自2015年11月以來

自2015年11月以來，以太坊在加密交易所的供應已下降到其最低水平，現在只有897萬ETH

Crypto exchange reserves of Ethereum (ETH) have fallen to their lowest level since November 2015, with only 8.97 million ETH remaining on trading platforms. This represents a 16.4% decrease in just seven weeks.

自2015年11月以來，以太坊（ETH）的加密貨幣儲量已降至其最低水平，僅在交易平台上僅剩897萬ETH。這在短短七個星期內下降了16.4％。

The substantial decrease in ETH reserves on exchanges suggests that many holders are transferring their assets into cold storage wallets for long-term holding. Many crypto analysts see this pattern as a bullish indicator, showing growing conviction in Ethereum's future price appreciation.

交流中ETH儲備金的大幅下降表明，許多持有人將其資產轉移到冷藏錢包中以進行長期持有。許多加密分析師將這種模式視為看漲指標，表明以太坊未來的價格讚賞的信念日益增加。

Crypto analytics platform Santiment reported the data on Monday. They noted that ETH has been rapidly leaving exchanges since the end of January.

Crypto Analytics Platform Santiment週一報告了數據。他們指出，自1月底以來，ETH一直在迅速離開交流。

👋 Thanks to the many DeFi and staking options, Ethereum's holders have now brought the available supply on exchanges down to 8.97M, the lowest amount in nearly 10 years (November, 2015). There is 16.4% less $ETH on exchanges compared to just 7 weeks ago. 😮 pic.twitter.com/r5957wPhLi

👋多虧了許多Defi和Staking選項，以太坊的持有人現在將可用的供應量帶到了897萬，這是近10年來最低的（2015年11月）。與7週前相比，交流的$ ETH少16.4％。 😮pic.twitter.com/r5957wphli

— Santiment (@santimentfeed) March 20, 2025

- santiment（@santimentFeed）2025年3月20日

This pattern often precedes what traders call a "supply shock." When fewer tokens are available for immediate trading on exchanges, even modest increases in demand can drive prices higher.

這種模式通常是交易者所說的“供應衝擊”之前的。如果可以立即進行交易交易，那麼即使需求的適度提高也會推動價格上漲。

We've seen similar patterns with Bitcoin in the past. In January, Bitcoin's exchange reserves hit a seven-year low just before BTC surged to new all-time highs.

過去，我們已經看到了與比特幣的類似模式。一月份，比特幣的交換儲量在BTC升至新的歷史高點之前達到了七年低點。

Despite these positive supply dynamics, Ethereum's price performance has been weak. The token is currently trading at around $1,990, down 26-47% from its recent peaks. ETH reached around $4,000 on multiple occasions during the late 2024 and early 2025 bull run.

儘管這些積極的供應動態，以太坊的價格績效仍然很弱。該令牌目前的交易價格約為1,990美元，比最近的高峰下降了26-47％。在2024年末和2025年初的公牛奔跑期間，ETH多次達到4,000美元。

Unlike Bitcoin and many other cryptocurrencies, Ethereum failed to set a new all-time high above its previous record of $4,878 from November 2021. The token experienced a steep decline, bottoming at $1,750 just last week. This represents a 55% drop from its local peak during this market cycle.

與比特幣和許多其他加密貨幣不同，以太坊未能將歷史最高的新高度高於2021年11月的4,878美元的歷史新高。代幣的下降幅度急劇下降，底部下週就達到了1,750美元。在此市場週期中，這比其本地峰值下降了55％。

ETH's Conflicting Signals

ETH的矛盾信號

Several crypto traders remain optimistic despite these challenges. Trader Crypto General told his 230,800 X followers that it's "just a question of time before the big supply shock."

儘管有這些挑戰，但幾位加密交易者仍然樂觀。 Trader Crypto將軍告訴他的230,800 X追隨者，這只是“大量供應衝擊之前的時間問題”。

Another commentator named Ted suggested that with ETH supply on exchanges decreasing daily, "buyers will soon compete, leading to bidding wars."

另一位名叫泰德（Ted）的評論員建議，隨著ETH供應的交流每天減少，“買家將很快競爭，導致競標戰爭。”

Crypto trader Naber has made an even bolder prediction. He believes the largest ETH accumulation is taking place now, potentially leading to an $8,000-$10,000 price range in the future.

加密交易者納伯（Naber）做出了更大膽的預測。他認為，現在最大的ETH積累正在發生，可能會導致未來的8,000至10,000美元的價格範圍。

Not all indicators are positive, however. Ethereum's performance against Bitcoin has been at its lowest point in five years, according to trader Daan Crypto Trades.

但是，並非所有指標都是積極的。根據Trader Daan Crypto Trades的說法，以太坊對比特幣的表現一直處於最低點。

Ethereum spot ETFs have experienced 12 straight days of outflows. These outflows have totaled $370.6 million according to Farside data.

以太坊斑點ETF連續12天經歷了12天的流出。根據Farside數據，這些流出總計3.706億美元。

The decreased activity on Ethereum's mainnet is another concern. Monthly decentralized exchange (DEX) volume on Ethereum has fallen from $92 billion in December to $82 billion in February.

以太坊主網上的活動減少是另一個問題。以太坊的月份分散交易所（DEX）的數量已從12月的920億美元下降到2月的820億美元。

Layer-2 networks like Arbitrum and Base are gaining traction due to their lower fees. These networks processed $5.67 billion of the past week's $9.8 billion in Ethereum-based DEX protocols.

由於較低的費用，仲裁和基礎等第2層網絡正在獲得吸引力。這些網絡在過去一周的98億美元基於以太坊的DEX協議中處理了56.7億美元。

This shift has hurt Ethereum's fee revenue, which dropped from $218 million in December to just $46 million in February. The recent Dencun upgrade reduced gas fees by 95%, making transactions less costly but further impacting revenue.

這種轉變損害了以太坊的費用收入，該收入從12月的2.18億美元下降到2月的4600萬美元。最近的Dencun將汽油費降低了95％，使交易降低了成本，但進一步影響了收入。

From a technical perspective, Ethereum faces resistance at $2,042, with the 50-day moving average acting as a barrier. If ETH breaks above this level, the next targets would be $2,163 and $2,370.

從技術角度來看，以太坊的抵抗力為2,042美元，而50天移動平均線的電阻為障礙。如果ETH突破此水平，那麼下一個目標將為$ 2,163和2,370美元。

On the downside, a failure to hold $1,986 could see ETH decline toward $1,714, where previous buying interest emerged. The RSI indicator at 41.22 shows ETH recovering from oversold conditions but lacking strong momentum.

不利的一面是，未能持有1,986美元的股票可能會使ETH下降到1,714美元，而先前購買的利息出現了。 41.22處的RSI指標顯示ETH從超售條件中恢復，但缺乏強大的動力。

Standard Chartered analysts recently lowered their year-end ETH price target from $10,000 to $4,000. They cited increased competition from other networks, especially Ethereum layer-2s, as a main factor for this revision.

標準特許分析師最近將其年終ETH價格目標從10,000美元降低到4,000美元。他們認為來自其他網絡（尤其是以太坊2層）的競爭增加是此次修訂的主要因素。

A potential catalyst for Ethereum could come from staking exchange-traded funds. Both the New York Stock Exchange and Chicago Board Options Exchange have submitted requests to the SEC to permit staking in Ethereum ETFs. Nonetheless, the堂堂と感じ取れるのは、やはり「狼狽売り」が発生しやすいアルトコインで、特に出来高が低いアルトコインの中小型アルトコインで顕著に

以太坊的潛在催化劑可能來自股權交易所交易的資金。紐約證券交易所和芝加哥董事會期權交易所都向SEC提出了請求，以允許在以太坊ETF中使用股份。儘管如此，Doudo還是可能引起“恐慌銷售”的山寨幣，尤其是在體積較低的中小型山寨幣中。