比特币（BTC）热源指标急剧下降

链上数据显示，热供应指标最近观察到比特币的急剧下降。这是加密货币的意义。

On-chain data shows that the Hot Supply metric has observed a sharp drop for Bitcoin recently.

链上数据表明，热供应指标最近观察到比特币的急剧下降。

Bitcoin (BTC) has seen its "hot supply" decrease significantly in recent months, according to on-chain analytics firm Glassnode.

根据链分析公司GlassNode的数据，比特币（BTC）在最近几个月看到其“热供应”大幅下降。

This portion of the BTC supply is considered its most liquid, with coins part of it last seeing a move within the past week. Hot Supply is an indicator that keeps track of the tokens in circulation.

BTC供应的这一部分被认为是最液体的，硬币的一部分是在过去一周内看到的一部分。热供应是一个可以跟踪令牌流通中的指标。

Hot Supply Drops As Bitcoin Price Drops

当比特币价格下降时，热供应下降

According to the firm’s latest report, Hot Supply has seen a triple-digit decline in the past three months. In total, the metric has decreased by more than 50% in the past three months, going from a high of 5.9% to just 2.8%.

根据该公司的最新报告，在过去三个月中，Hot Supply的三位数下降了三位数。在过去三个月中，该指标总共减少了50％以上，从高度的5.9％增加到仅2.8％。

"This signals a sharp reduction in liquid BTC available for trade," Glassnode stated. Another indicator that would corroborate this trend is the Exchange Inflow, which measures the total amount of the asset that the investors are transferring to wallets attached with centralized exchanges.

GlassNode说：“这标志着可用于贸易的液体BTC的急剧减少。”交换流入的另一个指标是交换流入，该趋势衡量了投资者转移到与集中式交易所附带的钱包中的资产总额。

Generally, the holders deposit their tokens to these platforms for selling-related purposes, so the Exchange Inflow can be considered as a gauge for the sell-side activity in the sector.

通常，持有人将其令牌存放到这些平台上，以供出售与销售相关的目的，因此交换流入可以将其视为该行业卖方活动的规格。

Here is a chart for the Bitcoin Exchange Inflow, which displays how the metric’s value has changed during the last couple of years for the various cohorts:

这是比特币交换流入的图表，该图表显示了过去几年中度量的价值在各种同类中的变化如何变化：

During the rally, the Bitcoin Exchange Inflow had a value of 58,600 BTC per day, meaning the exchanges were receiving deposits amounting to 58,600 tokens every day. Today, as the market activity has cooled off, the indicator has declined to 26,900 BTC per day. "Lower inflows indicate reduced sell-side activity but also weaker demand," explained the analytics firm.

在集会期间，比特币交换的流入价值为每天58,600 BTC，这意味着交换机每天收到的存款为58,600个令牌。如今，随着市场活动的冷却，该指标每天下降到26,900 BTC。该分析公司解释说：“下降表明卖方活动减少，但需求较弱。”

The spot market isn’t the only one that has seen reduced trading activity, as Glassnode has pointed in another X post that the Futures Open Interest, a measure of the total amount of futures positions related to Bitcoin currently open on exchanges, has also witnessed a notable drawdown since the price all-time high (ATH).

正如格拉斯诺德（Glassnode）在另一个X帖子中指出的那样，现货市场并不是唯一的交易活动减少的市场，即期货开放兴趣，这是对当前交易所中与比特币相关的期货总职位的衡量标准，自从价格历史上以来，这也是一个显着的缩减。

The Bitcoin Futures Open Interest was at $57 billion at the ATH, but now its value has plunged to $37 billion, representing a drop of 35%. "This decline mirrors the contraction seen in on-chain liquidity, pointing to broader risk-off behavior," said the analytics firm.

ATH的比特币期货开放利息为570亿美元，但现在其价值跌至370亿美元，下降了35％。分析公司说：“这种下降反映了链上流动性中看到的收缩，这表明行为更广泛。”