比特币热供应现在仅为2.8％

根据链分析公司玻璃节的数据，在过去三个月中，比特币热供应已大大减少。

On-chain data shows that the Bitcoin Hot Supply metric has observed a sharp drop recently. Here’s what this could mean for the cryptocurrency.

链上数据表明，比特币热源度量标准最近观察到了急剧下降。这是加密货币的意义。

Bitcoin’s ‘Hot Supply’ Drops To 2.8%

比特币的“热供应”下降到2.8％

比特币的“热供应”下降到2.8％

According to on-chain analytics firm Glassnode, the Bitcoin Hot Supply has seen a substantial decrease.

根据链分析公司玻璃节的数据，比特币热供应已大大减少。

The “Hot Supply” is an indicator that tracks the portion of the circulating tokens that last saw an on-chain move within the past week. This portion of the BTC supply is considered its most liquid, with coins part of it being quickly passed around.

“热供应”是一个指标，该指标跟踪了过去一周内链上移动的循环令牌的一部分。 BTC供应的这一部分被认为是其最液体，其硬币的一部分很快就会通过。

The analytics firm shared a chart that shows how this supply has changed for the cryptocurrency over the last couple of years.

该分析公司分享了一张图表，该图表显示了过去几年的加密货币的供应如何变化。

As displayed in the graph, the Bitcoin Hot Supply clocked highs during the bull rally from last year, meaning that there was a large amount of constant trading going on. However, with the bearish shift that has occurred in the last few months, the indicator’s value has seen a significant decline.

如图所示，比特币热供应在去年的公牛集会期间达到了高点，这意味着发生了大量恒定交易。但是，随着最近几个月发生的看跌转变，指标的价值显着下降。

In total, the metric has decreased by more than 50% in the past three months, going from highs of 5.9% to just 2.8%. According to Glassnode, this signals a sharp reduction in liquid BTC available for trade.

在过去的三个月中，指标总共减少了50％以上，从高点至仅2.8％。根据GlassNode的说法，这表明可用于贸易的液体BTC急剧减少。

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. 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.

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。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. According to the analytics firm, lower inflows indicate reduced sell-side activity but also weaker demand.

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。根据分析公司的数据，较低的流入表明卖方活动减少，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%. According to the analytics firm, this decline mirrors the contraction seen in on-chain liquidity, pointing to broader risk-off behavior.

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％。根据分析公司的说法，这种下降反映了在链流动性上看到的收缩，这表明行为更广泛。