比特幣需求飆升，流動性危機迫在眉睫

CryptoQuant 分析揭示了“賣方流動性危機”，表明比特幣需求正在迅速超過供應。該報告估計，當前賣方流動性只能滿足 12 個月的需求，如果排除非美國交易所的比特幣，供應量將降至 6 個月。需求激增歸因於美國現貨比特幣 ETF，隨著供應緊張加劇，舊供應正在重新啟動。

Bitcoin Demand Surges, Sell-Side Liquidity Crisis Imminent

比特幣需求激增，賣方流動危機迫在眉睫

March 26, 2023

2023 年 3 月 26 日

In a bombshell report released today, blockchain analytics firm CryptoQuant has identified a looming "sell-side liquidity crisis" for Bitcoin (BTC), warning that the available supply of the cryptocurrency may soon fall short of escalating demand.

在今天發布的一份重磅報告中，區塊鏈分析公司CryptoQuant 發現比特幣（BTC）即將面臨“賣方流動性危機”，並警告稱，加密貨幣的可用供應可能很快就會無法滿足不斷增長的需求。

Record Demand, Dwindling Supply

需求創紀錄，供應減少

The report, titled "Weekly Crypto Report," highlights a surge in Bitcoin demand over the past year, largely attributed to the introduction of spot Bitcoin exchange-traded funds (ETFs) in the United States. This relentless buying pressure has significantly depleted the available supply of Bitcoin, setting the stage for a potential supply crunch.

這份題為「每週加密報告」的報告強調了過去一年比特幣需求的激增，這很大程度上歸因於美國推出現貨比特幣交易所交易基金（ETF）。這種持續不斷的購買壓力已大大耗盡了比特幣的可用供應，為潛在的供應緊縮奠定了基礎。

According to CryptoQuant's analysis, the current liquid inventory of Bitcoin is at its lowest level ever when measured against demand. The report estimates that this inventory is only sufficient to meet demand growing at the current rate for a mere twelve months.

根據 CryptoQuant 的分析，以需求衡量，目前比特幣的流動庫存處於有史以來的最低水準。報告估計，以目前的速度，這些庫存僅足以滿足十二個月的需求成長。

Diminishing Liquidity, Rising Prices

流動性減少，價格上漲

The report further reveals that the sell-side liquidity for Bitcoin has been declining rapidly. This means that fewer sellers are willing to part with their Bitcoin at current prices, contributing to a tightening of supply and upward pressure on prices.

報告進一步顯示，比特幣的賣方流動性一直在迅速下降。這意味著願意以當前價格出售比特幣的賣家越來越少，從而導致供應收緊和價格上漲壓力。

"Record Bitcoin demand paired with declining sell-side liquidity has resulted in the liquid inventory of Bitcoin plunging to the lowest ever in terms of months of demand," the report states.

報告指出：“創紀錄的比特幣需求加上賣方流動性下降，導致比特幣的流動性庫存跌至幾個月來的最低需求。”

Exchanges Excluded, Supply Crunch Intensifies

交易所被排除在外，供應緊縮加劇

The report also notes that the analysis only considers demand from accumulating addresses, which are wallets that have received but not sent any Bitcoin. This suggests that the net demand for Bitcoin may be even higher.

該報告還指出，該分析僅考慮了累積地址的需求，這些地址是已收到但未發送任何比特幣的錢包。這表明對比特幣的淨需求可能會更高。

Moreover, if Bitcoin held on exchanges outside the United States is excluded from the analysis, the situation becomes more dire. In that scenario, the Bitcoin liquid inventory would only be sufficient to meet demand for six months. This is because US spot Bitcoin ETFs can only acquire Bitcoin from US-based entities.

此外，如果將美國境外交易所持有的比特幣排除在分析之外，情況會變得更加可怕。在這種情況下，比特幣流動性庫存僅足以滿足六個月的需求。這是因為美國現貨比特幣 ETF 只能從美國實體購買比特幣。

Awakening of Old Supply

舊供給的覺醒

In a related development, CryptoQuant CEO Ki Young Ju pointed to data indicating that Bitcoin mined in 2010 and dormant since then has suddenly become active. This may be a sign that the sell-side liquidity crisis is "waking up" old supply, as investors seek to capitalize on the rising demand.

在相關進展中，CryptoQuant 執行長 Ki Young Ju 指出，數據表明，2010 年開採的比特幣從那時起就處於休眠狀態，但突然變得活躍起來。這可能表明賣方流動性危機正在「喚醒」舊供應，因為投資者尋求利用不斷增長的需求。

ETF Inflows and Outflows

ETF 流入和流出

Despite the prevailing liquidity crisis, Bitcoin ETF inflows and outflows have been showing volatility. Following a period of consecutive net outflows, the latest data from Farside, a UK-based investment firm, shows net inflows of $400 million for March 25, the highest in two weeks.

儘管有流動性危機，比特幣 ETF 的流入和流出卻一直呈現波動性。在經歷了一段時間的連續淨流出後，英國投資公司Farside的最新數據顯示，3月25日淨流入4億美元，創兩週來最高水準。

Implications for Bitcoin's Future

對比特幣未來的影響

The sell-side liquidity crisis for Bitcoin has profound implications for its future price trajectory. As demand continues to outstrip supply, the cryptocurrency may face upward price pressure, potentially leading to a sustained bull market. However, it is important to note that the cryptocurrency market remains volatile, and investors should exercise caution when making investment decisions.

比特幣的賣方流動性危機對其未來的價格軌跡產生了深遠的影響。隨著需求繼續超過供應，加密貨幣可能面臨價格上漲壓力，可能導致持續的牛市。但要注意的是，加密貨幣市場依然波動較大，投資人在做出投資決策時應謹慎行事。

This article does not constitute investment advice or recommendations. Investors should conduct their own due diligence before making any financial decisions.

本文不構成投資建議或推薦。投資者在做出任何財務決定之前應自行進行盡職調查。