隨著數十億美元的禁售期到期，加密貨幣市場準備迎接供應衝擊

加密貨幣仍處於下行修正中，一系列價值數十億美元的代幣解鎖可能會阻礙任何重大復甦。在接下來的十週內，價值 20 億美元的代幣將被解鎖，從而增加供應並可能抑制價格。值得注意的是，110 億美元的比特幣將分配給 Gemini Earn 和 Mt. Gox 的債權人，這加劇了拋售壓力。儘管即將發生這些供應事件，但一些專家表示，FTX 還款可能會帶來一些緩解，可能有 30-50 億美元回流到加密貨幣市場。

Crypto Market Braces for Supply Shock: Billions in Lockups Set to Expire

加密市場準備迎接供應衝擊：數十億美元的禁售期即將到期

The cryptocurrency market remains mired in a corrective phase, but a wave of impending supply events worth billions of dollars is poised to further impede any meaningful recovery.

加密貨幣市場仍深陷修正階段，但即將發生的一波價值數十億美元的供應事件可能會進一步阻礙任何有意義的復甦。

A recent report by crypto analytics firm 10x Research warns of a "rapid succession of nearly $2 billion of token unlocks during the next ten weeks" that could exert downward pressure on altcoin prices. These token unlocks involve the release of assets that were previously locked up in vesting contracts to team members, organizations, and early investors, including venture capital firms.

加密貨幣分析公司 10x Research 最近的一份報告警告稱，“未來十週內將快速連續解鎖近 20 億美元的代幣”，這可能會對山寨幣價格造成下行壓力。這些代幣解鎖涉及將先前鎖定在歸屬合約中的資產釋放給團隊成員、組織和早期投資者（包括創投公司）。

Data compiled in the report reveals a substantial lineup of token unlocks over the next two months:

報告中彙編的數據揭示了未來兩個月內大量的代幣解鎖：

• $97 million of Aptos (APT)
• $79 million of Starkware (STRK)
• $94 million of Arbitrum (ARB)
• $53 million of Immutable X (IMX)
• $330 million of Avalanche (AVAX)
• $64 million of Optimism (OP)
• $28 million of PRIME
• $1 billion of Sui (SUI)
• $48 million of Ethena (ENA)
• $171 million of Altlayer's (ALT)
• $135 million of XAI tokens

"Venture capital investors might be pressured to lock in recent gains, which could cap any upside performance of tokens with positive momentum, especially those where unlocks become available," the report cautions.

Aptos (APT) 9,700 萬美元 Starkware (STRK) 7,900 萬美元 Arbitrum (ARB) 9,400 萬美元 Immutable X (IMX) 5,300 萬美元 Avalanche (AVAX) 6,400 萬美元 Optimism (OP) PRIME 2,800 萬美元 10 億美元) 價值4800 萬美元的Ethena (ENA) 價值1.71 億美元Altlayer (ALT) 價值1.35 億美元的XAI 代幣「風險資本投資者可能會被迫鎖定近期收益，這可能會限制具有積極勢頭的代幣的上行表現，尤其是那些哪裡可以解鎖，」報告警告。

The selling pressure is not confined to altcoins alone. Over $11 billion worth of Bitcoin (BTC) will be distributed to creditors of crypto exchange Gemini's Earn program and the long-defunct Mt. Gox crypto marketplace in the coming months.

拋售壓力不僅限於山寨幣。價值超過 110 億美元的比特幣 (BTC) 將在未來幾個月內分配給加密貨幣交易所 Gemini 的 Earn 計劃和早已不復存在的 Mt. Gox 加密貨幣市場的債權人。

Velte Lunde, an analyst at K33 Research, warns that "the next months are rigged to see waves of good old crypto FUD," referring to the acronym for "fear, uncertainty, and doubt" that often plagues the market.

K33 Research 分析師 Velte Lunde 警告稱，“未來幾個月將會出現一波波古老的加密貨幣 FUD”，指的是經常困擾市場的“恐懼、不確定性和懷疑”的縮寫。

Amid the looming supply events, some market observers suggest that the FTX repayments may provide some respite. Pending bankruptcy court approval, an estimated $14-$16 billion in U.S. dollars could be paid out to creditors, with a significant portion potentially flowing back to the crypto market.

在迫在眉睫的供應事件中，一些市場觀察人士認為，FTX 還款可能會帶來一些喘息的機會。在破產法院批准之前，預計將向債權人支付 140-160 億美元，其中很大一部分可能會回流到加密貨幣市場。

Arthur Cheong, founder and chief investment officer of DeFiance Capital, anticipates "at least $3-$5 billion of crypto-native liquidity to be injected back into the market."

DeFiance Capital 創辦人兼首席投資長 Arthur Cheong 預計「至少 30-50 億美元的加密原生流動性將注入市場」。

However, on Wednesday, the crypto market experienced a downturn as the U.S. day drew to a close. The CoinDesk 20 Index dropped by 3.4% over the past 24 hours, with Bitcoin declining by 2.5% to $61,500 and Ether (ETH) falling by 3.6%. Bitcoin Cash (BCH) and Solana (SOL) were among the worst performers, each shedding over 7%.

然而，週三，隨著美國交易日臨近結束，加密貨幣市場經歷了低迷。 CoinDesk 20 指數在過去 24 小時內下跌 3.4%，其中比特幣下跌 2.5% 至 61,500 美元，以太幣 (ETH) 下跌 3.6%。比特幣現金 (BCH) 和 Solana (SOL) 是表現最差的股票之一，兩者都下跌超過 7%。