比特幣（BTC）供應緊縮：對市場參與者的影響

根據鏈上分析公司 CryptoQuant 的數據，目前只有 339.7 萬比特幣 (BTC) 可以在交易所、礦商之間出售

Cryptocurrency analytics firm CryptoQuant has reported that only 3.397 million Bitcoin (BTC) are currently available for sale across exchanges, miners, over-the-counter (OTC) desks, and the Grayscale Bitcoin Trust (GBTC). This marks a sharp decline of 678,000 BTC in 2024 alone.

加密貨幣分析公司 CryptoQuant 報告稱，目前在交易所、礦商、場外交易 (OTC) 櫃檯和灰階比特幣信託 (GBTC) 上出售的比特幣 (BTC) 僅 339.7 萬枚。這標誌著僅 2024 年 BTC 就大幅減少了 678,000 個。

According to CryptoQuant's analysis, shrinking sell-side liquidity and rising demand have played a crucial role in driving up the price of Bitcoin. The firm's chart shows that the demand for BTC has been expanding since late September, with an average growth of 228,000 BTC per month.

根據CryptoQuant的分析，賣方流動性的萎縮和需求的上昇在推高比特幣價格方面發揮了至關重要的作用。該公司的圖表顯示，自 9 月下旬以來，BTC 的需求一直在擴大，每月平均成長 228,000 BTC。

This high demand, coupled with the dwindling supply, has pushed the price of the cryptocurrency to new all-time highs, reaching $108,000 earlier this month.

這種高需求加上供應量的減少，將加密貨幣的價格推升至歷史新高，本月稍早達到 108,000 美元。

Adding to the liquidity crunch are accumulator addresses, which are wallets that consistently buy Bitcoin without selling. These addresses are currently accumulating BTC at a record-high rate of 495,000 BTC per month.

加劇流動性緊縮的是累加器地址，這些地址是持續購買比特幣而不出售比特幣的錢包。這些地址目前正以每月 495,000 BTC 的歷史最高速度累積 BTC。

Analysts suggest that the growing influence of these long-term holders is locking away large portions of Bitcoin, further contributing to the supply shortage.

分析師表示，這些長期持有者的影響力越來越大，正在鎖定大部分比特幣，進一步加劇供應短缺。

While Bitcoin's supply tightens, the broader cryptocurrency market has seen a significant increase in liquidity. The total market capitalization of USD-based stablecoins, including Tether (USDT) and USD Coin (USDC), has reached $200 billion.

儘管比特幣供應趨緊，但更廣泛的加密貨幣市場的流動性卻顯著增加。包括 Tether (USDT) 和 USD Coin (USDC) 在內的美元穩定幣總市值已達 2,000 億美元。

This marks a 20% increase, or $35 billion, since late October. Stablecoins, which are pegged to the U.S. dollar, serve as an important proxy for liquidity in the crypto ecosystem. Their expansion typically indicates new capital inflows into the market, which could lead to further price increases for Bitcoin and other cryptocurrencies.

這標誌著自 10 月底以來增加了 20%，即 350 億美元。與美元掛鉤的穩定幣是加密生態系中流動性的重要代表。它們的擴張通常表明新的資本流入市場，這可能導致比特幣和其他加密貨幣的價格進一步上漲。

According to analysts at CryptoQuant, "the heightened liquidity aligns with Bitcoin's recent rally, suggesting a direct relationship between stablecoin market trends and BTC price movements."

CryptoQuant 分析師表示，“流動性的增加與比特幣最近的上漲相一致，這表明穩定幣市場趨勢與比特幣價格走勢之間存在直接關係。”

Despite the bullish momentum, the crypto market is known for its volatility. On Friday, more than $1 billion in leveraged positions were liquidated within 24 hours, causing Bitcoin to dip by over 8% and trading below $96,000.

儘管看漲勢頭強勁，但加密市場以其波動性而聞名。週五，超過 10 億美元的槓桿頭寸在 24 小時內被清算，導致比特幣下跌超過 8%，交易價格低於 96,000 美元。

This marks a sharp reversal from its recent highs, highlighting the unpredictable nature of the market.

這標誌著近期高點的急劇逆轉，凸顯了市場的不可預測性。

CryptoQuant's data also reveals that the liquidity inventory ratio, which measures how many months of demand the current sell-side inventory can sustain, has dropped significantly.

CryptoQuant的數據也顯示，衡量目前賣方庫存能夠維持多少個月需求的流動性庫存比率已大幅下降。

As of December, the ratio stands at 6.6 months, a steep decline from 41 months recorded at the beginning of October. This sharp reduction indicates the accelerating pace at which Bitcoin's sell-side inventory is being depleted.

截至 12 月，該比率為 6.6 個月，較 10 月初的 41 個月大幅下降。這種急劇減少表明比特幣賣方庫存正在加速耗盡。

The tightening market dynamics have broader implications for both investors and the cryptocurrency industry. CryptoQuant researchers suggest that these shifts are partly influenced by macroeconomic factors.

市場動態趨緊對投資者和加密貨幣產業都有更廣泛的影響。 CryptoQuant 研究人員認為，這些變化部分受到宏觀經濟因素的影響。

For instance, the market anticipates pro-cryptocurrency policies under the incoming U.S. administration, with discussions around a potential strategic Bitcoin reserve adding to the optimism and bullish sentiment.

例如，市場預計即將上任的美國政府將採取支持加密貨幣的政策，圍繞潛在的比特幣戰略儲備的討論增加了樂觀和看漲情緒。

This evolving landscape highlights the importance of liquidity management and long-term investment strategies in the cryptocurrency market. As Bitcoin's supply continues to shrink, the interplay between stablecoin growth, market demand, and regulatory developments will likely shape the future trajectory of the apex coin.

這種不斷變化的格局凸顯了加密貨幣市場中流動性管理和長期投資策略的重要性。隨著比特幣供應持續萎縮，穩定幣成長、市場需求和監管發展之間的相互作用可能會塑造頂級貨幣的未來軌跡。