稳定币交易所近期净流量保持正值

链上数据显示，交易所最近继续收到稳定币存款，这一迹象可能对比特币和其他数字资产有利。

The price of Bitcoin has seen a strong recovery during the last few days, and the asset is now just shy of the $100,000 level. Several factors could be contributing to this rally, and one of them might be the stablecoin exchange netflows.

过去几天，比特币的价格强劲反弹，目前已接近 10 万美元水平。有几个因素可能促成了这次反弹，其中之一可能是稳定币交易所的净流量。

Related Reading | TA: Bitcoin Price Surges Past $95,000 Resistance, Door Open For Fresh High?

相关阅读 | TA：比特币价格飙升至 95,000 美元阻力位，新高之门已打开？

As highlighted by an analyst in a recent post, stablecoins have been flowing into exchanges, and this could be a bullish sign for BTC.

正如一位分析师在最近的一篇文章中强调的那样，稳定币一直在流入交易所，这对 BTC 来说可能是一个看涨信号。

Stablecoin Exchange Netflow Shows Inflows Continuing

稳定币交易所净流量显示资金持续流入

As pointed out by the analyst in the CryptoQuant Quicktake post, stablecoins have been flowing into exchanges recently. The on-chain metric of relevance here is the “Exchange Netflow,” which keeps track of the net amount of a given asset that's moving into or out of the wallets associated with centralized platforms.

正如分析师在 CryptoQuant Quicktake 帖子中指出的那样，稳定币最近一直在流入交易所。这里相关的链上指标是“交换净流量”，它跟踪进出与集中式平台相关的钱包的给定资产的净金额。

When the value of this metric is positive, it means the investors are making net deposits of the coin to exchanges. Such a trend suggests the holders want to trade the asset away.

当该指标的值为正数时，意味着投资者正在向交易所净存入代币。这种趋势表明持有者希望将资产交易出去。

On the other hand, the indicator being negative implies investors prefer to hold onto the cryptocurrency, as they are taking their tokens off into self-custody. The implication of these trends for the wider sector and the asset itself can be different depending on the exact type of coin that’s witnessing the outflows/inflows.

另一方面，该指标为负意味着投资者更愿意持有加密货币，因为他们正在将代币进行自我托管。这些趋势对更广泛的行业和资产本身的影响可能会有所不同，具体取决于流出/流入的代币的具体类型。

In the case of volatile assets like Bitcoin, a positive Netflow can be bearish for the price, as it means the holders are looking to sell. BTC also acts as one of the main transition points for capital in the sector as a whole, so it being sold can be a bad sign for the rest of the coins as well.

对于像比特币这样的波动性资产，正的净流量可能对价格不利，因为这意味着持有者正在寻求出售。比特币也是整个行业资本的主要过渡点之一，因此它的出售对于其他代币来说也可能是一个坏兆头。

Stablecoin deposits also imply traders want to sell them, but since their price always remains stable around the $1 mark, the selling has no 'bearish' effect on them.

稳定币存款也意味着交易者想要出售它们，但由于其价格始终稳定在 1 美元附近，因此出售对他们没有“看跌”影响。

Like Bitcoin, the stablecoins act as a gateway for capital into the sector. More particularly, investors invest their money into the stables whenever they want to avoid the volatility associated with other assets.

与比特币一样，稳定币充当资本进入该行业的门户。更具体地说，每当投资者想要避免与其他资产相关的波动时，他们就会将资金投资到马厩中。

Such holders usually eventually plan to delve into the volatile coins, and once they are ready, they transfer these fiat-tied tokens into exchanges to make the swap. This naturally acts as buying pressure for whatever asset that they are shifting to. As such, positive stablecoin Exchange Netflows are considered bullish for Bitcoin.

这些持有者通常最终计划深入研究不稳定的代币，一旦准备好，他们就会将这些与法定货币挂钩的代币转移到交易所进行交换。这自然会对他们转向的任何资产产生购买压力。因此，积极的稳定币交易净流量被认为对比特币有利。

Now, here is the chart shared by the quant that shows the recent trend in the Exchange Netflow for the stablecoins:

现在，下面是量化交易者分享的图表，显示了稳定币交易所净流量的最新趋势：

The stablecoin exchange netflow has mostly been positive over the last few weeks, as highlighted by the graph. Bitcoin has been setting new record highs in conjunction with these inflows, so it's likely that these stablecoin deposits have been serving as fuel for the asset.

如图所示，过去几周稳定币交易所的净流量大多为正。随着这些资金流入，比特币一直创下新高，因此这些稳定币存款很可能一直在充当该资产的燃料。

The indicator's value has remained strong recently, suggesting that investors may not be finished accumulating BTC. If the previous trend continues, the latest stablecoin inflows may extend the rally and eventually assist the asset in reaching the fabled $100,000 target.

该指标的价值最近仍然强劲，表明投资者可能尚未完成比特币的积累。如果之前的趋势持续下去，最新的稳定币流入可能会延续涨势，并最终帮助该资产达到传说中的 100,000 美元目标。

Bitcoin Price

比特币价格

Bitcoin had seen a plunge under the $96,000 level yesterday, but it appears the coin has already bounced back as its price is now trading around $98,400.

比特币昨天暴跌至 96,000 美元以下，但似乎已经反弹，目前价格约为 98,400 美元。