比特币（BTC）供应紧缩：对市场参与者的影响

根据链上分析公司 CryptoQuant 的数据，目前只有 339.7 万个比特币 (BTC) 可以在交易所、矿工之间出售

Cryptocurrency analytics firm CryptoQuant has reported that only 3.397 million Bitcoin (BTC) are currently available for sale across exchanges, miners, over-the-counter (OTC) desks, and the Grayscale Bitcoin Trust (GBTC). This marks a sharp decline of 678,000 BTC in 2024 alone.

加密货币分析公司 CryptoQuant 报告称，目前在交易所、矿工、场外交易 (OTC) 柜台和灰度比特币信托 (GBTC) 上出售的比特币 (BTC) 仅有 339.7 万枚。这标志着仅 2024 年 BTC 就大幅减少了 678,000 个。

According to CryptoQuant's analysis, shrinking sell-side liquidity and rising demand have played a crucial role in driving up the price of Bitcoin. The firm's chart shows that the demand for BTC has been expanding since late September, with an average growth of 228,000 BTC per month.

CryptoQuant的分析认为，卖方流动性的萎缩和需求的上升在推高比特币价格方面发挥了至关重要的作用。该公司的图表显示，自 9 月下旬以来，BTC 的需求一直在扩大，每月平均增长 228,000 BTC。

This high demand, coupled with the dwindling supply, has pushed the price of the cryptocurrency to new all-time highs, reaching $108,000 earlier this month.

这种高需求加上供应量的减少，将加密货币的价格推升至历史新高，本月早些时候达到 108,000 美元。

Adding to the liquidity crunch are accumulator addresses, which are wallets that consistently buy Bitcoin without selling. These addresses are currently accumulating BTC at a record-high rate of 495,000 BTC per month.

加剧流动性紧缩的是累加器地址，这些地址是持续购买比特币而不出售比特币的钱包。这些地址目前正在以每月 495,000 BTC 的历史最高速度积累 BTC。

Analysts suggest that the growing influence of these long-term holders is locking away large portions of Bitcoin, further contributing to the supply shortage.

分析师表示，这些长期持有者的影响力越来越大，正在锁定大部分比特币，进一步加剧供应短缺。

While Bitcoin's supply tightens, the broader cryptocurrency market has seen a significant increase in liquidity. The total market capitalization of USD-based stablecoins, including Tether (USDT) and USD Coin (USDC), has reached $200 billion.

尽管比特币供应趋紧，但更广泛的加密货币市场的流动性却显着增加。包括 Tether (USDT) 和 USD Coin (USDC) 在内的美元稳定币总市值已达到 2000 亿美元。

This marks a 20% increase, or $35 billion, since late October. Stablecoins, which are pegged to the U.S. dollar, serve as an important proxy for liquidity in the crypto ecosystem. Their expansion typically indicates new capital inflows into the market, which could lead to further price increases for Bitcoin and other cryptocurrencies.

这标志着自 10 月底以来增加了 20%，即 350 亿美元。与美元挂钩的稳定币是加密货币生态系统中流动性的重要代表。它们的扩张通常表明新的资本流入市场，这可能导致比特币和其他加密货币的价格进一步上涨。

According to analysts at CryptoQuant, "the heightened liquidity aligns with Bitcoin's recent rally, suggesting a direct relationship between stablecoin market trends and BTC price movements."

CryptoQuant 分析师表示，“流动性的增加与比特币最近的上涨相一致，这表明稳定币市场趋势与比特币价格走势之间存在直接关系。”

Despite the bullish momentum, the crypto market is known for its volatility. On Friday, more than $1 billion in leveraged positions were liquidated within 24 hours, causing Bitcoin to dip by over 8% and trading below $96,000.

尽管看涨势头强劲，但加密市场以其波动性而闻名。周五，超过 10 亿美元的杠杆头寸在 24 小时内被清算，导致比特币下跌超过 8%，交易价格低于 96,000 美元。

This marks a sharp reversal from its recent highs, highlighting the unpredictable nature of the market.

这标志着近期高点的急剧逆转，凸显了市场的不可预测性。

CryptoQuant's data also reveals that the liquidity inventory ratio, which measures how many months of demand the current sell-side inventory can sustain, has dropped significantly.

CryptoQuant的数据还显示，衡量当前卖方库存能够维持多少个月需求的流动性库存比率已大幅下降。

As of December, the ratio stands at 6.6 months, a steep decline from 41 months recorded at the beginning of October. This sharp reduction indicates the accelerating pace at which Bitcoin's sell-side inventory is being depleted.

截至 12 月，该比率为 6.6 个月，较 10 月初的 41 个月大幅下降。这种急剧减少表明比特币卖方库存正在加速耗尽。

The tightening market dynamics have broader implications for both investors and the cryptocurrency industry. CryptoQuant researchers suggest that these shifts are partly influenced by macroeconomic factors.

市场动态趋紧对投资者和加密货币行业都有更广泛的影响。 CryptoQuant 研究人员认为，这些变化部分受到宏观经济因素的影响。

For instance, the market anticipates pro-cryptocurrency policies under the incoming U.S. administration, with discussions around a potential strategic Bitcoin reserve adding to the optimism and bullish sentiment.

例如，市场预计即将上任的美国政府将采取支持加密货币的政策，围绕潜在的比特币战略储备的讨论增加了乐观和看涨情绪。

This evolving landscape highlights the importance of liquidity management and long-term investment strategies in the cryptocurrency market. As Bitcoin's supply continues to shrink, the interplay between stablecoin growth, market demand, and regulatory developments will likely shape the future trajectory of the apex coin.

这种不断变化的格局凸显了加密货币市场中流动性管理和长期投资策略的重要性。随着比特币供应持续萎缩，稳定币增长、市场需求和监管发展之间的相互作用可能会塑造顶级货币的未来轨迹。