CEX.IO 分析顯示，儘管 ETF 流出，2025 年比特幣 (BTC) 供應不太可能出現衝擊

1 月 8 日，比特幣 BTC/USD 和以太坊 ETH/USD 現貨 ETF 面臨 7.42 億美元的大幅淨流出。比特幣 ETF 領跌，錄得 5.83 億美元

Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) spot exchange-traded funds faced substantial net outflows of $742 million on Wednesday.

比特幣（CRYPTO：BTC）和以太坊（CRYPTO：ETH）現貨交易所交易基金週三面臨 7.42 億美元的大幅淨流出。

Bitcoin ETFs led the decline, recording $583 million in outflows, with Blackrock's iShares Trust (NYSE:IBIT) Bitcoin Spot ETF, Fidelity's Wise Origin Bitcoin II ETF (NYSE:FBTC) and Ark & 21Shares' Crypto Industry Fund ETF (NYSE:ARKB) contributing $124 million, $258 million and $148 million, respectively, according to data from SoSo Value.

比特幣ETF 領跌，流出5.83 億美元，其中包括Blackrock 的iShares Trust (NYSE:IBIT) 比特幣現貨ETF、Fidelity 的Wise Origin Bitcoin II ETF (NYSE:FBTC) 和Ark & 21Shares 的加密產業基金ETF (NYSE :ARKB)根據 SoSo Value 的數據，分別貢獻了 1.24 億美元、2.58 億美元和 1.48 億美元。

Among Ethereum spot ETFs, Fidelity's FETH saw $147 million in outflows, the data showed.

數據顯示，在以太坊現貨 ETF 中，富達 (Fidelity) 的 FETH 流出了 1.47 億美元。

The outflows come as research from cryptocurrency exchange CEX.IO suggests a Bitcoin supply shock is unlikely in 2025, despite market fluctuations and ETF movements.

資金流出之際，加密貨幣交易所 CEX.IO 的研究表明，儘管市場波動和 ETF 變動，2025 年比特幣供應衝擊不太可能出現。

CEX.IO's analysis, released Wednesday, indicates that 70% of Bitcoin's circulating supply is in free float, providing ample liquidity to mitigate the risk of a supply shock.

CEX.IO 週三發布的分析表明，70% 的比特幣流通供應量處於自由流通狀態，提供了充足的流動性以減輕供應衝擊的風險。

The research highlights a 1.75 million BTC decrease in long-term holder supply in 2024, signaling potential for significant selling pressure within this group in the upcoming year.

該研究強調，2024 年長期持有者供應量將減少 175 萬枚，這表明該群體在未來一年可能面臨巨大的拋售壓力。

While U.S. spot ETFs absorbed 2.4 times the annual mined supply of Bitcoin in 2024, they account for less than 4% of overall trading volume.

雖然美國現貨 ETF 在 2024 年吸收了比特幣年度開採供應量的 2.4 倍，但佔總交易量的比例不到 4%。

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This suggests that while influential, ETF trading volume is not the dominant force in the market.

這顯示ETF交易量雖然有影響力，但並不是市場的主導力量。

The report revealed a redistribution of Bitcoin supply with exchange reserves dropping 21% while over-the-counter balances increased by 105%, and about 40% of Bitcoin's transaction volume in 2024 was exchange related.

報告顯示，比特幣供應量重新分配，外匯存底下降 21%，而場外交易餘額增加 105%，2024 年比特幣交易量的約 40% 與交易所相關。

CEX.IO also quadrupled its market share in 2024, becoming a top 2 exchange for Bitcoin market depth, with a 61% increase in USD denominated 2% market depth.

CEX.IO 的市佔率也在 2024 年翻了兩番，成為比特幣市場深度排名前 2 的交易所，以美元計價的市場深度增加了 61%，市場深度為 2%。

The exchange's report argues that with a substantial amount of Bitcoin held by long-term holders ready to take profits, the market will likely see continued adherence to the traditional 4-year market cycle.

該交易所的報告認為，由於長期持有者持有大量比特幣並準備獲利，市場可能會繼續遵循傳統的 4 年市場週期。

This analysis suggests that despite the recent outflows in spot ETFs, these market trends mitigate the risk of a severe supply shock in 2025.

該分析表明，儘管近期現貨 ETF 出現資金流出，但這些市場趨勢減輕了 2025 年嚴重供應衝擊的風險。

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