需求飙升，比特币供应短缺迫在眉睫

根据 CryptoQuant 的最新报告，随着需求激增和卖方流动性减少，比特币正面临潜在的供应危机。随着美国推出现货比特币ETF，对比特币的需求大幅增加。与此同时，可用比特币的供应正在减少，导致迫在眉睫的“卖方流动性危机”。

Bitcoin Faces Looming Supply Crunch Amidst Skyrocketing Demand

需求飙升，比特币面临迫在眉睫的供应紧缩

According to a recent analysis published in CryptoQuant's "Weekly Crypto Report" on March 26, Bitcoin is on the cusp of a significant supply shortage. The report highlights an impending "sell-side liquidity crisis" as demand for the cryptocurrency surges, primarily driven by the introduction of spot Bitcoin exchange-traded funds (ETFs) in the United States.

根据 CryptoQuant 3 月 26 日发布的《每周加密报告》最新分析，比特币正处于供应严重短缺的风口浪尖。该报告强调，随着加密货币需求激增，“卖方流动性危机”即将到来，这主要是由于美国推出现货比特币交易所交易基金（ETF）。

The convergence of heightened demand and diminishing supply signals a pivotal shift in Bitcoin's market dynamics, with the potential to irreversibly alter its supply landscape by the early months of 2025.

需求增加和供应减少的融合标志着比特币市场动态的关键转变，有可能在 2025 年初不可逆转地改变其供应格局。

CryptoQuant's report exposes the stark reality of Bitcoin's dwindling sell-side liquidity. "Record Bitcoin demand paired with declining sell-side liquidity has resulted in the liquid inventory of Bitcoin plunging to the lowest ever in terms of months of demand," the platform observes. It estimates that the current sell-side liquidity inventory can only satisfy the growing demand for approximately twelve months.

CryptoQuant 的报告揭露了比特币卖方流动性不断减少的严峻现实。该平台观察到：“创纪录的比特币需求加上卖方流动性下降，导致比特币的流动性库存跌至几个月来的最低需求。”据估计，当前卖方流动性库存只能满足约十二个月不断增长的需求。

The analysis focuses exclusively on "accumulating addresses," which represent wallets that have not engaged in any outbound transactions, implying that actual demand may be even higher. "This is only considering demand from accumulating addresses, which may be considered as the lower-end of Bitcoin demand," CryptoQuant elaborates.

该分析仅关注“累积地址”，这些地址代表未进行任何出站交易的钱包，这意味着实际需求可能会更高。 CryptoQuant 解释道：“这仅考虑了累积地址的需求，这可能被视为比特币需求的低端。”

When examining Bitcoin's availability solely on United States exchanges, the time frame during which supply can meet demand is significantly reduced. "The Bitcoin liquid inventory drops to six months of demand if we exclude the Bitcoin on exchanges outside the US," the report notes. "We exclude these exchanges considering that US spot Bitcoin ETFs will only source Bitcoin from US entities."

仅在美国交易所检查比特币的可用性时，供应满足需求的时间会大大缩短。报告指出：“如果我们排除美国以外交易所的比特币，比特币流动性库存将下降至六个月的需求。” “考虑到美国现货比特币 ETF 只会从美国实体采购比特币，我们排除了这些交易所。”

Ki Young Ju, CEO of CryptoQuant, shared his insights on the emerging sell-side liquidity crisis via a tweet on X (formerly Twitter). He highlighted the unexpected activity of Bitcoins mined in 2010 that have remained dormant since then, which are now being transferred to new wallet addresses.

CryptoQuant 首席执行官 Ki Young Ju 通过 X（以前称为 Twitter）上的一条推文分享了他对新兴卖方流动性危机的见解。他强调了 2010 年开采的比特币的意外活动，这些比特币自那时以来一直处于休眠状态，现在正在转移到新的钱包地址。

Ju has been a staunch advocate of the ETF supply squeeze theory, previously predicting a six-month window in mid-March as ETF inflows surged to record levels. Despite a brief period of net outflows from these products, recent trends indicate a reversal, with the latest data from UK investment firm Farside indicating significant net inflows of $400 million on March 25—the largest in two weeks.

Ju一直是ETF供应紧缩理论的坚定拥护者，此前他预测随着ETF资金流入激增至创纪录水平，将在3月中旬出现六个月的窗口期。尽管这些产品出现短暂的净流出，但近期趋势出现逆转，英国投资公司 Farside 的最新数据显示，3 月 25 日净流入量达到 4 亿美元，创两周来最大净流入量。

This data underscores the growing investor interest in Bitcoin, despite the tightening supply, signaling a potentially transformative period for its market dynamics. To submit a crypto press release (PR), send an email to [email protected].

该数据突显出，尽管供应紧张，投资者对比特币的兴趣却在不断增长，这预示着比特币市场动态的潜在变革时期。要提交加密货币新闻稿 (PR)，请发送电子邮件至 [email protected]。

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial advice. Crypto investments are subject to high market risk, and investors should always conduct their own due diligence before making any decisions.

免责声明：本文提供的信息仅供参考，不应被视为财务建议。加密货币投资面临较高的市场风险，投资者在做出任何决定之前应始终进行尽职调查。

Investment Disclaimer: The content of this article is not intended to be a source of investment advice. The information provided is solely for informational purposes and should not be considered as a recommendation to buy or sell any cryptocurrency. Investing in cryptocurrencies involves significant risk and volatility, and investors should always conduct their own research before making any investment decisions.

投资免责声明：本文内容无意作为投资建议的来源。所提供的信息仅供参考，不应被视为购买或出售任何加密货币的建议。投资加密货币涉及重大风险和波动性，投资者在做出任何投资决定之前应始终进行自己的研究。