比特幣的流動性緊縮助長了比特幣的激增：稀缺性悖論

比特幣減半前的調整已經結束，價格在歷史高點 69,000 美元找到支撐後反彈至 70,000 美元。儘管存在波動，但由於機構投資增加和賣方流動性減少，比特幣仍面臨流動性短缺，這可能導致其價格潛在上漲。

Bitcoin's Liquidity Crisis: A Catalyst for Price Surge

比特幣的流動性危機：價格飆升的催化劑

Amidst an unprecedented surge in demand, Bitcoin has found itself ensnared in a liquidity crisis, creating a paradoxical scenario where scarcity could fuel an uptick in its value.

在需求空前激增的情況下，比特幣發現自己陷入了流動性危機，造成了一個矛盾的情況：稀缺性可能會推動其價值上漲。

Demand Surge Overwhelms Supply

需求激增壓倒供應

The meteoric rise in Bitcoin's appeal, particularly among institutional investors and long-term accumulators, has sent monthly demand skyrocketing from a mere 40,000 BTC at the year's onset to an astonishing 213,000 BTC today. This surge in demand has outpaced the growth of Bitcoin's sell-side liquidity, creating a significant imbalance.

比特幣的吸引力迅速上升，尤其是在機構投資者和長期累積者中，導致每月需求從年初的區區 40,000 BTC 飆升至如今的驚人 213,000 BTC。需求激增超過了比特幣賣方流動性的成長，造成了嚴重的失衡。

Institutional Appetite and Whale Accumulation

機構胃口和鯨魚積累

Institutional investors have stormed into the Bitcoin market through exchange-traded funds (ETFs) in the United States, voraciously gobbling up spot Bitcoin ETFs, demonstrating their growing appetite for the digital asset. Simultaneously, "whales," individuals or entities holding vast Bitcoin reserves, have intensified their accumulation, further exacerbating the liquidity shortage.

機構投資者透過美國的交易所交易基金（ETF）湧入比特幣市場，大肆買入現貨比特幣ETF，顯示出他們對數位資產日益增長的興趣。同時，持有大量比特幣儲備的「鯨魚」個人或實體加大了積累，進一步加劇了流動性短缺。

Shrinking Sell-Side Liquidity

賣方流動性萎縮

Compounding the demand-supply disparity is the dwindling sell-side liquidity of Bitcoin. The total visible supply held by key entities has plunged to historic lows, signaling a dearth of available coins for sale. This imbalance has triggered a severe liquidity crisis, with experts estimating that current liquidity levels may only suffice to meet demand for the next twelve months.

比特幣賣方流動性的減少加劇了供需差異。主要實體持有的可見供應總量已跌至歷史低點，顯示可供出售的代幣匱乏。這種失衡引發了嚴重的流動性危機，專家估計目前的流動性水準可能只能滿足未來十二個月的需求。

Implications for Bitcoin Price

對比特幣價格的影響

While the liquidity crisis poses challenges, it also presents a potential silver lining for Bitcoin investors. The severe mismatch between supply and demand has the potential to drive prices higher in the long term. Analysts predict that Bitcoin's value will rise as sell-side liquidity dwindles and demand remains elevated.

雖然流動性危機帶來了挑戰，但它也為比特幣投資者帶來了潛在的一線希望。長遠來看，供需之間的嚴重錯配有可能會推高價格。分析師預測，隨著賣方流動性減少和需求持續上升，比特幣的價值將會上漲。

Further Scarcity and Excluded Exchanges

進一步的稀缺性和排除的交易所

The scarcity of Bitcoin is compounded by its exclusion from exchanges outside the United States. As the amount of liquid Bitcoin available in global markets diminishes to a mere six months of demand, the resulting scarcity could further fuel price increases.

比特幣的稀缺性因其被排除在美國以外的交易所之外而變得更加複雜。隨著全球市場上可用的流動比特幣數量減少到僅夠六個月的需求，由此產生的稀缺性可能會進一步推動價格上漲。

Current Market Performance

目前的市場表現

As of this moment, Bitcoin's price hovers around $70,306.29, experiencing a slight decline of 0.25% over the past 24 hours. Its market capitalization stands at a towering $1.38 trillion, solidifying its position as the leading cryptocurrency. The circulating supply of Bitcoin is approximately 19.67 million BTC.

截至目前，比特幣價格徘徊在70,306.29美元附近，過去24小時小幅下跌0.25%。其市值高達1.38兆美元，鞏固了其作為領先加密貨幣的地位。比特幣的流通供應量約為1967萬比特幣。

Over the past day, Bitcoin's trading volume has surged by 14.235% to $35.88 billion, but the overall trading activity around BTC has eased. Despite this, the "digital gold" has exhibited a remarkable 13.47% growth in its value over the past week, with prices also rising by 24.54% over the past month.

過去一天，比特幣交易量飆升14.235%至358.8億美元，但圍繞BTC的整體交易活動有所放緩。儘管如此，「數位黃金」在過去一周的價值卻出現了 13.47% 的驚人增長，過去一個月價格也上漲了 24.54%。

Bitcoin's current price is about 4% below its all-time high of $73,750.07, reached on March 14, 2024. However, its year-to-date growth of 152.80% underscores its resilience and potential for further appreciation.

比特幣目前的價格比 2024 年 3 月 14 日創下的歷史高點 73,750.07 美元低約 4%。然而，其今年迄今 152.80% 的增長凸顯了其韌性和進一步升值的潛力。

Conclusion

結論

As Bitcoin grapples with a severe liquidity crisis amidst surging demand, investors must remain vigilant and closely monitor the evolving market dynamics. While the liquidity crisis presents challenges, it also holds potential benefits in terms of price increases. By comprehending the reasons behind the demand surge, the effects of decreasing sell-side liquidity, and the possibility of price growth, investors can strategically position themselves to capitalize on Bitcoin's liquidity crisis and potentially reap the rewards of increased prices down the road.

隨著比特幣在需求激增的情況下應對嚴重的流動性危機，投資者必須保持警惕並密切關注不斷變化的市場動態。儘管流動性危機帶來了挑戰，但它也帶來了價格上漲的潛在好處。透過理解需求激增背後的原因、賣方流動性減少的影響以及價格上漲的可能性，投資者可以策略性地定位自己，以利用比特幣的流動性危機，並有可能在未來獲得價格上漲的回報。