比特幣變得罕見：供應衝擊？

隨著日子的流逝，一個明顯的事實正在形成：比特幣正在成為一種稀缺的商品。液體供應在陽光下像雪一樣融化。

As the days go by, an obvious fact takes shape: bitcoin is becoming a scarce commodity. The liquid supply is melting like snow in the sun. This scarcity, for some, is no longer trivial. Analysts now fear excessive concentration. Fewer BTC on the markets also means less access for small holders. Is the network balance turning into silent centralization?

隨著日子的流逝，一個明顯的事實正在形成：比特幣正在成為一種稀缺的商品。液體供應在陽光下像雪一樣融化。對於某些人來說，這種稀缺不再是微不足道的。分析師現在擔心過度集中。市場上的BTC較少也意味著小額持有人的訪問量更少。網絡餘額是否變成無聲集中？

The bitcoin news: the latest Glassnode report is clear. Illiquid bitcoin now reaches 14 million BTC. This is an all-time record. In one month, 180,000 bitcoins have left the markets for inactive wallets. These wallets hardly trade anything. They hold, they accumulate, they lock supply.

比特幣新聞：最新的玻璃節報告很明確。現在，液化性的比特幣現在達到1400萬BTC。這是歷史記錄。在一個月內，有18萬比特幣離開了市場的不活動錢包。這些錢包幾乎沒有交易。他們握住，積累，鎖定供應。

This trend signals a profound shift in bitcoin perception. It is no longer just a trading asset. It becomes a reserve, a fortress of waiting. According to Glassnode, a wallet is illiquid when its spend ratio is below 0.25. That means it stores more than it spends. In other words: it HODLs.

這種趨勢標誌著比特幣知覺發生了深刻的轉變。它不再只是交易資產。它變成了一個儲備，等待的要塞。根據GlassNode的說法，當錢包的支出比低於0.25時，錢包是流動性的。這意味著它存儲的存儲量超過其花費。換句話說：它是hodls。

This rise in illiquidity could signal a supply shock. Fewer available bitcoins could increase upward price pressure. But it also creates an ecosystem where buying becomes difficult. Bitcoin no longer circulates; it buries itself. Is this still healthy?

這種流動性的上升可能標誌著供應衝擊。更少的可用比特幣可能會增加價格壓力。但這也創建了一個生態系統，購買變得困難。比特幣不再循環；它掩埋了自己。這仍然健康嗎？

Whales, miners, and the silent disappearance of bitcoin

鯨魚，礦工和比特幣的無聲消失

This phenomenon is not random. The whales are back, hungrier than ever. According to Santiment, holders of 10 to 10,000 BTC acquired 83,105 BTC in one month. A continuous, methodical accumulation. They take advantage of dips to strengthen their positions.

這種現像不是隨機的。鯨魚回來了，比以往任何時候都更加飢餓。根據Santiment的說法，一個月內獲得了10至10,000 BTC的持有人，獲得了83,105 BTC。連續有條理的積累。他們利用傾角來加強自己的位置。

At the same time, small holders are offloading. Out of fear. Lack of vision. The asymmetry deepens. On one side, institutions and ETF funds locking supply. On the other, retail panicking and selling. This imbalance changes the market structure.

同時，小持有人正在卸載。出於恐懼。缺乏視力。不對稱加深。一方面，機構和ETF資金鎖定供應。另一方面，零售恐慌和銷售。這種不平衡改變了市場結構。

Another player to watch: miners. Historically sellers, they are now holding their BTC. This reduces circulating supply and strengthens the latent shock brewing. The more bitcoin becomes inaccessible, the more it is sanctified. The game changes. The market is no longer fluid. It contracts around pockets of power.

另一個值得關注的球員：礦工。從歷史上看，他們現在持有BTC。這減少了循環供應並加強潛在的衝擊釀造。比特幣變得越難以接近，它就越有成聖。遊戲改變了。市場不再流暢。它圍繞著電力袋收縮。

Bitcoin, illiquidity, and accumulation: the numbers speak

比特幣，流動性和積累：數字說話

The numbers support this upheaval:

數字支持這一動盪：

Faced with this situation, some cry out for programmed scarcity. Others see a soft manipulation. The recently launched spot ETFs play a decisive role. They capture supply and lock it in digital vaults. This removes even more volume from the market.

面對這種情況，有些人大聲疾呼，因為他們的稀缺性稀缺。其他人則看到一種柔軟的操縱。最近推出的現場ETF扮演著決定性的角色。他們捕獲並將其鎖定在數字保險庫中。這消除了市場的更多數量。

A bitcoin placed in an ETF is no longer traded. It is frozen, kept like a digital gold bar. Coin Bureau warns:

ETF中放置的比特幣不再交易。它被冷凍，像數字金吧一樣保持。硬幣局警告：

This is not a temporary hype. It is a progressive overhaul of the crypto landscape. A new era, more closed, less fluid, but perhaps more strategic.

這不是暫時的炒作。這是對加密景觀的進步大修。一個新時代，更封閉，流暢，但也許更具戰略意義。

Today, while some observe price consolidation, fear is setting in. The $100,000 threshold could break, say some traders. Technical signals are explicit: beware of a break below this symbolic level.

如今，儘管有些人觀察到價格合併，但恐懼卻陷入了困境。一些交易員說，100,000美元的門檻可能會破裂。技術信號是明確的：當心突破此符號級別以下。