USDT 交易所持续大量流入，可能成为比特币和更广泛的加密货币上涨的动力

链上数据显示，大量稳定币 USDT 最近已转移到交易所，可能成为比特币和更广泛的加密货币上涨的燃料。

On-chain data shows a massive amount of the stablecoin USDT has been moving to exchanges recently, which could be acting as fuel for the Bitcoin and wider cryptocurrency rally.

链上数据显示，大量稳定币 USDT 最近已转移到交易所，这可能成为比特币和更广泛的加密货币上涨的燃料。

Fresh Analysis Shows Stablecoin Exchange Inflows Remained High

最新分析显示稳定币交易所流入量仍然很高

In a new post on its platform, the on-chain analytics firm Santiment discussed the trend in the Exchange Flow Balance for Tether’s USDT.

在其平台上的一篇新帖子中，链上分析公司 Santiment 讨论了 Tether USDT 的交易流量平衡趋势。

For the uninitiated, the “Exchange Flow Balance” is an indicator that tracks the net amount of a given asset entering or exiting the wallets associated with centralized exchanges.

对于外行来说，“交易流量余额”是一个指标，用于跟踪进入或退出与中心化交易所相关的钱包的给定资产的净额。

When the value of this metric is positive, it means the inflows are outpacing the outflows, and a net amount of the coin is entering the exchanges' wallets. Such a trend is usually a sign of demand among investors for trading away the cryptocurrency.

当该指标的值为正数时，意味着流入量超过流出量，并且代币净额正在进入交易所的钱包。这种趋势通常表明投资者有交易加密货币的需求。

On the other hand, a negative indicator implies the holders are withdrawing a net number of tokens from these platforms. This kind of trend suggests the market is in a phase of accumulation.

另一方面，负面指标意味着持有者正在从这些平台提取净数量的代币。这种趋势表明市场正处于吸筹阶段。

Now, here's a chart that shows the trend in the Exchange Flow Balance for USDT over the last couple of years.

现在，这是一张显示过去几年 USDT 交易流量平衡趋势的图表。

As you can see in the above graph, the Exchange Flow Balance for USDT has observed several large positive spikes over the past month, indicating that large investors have been depositing their tokens.

正如您在上图中所看到的，USDT 的交易流量余额在过去一个月中观察到了几次大幅的正峰值，表明大型投资者一直在存入他们的代币。

For assets like Bitcoin, a positive Exchange Flow Balance can be a bearish sign, as it could suggest the holders are planning to sell. However, the same isn't true when the asset involved is a stablecoin.

对于像比特币这样的资产，正的交易流量平衡可能是一个看跌信号，因为它可能表明持有者计划出售。然而，当涉及的资产是稳定币时，情况就不一样了。

Investors generally store their capital in these fiat-tied tokens to avoid the volatility of Bitcoin and other cryptocurrencies. Such users eventually plan to venture into the volatile side once they feel the conditions are right.

投资者通常将资金存储在这些与法定货币挂钩的代币中，以避免比特币和其他加密货币的波动。一旦他们觉得条件合适，这些用户最终会计划冒险进入波动性较大的领域。

And when the time comes, they naturally transfer to exchanges to swap to Bitcoin or whatever desired coin. This act of selling USDT does not affect its value since the coin is, by definition, always stable around the $1 mark.

当时机成熟时，他们自然会转移到交易所兑换成比特币或任何想要的硬币。这种出售 USDT 的行为不会影响其价值，因为根据定义，该代币始终稳定在 1 美元大关附近。

On the other hand, the asset they are shifting to does witness fluctuations from the purchase. As such, stablecoin exchange inflows are usually considered a bullish sign for Bitcoin and other assets.

另一方面，他们转向的资产确实因购买而出现波动。因此，稳定币交易流入通常被认为是比特币和其他资产的看涨信号。

According to Santiment, over the last eight weeks, exchanges have received a net average of $40 million in USDT, which could be helping to fuel the bull rally and the many historic crypto pumps.

据 Santiment 称，过去八周，交易所平均净收到 4000 万美元的 USDT，这可能有助于推动牛市反弹和许多历史性的加密货币暴涨。

“Look for stablecoin ‘dry powder’ to continue flowing in during this final stretch of 2024,” the analytics firm added.

该分析公司补充道：“在 2024 年的最后阶段，稳定币‘干粉’将继续涌入。”

BTC Price at the Moment

目前的比特币价格

Bitcoin set a new all-time high (ATH) above the $108,000 mark yesterday, but the coin seems to have seen a pullback since then, as its price is now trading around $104,500 at press time.

昨天，比特币创下了历史新高（ATH），突破了 108,000 美元大关，但此后似乎出现了回调，截至发稿时其价格目前约为 104,500 美元。