交易所储备减少、汽油费暴跌，预计以太坊牛市

随着汽油费的下降，分析师观察到主要交易所的以太坊储备持续下降。人们认为，随着投资者从交易所撤回 ETH，这种趋势表明看涨情绪不断增长，这可能表明链下活动或参与去中心化金融的增加。因此，ETH 多头预计价格会上涨，因为交易所供应量的减少被视为积累和乐观的迹象。

Ethereum Bull Market Anticipated as Exchange Reserves Dwindle and Gas Fees Plummet

随着交易所储备减少和汽油费暴跌，以太坊牛市有望到来

Amidst a recent market downturn, Ethereum (ETH) has witnessed a significant decline in its reserve holdings across leading cryptocurrency exchanges. This development has sparked optimism among ETH bulls, who anticipate a bullish rally in the token's price as a result.

在最近的市场低迷中，以太坊（ETH）在主要加密货币交易所的储备持有量大幅下降。这一进展激发了 ETH 多头的乐观情绪，他们预计代币价格将因此上涨。

Currently, ETH prices have been trending lower, losing over $900 from their all-time high. To regain momentum, ETH proponents believe that fundamental factors must support demand and reinvigorate deflated market sentiment. Among the key variables being monitored, the supply of ETH on exchanges remains a crucial indicator.

目前，ETH 价格一直呈下跌趋势，较历史高点下跌超过 900 美元。 ETH 支持者认为，为了重获动力，基本面因素必须支持需求并重振低迷的市场情绪。在受到监控的关键变量中，交易所的 ETH 供应量仍然是一个关键指标。

According to on-chain analytics firm Glassnode, ETH's exchange supply has been falling at a faster pace compared to Bitcoin (BTC). This sharp decline, observed by analysts on popular cryptocurrency platforms, suggests that investors are shifting their capital into ETH, favoring it over the world's most valuable cryptocurrency. Consequently, ETH is expected to spearhead the next altcoin rally.

根据链上分析公司 Glassnode 的数据，与比特币 (BTC) 相比，ETH 的交易供应量下降速度更快。分析师在流行的加密货币平台上观察到的这种急剧下跌表明，投资者正在将资金转向 ETH，而不是世界上最有价值的加密货币。因此，ETH 预计将引领下一次山寨币上涨。

Historically, when a cryptocurrency's exchange reserves decrease, it often signifies increased bullish sentiment among holders. By withdrawing their assets from exchanges, individuals demonstrate a desire for long-term investment or engagement in off-chain activities such as staking or participating in decentralized finance (DeFi) protocols.

从历史上看，当加密货币的外汇储备减少时，通常意味着持有者的看涨情绪增加。通过从交易所提取资产，个人表现出了长期投资或参与链下活动的愿望，例如质押或参与去中心化金融（DeFi）协议。

Furthermore, the diminishing ETH reserves on exchanges coincide with a cooling off in Ethereum's on-chain activity, as evidenced by the decline in gas fees. According to YCharts, gas fees payable for transactions and smart contract deployment have dropped significantly, from 41.2 GWei a year ago to the current 9.3 GWei.

此外，交易所上 ETH 储备的减少与以太坊链上活动的降温同时发生，汽油费的下降就证明了这一点。根据 YCharts 的数据，交易和智能合约部署应付的 Gas 费用大幅下降，从一年前的 41.2 GWei 下降到目前的 9.3 GWei。

Fluctuating gas fees are reflective of demand. When ETH prices surge, gas fees tend to increase, whereas they decline during price downturns. This pattern mirrors the overall market sentiment. The current low gas fees instill confidence among analysts, indicating that prices may have reached "local bottoms" and are poised for recovery.

波动的天然气费反映了需求。当 ETH 价格飙升时，gas 费往往会增加，而在价格下跌时则会下降。这种模式反映了整体市场情绪。目前的低天然气费给分析师带来了信心，表明价格可能已达到“局部底部”并有望回升。

Paradoxically, the drop in gas fees and falling exchange reserves occur amidst an increase in ETH supply. Ultrasound.money data reveals the issuance of 74,492 new ETH in the past 30 days, while only 56,823 ETH were burned, resulting in a net inflationary state for the network.

矛盾的是，汽油费的下降和外汇储备的下降却发生在 ETH 供应量增加的情况下。 Ultrasound.money 数据显示，过去 30 天内新发行了 74,492 个 ETH，而仅销毁了 56,823 个 ETH，导致网络处于净通胀状态。

Despite the inflationary trend, the Ethereum network has destroyed over 4.2 million ETH since its transition to a proof-of-stake consensus mechanism during The Merge. ETH's annual inflation rate now stands at approximately 0.90%.

尽管存在通货膨胀趋势，但自从合并期间过渡到权益证明共识机制以来，以太坊网络已经销毁了超过 420 万枚 ETH。 ETH 的年通胀率目前约为 0.90%。

In conclusion, the declining ETH exchange reserves and falling gas fees have fueled bullish expectations among ETH proponents. While the network's supply continues to expand, the withdrawal of ETH from exchanges for off-chain activities and the positive sentiment surrounding low gas fees suggest a potential price rally in the near future. It remains to be seen whether these indicators will translate into sustained momentum for ETH, but the current market conditions present an optimistic outlook for the cryptocurrency.

总而言之，ETH 外汇储备的下降和 Gas 费的下降激发了 ETH 支持者的看涨预期。虽然网络的供应量持续扩大，但 ETH 从交易所撤出以进行链下活动，以及围绕低 Gas 费的积极情绪表明，在不久的将来，价格可能会上涨。这些指标是否会转化为 ETH 的持续动力还有待观察，但当前的市场状况为加密货币带来了乐观的前景。