比特幣的熱供應大幅下降，從5.9％下降到循環總量的2.8％

可用於快速交易的比特幣數量大幅下降的50％減少點。

Bitcoin’s recent performance has been a subject of intense analysis, especially in light of the "hot supply" metric—a measure of the volume of Bitcoin immediately available for trading. According to Glassnode, a respected on-chain analytics platform, Bitcoin's hot supply has seen a significant decline, decreasing from 5.9% to 2.8% of the total circulating supply over the past three months. This 50% reduction signals a substantial decrease in the amount of Bitcoin available for quick trades.

比特幣最近的性能是進行了深入分析的主題，尤其是鑑於“熱供應”度量標準，這是對立即可用於交易的比特幣量的衡量標準。根據受人尊敬的鏈分析平台GlassNode的說法，比特幣的熱供應顯著下降，從過去三個月中循環總供應量的總循環供應總額下降了5.9％。這50％的減少信號標誌著可用於快速交易的比特幣數量大幅下降。

Implications of Declining Hot Supply

熱供應下降的含義

熱供應下降的含義

This decline in supply can be viewed in several ways. In a bullish context, a decrease in actively traded Bitcoin may indicate a shift toward long-term holding strategies among investors. This behavior often implies a level of confidence that future price increases are on the horizon—investors are choosing to retain their assets rather than engage in short-term speculation during a tumultuous market, suggesting a potentially bullish sentiment.

供應的下降可以通過幾種方式查看。在看漲的背景下，積極交易的比特幣的減少可能表明向投資者的長期持有策略發生了轉變。這種行為通常意味著一個信心，即未來價格上漲即將上映 - 投資者選擇保留其資產，而不是在動蕩的市場中從事短期投機，這表明潛在的看漲情緒。

Moreover, as more Bitcoin is held rather than traded, the market experiences reduced volatility. Fewer active trades typically lead to fewer erratic price fluctuations, which can set the stage for more stable price recoveries and can pave the way for potential upward rallies.

此外，隨著越來越多的比特幣的持有而不是交易，市場體驗降低了波動。較少的活動交易通常會導致價格不穩定的不穩定波動，這可以為更穩定的價格回收奠定基礎，並為潛在的上升集鋪平道路。

The reduced availability of Bitcoin for trading also means that, under conditions of stable or increasing demand, a supply shock could occur. This situation would put upward pressure on prices. However, while the mechanics of a potential supply shock are theoretically sound, it remains crucial that demand levels meet or exceed those of prior periods to trigger such an event.

比特幣用於交易的可用性也意味著，在穩定或需求不斷增加的條件下，可能會發生供應衝擊。這種情況將給價格上升壓力。但是，儘管從理論上講，潛在的供應衝擊的力學是合理的，但需求水平達到或超過了觸發此類事件的需求水平至關重要。

Market Demand and Investor Sentiment

市場需求和投資者情緒

市場需求和投資者情緒

Recent data highlights that demand for Bitcoin has weakened compared to just three or four months ago. This trend is evidenced by a substantial decrease in Bitcoin inflows to exchanges—reportedly down 54% from an average of 58,600 BTC per day to approximately 26,900 BTC. Alongside this, a notable decline in spot Bitcoin exchange-traded funds (ETFs) has been recorded, with significant outflows marking a waning demand.

最近的數據強調，對比特幣需求的需求減弱了，而僅三到四個月前。比特幣流入到交換的情況下，比特幣的流入量大幅下降，這一趨勢證明了這一趨勢，從平均每天58,600 BTC降至約26,900 BTC。除此之外，還記錄了現貨比特幣交易所交易基金（ETF）的顯著下降，流出量很大，標誌著需求的衰落。

Despite this concerning trend, there are emerging signs that demand might begin to recover. Notably, some ETFs have seen short-term inflows this week, suggesting a potential rebound in interest among investors. This shift might indicate that while the current sentiment appears bearish, the low hot supply could soon evolve into a bullish signal that investors are increasingly confident about Bitcoin's future performance.

儘管存在這種趨勢，但仍有新興的跡象可能開始恢復需求。值得注意的是，一些ETF本週出現了短期流入，這表明投資者有潛在的興趣反彈。這種轉變可能表明，儘管當前的情緒顯得看跌，但低熱供應可能很快就會表明投資者對比特幣的未來表現越來越有信心。

In conclusion, the dynamics surrounding Bitcoin's hot supply present both challenges and opportunities. Investors are navigating a landscape marked by reduced trading activity and fluctuating demand, but there are signs that could point towards a more favorable environment emerging in the near future. Whether this situation will evolve into a sustained recovery remains to be seen, but market participants are certainly on alert.

總之，圍繞比特幣熱供應的動力既帶來了挑戰和機遇。投資者正在瀏覽以減少交易活動和需求波動的標誌的景觀，但有一些跡象可能會指向在不久的將來出現的更有利的環境。這種情況是否會演變成持續的恢復還有待觀察，但是市場參與者肯定會保持警惕。