以太坊的凤凰时刻：鲸鱼的积累和交换出埃及记信号潜在的价格反弹在2025年的加密冬季

2025年对于加密货币市场来说是一个坩埚，曾经重新调制的“山寨币之王”以太坊首当其冲。

The year 2025 has been a crucible for the cryptocurrency market, with icy winds of macroeconomic uncertainty and evolving regulations sweeping across the digital asset landscape. Ethereum, once the "king of altcoins," has been no stranger to this chilling environment, plunging below the psychological threshold of $2,000—a level last seen over a year ago.

2025年对于加密货币市场来说是一个坩埚，宏观经济不确定性的冰冷风和不断发展的法规在整个数字资产环境中席卷。以太坊曾经是“山寨币之王”，对这个令人恐惧的环境并不陌生，低于2,000美元的心理门槛，这是一年多以前的最后一个水平。

As the cryptocurrency market navigates uncharted territory, skepticism has grown, fueled by the recent narrative of Bitcoin dominance and the seeming lack of interest from large-scale investors, often referred to as "whales." However, delving into the intricate tapestry of on-chain data reveals a compelling counter-narrative, hinting at a potential resurgence of Ethereum’s price and a shift in the narrative.

随着加密货币市场在未知领域中航行，最近对比特币优势的叙述以及大规模投资者似乎缺乏兴趣的叙述所增长，通常被称为“鲸鱼”。然而，深入研究链上数据的复杂挂毯表明，反叙事的一种引人注目的反叙事暗示了以太坊价格的潜在复兴和叙事的转变。

Crucially, the "Ethereum Exchange Reserve"—a metric that tracks the total amount of ETH held on centralized exchanges and closely followed by traders—has been steadily decreasing in recent weeks. This is a significant development, as any increase in this reserve is typically viewed bearishly.

至关重要的是，“以太坊贸易储备”（以太坊交易所储备，它跟踪了集中式交易所中的ETH总数，并紧随其后的是交易员 - 最近几周一直在稳步下降。这是一个重大的发展，因为通常可以看出该储备金的任何增加。

Centralized exchanges are seen as launchpads for selling activity, so when investors transfer their assets to these platforms, it suggests they are preparing to exit their positions. Conversely, a decline in the Exchange Reserve implies that investors are either accumulating their preferred asset or moving it to cold storage—both classic signs of a long-term investment strategy.

集中交易所被视为销售活动的发射台，因此，当投资者将其资产转移到这些平台时，这表明他们准备退出其头寸。相反，交易储备的下降意味着投资者要么积累其首选资产，要么将其转移到冷存储中，这都是长期投资策略的经典迹象。

The recent decline in the Exchange Reserve metric suggests that a substantial number of Ethereum holders are growing more confident in the asset’s long-term prospects and are withdrawing their assets accordingly. This could be due to a belief that the current price levels are undervalued, or investors might be transferring their ETH to participate in staking or DeFi activities, both of which require holding the asset in non-custodial wallets.

贸易储备指标最近的下降表明，大量以太坊持有人对资产的长期前景的信心越来越有信心，并正在相应地撤回其资产。这可能是由于人们认为当前的价格水平被低估了，或者投资者可能正在转移其ETH参加积分或Defi活动，这两者都要求将资产持有非监护钱包。

Furthermore, data from leading on-chain analytics platform Santiment reveals that Ethereum whales, defined as entities holding 1,000,000 to 10,000,000 ETH tokens, have been accumulating ETH rapidly. In the past 72 hours alone, these large-scale investors have absorbed over 120,000 ETH tokens.

此外，领先的链分析平台的数据表明，被定义为持有1,000,000至10,000,000 ETH代币的实体的以太坊鲸鱼正在迅速积累ETH。仅在过去的72小时中，这些大型投资者就吸收了超过120,000个ETH代币。

This substantial accumulation by whales, often viewed as "smart money" due to their vast capital and deep market knowledge, could be a strong indicator of future price performance.

由于其广阔的资本和深厚的市场知识，鲸鱼的大量积累，通常被视为“智能货币”，可能是未来价格绩效的有力指示。

When these whales are exiting their positions rapidly, it is usually seen as a bearish sign, suggesting they are becoming less interested in an asset and are unwinding their holdings. However, when they are actively accumulating an asset, it could imply that they are optimistic about its future prospects and are positioning themselves accordingly.

当这些鲸鱼迅速退出职位时，通常被视为看跌迹象，这表明它们对资产的兴趣降低，并且正在放松自己的持股。但是，当他们积极积累资产时，这可能意味着他们对自己的未来前景感到乐观，并相应地定位自己。