交易所的比特幣供應減少，減半加劇稀缺性

根據全球最大的加密貨幣交易所之一 Bybit 的報告，由於供應量即將減少 50%，交易所的比特幣供應量僅剩九個月。預計減半將加劇比特幣的短缺，根據庫存流量（S2F）比率，其稀缺程度將是黃金的兩倍。機構投資者認識到比特幣日益增加的稀缺性和投資吸引力，並一直在積極準備這一事件。

Bitcoin Supply on Exchanges Dwindling, Halving to Exacerbate Scarcity

交易所的比特幣供應減少，減半加劇稀缺

A recent report by Bybit, a prominent cryptocurrency exchange, reveals that the supply of Bitcoin on centralized exchanges is rapidly diminishing, with only nine months of reserves remaining. This scarcity is attributed to the impending halving, a scheduled 50% reduction in Bitcoin production that is expected to occur in April 2024.

著名加密貨幣交易所Bybit最近的報告顯示，中心化交易所的比特幣供應正在迅速減少，儲備僅剩九個月。這種稀缺歸因於即將到來的減半，即比特幣產量預計將在 2024 年 4 月減少 50%。

Exchanges Running Low on Bitcoin

交易所的比特幣即將耗盡

The report highlights that the current Bitcoin reserves held on centralized exchanges stand at approximately 2 million. Given the assumption of a daily inflow of $500 million into Bitcoin Spot ETFs, Bybit estimates that the equivalent of 7,142 Bitcoins will be withdrawn from exchange reserves each day. This suggests that it will take approximately nine months to deplete the remaining supply.

該報告強調，目前中心化交易所持有的比特幣儲備約為 200 萬枚。假設每天有 5 億美元流入比特幣現貨 ETF，Bybit 估計每天將從外匯存底提取相當於 7,142 個比特幣。這表明大約需要九個月的時間才能耗盡剩餘供應。

Halving to Double Bitcoin Scarcity

減半使比特幣稀缺性增加一倍

The report emphasizes that the upcoming halving will significantly increase Bitcoin's scarcity, making it twice as scarce as gold. The Stock-to-Flow (S2F) ratio, which measures the scarcity of a commodity by dividing its circulating supply by its annual production, is currently around 56 for Bitcoin, compared to 60 for gold. However, after the halving, Bitcoin's S2F ratio is projected to double to 112, surpassing that of gold.

報告強調，即將到來的減半將顯著增加比特幣的稀缺性，使其稀缺程度是黃金的兩倍。比特幣的庫存流量 (S2F) 比率（S2F）透過將其流通供應量除以年產量來衡量商品的稀缺性，目前比特幣約為 56，而黃金為 60。然而，減半後，比特幣的 S2F 比率預計將翻一番，達到 112，超過黃金。

Institutional Investors Taking Notice

機構投資人注意到

Institutional investors, particularly since the approval of Bitcoin Spot ETFs in the United States, have been anticipating this event and accumulating Bitcoin. The report notes that Bitcoin has become a safe haven for investors even in the volatile cryptocurrency market, with its low beta and high correlation to other cryptocurrencies.

機構投資者，特別是自美國批准比特幣現貨ETF以來，一直在期待這一事件並累積比特幣。報告指出，即使在波動的加密貨幣市場中，比特幣也因其低貝塔值和與其他加密貨幣的高相關性而成為投資者的避風港。

Ben Joe, Co-Founder and CEO of Bybit, commented on the significance of the upcoming halving, stating: "Each Bitcoin halving solidifies the narrative of Bitcoin as not just a currency, but a scarce digital asset, akin to digital gold. This upcoming halving in 2024 will catapult Bitcoin into an era of unparalleled scarcity, rendering it twice as rare as gold."

Bybit 聯合創始人兼執行長Ben Joe 在評論即將到來的減半的意義時表示：「每次比特幣減半都鞏固了比特幣不僅是一種貨幣，而且是一種稀缺數位資產，類似於數位黃金的敘述。

Implications for Bitcoin's Future

對比特幣未來的影響

As Bitcoin's supply dwindles on exchanges and its scarcity increases, its value is expected to appreciate in the long term. Investors are advised to monitor the situation closely as the halving approaches and consider the potential impact on their portfolios.

隨著比特幣在交易所的供應量減少和稀缺性增加，從長遠來看，其價值預計會升值。隨著減半的臨近，建議投資者密切關注事態發展，並考慮對其投資組合的潛在影響。

Conclusion

結論

The findings of Bybit's report suggest that the supply of Bitcoin on exchanges is rapidly shrinking, with the upcoming halving poised to further exacerbate this scarcity. Institutional investors are actively accumulating Bitcoin in anticipation of its increasing value. As we approach the halving, it remains to be seen how this scarcity will influence the trajectory of Bitcoin and the broader cryptocurrency market.

Bybit報告的調查結果表明，交易所上的比特幣供應正在迅速萎縮，即將到來的減半將進一步加劇這種稀缺性。機構投資者預計比特幣價值將不斷上漲，因此正在積極累積比特幣。隨著減半的臨近，這種稀缺性將如何影響比特幣和更廣泛的加密貨幣市場的軌跡還有待觀察。