2025 年開始，比特幣重回 10 萬美元大關

2025 年伊始，在強勁的市場動能和賣方流動性收緊的推動下，比特幣已重回 10 萬美元大關。

Bitcoin breached the $100,000 mark as 2025 begins, continuing its remarkable surge amid a tightening of sell-side liquidity.

2025 年開始，比特幣突破 10 萬美元大關，在賣方流動性收緊的情況下繼續大幅飆升。

According to the latest Bitfinex report, the Liquidity Inventory Ratio, a measure of how long the existing Bitcoin supply can meet demand, has dropped from 41 months in October to just 6.6 months.

根據 Bitfinex 的最新報告，流動性庫存比率（衡量現有比特幣供應能夠滿足需求的時間）已從 10 月的 41 個月下降到僅為 6.6 個月。

This sharp decline reflects a significant tightening of Bitcoin’s available supply, indicating growing demand outpacing the sell-side liquidity.

這種急劇下降反映了比特幣可用供應的顯著收緊，表明需求成長超過了賣方流動性。

The surge past $100,000 follows a remarkable 61% rally in late 2024, driven by optimism over Donald Trump’s election as the 47th US president.

受唐納德·川普當選美國第 47 任總統的樂觀情緒推動，2024 年末股價大幅上漲 61%，隨後飆升至 10 萬美元以上。

Bitcoin reached an all-time high of $108,100 in December before experiencing a 15% correction, only to recover strongly as sell-side pressures eased.

比特幣在 12 月達到歷史新高 108,100 美元，隨後經歷了 15% 的回調，但隨著賣方壓力緩解而強勁反彈。

A key factor in this trend, according to Bitfinex, is miners’ reduced activity, with miner-to-exchange flows now at multi-year lows.

據 Bitfinex 稱，這一趨勢的關鍵因素是礦工活動減少，礦工到交易所的流量目前處於多年來的低點。

The 2024 halving reduced rewards, prompting miners to hold their BTC amid favorable market conditions, tightening supply and supporting prices.

2024 年減半獎勵減少，促使礦工在有利的市場條件下持有 BTC，供應緊張並支撐價格。

Adding to the analysis, CryptoQuant’s metrics indicate the crypto market is entering the later stages of the current bull cycle, which began in January 2023.

除了分析之外，CryptoQuant 的指標顯示加密市場正在進入當前牛市週期的後期階段，牛市週期始於 2023 年 1 月。

Analyst CryptoDan notes that 36% of Bitcoin’s supply has been traded within the past month, a sign of increased market activity.

分析師 CryptoDan 指出，36% 的比特幣供應量在過去一個月內進行了交易，這是市場活動增加的跡象。

While this figure is lower than previous cycle peaks, it indicates that the market is likely nearing its zenith, with a peak expected by Q1 or Q2 2025.

雖然這一數字低於之前週期的峰值，但這表明市場可能已接近頂峰，預計在 2025 年第一季或第二季達到峰值。