随着机构拥抱加密货币，比特币外流激增

随着现货交易所交易基金（ETF）在美国推出，自 1 月 11 日以来，价值约 95 亿美元的比特币（BTC）已从加密货币交易所撤出，总计超过 136,000 个 BTC。这一趋势表明市场动态转向长期持有，减少了比特币的可用供应，并可能推动未来价格上涨。

Bitcoin Exodus: Mass Withdrawals Signal Institutional Adoption and Bullish Sentiment

比特币外流：大规模提款标志着机构采用和看涨情绪

The cryptocurrency market has witnessed a significant shift in the movement of Bitcoin (BTC) over the past few months, driven by the launch of spot exchange-traded funds (ETFs) in the United States. Since January 11, data from on-chain analytics firm Glassnode reveals that over 136,000 BTC, worth approximately $10 billion, has left crypto exchanges.

过去几个月，在美国推出现货交易所交易基金（ETF）的推动下，加密货币市场见证了比特币（BTC）走势的重大转变。自 1 月 11 日以来，链上分析公司 Glassnode 的数据显示，超过 136,000 枚 BTC（价值约 100 亿美元）已离开加密货币交易所。

This mass exodus of BTC from exchanges is a testament to the growing institutional adoption of Bitcoin. The U.S. spot Bitcoin ETFs have been on the market for less than three months, yet they have already facilitated the withdrawal of approximately $9.5 billion worth of BTC from major trading platforms.

比特币从交易所的大规模流出证明了比特币在机构中的采用不断增长。美国现货比特币ETF上市还不到三个月，但已经帮助主要交易平台提取了价值约95亿美元的比特币。

As of March 28, Coinbase, one of the largest crypto exchanges in the U.S., held a combined 2,320,458 BTC, representing its lowest balance since April 2018. The trend continues unabated, with Glassnode reporting withdrawals totaling more than 22,000 BTC ($1.54 billion) on March 27 alone, the third-largest daily tally of 2023.

截至 3 月 28 日，美国最大的加密货币交易所之一 Coinbase 总共持有 2,320,458 BTC，这是自 2018 年 4 月以来的最低余额。这一趋势有增无减，Glassnode 报告称，2019 年 12 月 28 日提款总额超过 22,000 BTC（15.4 亿美元）。仅 3 月 27 日这一天，就创下了 2023 年第三大单日统计数字。

J.A. Maartunn, a contributor to the on-chain analytics platform CryptoQuant, highlighted a significant transfer of the stablecoin USD Coin (USDC) to Coinbase. This inbound transfer was the largest of its kind in history, suggesting a potential influx of buying pressure.

J.A. Maartunn 是链上分析平台 CryptoQuant 的贡献者，他强调了稳定币美元硬币 (USDC) 向 Coinbase 的重大转移。此次入境转移是历史上规模最大的一次，表明潜在的购买压力涌入。

The mass withdrawals of BTC from exchanges are a clear indication that investors are not looking to sell their holdings. Instead, they are opting to hold their Bitcoin outside of exchanges, likely in hardware wallets or other secure storage solutions. This behavior is typically associated with long-term holders, who believe in the asset's long-term value and are not motivated by short-term price fluctuations.

比特币从交易所大规模撤资清楚地表明投资者不打算出售其持有的比特币。相反，他们选择将比特币保存在交易所之外，可能保存在硬件钱包或其他安全存储解决方案中。这种行为通常与长期持有者有关，他们相信资产的长期价值，并且不受短期价格波动的驱动。

The institutional adoption of Bitcoin through spot ETFs is expected to have a significant impact on the asset's supply dynamics. As ETFs continue to grow in popularity, the demand for BTC is likely to increase, while the supply of available coins on exchanges will diminish. This supply-demand imbalance could lead to a "squeeze" in the market, driving the price of BTC higher.

机构通过现货 ETF 对比特币的采用预计将对该资产的供应动态产生重大影响。随着 ETF 继续受欢迎，对 BTC 的需求可能会增加，而交易所上可用硬币的供应将会减少。这种供需失衡可能会导致市场“挤压”，从而推高比特币的价格。

The upcoming halving event in mid-April, which will reduce the block subsidy for miners by half, will further exacerbate this supply shortage. After the halving, the BTC supply will expand by just 3.125 BTC per newly-mined block, further reducing the amount of BTC available for sale.

4月中旬即将到来的减半事件将使矿工的区块补贴减少一半，这将进一步加剧这种供应短缺。减半后，每个新开采的区块的 BTC 供应量将仅增加 3.125 BTC，进一步减少可供出售的 BTC 数量。

Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, believes that the halving will be a significant catalyst for Bitcoin's price. He notes that Bitcoin will become harder to produce than gold, with half its supply growth rate. Coupled with pent-up institutional demand from ETFs and a programmatic supply squeeze from the halving, Edwards anticipates a positive outlook for Bitcoin in the coming months.

比特币量化和数字资产基金 Capriole Investments 创始人 Charles Edwards 认为，减半将成为比特币价格的重要催化剂。他指出，比特币将变得比黄金更难生产，其供应增长率只有黄金的一半。再加上 ETF 被压抑的机构需求以及减半带来的计划性供应紧张，爱德华兹预计未来几个月比特币的前景将乐观。

It is important to note that the cryptocurrency market remains volatile, and investors should conduct their research before making any financial decisions. However, the mass exodus of BTC from exchanges is a clear indication that institutional investors are becoming increasingly bullish on Bitcoin. As adoption grows and supply tightens, the future of Bitcoin appears optimistic.

值得注意的是，加密货币市场仍然不稳定，投资者在做出任何财务决策之前应进行研究。然而，比特币从交易所大规模外流清楚地表明机构投资者越来越看好比特币。随着采用率的增长和供应的紧张，比特币的未来似乎很乐观。