自2015年11月以来

自2015年11月以来，以太坊在加密交易所的供应已下降到其最低水平，现在只有897万ETH

Crypto exchange reserves of Ethereum (ETH) have fallen to their lowest level since November 2015, with only 8.97 million ETH remaining on trading platforms. This represents a 16.4% decrease in just seven weeks.

自2015年11月以来，以太坊（ETH）的加密货币储量已降至其最低水平，仅在交易平台上仅剩897万ETH。这在短短七个星期内下降了16.4％。

The substantial decrease in ETH reserves on exchanges suggests that many holders are transferring their assets into cold storage wallets for long-term holding. Many crypto analysts see this pattern as a bullish indicator, showing growing conviction in Ethereum's future price appreciation.

交流中ETH储备金的大幅下降表明，许多持有人将其资产转移到冷藏钱包中以进行长期持有。许多加密分析师将这种模式视为看涨指标，表明以太坊未来的价格赞赏的信念日益增加。

Crypto analytics platform Santiment reported the data on Monday. They noted that ETH has been rapidly leaving exchanges since the end of January.

Crypto Analytics Platform Santiment周一报告了数据。他们指出，自1月底以来，ETH一直在迅速离开交流。

👋 Thanks to the many DeFi and staking options, Ethereum's holders have now brought the available supply on exchanges down to 8.97M, the lowest amount in nearly 10 years (November, 2015). There is 16.4% less $ETH on exchanges compared to just 7 weeks ago. 😮 pic.twitter.com/r5957wPhLi

👋多亏了许多Defi和Staking选项，以太坊的持有人现在将可用的供应量带到了897万，这是近10年来最低的（2015年11月）。与7周前相比，交流的$ ETH少16.4％。 😮pic.twitter.com/r5957wphli

— Santiment (@santimentfeed) March 20, 2025

- santiment（@santimentFeed）2025年3月20日

This pattern often precedes what traders call a "supply shock." When fewer tokens are available for immediate trading on exchanges, even modest increases in demand can drive prices higher.

这种模式通常是交易者所说的“供应冲击”之前的。如果可以立即进行交易交易，那么即使需求的适度提高也会推动价格上涨。

We've seen similar patterns with Bitcoin in the past. In January, Bitcoin's exchange reserves hit a seven-year low just before BTC surged to new all-time highs.

过去，我们已经看到了与比特币的类似模式。一月份，比特币的交换储量在BTC升至新的历史高点之前达到了七年低点。

Despite these positive supply dynamics, Ethereum's price performance has been weak. The token is currently trading at around $1,990, down 26-47% from its recent peaks. ETH reached around $4,000 on multiple occasions during the late 2024 and early 2025 bull run.

尽管这些积极的供应动态，以太坊的价格绩效仍然很弱。该令牌目前的交易价格约为1,990美元，比最近的高峰下降了26-47％。在2024年末和2025年初的公牛奔跑期间，ETH多次达到4,000美元。

Unlike Bitcoin and many other cryptocurrencies, Ethereum failed to set a new all-time high above its previous record of $4,878 from November 2021. The token experienced a steep decline, bottoming at $1,750 just last week. This represents a 55% drop from its local peak during this market cycle.

与比特币和许多其他加密货币不同，以太坊未能将历史最高的新高度高于2021年11月的4,878美元的历史新高。代币的下降幅度急剧下降，底部下周就达到了1,750美元。在此市场周期中，这比其本地峰值下降了55％。

ETH's Conflicting Signals

ETH的矛盾信号

Several crypto traders remain optimistic despite these challenges. Trader Crypto General told his 230,800 X followers that it's "just a question of time before the big supply shock."

尽管有这些挑战，但几位加密交易者仍然乐观。 Trader Crypto将军告诉他的230,800 X追随者，这只是“大量供应冲击之前的时间问题”。

Another commentator named Ted suggested that with ETH supply on exchanges decreasing daily, "buyers will soon compete, leading to bidding wars."

另一位名叫泰德（Ted）的评论员建议，随着ETH供应的交流每天减少，“买家将很快竞争，导致竞标战争。”

Crypto trader Naber has made an even bolder prediction. He believes the largest ETH accumulation is taking place now, potentially leading to an $8,000-$10,000 price range in the future.

加密交易者纳伯（Naber）做出了更大胆的预测。他认为，现在最大的ETH积累正在发生，可能会导致未来的8,000至10,000美元的价格范围。

Not all indicators are positive, however. Ethereum's performance against Bitcoin has been at its lowest point in five years, according to trader Daan Crypto Trades.

但是，并非所有指标都是积极的。根据Trader Daan Crypto Trades的说法，以太坊对比特币的表现一直处于最低点。

Ethereum spot ETFs have experienced 12 straight days of outflows. These outflows have totaled $370.6 million according to Farside data.

以太坊斑点ETF连续12天经历了12天的流出。根据Farside数据，这些流出总计3.706亿美元。

The decreased activity on Ethereum's mainnet is another concern. Monthly decentralized exchange (DEX) volume on Ethereum has fallen from $92 billion in December to $82 billion in February.

以太坊主网上的活动减少是另一个问题。以太坊的月份分散交易所（DEX）的数量已从12月的920亿美元下降到2月的820亿美元。

Layer-2 networks like Arbitrum and Base are gaining traction due to their lower fees. These networks processed $5.67 billion of the past week's $9.8 billion in Ethereum-based DEX protocols.

由于较低的费用，仲裁和基础等第2层网络正在获得吸引力。这些网络在过去一周的98亿美元基于以太坊的DEX协议中处理了56.7亿美元。

This shift has hurt Ethereum's fee revenue, which dropped from $218 million in December to just $46 million in February. The recent Dencun upgrade reduced gas fees by 95%, making transactions less costly but further impacting revenue.

这种转变损害了以太坊的费用收入，该收入从12月的2.18亿美元下降到2月的4600万美元。最近的Dencun将汽油费降低了95％，使交易降低了成本，但进一步影响了收入。

From a technical perspective, Ethereum faces resistance at $2,042, with the 50-day moving average acting as a barrier. If ETH breaks above this level, the next targets would be $2,163 and $2,370.

从技术角度来看，以太坊的抵抗力为2,042美元，而50天移动平均线的电阻为障碍。如果ETH突破此水平，那么下一个目标将为$ 2,163和2,370美元。

On the downside, a failure to hold $1,986 could see ETH decline toward $1,714, where previous buying interest emerged. The RSI indicator at 41.22 shows ETH recovering from oversold conditions but lacking strong momentum.

不利的一面是，未能持有1,986美元的股票可能会使ETH下降到1,714美元，而先前购买的利息出现了。 41.22处的RSI指标显示ETH从超售条件中恢复，但缺乏强大的动力。

Standard Chartered analysts recently lowered their year-end ETH price target from $10,000 to $4,000. They cited increased competition from other networks, especially Ethereum layer-2s, as a main factor for this revision.

标准特许分析师最近将其年终ETH价格目标从10,000美元降低到4,000美元。他们认为来自其他网络（尤其是以太坊2层）的竞争增加是此次修订的主要因素。

A potential catalyst for Ethereum could come from staking exchange-traded funds. Both the New York Stock Exchange and Chicago Board Options Exchange have submitted requests to the SEC to permit staking in Ethereum ETFs. Nonetheless, the堂堂と感じ取れるのは、やはり「狼狽売り」が発生しやすいアルトコインで、特に出来高が低いアルトコインの中小型アルトコインで顕著に

以太坊的潜在催化剂可能来自纽约证券交易所和芝加哥董事会期权交易所的资金。