On-chain data shows that the ‘Exchange Stablecoins Ratio’ for Bitcoin has shot up recently.

链上数据表明，比特币的“交换稳定比率”最近启动了。

Bitcoin Exchange Stablecoins Ratio Breaks Above 5 As explained by an analyst in a CryptoQuant Quicktake post, the Bitcoin Exchange Stablecoins Ratio has registered an increase alongside the latest rally in the cryptocurrency’s price.

分析师在加密快速帖子中解释的那样，比特币交换稳定率的比率在5以上，比特币交换稳定股比率与加密货币价格的最新集会一起增加了。

The Exchange Stablecoins Ratio here refers to an on-chain indicator that keeps track of the ratio between the Exchange Reserves of BTC and the stablecoins. The “Exchange Reserve” is naturally the total amount of the asset that’s sitting in the wallets of all centralized exchanges.

此处的Exchange Stablecoins比率是指一个链指标，该指标可以跟踪BTC和StableCoins的交换储量之间的比率。 “交易储备”自然是所有集中式交易所钱包中的资产的总量。

When the value of this indicator goes up, it means the Exchange Reserve of BTC is rising relative to that of the stablecoins. On the other hand, it going down implies stables are becoming more dominant on these platforms.

当该指标的价值上升时，这意味着BTC的交易所储备相对于稳定的稳定储备。另一方面，它的下降意味着马s在这些平台上越来越占主导地位。

The Exchange Reserve of both of these asset classes represents something different with respect to the wider sector. In the case of Bitcoin (and other such volatile assets), the Exchange Reserve can be looked at as a measure of the available selling pressure in the market.

这两个资产类别的交易储备都代表了相对于更广泛的部门的不同。就比特币（以及其他此类波动性资产）而言，可以将交易所储备视为衡量市场上可用销售压力的量度。

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

这是因为事实是，持有人通常将硬币存放到这些平台上时，他们打算交易它们。稳定币也是如此，但是由于其价格本质上是“稳定”的，因此从投资者出售的价格也没有影响。

However, selling of stablecoins does hold implications for the volatile side of the market, if the stables are being swapped in favor of tokens like BTC.

但是，如果销售马s的销售确实对市场的动荡方面产生了影响，那么如果马s换了诸如BTC之类的代币。

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

使用马s自然购买的资产对其价格产生了看涨的影响。因此，稳定币的兑换储备可以被视为该行业购买压力的代表。

Now, here is a chart that shows the trend in the Bitcoin Exchange Stablecoins Ratio over the last few months, highlighted by the analyst:

现在，这是一张图表，显示了过去几个月比特币交换稳定股比率的趋势，由分析师强调：

The above graph shows how the Bitcoin Exchange Stablecoins Ratio has been going up recently, a sign that investors have been depositing BTC at a faster rate than stablecoins. The metric is currently sitting at a value of 5.3, which suggests the BTC Exchange Reserve is more than five times that of the stablecoin one.

上图显示了比特币交易所稳定的比率最近如何提高，这表明投资者比Stablecoins更快地存入BTC。该指标目前的价值为5.3，这表明BTC交易储备是Stablecoin One的五倍以上。

This may be a bearish development for the cryptocurrency, as it implies the potential selling pressure in the sector notably outweighs the buying pressure that stables can bring.

这可能是加密货币的看跌开发，因为它意味着该行业的潜在销售压力尤其超过了马s可以带来的购买压力。

As the quant says,

正如量子所说，

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.

在5.0阈值上方的这一激增呼应了1.1近6.1的1月末峰值，此前迅速进行了更正 - 可能正在努力将BTC旋转为现金。

It now remains to be seen whether the Bitcoin rally would be able to keep going despite this trend or not.

现在，尽管这一趋势趋势，比特币集会是否能够继续前进还有待观察。