比特幣熱供應現在僅為2.8％

根據鏈分析公司玻璃節的數據，在過去三個月中，比特幣熱供應已大大減少。

On-chain data shows that the Bitcoin Hot Supply metric has observed a sharp drop recently. Here’s what this could mean for the cryptocurrency.

鏈上數據表明，比特幣熱源度量標準最近觀察到了急劇下降。這是加密貨幣的意義。

Bitcoin’s ‘Hot Supply’ Drops To 2.8%

比特幣的“熱供應”下降到2.8％

比特幣的“熱供應”下降到2.8％

According to on-chain analytics firm Glassnode, the Bitcoin Hot Supply has seen a substantial decrease.

根據鏈分析公司玻璃節的數據，比特幣熱供應已大大減少。

The “Hot Supply” is an indicator that tracks the portion of the circulating tokens that last saw an on-chain move within the past week. This portion of the BTC supply is considered its most liquid, with coins part of it being quickly passed around.

“熱供應”是一個指標，該指標跟踪了過去一周內鏈上移動的循環令牌的一部分。 BTC供應的這一部分被認為是其最液體，其硬幣的一部分很快就會通過。

The analytics firm shared a chart that shows how this supply has changed for the cryptocurrency over the last couple of years.

該分析公司分享了一張圖表，該圖表顯示了過去幾年的加密貨幣的供應如何變化。

As displayed in the graph, the Bitcoin Hot Supply clocked highs during the bull rally from last year, meaning that there was a large amount of constant trading going on. However, with the bearish shift that has occurred in the last few months, the indicator’s value has seen a significant decline.

如圖所示，比特幣熱供應在去年的公牛集會期間達到了高點，這意味著發生了大量恆定交易。但是，隨著最近幾個月發生的看跌轉變，指標的價值顯著下降。

In total, the metric has decreased by more than 50% in the past three months, going from highs of 5.9% to just 2.8%. According to Glassnode, this signals a sharp reduction in liquid BTC available for trade.

在過去的三個月中，指標總共減少了50％以上，從高點至僅2.8％。根據GlassNode的說法，這表明可用於貿易的液體BTC急劇減少。

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. 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.

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。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. According to the analytics firm, lower inflows indicate reduced sell-side activity but also weaker demand.

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。根據分析公司的數據，較低的流入表明賣方活動減少，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%. According to the analytics firm, this decline mirrors the contraction seen in on-chain liquidity, pointing to broader risk-off behavior.

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％。根據分析公司的說法，這種下降反映了在鏈流動性上看到的收縮，這表明行為更廣泛。