交易所枯竭，比特币供应危机迫在眉睫

Bybit的报告预测，由于2024年即将到来的比特币减半事件，比特币在九个月内的交易所供应将受到严重限制。减半事件将大幅减少比特币的可用供应，加剧其稀缺性。由于中心化交易所仅持有 200 万枚比特币，比特币现货 ETF 每日流出约 7,142 枚比特币可能会在短短 9 个月内耗尽这些储备。这种稀缺性预计将增加比特币的市场价值，减半后其库存流量比将飙升至 112，超过黄金的稀缺性。

Bitcoin Supply Constraint Looms as Exchanges Face Depletion of Reserves

随着交易所面临储备耗尽，比特币供应紧张迫在眉睫

New York, April 17, 2024 - Bybit, a leading cryptocurrency exchange, has released a comprehensive report that unveils a substantial decline in Bitcoin reserves held by centralized exchanges worldwide, pointing towards a severe supply constraint in the upcoming months. This shortage is anticipated to intensify following the highly anticipated Bitcoin halving event expected to occur in 2024.

纽约，2024 年 4 月 17 日 - 领先的加密货币交易所 Bybit 发布了一份综合报告，揭示了全球中心化交易所持有的比特币储备大幅下降，表明未来几个月供应将面临严重限制。随着备受期待的比特币减半事件预计将于 2024 年发生，这种短缺预计将加剧。

The halving event, which occurs approximately every four years, reduces Bitcoin mining rewards by 50%. This significant decrease in the supply of newly minted Bitcoin is projected to escalate its scarcity, as evidenced by the dwindling reserves on exchanges.

减半事件大约每四年发生一次，使比特币挖矿奖励减少 50%。新铸造的比特币供应量的大幅减少预计将加剧其稀缺性，交易所储备的减少就证明了这一点。

According to Bybit's report, the remaining Bitcoin reserves on centralized exchanges globally have dwindled to a mere 2 million. With the continuous inflow of Bitcoin into Spot Exchange-Traded Funds (ETFs), averaging approximately $500 million daily, an estimated 7,142 bitcoins are expected to be withdrawn from exchanges on a daily basis.

根据Bybit的报告，全球中心化交易所的剩余比特币储备已减少至仅200万枚。随着比特币持续流入现货交易所交易基金（ETF），平均每天约为 5 亿美元，预计每天将从交易所提取 7,142 枚比特币。

At this rate of depletion, the report predicts that the remaining reserves could be exhausted within the next nine months. This impending supply constraint is expected to have significant implications for the market value of Bitcoin, potentially triggering an upswing due to its increased scarcity.

按照这样的消耗速度，报告预测剩余的储备可能会在未来九个月内耗尽。这种即将到来的供应限制预计将对比特币的市场价值产生重大影响，由于其稀缺性增加，可能会引发上涨。

Bybit's analysis incorporates the Stock-to-Flow (S2F) ratio, a metric that evaluates the scarcity of a commodity by comparing its current circulation to its yearly production. Prior to the halving event, Bitcoin's S2F ratio stands at approximately 56, similar to that of gold (60). However, post-halving, this ratio is projected to surge to 112, surpassing gold's scarcity and further enhancing Bitcoin's allure as a "digital gold."

Bybit 的分析纳入了库存流量 (S2F) 比率，该指标通过将商品的当前流通量与其年产量进行比较来评估商品的稀缺性。在减半事件之前，比特币的 S2F 比率约为 56，与黄金 (60) 相似。然而，减半后，这一比率预计将飙升至112，超越黄金的稀缺性，并进一步增强比特币作为“数字黄金”的吸引力。

"This forthcoming halving event will not only reduce the supply of Bitcoin but also solidify its prominence among digital assets, akin to gold," said Ben Zhou, Co-Founder and CEO of Bybit. "The increasing scarcity underscores Bitcoin's value proposition, particularly in the eyes of institutional investors who have shown growing interest in Bitcoin following the regulatory approval of Bitcoin Spot ETFs in the United States."

Bybit 联合创始人兼首席执行官周本表示：“即将到来的减半事件不仅会减少比特币的供应量，还会巩固其在类似于黄金的数字资产中的地位。” “日益稀缺凸显了比特币的价值主张，特别是在机构投资者眼中，在美国监管机构批准比特币现货 ETF 后，他们对比特币表现出越来越大的兴趣。”

The report further highlights the persistent high correlation between Bitcoin and other cryptocurrencies, indicating that Bitcoin remains a bellwether for the broader cryptocurrency market.

该报告进一步强调了比特币与其他加密货币之间持续的高度相关性，表明比特币仍然是更广泛的加密货币市场的领头羊。

The exact timing of the Bitcoin halving event is projected to occur during the night between April 19th and 20th. As the halving approaches, investors are closely monitoring the evolving supply dynamics and its potential implications for the cryptocurrency market.

比特币减半事件的确切时间预计将发生在 4 月 19 日至 20 日夜间。随着减半的临近，投资者正在密切关注不断变化的供应动态及其对加密货币市场的潜在影响。