A recent analysis by CryptoQuant delves into the implications of the ‘Exchange Stablecoins Ratio’ for Bitcoin as it continues to register an increase.

加密量的最新分析深入研究了比特幣的“交換穩定比率”對比特幣的含義。

Bitcoin Exchange Stablecoins Ratio Has Shot Up

比特幣交換stablecoins的比率已經上升

As explained by analyst Ivan on-chain in a CryptoQuant Quicktake post, the Bitcoin Exchange Stablecoins Ratio has shot up.

正如分析師Ivan On-Chain在一個加密快速帖子中所解釋的那樣，比特幣交易所穩定的穩定性比率已經上升了。

The Bitcoin Exchange Stablecoins Ratio is an on-chain indicator that measures the ratio between the Exchange Reserves of BTC and stablecoins. The ‘Exchange Reserve’ is the total amount of the asset that’s being held by all centralized exchanges.

比特幣交換穩定的比率是一個鍊鍊指標，可測量BTC和Stablecoins的交換儲量之間的比率。 “交易儲備”是所有集中式交易所持有的資產的總金額。

The indicator going up means the Exchange Reserve of BTC is increasing faster than that of the stablecoins, while the indicator going down implies the stablecoins are becoming more dominant on these platforms.

上升的指標意味著BTC的交易所儲備的增加速度要比穩定幣的增長速度快，而降低的指標則意味著Stablecoins在這些平台上越來越占主導地位。

Now, both of these asset classes’ Exchange Reserves hold different implications for the broader sector. In the case of Bitcoin (and other such volatile assets), the Exchange Reserve can be used as an indicator of the available selling pressure in the market.

現在，這兩個資產類別的交換儲量對更廣泛的部門都有不同的影響。對於比特幣（以及其他此類波動性資產），交易儲備可以用作市場上可用的銷售壓力的指標。

This is because holders usually deposit their coins to these platforms when they intend to trade them away. The same is true for the stablecoins as well, but since their price is ‘stable’ by nature, selling from investors has no effect on it.

這是因為持有人通常將硬幣放在這些平台上時，他們打算交易它們。穩定幣也是如此，但是由於他們的價格本質上是“穩定”的，因此從投資者出售的價格也沒有影響。

However, while the selling of stablecoins has no effect on their own price, it does have implications for the volatile side of the market if the stables are being swapped in favor of tokens like BTC.

但是，儘管銷售穩定幣對自己的價格沒有影響，但如果將馬s交換以換成像BTC這樣的令牌，它確實會對市場的動盪一側產生影響。

The assets being purchased using stables will naturally feel a bullish effect on their price. As such, the Exchange Reserve of the stablecoins may be considered a representation of the buying pressure in the sector.

使用馬s購買的資產自然會對他們的價格產生看漲的影響。因此，穩定幣的兌換儲備可以被視為該行業購買壓力的代表。

Here is a chart that shows the trend in the Bitcoin Exchange Stablecoins Ratio over the last few months:

這是一張圖表，顯示了過去幾個月比特幣交換穩定股比率的趨勢：

The Bitcoin Exchange Stablecoins Ratio has been going up, which may be a bearish development for the cryptocurrency as it implies the potential selling pressure in the sector is notably outpacing the buying pressure that stables can bring.

比特幣交易所穩定的比率一直在上升，這可能是加密貨幣的看跌開發，因為這意味著該行業的潛在銷售壓力顯著超過了Stables可以帶來的購買壓力。

As the quant says, this surge above the 5.0 threshold echoes the late-January peak near 6.1, which preceded a swift correction—implying traders may be gearing up to rotate BTC back into cash.

正如Quant所說，高於5.0閾值的這種激增呼應了1.1近6.1的1月下旬峰，此前迅速進行了校正，這可能會使交易者正準備將BTC旋轉為現金。