比特币的热供应大幅下降，从5.9％下降到循环总量的2.8％

可用于快速交易的比特币数量大幅下降的50％减少点。

Bitcoin’s recent performance has been a subject of intense analysis, especially in light of the "hot supply" metric—a measure of the volume of Bitcoin immediately available for trading. According to Glassnode, a respected on-chain analytics platform, Bitcoin's hot supply has seen a significant decline, decreasing from 5.9% to 2.8% of the total circulating supply over the past three months. This 50% reduction signals a substantial decrease in the amount of Bitcoin available for quick trades.

比特币最近的性能是进行了深入分析的主题，尤其是鉴于“热供应”度量标准，这是对立即可用于交易的比特币量的衡量标准。根据受人尊敬的链分析平台GlassNode的说法，比特币的热供应显着下降，从过去三个月中循环总供应量的总循环供应总额下降了5.9％。这50％的减少信号标志着可用于快速交易的比特币数量大幅下降。

Implications of Declining Hot Supply

热供应下降的含义

热供应下降的含义

This decline in supply can be viewed in several ways. In a bullish context, a decrease in actively traded Bitcoin may indicate a shift toward long-term holding strategies among investors. This behavior often implies a level of confidence that future price increases are on the horizon—investors are choosing to retain their assets rather than engage in short-term speculation during a tumultuous market, suggesting a potentially bullish sentiment.

供应的下降可以通过几种方式查看。在看涨的背景下，积极交易的比特币的减少可能表明向投资者的长期持有策略发生了转变。这种行为通常意味着一个信心，即未来价格上涨即将上映 - 投资者选择保留其资产，而不是在动荡的市场中从事短期投机，这表明潜在的看涨情绪。

Moreover, as more Bitcoin is held rather than traded, the market experiences reduced volatility. Fewer active trades typically lead to fewer erratic price fluctuations, which can set the stage for more stable price recoveries and can pave the way for potential upward rallies.

此外，随着越来越多的比特币的持有而不是交易，市场体验降低了波动。较少的活动交易通常会导致价格不稳定的不稳定波动，这可以为更稳定的价格回收奠定基础，并为潜在的上升集铺平道路。

The reduced availability of Bitcoin for trading also means that, under conditions of stable or increasing demand, a supply shock could occur. This situation would put upward pressure on prices. However, while the mechanics of a potential supply shock are theoretically sound, it remains crucial that demand levels meet or exceed those of prior periods to trigger such an event.

比特币用于交易的可用性也意味着，在稳定或需求不断增加的条件下，可能会发生供应冲击。这种情况将给价格上升压力。但是，尽管从理论上讲，潜在的供应冲击的力学是合理的，但需求水平达到或超过了触发此类事件的需求水平至关重要。

Market Demand and Investor Sentiment

市场需求和投资者情绪

市场需求和投资者情绪

Recent data highlights that demand for Bitcoin has weakened compared to just three or four months ago. This trend is evidenced by a substantial decrease in Bitcoin inflows to exchanges—reportedly down 54% from an average of 58,600 BTC per day to approximately 26,900 BTC. Alongside this, a notable decline in spot Bitcoin exchange-traded funds (ETFs) has been recorded, with significant outflows marking a waning demand.

最近的数据强调，对比特币需求的需求减弱了，而仅三到四个月前。比特币流入到交换的情况下，比特币的流入量大幅下降，这一趋势证明了这一趋势，从平均每天58,600 BTC降至约26,900 BTC。除此之外，还记录了现货比特币交易所交易基金（ETF）的显着下降，流出量很大，标志着需求的衰落。

Despite this concerning trend, there are emerging signs that demand might begin to recover. Notably, some ETFs have seen short-term inflows this week, suggesting a potential rebound in interest among investors. This shift might indicate that while the current sentiment appears bearish, the low hot supply could soon evolve into a bullish signal that investors are increasingly confident about Bitcoin's future performance.

尽管存在这种趋势，但仍有新兴的迹象可能开始恢复需求。值得注意的是，一些ETF本周出现了短期流入，这表明投资者有潜在的兴趣反弹。这种转变可能表明，尽管当前的情绪显得看跌，但低热供应可能很快就会表明投资者对比特币的未来表现越来越有信心。

In conclusion, the dynamics surrounding Bitcoin's hot supply present both challenges and opportunities. Investors are navigating a landscape marked by reduced trading activity and fluctuating demand, but there are signs that could point towards a more favorable environment emerging in the near future. Whether this situation will evolve into a sustained recovery remains to be seen, but market participants are certainly on alert.

总之，围绕比特币热供应的动力既带来了挑战和机遇。投资者正在浏览以减少交易活动和需求波动的标志的景观，但有一些迹象可能会指向在不久的将来出现的更有利的环境。这种情况是否会演变成持续的恢复还有待观察，但是市场参与者肯定会保持警惕。