比特币（BTC）交换供应神话由GlassNode揭穿：可用供应并没有下降太多

链分析公司的玻璃节透明揭示了围绕比特币交换供应下降的流行神话不是真实的。

A popular cryptocurrency analytics firm, Glassnode, has revealed that a common belief about the decline in the Bitcoin exchange supply is inaccurate.

一家受欢迎的加密货币分析公司GlassNode透露，对比特币交换供应下降的普遍信念是不准确的。

Available Bitcoin Supply Hasn't Dropped Much

可用的比特币供应并没有下降太多

In its latest weekly report, Glassnode discusses a misconception that is widely held in the Bitcoin community regarding the decline in the Balance on Exchanges throughout this cycle.

GlassNode在其最新的每周报告中讨论了一种误解，该概念在比特币社区中广泛举行，即整个周期的交流平衡下降。

The “Balance on Exchanges” here refers to an on-chain indicator that measures the total amount of the cryptocurrency that is available in the wallets of all centralized exchanges.

这里的“交流平衡”是指一个链链指标，该指标衡量了所有集中式交易所钱包中可用的加密货币总量。

Typically, one of the main reasons why investors deposit to the exchanges is for selling-related purposes. Hence, the Balance on Exchanges is often viewed as the available sell supply of the asset. Therefore, increases in the metric are considered bearish for BTC's price, as they suggest more holders are willing to part with their tokens. Similarly, declines can be assumed to be bullish.

通常，投资者存入交易所的主要原因之一是出于销售相关的目的。因此，交流的余额通常被视为资产的可用销售供应。因此，按照BTC的价格，该度量的增加被认为是看跌，因为他们建议更多的持有人愿意与他们的令牌分开。同样，可以假定下降是看好的。

Now, here is the chart for the Bitcoin Balance on Exchanges shared by the analytics firm in the report:

现在，这是分析公司在报告中共享的交易所比特币余额的图表：

From the graph, it can be observed that the Bitcoin Balance on Exchanges was sitting at 3.1 million BTC in July 2024, but today, it has declined to just 2.74 million BTC. This is a significant decrease and has led many to believe that this represents the creation of a ‘supply shock‘ for the asset.

从图表中可以看出，交易所的比特币余额在2024年7月的BTC为310万，但今天拒绝仅为274万BTC。这是一个重大减少，并使许多人相信这代表了对资产的“供应冲击”的创造。

However, Glassnode thinks otherwise, as the analytics firm has explained:

但是，正如分析公司所解释的那样，玻璃节也这样认为：

Many interpret this as a form of supply shock caused by a mass of coins being withdrawn by individual investors—potentially creating upward price pressure—but the majority of this decline actually appears to be coins reshuffling into ETF wallets managed by custodians like Coinbase.

许多人将其解释为一种由个别投资者撤回的硬币引起的一种供应冲击形式 - 有可能造成向上的价格压力 - 但这种下降的大部分实际上似乎是由像Coinbase这样的保管人管理的ETF钱包。

The spot exchange-traded funds (ETFs) are investment vehicles that were introduced in the US at the beginning of last year. They offer an alternate means of gaining exposure to the asset, in a mode that's familiar to traditional investors. This mode of BTC investing has quickly gained popularity and today, the spot ETFs control a notable amount of the supply.

现货交易所贸易资金（ETF）是去年年初在美国引入的投资工具。他们提供了一种在传统投资者熟悉的模式下获得资产接触资产的另一种方法。这种BTC投资模式已迅速越来越受欢迎，如今，ETFS控制着显着的供应量。

“After the SEC approved Bitcoin Spot ETFs in January 2024, eight of eleven spot ETFs selected Coinbase as their custodian,” notes Glassnode. “As demand for ETF products picked up, a significant migration of coins from exchange wallets into Coinbase’s institutional custodian wallets occurred.”

“ SEC在2024年1月批准了比特币现场ETF之后，十一位ETF中有八个选择了Coinbase作为其保管人，” Glassnode指出。 “随着对ETF产品的需求，发生了从交换钱包中大量迁移到Coinbase的机构托管钱包中。”

Below is the chart shared by the analytics firm that shows the trend in the holdings of these spot ETFs.

以下是分析公司共享的图表，该图表显示了这些景点ETF持有的趋势。

An interesting picture appears if the Bitcoin holdings of the spot ETFs are included with those of the exchanges.

如果将ETF的比特币持有包含在交易所的股份中，则会出现一幅有趣的图片。

From the graph, it's apparent that this combined indicator is sitting at a value of 3.04 million BTC right now. This is about the same level as where the market was at the start of 2024, right before the spot ETFs were introduced.

从图中可以看出，该组合指标目前为304亿BTC。这与2024年初的市场相同，就在引入现场ETF之前。

Based on this, the analytics firm has concluded that the apparent decline in the Bitcoin Balance on Exchanges is more likely to represent a shift in market structure, rather than a decrease in the available sell supply.

基于此，分析公司得出的结论是，交易所比特币平衡的明显下降更有可能代表市场结构的转变，而不是可用的售货员供应量的下降。

BTC Price

BTC价格

Bitcoin has made recovery of about 3% in the past day, which has taken its price beyond $105,000.

比特币在过去的一天中恢复了约3％，其价格超过了105,000美元。