2025 年伊始，比特币重回 10 万美元大关

2025 年伊始，在强劲的市场势头和卖方流动性收紧的推动下，比特币已重回 10 万美元大关。

Bitcoin breached the $100,000 mark as 2025 begins, continuing its remarkable surge amid a tightening of sell-side liquidity.

2025 年伊始，比特币突破 10 万美元大关，在卖方流动性收紧的情况下继续大幅飙升。

According to the latest Bitfinex report, the Liquidity Inventory Ratio, a measure of how long the existing Bitcoin supply can meet demand, has dropped from 41 months in October to just 6.6 months.

根据 Bitfinex 的最新报告，流动性库存比率（衡量现有比特币供应能够满足需求的时间）已从 10 月份的 41 个月下降到仅为 6.6 个月。

This sharp decline reflects a significant tightening of Bitcoin’s available supply, indicating growing demand outpacing the sell-side liquidity.

这种急剧下降反映了比特币可用供应的显着收紧，表明需求增长超过了卖方流动性。

The surge past $100,000 follows a remarkable 61% rally in late 2024, driven by optimism over Donald Trump’s election as the 47th US president.

受唐纳德·特朗普当选美国第 47 任总统的乐观情绪推动，2024 年末股价大幅上涨 61%，随后飙升至 10 万美元以上。

Bitcoin reached an all-time high of $108,100 in December before experiencing a 15% correction, only to recover strongly as sell-side pressures eased.

比特币在 12 月达到历史新高 108,100 美元，随后经历了 15% 的回调，但随着卖方压力缓解而强劲反弹。

A key factor in this trend, according to Bitfinex, is miners’ reduced activity, with miner-to-exchange flows now at multi-year lows.

据 Bitfinex 称，这一趋势的一个关键因素是矿工活动减少，矿工到交易所的流量目前处于多年来的低点。

The 2024 halving reduced rewards, prompting miners to hold their BTC amid favorable market conditions, tightening supply and supporting prices.

2024 年减半奖励减少，促使矿工在有利的市场条件下持有 BTC，供应紧张并支撑价格。

Adding to the analysis, CryptoQuant’s metrics indicate the crypto market is entering the later stages of the current bull cycle, which began in January 2023.

除了分析之外，CryptoQuant 的指标表明加密市场正在进入当前牛市周期的后期阶段，牛市周期始于 2023 年 1 月。

Analyst CryptoDan notes that 36% of Bitcoin’s supply has been traded within the past month, a sign of increased market activity.

分析师 CryptoDan 指出，36% 的比特币供应量在过去一个月内进行了交易，这是市场活动增加的迹象。

While this figure is lower than previous cycle peaks, it indicates that the market is likely nearing its zenith, with a peak expected by Q1 or Q2 2025.

虽然这一数字低于之前周期的峰值，但这表明市场可能已接近顶峰，预计在 2025 年第一季度或第二季度达到峰值。