由于投资者退出交流，以太坊（ETH）供应率达到10年

以太坊（ETH）是市场资本化的第二大加密货币，最近在交易所供应量大幅下降，在近十年来达到了其最低点。

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has experienced a striking reduction in its supply on exchanges, to its lowest point in nearly a decade. This trend, highlighted by on-chain data from analytics firm Santiment, indicates that investors are diligently withdrawing their ETH from centralized exchanges.

以太坊（ETH）是市场资本化的第二大加密货币，其交易所供应的供应量显着降低到近十年来的最低点。这一趋势是由分析公司的链链数据强调的，这表明投资者正在努力从集中式交流中撤回其ETH。

This large-scale movement is often a telltale sign of strong accumulation, which could have bullish implications for the cryptocurrency’s price.

这种大规模运动通常是强烈积累的明显标志，这可能对加密货币的价格具有看涨的影响。

Ethereum’s Supply on Exchanges Hits 10-Year Low

以太坊在交流上的供应量命中10年低点

The metric “Supply on Exchanges” measures the total amount of Ethereum held in exchange wallets. A higher reading usually indicates increased selling pressure, as investors transfer their assets to exchanges for trading or liquidation. Conversely, a lower reading suggests ETH is being withdrawn, frequently to private wallets for long-term investment or staking, decreasing the immediate selling pressure within the market.

公制“交换上的供应”衡量了交换钱包中持有的以太坊总量。较高的阅读通常表明销售压力增加，因为投资者将其资产转移到交易或清算交易所。相反，较低的阅读表明，ETH经常被撤回，经常被私人钱包以进行长期投资或积累，从而减少了市场内的立即销售压力。

As per Santiment’s latest insights, Ethereum’s supply on exchanges has reached its lowest level in nearly ten years. This milestone is significant as it signals a potential shift in investor behavior, favoring long-term investment over short-term trading.

根据Santiment的最新见解，以太坊在交流方面的供应在近十年内达到了最低水平。这一里程碑很重要，因为它表明投资者行为可能发生了可能的转变，这有利于长期投资而不是短期交易。

Key Factors Driving ETH Withdrawals

推动ETH提款的关键因素

Several factors could be contributing to this decline in Ethereum’s supply on exchanges:

以太坊在交流中的供应量下降可能会导致几个因素：

Potential Price Implications: Is Ethereum Primed for a Rally?

潜在的价格影响：以太坊是为集会准备的吗？

Historically, a decrease in an asset’s supply on exchanges tends to align with upward price movements, as the selling pressure lessens while demand stays constant or increases. If the trend of ETH leaving exchanges continues, the scarcity could create conditions for a supply crunch, potentially pushing prices upward.

从历史上看，交易所资产供应的减少往往与向上的价格变动保持一致，因为销售压力降低，而需求保持恒定或增加。如果ETH离开交流的趋势继续存在，那么稀缺性可能会为供应紧缩创造条件，并可能向上推动价格。

Several analysts are predicting that Ethereum could be preparing for a substantial rally due to these on-chain dynamics.

几位分析师预测，由于这些链动力学，以太坊可能正在为实质性集会做准备。

Here’s why analysts believe Ethereum could be poised for a rally:

这就是为什么分析人士认为以太坊可以预先进行集会的原因：

Challenges and Potential Risks

挑战和潜在风险

Despite the bullish indicators, several challenges could still impact Ethereum’s price trajectory:

尽管有看涨的指标，但一些挑战仍然可能影响以太坊的价格轨迹：

Sharp decline in Ethereum's supply on exchanges hits 10-year low. Is this a bullish sign for ETH price? | CryptoSlatefrom 1970 to 1973, the "Supply of ETH on Exchanges" has never fallen below 2.00M. But recently, it dropped below that level to reach its lowest point since at least 2014.

以太坊在交流上的供应急剧下降了10年低点。这是ETH价格的看涨标志吗？ |从1970年到1973年，“交流中的ETH供应”从未下降到2000万以下。但是最近，至少自2014年以来，它降至该水平以下，以达到其最低点。

According to crypto analytics firm Santiment, the metric tracks the total amount of Ethereum that is being held by exchange wallets. A higher reading usually means there is more selling pressure, as investors are transferring their coins to exchanges to sell them. A lower reading suggests that ETH is being withdrawn from exchanges, often by investors who are planning to hold their coins for the long term or to stake them.

根据Crypto Analytics公司的说法，该度量标准跟踪了交换钱包所持有的以太坊总量。较高的阅读通常意味着销售压力更大，因为投资者将硬币转移到交换以出售它们。较低的阅读表明，ETH通常是由计划长期持有硬币或将其存放的投资者撤回的。

The chart shows that Ethereum's supply on exchanges has been steadily decreasing since the beginning of 2023. This trend is significant because it signals a potential shift in investor behavior.

该图表显示，自2023年初以来，以太坊在交流上的供应一直在稳步下降。这种趋势很大，因为它标志着投资者行为的潜在转变。

In early 2023, investors were largely focused on short-term trading, which led to rapid changes in Ethereum's price. However, as the crypto winter progressed, investors may have become more interested in accumulating large amounts of ETH for the long term.

2023年初，投资者主要集中在短期交易上，这导致了以太坊价格的迅速变化。但是，随着加密货币冬季的发展，投资者可能对长期积累大量的ETH变得更加感兴趣。

ETH price movement in 2023. Credit: TradingView

2023年的ETH价格变动。信贷：TradingView

Earlier this year, we discussed how the shift in on-chain metrics like "price-to-holder's bottom topology" and "new addresses, 30d avg" signaled that a large-scale accumulation was unfolding.

今年早些时候，我们讨论了诸如“价格到持有人的底层拓扑”和“新地址，30D AVG”之类的链链指标的转变表明，大规模积累正在发生。

This aligns with the observation that a lower "Supply of ETH on Exchanges" usually coincides with higher price movements, as the selling pressure lessens and demand remains constant or increases.

这与观察到的观察到，较低的“交流中的ETH供应”通常与更高的价格变动相吻合，因为销售压力降低和需求保持恒定或增加。

If the trend of ETH leaving exchanges continues, then the lower liquidity could create conditions for a supply crunch, potentially driving prices higher. Several analysts are also predicting that a large Ethereum rally could be on the cards.

如果ETH离开交流的趋势继续存在，那么较低的流动性可能会为供应紧缩而产生条件，并可能使价格更高。几位分析师还预测，大型以太坊拉力赛可能会出现在卡片上。

Here are some of the reasons why analysts believe Ethereum could be poised for a rally:

以下是分析师认为以太坊可以进行集会的一些原因：

However, there are also some challenges that could impact Ethereum's price recovery. The crypto winter is still ongoing, and there is a possibility of further price declines. Additionally, the competitive landscape in the DeFi sector is heating up, which could put pressure on Ethereum's dominance in the decentralized finance market.

但是，还有一些挑战可能会影响以太坊的价格恢复。加密冬季仍在进行中，而且有可能进一步下降。此外，Defi行业的竞争格局正在加热，这可能会对以太坊在分散的金融市场中的主导地位施加压力。

Finally, it's important to note that on-chain data can be a lagging indicator of price movements. While a lower supply of ETH on exchanges could eventually lead to an increase in price, there is no guarantee that this will happen immediately. Ultimately, Ethereum's price will be driven by the broader market trends and the interplay of supply and demand.

最后，重要的是要注意，链上数据可能是价格变动的滞后指标。尽管交流中的ETH供应较低可能会导致价格上涨，但不能保证这将立即发生。最终，以太坊的价格将由更广泛的市场趋势和供求的相互作用驱动。