency market navigates uncharted territory, skepticism has grown, fueled by the recent narrative of Bitcoin dominance and the seeming lack of interest from large-scale investors, often referred to as "whales." However, delving into the intricate tapestry of on-chain data reveals a compelling counter-narrative, hinting at a potential resurgence of Ethereum’s price and a shift in the narrative.

隨著加密貨幣市場在未知領域中航行，最近對比特幣優勢的敘述以及大規模投資者似乎缺乏興趣的敘述所增長，通常被稱為“鯨魚”。然而，深入研究鏈上數據的複雜掛毯表明，反敘事的一種引人注目的反敘事暗示了以太坊價格的潛在復興和敘事的轉變。

Crucially, the "Ethereum Exchange Reserve"—a metric that tracks the total amount of ETH held on centralized exchanges and closely followed by traders—has been steadily decreasing in recent weeks. This is a significant development, as any increase in this reserve is typically viewed bearishly.

至關重要的是，“以太坊貿易儲備”（以太坊交易所儲備，它跟踪了集中式交易所中的ETH總數，並緊隨其後的是交易員 - 最近幾週一直在穩步下降。這是一個重大的發展，因為通常可以看出該儲備金的任何增加。

Centralized exchanges are seen as launchpads for selling activity, so when investors transfer their assets to these platforms, it suggests they are preparing to exit their positions. Conversely, a decline in the Exchange Reserve implies that investors are either accumulating their preferred asset or moving it to cold storage—both classic signs of a long-term investment strategy.

集中交易所被視為銷售活動的發射台，因此，當投資者將其資產轉移到這些平台時，這表明他們準備退出其頭寸。相反，交易儲備的下降意味著投資者要么積累其首選資產，要么將其轉移到冷存儲中，這都是長期投資策略的經典跡象。

The recent decline in the Exchange Reserve metric suggests that a substantial number of Ethereum holders are growing more confident in the asset’s long-term prospects and are withdrawing their assets accordingly. This could be due to a belief that the current price levels are undervalued, or investors might be transferring their ETH to participate in staking or DeFi activities, both of which require holding the asset in non-custodial wallets.

貿易儲備指標最近的下降表明，大量以太坊持有人對資產的長期前景的信心越來越有信心，並正在相應地撤回其資產。這可能是由於人們認為當前的價格水平被低估了，或者投資者可能正在轉移其ETH參加積分或Defi活動，這兩者都要求將資產持有非監護錢包。

Furthermore, data from leading on-chain analytics platform Santiment reveals that Ethereum whales, defined as entities holding 1,000,000 to 10,000,000 ETH tokens, have been accumulating ETH rapidly. In the past 72 hours alone, these large-scale investors have absorbed over 120,000 ETH tokens.

此外，領先的鏈分析平台的數據表明，被定義為持有1,000,000至10,000,000 ETH代幣的實體的以太坊鯨魚正在迅速積累ETH。僅在過去的72小時中，這些大型投資者就吸收了超過120,000個ETH代幣。

This substantial accumulation by whales, often viewed as "smart money" due to their vast capital and deep market knowledge, could be a strong indicator of future price performance.

由於其廣闊的資本和深厚的市場知識，鯨魚的大量積累，通常被視為“智能貨幣”，可能是未來價格績效的有力指示。

When these whales are exiting their positions rapidly, it is usually seen as a bearish sign, suggesting they are becoming less interested in an asset and are unwinding their holdings. However, when they are actively accumulating an asset, it could imply that they are optimistic about its future prospects and are positioning themselves accordingly.

當這些鯨魚迅速退出職位時，通常被視為看跌跡象，這表明它們對資產的興趣降低，並且正在放鬆自己的持股。但是，當他們積極積累資產時，這可能意味著他們對自己的未來前景感到樂觀，並相應地定位自己。