CZ说，比特币（BTC）基本面令人难以置信，但仍有新的公牛运行。

一些人指出，加密货币的链链体积远不及2021峰。这促使某人质疑是否是新公牛

Despite Bitcoin's lackluster fundamentals, some believe the cryptocurrency is still preparing for a bull run.

尽管比特币的基本原理乏味，但有些人认为加密货币仍在为公牛奔跑做准备。

The community has expressed increasing concern over Bitcoin's underwhelming fundamentals. Some have pointed out that the cryptocurrency's on-chain volume is nowhere near the 2021 peak, prompting one person to question whether a new bull run is actually coming this time.

该社区对比特币的巨大基本面表示了越来越多的关注。一些人指出，加密货币的链上的体积远远不及2021峰，促使一个人质疑这次是新的牛跑。

However, Changpeng Zhao (CZ), the former CEO of cryptocurrency exchange Binance, has a different explanation for the declining fundamentals. He believes that Bitcoin is emerging as a reserve asset, which is why the on-chain activity is not reflecting the price action.

但是，加密货币交易所二元公司的前首席执行官Changpeng Zhao（CZ）对基本面下降有不同的解释。他认为，比特币正在成为储备资产，这就是为什么链活动没有反映价格行动的原因。

After the introduction of highly successful Bitcoin exchange-traded funds (ETFs), many investors are now getting exposure through them instead of directly buying and selling BTC. This would explain the lack of on-chain transactions despite the rising price.

在引入非常成功的比特币交易所交易基金（ETF）之后，许多投资者现在通过它们获得曝光率，而不是直接买卖BTC。这可以解释尽管价格上涨，但缺乏链交易。

“My gut feeling is that BTC is now more of a reserve asset and less of a transaction currency due to high fees and long block times. A lot of the new money is buying ETFs, which don't reflect in on-chain TX. I could be wrong,” CZ said.

“我的直觉是，由于高费用和较长的块时间，BTC现在更像是储备资产，而不是交易货币。许多新资金都是购买ETF，这不会反映在链TX上。我可能错了，” CZ说。

This echoes the recent point made by Chris Kuiper, director of research at Fidelity's crypto unit. As reported by U.Today, Kuiper explained that the dominance of Bitcoin ETFs is the key reason why the mempool has become pretty much empty. Hence, the poor on-chain performance does not necessarily mean that another bull run is not possible.

这回应了Fidelity的加密货币部门研究总监Chris Kuiper最近提出的观点。正如U.Today报道的那样，Kuiper解释说，比特币ETF的主导地位是Mempool变得空虚的关键原因。因此，稳定的链性表现并不一定意味着不可能进行另一次公牛。

Some analysts now expect Bitcoin to make a major move in the near future after its volatility reached its lowest level since the fourth quarter of 2023.

现在，一些分析师预计比特币在2023年第四季度的波动率达到其最低水平后的不久的将来会采取重大行动。

Bitcoin is currently changing hands at $97,190, according to CoinGecko data.

根据Coingecko数据，比特币目前以97,190美元的价格易手。