比特幣（BTC）熱源指標急劇下降

鏈上數據顯示，熱供應指標最近觀察到比特幣的急劇下降。這是加密貨幣的意義。

On-chain data shows that the Hot Supply metric has observed a sharp drop for Bitcoin recently.

鏈上數據表明，熱供應指標最近觀察到比特幣的急劇下降。

Bitcoin (BTC) has seen its "hot supply" decrease significantly in recent months, according to on-chain analytics firm Glassnode.

根據鏈分析公司GlassNode的數據，比特幣（BTC）在最近幾個月看到其“熱供應”大幅下降。

This portion of the BTC supply is considered its most liquid, with coins part of it last seeing a move within the past week. Hot Supply is an indicator that keeps track of the tokens in circulation.

BTC供應的這一部分被認為是最液體的，硬幣的一部分是在過去一周內看到的一部分。熱供應是一個可以跟踪令牌流通中的指標。

Hot Supply Drops As Bitcoin Price Drops

當比特幣價格下降時，熱供應下降

According to the firm’s latest report, Hot Supply has seen a triple-digit decline in the past three months. In total, the metric has decreased by more than 50% in the past three months, going from a high of 5.9% to just 2.8%.

根據該公司的最新報告，在過去三個月中，Hot Supply的三位數下降了三位數。在過去三個月中，該指標總共減少了50％以上，從高度的5.9％增加到僅2.8％。

"This signals a sharp reduction in liquid BTC available for trade," Glassnode stated. Another indicator that would corroborate this trend is the Exchange Inflow, which measures the total amount of the asset that the investors are transferring to wallets attached with centralized exchanges.

GlassNode說：“這標誌著可用於貿易的液體BTC的急劇減少。”交換流入的另一個指標是交換流入，該趨勢衡量了投資者轉移到與集中式交易所附帶的錢包中的資產總額。

Generally, the holders deposit their tokens to these platforms for selling-related purposes, so the Exchange Inflow can be considered as a gauge for the sell-side activity in the sector.

通常，持有人將其令牌存放到這些平台上，以供出售與銷售相關的目的，因此交換流入可以將其視為該行業賣方活動的規格。

Here is a chart for the Bitcoin Exchange Inflow, which displays how the metric’s value has changed during the last couple of years for the various cohorts:

這是比特幣交換流入的圖表，該圖表顯示了過去幾年中度量的價值在各種同類中的變化如何變化：

During the rally, the Bitcoin Exchange Inflow had a value of 58,600 BTC per day, meaning the exchanges were receiving deposits amounting to 58,600 tokens every day. Today, as the market activity has cooled off, the indicator has declined to 26,900 BTC per day. "Lower inflows indicate reduced sell-side activity but also weaker demand," explained the analytics firm.

在集會期間，比特幣交換的流入價值為每天58,600 BTC，這意味著交換機每天收到的存款為58,600個令牌。如今，隨著市場活動的冷卻，該指標每天下降到26,900 BTC。該分析公司解釋說：“下降表明賣方活動減少，但需求較弱。”

The spot market isn’t the only one that has seen reduced trading activity, as Glassnode has pointed in another X post that the Futures Open Interest, a measure of the total amount of futures positions related to Bitcoin currently open on exchanges, has also witnessed a notable drawdown since the price all-time high (ATH).

正如格拉斯諾德（Glassnode）在另一個X帖子中指出的那樣，現貨市場並不是唯一的交易活動減少的市場，即期貨開放興趣，這是對當前交易所中與比特幣相關的期貨總職位的衡量標準，自從價格歷史上以來，這也是一個顯著的縮減。

The Bitcoin Futures Open Interest was at $57 billion at the ATH, but now its value has plunged to $37 billion, representing a drop of 35%. "This decline mirrors the contraction seen in on-chain liquidity, pointing to broader risk-off behavior," said the analytics firm.

ATH的比特幣期貨開放利息為570億美元，但現在其價值跌至370億美元，下降了35％。分析公司說：“這種下降反映了鏈上流動性中看到的收縮，這表明行為更廣泛。”