随着数十亿美元的禁售期到期，加密货币市场准备迎接供应冲击

加密货币仍处于下行修正中，一系列价值数十亿美元的代币解锁可能会阻碍任何重大复苏。在接下来的十周内，价值 20 亿美元的代币将被解锁，从而增加供应并可能抑制价格。值得注意的是，110 亿美元的比特币将分配给 Gemini Earn 和 Mt. Gox 的债权人，这加剧了抛售压力。尽管即将发生这些供应事件，但一些专家表示，FTX 还款可能会带来一些缓解，可能有 3-50 亿美元回流到加密货币市场。

Crypto Market Braces for Supply Shock: Billions in Lockups Set to Expire

加密市场准备迎接供应冲击：数十亿美元的禁售期即将到期

The cryptocurrency market remains mired in a corrective phase, but a wave of impending supply events worth billions of dollars is poised to further impede any meaningful recovery.

加密货币市场仍深陷修正阶段，但即将发生的一波价值数十亿美元的供应事件可能会进一步阻碍任何有意义的复苏。

A recent report by crypto analytics firm 10x Research warns of a "rapid succession of nearly $2 billion of token unlocks during the next ten weeks" that could exert downward pressure on altcoin prices. These token unlocks involve the release of assets that were previously locked up in vesting contracts to team members, organizations, and early investors, including venture capital firms.

加密货币分析公司 10x Research 最近的一份报告警告称，“未来十周内将快速连续解锁近 20 亿美元的代币”，这可能会对山寨币价格造成下行压力。这些代币解锁涉及将之前锁定在归属合同中的资产释放给团队成员、组织和早期投资者（包括风险投资公司）。

Data compiled in the report reveals a substantial lineup of token unlocks over the next two months:

报告中汇编的数据揭示了未来两个月内大量的代币解锁：

• $97 million of Aptos (APT)
• $79 million of Starkware (STRK)
• $94 million of Arbitrum (ARB)
• $53 million of Immutable X (IMX)
• $330 million of Avalanche (AVAX)
• $64 million of Optimism (OP)
• $28 million of PRIME
• $1 billion of Sui (SUI)
• $48 million of Ethena (ENA)
• $171 million of Altlayer's (ALT)
• $135 million of XAI tokens

"Venture capital investors might be pressured to lock in recent gains, which could cap any upside performance of tokens with positive momentum, especially those where unlocks become available," the report cautions.

Aptos (APT) 9700 万美元 Starkware (STRK) 7900 万美元 Arbitrum (ARB) 9400 万美元 Immutable X (IMX) 5300 万美元 Avalanche (AVAX) 6400 万美元 Optimism (OP) PRIME 2800 万美元 10 亿美元Sui (SUI) 价值 4800 万美元的 Ethena (ENA) 价值 1.71 亿美元 Altlayer (ALT) 价值 1.35 亿美元的 XAI 代币“风险资本投资者可能会被迫锁定近期收益，这可能会限制具有积极势头的代币的上行表现，尤其是那些哪里可以解锁，”报告警告说。

The selling pressure is not confined to altcoins alone. Over $11 billion worth of Bitcoin (BTC) will be distributed to creditors of crypto exchange Gemini's Earn program and the long-defunct Mt. Gox crypto marketplace in the coming months.

抛售压力不仅仅局限于山寨币。价值超过 110 亿美元的比特币 (BTC) 将在未来几个月内分配给加密货币交易所 Gemini 的 Earn 计划和早已不复存在的 Mt. Gox 加密货币市场的债权人。

Velte Lunde, an analyst at K33 Research, warns that "the next months are rigged to see waves of good old crypto FUD," referring to the acronym for "fear, uncertainty, and doubt" that often plagues the market.

K33 Research 分析师 Velte Lunde 警告称，“未来几个月将会出现一波波古老的加密货币 FUD”，指的是经常困扰市场的“恐惧、不确定性和怀疑”的缩写。

Amid the looming supply events, some market observers suggest that the FTX repayments may provide some respite. Pending bankruptcy court approval, an estimated $14-$16 billion in U.S. dollars could be paid out to creditors, with a significant portion potentially flowing back to the crypto market.

在迫在眉睫的供应事件中，一些市场观察人士认为，FTX 还款可能会带来一些喘息的机会。在破产法院批准之前，预计将向债权人支付 14-160 亿美元，其中很大一部分可能会回流到加密货币市场。

Arthur Cheong, founder and chief investment officer of DeFiance Capital, anticipates "at least $3-$5 billion of crypto-native liquidity to be injected back into the market."

DeFiance Capital 创始人兼首席投资官 Arthur Cheong 预计“至少 3-50 亿美元的加密原生流动性将被注入市场”。

However, on Wednesday, the crypto market experienced a downturn as the U.S. day drew to a close. The CoinDesk 20 Index dropped by 3.4% over the past 24 hours, with Bitcoin declining by 2.5% to $61,500 and Ether (ETH) falling by 3.6%. Bitcoin Cash (BCH) and Solana (SOL) were among the worst performers, each shedding over 7%.

然而，周三，随着美国交易日临近结束，加密货币市场经历了低迷。 CoinDesk 20 指数在过去 24 小时内下跌 3.4%，其中比特币下跌 2.5% 至 61,500 美元，以太币 (ETH) 下跌 3.6%。比特币现金 (BCH) 和 Solana (SOL) 是表现最差的股票之一，均下跌超过 7%。