以太坊靠近一个周期吗？累积阶段的新公制点

根据新的市场信号，以太坊的交易可能正在低于其真实价值，引起了加密分析师阿里·马丁内斯（Ali Martinez）的注意。

Crypto analyst Ali Martinez has spotted a new market signal that may indicate Ethereum is currently trading below its fair value.

加密分析师阿里·马丁内斯（Ali Martinez）发现了一个新的市场信号，可能表明以太坊目前的交易低于其公允价值。

According to Martinez, the Entity-Adjusted Dormancy Flow just dropped below the one million mark, a level that has previously coincided with long-term market bottoms.

根据马丁内斯（Martinez）的说法，该实体调整后的休眠流量刚刚下降到100万大关以下，这一水平与长期市场底层相吻合。

This metric, which is used to determine if an asset is oversold, combines low investor activity with strong coin holding behavior. Essentially, when coins are dormant and market cap remains high, it may indicate that most holders are choosing not to sell, which is usually a sign of confidence among long-term investors.

该指标用于确定资产是否超卖，将低投资者的活动与强大的硬币保持行为相结合。本质上，当硬币处于休眠状态并且市值保持较高时，可能表明大多数持有人都选择不出售，这通常是长期投资者中信心的标志。

This drop in the Dormancy Flow below one million may be a sign that Ethereum has reached a major accumulation phase. It also signals weak market sentiment, potential capitulation, and buying activity from more strategic players, often referred to as smart money.

休眠流动以下的这种下降可能表明以太坊已经达到了一个主要的积累阶段。它还表明了弱市场情绪，潜在的投降以及从更具战略参与者的购买活动，通常称为智能货币。

According to data from Glassnode, Dormancy Flow helps investors identify macro trends by comparing a coin’s market cap to how long those coins remain inactive. When that flow dips sharply, it often aligns with price bottoms and signals that the market may be preparing for a long-term shift upward.

根据GlassNode的数据，休眠流程通过将硬币的市值与这些硬币保持不活跃的时间进行比较，可以帮助投资者识别宏观趋势。当该流量急剧下降时，它通常与价格最低点保持一致，并表明市场可能正在为长期转变做准备。

This analysis aligns with recent reports of large-scale ETH withdrawals from centralized exchanges. Over the past five days alone, nearly half a million ETH (453,000 coins) have been pulled from exchanges, which is usually seen as a bullish sign. It suggests that investors are planning to hold their ETH rather than engaging in short-term trades or selling.

该分析与最新的报告有关从集中交流的大规模ETH退出的报道一致。仅在过去的五天中，将近一百万ETH（453,000枚硬币）从交流中拉出，通常被视为看涨的标志。这表明投资者计划持有他们的ETH，而不是从事短期交易或销售。