在创纪录的高需求中，比特币面临迫在眉睫的卖方流动性紧缩

由于需求飙升达到前所未有的高度，比特币在未来几个月内遭遇卖方流动性危机的可能性被认为极高。分析师预测，当前卖方流动性供应仅够维持六至十二个月的时间。然而，流动性库存的下降可能会对比特币（BTC）的价格产生积极影响。

Bitcoin Faces Impending Sell-Side Liquidity Crisis as Demand Soars to Record Highs

随着需求飙升至历史新高，比特币面临迫在眉睫的卖方流动性危机

New York, NY, March 16, 2024 - The cryptocurrency market is bracing for a potential sell-side liquidity crisis for Bitcoin (BTC), as demand for the digital asset has reached unprecedented levels. According to a comprehensive report published by CryptoQuant, a leading crypto analytics firm, the current supply of Bitcoin available for sale is rapidly dwindling, raising concerns among analysts and investors.

纽约州纽约市，2024 年 3 月 16 日 - 随着对数字资产的需求达到前所未有的水平，加密货币市场正在准备迎接比特币 (BTC) 潜在的卖方流动性危机。根据领先的加密货币分析公司 CryptoQuant 发布的一份综合报告，目前可供出售的比特币供应量正在迅速减少，引起了分析师和投资者的担忧。

Unprecedented Demand Surges

前所未有的需求激增

The monthly demand for Bitcoin has skyrocketed from a mere 40,000 BTC at the beginning of 2024 to an astonishing 213,000 BTC at the time of writing. This surge is primarily driven by the launch of Bitcoin exchange-traded funds (ETFs) in the United States, attracting institutional investors and retail traders alike. Additionally, large holders, known as "whales," have been amassing BTC at an unprecedented rate, contributing to the soaring demand.

比特币的月需求量已从 2024 年初的区区 40,000 BTC 飙升至撰写本文时的惊人 213,000 BTC。这一激增主要是由于美国推出比特币交易所交易基金（ETF），吸引了机构投资者和散户交易者。此外，被称为“鲸鱼”的大持有者一直在以前所未有的速度积累比特币，导致需求飙升。

CryptoQuant measures demand using the 30-day growth in the total balance of accumulation addresses, excluding centralized exchanges (CEXs) and mining pools. These addresses hold over 10 BTC, have no outflows, and have been active for the past seven years. The rapid growth in the balance of these accumulation addresses indicates a strong long-term holding sentiment among Bitcoin investors.

CryptoQuant 使用累积地址总余额 30 天的增长来衡量需求，不包括中心化交易所 (CEX) 和矿池。这些地址持有超过 10 BTC，没有流出，并且在过去七年中一直活跃。这些增持地址余额的快速增长表明了比特币投资者强烈的长期持有情绪。

Sell-Side Liquidity Plummets

卖方流动性暴跌

While demand for Bitcoin continues to surge, the supply of Bitcoin available for sale, known as sell-side liquidity, has been declining steadily. The total amount of BTC held by entities with substantial sell-side liquidity, such as CEX reserves, over-the-counter desks, and Bitcoin miners, has fallen from 3.5 million BTC in March 2020 to approximately 2.7 million BTC at present.

尽管对比特币的需求持续激增，但可供出售的比特币供应量（即卖方流动性）却一直在稳步下降。 CEX储备、场外交易平台和比特币矿工等具有大量卖方流动性的实体持有的BTC总量已从2020年3月的350万比特币下降至目前的约270万比特币。

Grayscale's Role in the Crisis

灰度在危机中的作用

Grayscale's GBTC, the largest Bitcoin investment fund, holds a significant portion of the sell-side liquidity. However, the ETF has been experiencing massive investor redemptions, leading to an increase in the supply of BTC for sale. Without Grayscale's GBTC, the sell-side liquidity would have reached its lowest level since February 2018.

Grayscale 旗下的 GBTC 是最大的比特币投资基金，持有很大一部分卖方流动性。然而，该 ETF 一直在经历大量投资者赎回，导致待售 BTC 供应量增加。如果没有灰度的 GBTC，卖方流动性将达到 2018 年 2 月以来的最低水平。

Impending Crisis and Its Implications

即将发生的危机及其影响

The combination of skyrocketing demand and declining sell-side liquidity has created an impending sell-side liquidity crisis for Bitcoin. According to CryptoQuant, the current inventory of available BTC is sufficient to meet demand for only six to twelve months at the current rate.

需求飙升和卖方流动性下降相结合，给比特币带来了迫在眉睫的卖方流动性危机。据 CryptoQuant 称，按目前的价格计算，当前可用 BTC 的库存仅足以满足六到十二个月的需求。

This liquidity shortage could have significant implications for the price of Bitcoin. As demand continues to outstrip supply, the price of BTC is likely to rise as investors scramble to acquire the limited available supply. However, the severity of the price increase will depend on several factors, including the pace of demand growth, the availability of new supply from miners, and market sentiment.

这种流动性短缺可能会对比特币的价格产生重大影响。随着需求继续超过供应，随着投资者争先恐后地购买有限的可用供应，比特币的价格可能会上涨。然而，价格上涨的严重程度将取决于几个因素，包括需求增长的速度、矿商新供应的可用性以及市场情绪。

Potential Mitigation Strategies

潜在的缓解策略

Analysts at CryptoQuant suggest several measures that could mitigate the impending liquidity crisis. One potential solution is for new liquidity providers to enter the market, offering BTC for sale at attractive prices. Additionally, miners could increase their selling activity to provide more supply to meet the rising demand.

CryptoQuant 的分析师提出了一些可以缓解即将到来的流动性危机的措施。一种潜在的解决方案是让新的流动性提供商进入市场，以有吸引力的价格出售 BTC。此外，矿商可以增加销售活动，以提供更多供应来满足不断增长的需求。

Conclusion

结论

The sell-side liquidity crisis facing Bitcoin is a complex and evolving situation. While demand for BTC continues to soar, the supply of available coins is rapidly shrinking. The implications of this crisis could be significant, affecting the price and overall market dynamics of Bitcoin. As the situation unfolds, investors and market participants should remain vigilant and closely monitor the changing landscape.

比特币面临的卖方流动性危机是一个复杂且不断变化的情况。尽管比特币的需求持续飙升，但可用硬币的供应却在迅速萎缩。这场危机的影响可能很大，会影响比特币的价格和整体市场动态。随着事态的发展，投资者和市场参与者应保持警惕，密切关注形势的变化。