比特币需求飙升，流动性危机迫在眉睫

CryptoQuant 分析揭示了“卖方流动性危机”，表明比特币需求正在迅速超过供应。该报告估计，当前卖方流动性只能满足 12 个月的需求，如果排除非美国交易所的比特币，供应量将降至 6 个月。需求激增归因于美国现货比特币 ETF，而随着供应紧张加剧，旧供应正在重新激活。

Bitcoin Demand Surges, Sell-Side Liquidity Crisis Imminent

比特币需求激增，卖方流动性危机迫在眉睫

March 26, 2023

2023 年 3 月 26 日

In a bombshell report released today, blockchain analytics firm CryptoQuant has identified a looming "sell-side liquidity crisis" for Bitcoin (BTC), warning that the available supply of the cryptocurrency may soon fall short of escalating demand.

在今天发布的一份重磅报告中，区块链分析公司 CryptoQuant 发现比特币（BTC）即将面临“卖方流动性危机”，并警告称，加密货币的可用供应可能很快就会无法满足不断增长的需求。

Record Demand, Dwindling Supply

需求创纪录，供应减少

The report, titled "Weekly Crypto Report," highlights a surge in Bitcoin demand over the past year, largely attributed to the introduction of spot Bitcoin exchange-traded funds (ETFs) in the United States. This relentless buying pressure has significantly depleted the available supply of Bitcoin, setting the stage for a potential supply crunch.

这份题为“每周加密报告”的报告强调了过去一年比特币需求的激增，这很大程度上归因于美国推出现货比特币交易所交易基金（ETF）。这种持续不断的购买压力已大大耗尽了比特币的可用供应，为潜在的供应紧缩奠定了基础。

According to CryptoQuant's analysis, the current liquid inventory of Bitcoin is at its lowest level ever when measured against demand. The report estimates that this inventory is only sufficient to meet demand growing at the current rate for a mere twelve months.

根据 CryptoQuant 的分析，按照需求衡量，当前比特币的流动库存处于有史以来的最低水平。报告估计，按照目前的速度，这些库存仅足以满足十二个月的需求增长。

Diminishing Liquidity, Rising Prices

流动性减少，价格上涨

The report further reveals that the sell-side liquidity for Bitcoin has been declining rapidly. This means that fewer sellers are willing to part with their Bitcoin at current prices, contributing to a tightening of supply and upward pressure on prices.

该报告进一步显示，比特币的卖方流动性一直在迅速下降。这意味着愿意以当前价格出售比特币的卖家越来越少，从而导致供应收紧和价格上涨压力。

"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 report states.

报告指出：“创纪录的比特币需求加上卖方流动性下降，导致比特币的流动性库存跌至几个月来的最低需求。”

Exchanges Excluded, Supply Crunch Intensifies

交易所被排除在外，供应紧缩加剧

The report also notes that the analysis only considers demand from accumulating addresses, which are wallets that have received but not sent any Bitcoin. This suggests that the net demand for Bitcoin may be even higher.

该报告还指出，该分析仅考虑了累积地址的需求，这些地址是已收到但未发送任何比特币的钱包。这表明对比特币的净需求可能会更高。

Moreover, if Bitcoin held on exchanges outside the United States is excluded from the analysis, the situation becomes more dire. In that scenario, the Bitcoin liquid inventory would only be sufficient to meet demand for six months. This is because US spot Bitcoin ETFs can only acquire Bitcoin from US-based entities.

此外，如果将美国境外交易所持有的比特币排除在分析之外，情况会变得更加可怕。在这种情况下，比特币流动性库存仅足以满足六个月的需求。这是因为美国现货比特币 ETF 只能从美国实体购买比特币。

Awakening of Old Supply

旧供给的觉醒

In a related development, CryptoQuant CEO Ki Young Ju pointed to data indicating that Bitcoin mined in 2010 and dormant since then has suddenly become active. This may be a sign that the sell-side liquidity crisis is "waking up" old supply, as investors seek to capitalize on the rising demand.

在相关进展中，CryptoQuant 首席执行官 Ki Young Ju 指出，数据表明，2010 年开采的比特币从那时起就处于休眠状态，但突然变得活跃起来。这可能表明卖方流动性危机正在“唤醒”旧供应，因为投资者寻求利用不断增长的需求。

ETF Inflows and Outflows

ETF 流入和流出

Despite the prevailing liquidity crisis, Bitcoin ETF inflows and outflows have been showing volatility. Following a period of consecutive net outflows, the latest data from Farside, a UK-based investment firm, shows net inflows of $400 million for March 25, the highest in two weeks.

尽管存在流动性危机，比特币 ETF 的流入和流出却一直呈现波动性。在经历了一段时间的连续净流出后，英国投资公司Farside的最新数据显示，3月25日净流入4亿美元，创两周来最高水平。

Implications for Bitcoin's Future

对比特币未来的影响

The sell-side liquidity crisis for Bitcoin has profound implications for its future price trajectory. As demand continues to outstrip supply, the cryptocurrency may face upward price pressure, potentially leading to a sustained bull market. However, it is important to note that the cryptocurrency market remains volatile, and investors should exercise caution when making investment decisions.

比特币的卖方流动性危机对其未来的价格轨迹产生了深远的影响。随着需求继续超过供应，加密货币可能面临价格上涨压力，从而可能导致持续的牛市。但需要注意的是，加密货币市场依然波动较大，投资者在做出投资决策时应谨慎行事。

This article does not constitute investment advice or recommendations. Investors should conduct their own due diligence before making any financial decisions.

本文不构成投资建议或推荐。投资者在做出任何财务决定之前应自行进行尽职调查。