需求飆升，比特幣供應短缺迫在眉睫

根據 CryptoQuant 的最新報告，隨著需求激增和賣方流動性減少，比特幣正面臨潛在的供應危機。隨著美國推出現貨比特幣ETF，對比特幣的需求大幅增加。與此同時，可用比特幣的供應正在減少，導致迫在眉睫的「賣方流動性危機」。

Bitcoin Faces Looming Supply Crunch Amidst Skyrocketing Demand

需求飆升，比特幣面臨迫在眉睫的供應緊縮

According to a recent analysis published in CryptoQuant's "Weekly Crypto Report" on March 26, Bitcoin is on the cusp of a significant supply shortage. The report highlights an impending "sell-side liquidity crisis" as demand for the cryptocurrency surges, primarily driven by the introduction of spot Bitcoin exchange-traded funds (ETFs) in the United States.

根據 CryptoQuant 3 月 26 日發布的《每週加密報告》最新分析，比特幣正處於供應嚴重短缺的風口浪尖。報告強調，隨著加密貨幣需求激增，「賣方流動性危機」即將到來，這主要是由於美國推出現貨比特幣交易所交易基金（ETF）。

The convergence of heightened demand and diminishing supply signals a pivotal shift in Bitcoin's market dynamics, with the potential to irreversibly alter its supply landscape by the early months of 2025.

需求增加和供應減少的整合標誌著比特幣市場動態的關鍵轉變，有可能在 2025 年初不可逆轉地改變其供應格局。

CryptoQuant's report exposes the stark reality of Bitcoin's dwindling sell-side liquidity. "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 platform observes. It estimates that the current sell-side liquidity inventory can only satisfy the growing demand for approximately twelve months.

CryptoQuant 的報告揭露了比特幣賣方流動性不斷減少的嚴峻現實。該平台觀察到：“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。”據估計，當前賣方流動性庫存只能滿足約十二個月不斷增長的需求。

The analysis focuses exclusively on "accumulating addresses," which represent wallets that have not engaged in any outbound transactions, implying that actual demand may be even higher. "This is only considering demand from accumulating addresses, which may be considered as the lower-end of Bitcoin demand," CryptoQuant elaborates.

該分析僅關注“累積地址”，這些地址代表未進行任何出站交易的錢包，這意味著實際需求可能會更高。 CryptoQuant 解釋道：“這僅考慮了累積地址的需求，這可能被視為比特幣需求的低端。”

When examining Bitcoin's availability solely on United States exchanges, the time frame during which supply can meet demand is significantly reduced. "The Bitcoin liquid inventory drops to six months of demand if we exclude the Bitcoin on exchanges outside the US," the report notes. "We exclude these exchanges considering that US spot Bitcoin ETFs will only source Bitcoin from US entities."

僅在美國交易所檢查比特幣的可用性時，供應滿足需求的時間會大大縮短。報告指出：“如果我們排除美國以外交易所的比特幣，比特幣流動性庫存將下降至六個月的需求。” “考慮到美國現貨比特幣 ETF 只會從美國實體購買比特幣，我們排除了這些交易所。”

Ki Young Ju, CEO of CryptoQuant, shared his insights on the emerging sell-side liquidity crisis via a tweet on X (formerly Twitter). He highlighted the unexpected activity of Bitcoins mined in 2010 that have remained dormant since then, which are now being transferred to new wallet addresses.

CryptoQuant 執行長 Ki Young Ju 透過 X（以前稱為 Twitter）上的一條推文分享了他對新興賣方流動性危機的見解。他強調了 2010 年開採的比特幣的意外活動，這些比特幣自那時以來一直處於休眠狀態，現在正在轉移到新的錢包地址。

Ju has been a staunch advocate of the ETF supply squeeze theory, previously predicting a six-month window in mid-March as ETF inflows surged to record levels. Despite a brief period of net outflows from these products, recent trends indicate a reversal, with the latest data from UK investment firm Farside indicating significant net inflows of $400 million on March 25—the largest in two weeks.

Ju一直是ETF供應緊縮理論的堅定擁護者，此前他預測隨著ETF資金流入激增至創紀錄水平，將在3月中旬出現六個月的窗口期。儘管這些產品出現短暫的淨流出，但近期趨勢出現逆轉，英國投資公司 Farside 的最新數據顯示，3 月 25 日淨流入量達到 4 億美元，創兩週來最大淨流入量。

This data underscores the growing investor interest in Bitcoin, despite the tightening supply, signaling a potentially transformative period for its market dynamics. To submit a crypto press release (PR), send an email to [email protected].

該數據突顯出，儘管供應緊張，投資者對比特幣的興趣卻在不斷增長，這預示著比特幣市場動態的潛在變革時期。若要提交加密貨幣新聞稿 (PR)，請發送電子郵件至 [email protected]。

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial advice. Crypto investments are subject to high market risk, and investors should always conduct their own due diligence before making any decisions.

免責聲明：本文提供的資訊僅供參考，不應被視為財務建議。加密貨幣投資面臨較高的市場風險，投資者在做出任何決定之前應始終進行盡職調查。

Investment Disclaimer: The content of this article is not intended to be a source of investment advice. The information provided is solely for informational purposes and should not be considered as a recommendation to buy or sell any cryptocurrency. Investing in cryptocurrencies involves significant risk and volatility, and investors should always conduct their own research before making any investment decisions.

投資免責聲明：本文內容無意作為投資建議的來源。所提供的資訊僅供參考，不應被視為購買或出售任何加密貨幣的建議。投資加密貨幣涉及重大風險和波動性，投資者在做出任何投資決定之前應始終進行自己的研究。