將比特幣描繪成那條河正在放慢腳步。那是2025年3月擊中加密貨幣國王的現實

這是2025年3月擊中加密貨幣國王的現實。 2025年3月18日，Glassnodes“一周的鏈新聞通訊”的數據揭示了一個鮮明的真相：流動性 - 比特幣價格引擎的燃料 - 快速乾燥。

The crypto king, Bitcoin, is slowing to a trickle.

加密國王比特幣正在放慢腳步。

Liquidity, the fuel of Bitcoin’s price engine, is drying up fast. Net capital inflows, measured by the Realized Cap, had a sluggish +0.67% monthly growth in March 18, 2025.

比特幣價格發動機的燃料流動性快速乾燥。淨資本流入以實現的上限衡量，在2025年3月18日的每月增長速度緩慢 +0.67％。

On-chain, the ‘Hot Supply,’ coins aged one week or less, dropped from 5.9% of circulating supply at the market high to 2.8% now, a 50%+ contraction, signaling fewer coins are up for grabs.

鏈上的“熱供應”硬幣年齡為一周或更短，從市場高的5.9％下降到現在的2.8％，收縮了50％以上，發出的信號更少。

Exchanges saw a 54% crash in daily inflows, falling from +58.6k BTC at the peak to +26.9k BTC. Less Bitcoin hitting exchanges means weaker buying power.

交易所每天流入發生54％的崩潰，從峰值 +58.6k BTC降至 +26.9k BTC。較少的比特幣交換意味著購買力較弱。

Futures markets are also shrinking. Open interest fell 35%, from $57 billion at Bitcoin’s all-time high to $37 billion today, according to Glassnodes' "The Week On-chain Newsletter."

期貨市場也在萎縮。根據格拉斯諾德斯（Glassnodes）的《鏈新聞通訊》（On-Chain Newsletter）的說法，公開興趣從比特幣歷史最高高點的570億美元降至370億美元。

Recently, traders pulled back, and the cash-and-carry trade, blending US spot ETFs and CME Group futures, is unraveling. ETF outflows spiked as futures positions closed, adding sell pressure to spot markets.

最近，貿易商退縮了，現金和攜帶的交易融合了我們的現貨ETF和CME集團期貨，正在拆開。隨著期貨職位關閉，ETF流出了飆升，從而增加了現貨市場的賣出壓力。

Options markets lean bearish. The Volatility Smile shows put options, bets on a price drop, carry higher premiums. The Options 25 Delta Skew, comparing volatility between puts and calls, climbed for 1-week and 1-month contracts, a sign traders want downside protection.

期權市場精益看跌。波動性的微笑表明，賭注降低，押注更高的保費。選項25 Delta偏斜，比較了撥號和電話之間的波動性，攀升了1周和1個月的合同，標誌交易者希望下行保護。

Investors split into two camps:

投資者分為兩個營地：

Short-Term Holders (STHs), those owning Bitcoin for 155 days or less, are hurting. Their unrealized losses hit a +2σ level, a mark seen in past bull market dips but mild compared to the 2022 crash or May 2021 sell-off. Over 30 days, STHs locked in $7 billion in losses, the biggest capitulation this cycle, yet not full-blown panic.

短期持有人（STH）是那些擁有比特幣155天或更短的人受傷的人。他們未實現的損失達到了 +2σ水平，這在過去的牛市中下降了，但與2022年5月的崩潰或2021年5月相比，這是溫和的。超過30天，STH鎖定了70億美元的損失，這是本週期最大的投降，但並非全面恐慌。

Long-Term Holders (LTHs) play a different game. Their Binary Spending Indicator shows spending has eased. Supply held by LTHs is rising after months of decline.

長期持有人（LTHS）玩不同的遊戲。他們的二進制支出指標表明支出已經減輕。 LTHS持有的供應數月後正在上升。

Even at $82,000, exchange inflows from LTHs stayed modest—some took profits, but most held firm. LTHs control a hefty chunk of network wealth, more than usual for this cycle stage, and their grip could shape what’s next.

即使是82,000美元，LTHS的交換流入仍保持謙虛 - 有些利潤，但最堅定。 lths控制著大量的網絡財富，比這個週期階段的平常要多，他們的抓地力可以影響下一步。