比特币美国与其他国家的准备金率最近飙升

链上数据显示，美国平台最近的比特币储备主导地位飙升至历史新高（ATH）。

On-chain data reveals that the Bitcoin reserve dominance of US-based platforms has recently spiked to an all-time high (ATH). Here's a breakdown of the observation and its potential implications.

链上数据显示，美国平台的比特币储备主导地位最近已飙升至历史新高（ATH）。以下是观察结果及其潜在影响的详细分析。

Bitcoin US To The Rest Reserve Ratio Shows A Clear Trend

比特币美国与其他国家的准备金率显示出明显的趋势

As highlighted by CryptoQuant founder and CEO Ki Young Ju in a new post on X, the platforms based in the US have seen their Bitcoin dominance grow recently.

正如 CryptoQuant 创始人兼首席执行官 Ki Young Ju 在 X 上的一篇新文章中强调的那样，总部位于美国的平台最近的比特币主导地位不断增强。

The on-chain indicator that showcases this trend is the “US to The Rest Reserve Ratio.” This metric tracks the ratio between the BTC holdings of the American platforms and that of the offshore platforms.

显示这一趋势的链上指标是“美国与其他国家的准备金率”。该指标追踪美国平台和离岸平台持有的比特币之间的比率。

The ‘platforms’ being considered here include not just the exchanges, but also the other large entities like spot exchange-traded funds (ETFs).

这里考虑的“平台”不仅包括交易所，还包括现货交易所交易基金（ETF）等其他大型实体。

When the value of this metric decreases, it signifies a transfer of coins from the American platforms to foreign ones. On the other hand, an increase in the indicator suggests that the US-based entities are gaining dominance.

当该指标的值下降时，就意味着代币从美国平台转移到外国平台。另一方面，该指标的上升表明美国实体正在获得主导地位。

With that in mind, here's a chart that showcases the trend in the Bitcoin US to The Rest Reserve Ratio over the past decade:

考虑到这一点，下面的图表显示了过去十年美国比特币与其他储备金比率的趋势：

The chart above shows that the Bitcoin US to The Rest Reserve Ratio fell below the 1 mark during the 2022 bear market. This indicated that the American platforms held a smaller share of the BTC supply compared to the offshores entities.

上图显示，2022 年熊市期间，美国比特币与其他国家的储备金比率跌破 1 大关。这表明，与离岸实体相比，美国平台在 BTC 供应中所占份额较小。

The indicator went on to consolidate sideways around its lows during 2023, but towards the end of the year, the trend finally shifted again, with the metric starting on a rise this time.

该指标继续在 2023 年的低点附近横盘整理，但到了年底，趋势终于再次转变，这次指标开始上升。

2024 then saw the indicator shoot back above the 1 level with a sharp surge. This trajectory of rapid increase continued throughout the year, except for a phase in the middle that coincided with the sideways movement in BTC's price.

2024 年，该指标大幅飙升，回升至 1 水平上方。这种快速增长的轨迹全年持续，除了中间的一个阶段与比特币价格的横盘走势一致。

The reason behind this rotation of tokens into the wallets associated with US-based platforms could be partially attributed to the introduction of spot ETFs in the US at the start of 2024.

代币轮流进入与美国平台相关的钱包背后的原因可能部分归因于 2024 年初美国引入现货 ETF。

These ETFs quickly became a popular alternate means of exposure into BTC's price action, and their presence might have contributed to the increase in on-exchange holdings.

这些 ETF 很快成为了解 BTC 价格走势的流行替代手段，它们的存在可能有助于增加交易所持有量。

Following the latest continuation of this rise, the Bitcoin US to The Rest Reserve Ratio has now reached a new ATH, indicating that the American entities hold 65% more BTC than the foreign ones.

继最新的上涨之后，美国比特币与其他国家的储备金比率现已达到新的 ATH，这表明美国实体持有的 BTC 比外国实体多 65%。

In the current bull cycle, a growth in US dominance has been observed to be bullish for the asset’s price so far, just like it was during the 2021 bull market. Thus, this indicator may be one to keep an eye on in the near future, as any further increases in it might also lead to positive price action for the cryptocurrency.

在当前的牛市周期中，迄今为止，美国主导地位的增长被认为对该资产的价格有利，就像 2021 年牛市期间一样。因此，该指标可能是近期值得关注的指标，因为该指标的任何进一步上涨也可能导致加密货币的积极价格走势。

BTC PriceA glance at BTC's price over the last 24 hours shows that the coin has only continued its recent bearish momentum. Its price has now dropped to $92,700 during this period.

BTC 价格 过去 24 小时内 BTC 的价格显示，该代币只是延续了近期的看跌势头。在此期间其价格现已降至 92,700 美元。