Bitwise Cio Matt Hougan繪製了一個比喻，比特幣會經歷嚴重的供應衝擊

Bitwise Cio Matt Hougan進行了類比，表明比特幣會遭受嚴重的供應衝擊，這將大大提高價格。

Bitwise CIO Matt Hougan has drawn an analogy that suggests that Bitcoin (BTC) would experience a severe supply shock, which would extensively push prices higher.

Bitwise Cio Matt Hougan進行了一個類比，表明比特幣（BTC）會遭受嚴重的供應衝擊，這將廣泛提高價格。

Speaking at the Consensus 2025 Conference in Toronto with Eleanor Terrett, host of Crypto in America, Hougan added that those holding the asset now are still early. He agreed that the pioneering cryptocurrency has a lot of room to grow, stating that increased institutional exposure and dwindling supply would spark this rally.

Hougan在美國加密貨幣的主持人埃莉諾·特雷特（Eleanor Terrett）在多倫多的2025年共識會議上發表講話時，霍根補充說，持有資產的人現在還早。他同意，開創性的加密貨幣有很大的生長空間，並指出，機構的曝光率增加和供應減少將引發這一集會。

Notably, Terrett mentioned a comment from Pantera Capital CEO Dan Morehead during a previous Consensus 2025 session, in which he suggested that the market has not even seen half of Bitcoin’s upside potential. Morehead suggested there was massive room for growth.

值得注意的是，Terrett提到了Pantera Capital首席執行官Dan Morehead在先前的2025年會議上的評論，他建議市場甚至沒有看到比特幣的上漲潛力的一半。莫爾黑德（Morehead）建議有很大的生長空間。

In response, the Bitwise CIO agreed with this sentiment. He noted that 95% of Bitcoin’s 21 million total supply is already in circulation and owned by individuals and institutions. However, the demand for the asset is still in its nascent stages, with 95% of investable money still not exposed to the cryptocurrency.

作為回應，Bitwise CIO同意了這種觀點。他指出，比特幣2100萬個總供應中有95％已經流通，並由個人和機構所有。但是，對資產的需求仍處於其新生階段，有95％的可投資資金仍未暴露於加密貨幣。

According to him, analyzing these two facts drives home the theory that Bitcoin has higher prices to go. Interestingly, he has earlier predicted the crypto leader will rally to $200,000 by year-end.

據他說，分析這兩個事實將比特幣價格更高的理論帶回家。有趣的是，他早些時候預測，加密貨幣領導人將在年底上升至200,000美元。

Bitcoin Growing Increasingly Scarce

比特幣越來越稀缺

Meanwhile, despite a chunk of the global capital yet to flow into Bitcoin, the limitedly capped token is growing increasingly scarce. Bitwise highlighted this stance in a recent report, terming the token the scarcest store of value globally.

同時，儘管全球資本大部分尚未流入比特幣，但限制的代幣越來越稀缺。 Bitwise在最近的一份報告中強調了這一立場，該立場在全球範圍內稱為“價值的稀缺商店”。

With an annual supply increment rate of just 0.84%, Bitwise’s CEO, Hunter Horsley, concluded that Bitcoin is scarcer than gold and any other established store of value. What’s more, with growing institutional traction, the asset could be heading for a supply shock.

Bitwise的首席執行官Hunter Horsley的年度供應增加率僅為0.84％，得出的結論是，比特幣比黃金和任何其他已建立的價值存儲更稀少。更重要的是，隨著機構牽引力的不斷增長，資產可能會導致供應衝擊。

Moreover, another Bitwise report emphasized that 69% of the Bitcoin in circulation is in the hands of individuals, with investment vehicles like ETFs and businesses holding a combined 10.5%. As a result, institutions looking to buy large amounts of Bitcoin would have to hope that individuals sell their stash.

此外，另一份鑽頭報告強調，流通中有69％的比特幣掌握在個人手中，諸如ETF和企業的投資工具持有10.5％。結果，希望購買大量比特幣的機構必須希望個人出售藏匿處。

Institutional Influx to Drive a Multi-Year Bull Market

機構湧入以推動多年牛市

Further, demand for Bitcoin and crypto products is peaking. BlackRock (NYSE:BLK) and the broader US Bitcoin spot ETFs’ incessant inflows, Michael Saylor’s Strategy’s purchases, and other institutional acquisitions are outpacing Bitcoin’s supply.

此外，對比特幣和加密產品的需求達到了頂峰。 BlackRock（NYSE：BLK）和更廣泛的美國比特幣ETFS的不斷流入，Michael Saylor的策略的購買以及其他機構收購都超過了比特幣的供應。

Hougan noted that this institutional wave would catalyze a multi-year bull market, extensively driving Bitcoin prices to uncharted territories. Specifically, he suggested that the leading cryptocurrency would appreciate for five consecutive years, defying the historical cyclical paradigm.

霍根（Hougan）指出，這一機構浪潮將催化多年的牛市，廣泛地將比特幣價格推向未知領域。具體來說，他建議領先的加密貨幣連續五年會欣賞，這無視歷史週期性的範式。

Notably, he is not the first to suggest so. Recall that Binance CEO Changpeng Zhao shared a similar sentiment in a recent RugRadio podcast, predicting that Bitcoin will trade above $160,000 by the end of 2025 and between $500,000 and $1 million at the conclusion of this bull cycle.

值得注意的是，他不是第一個建議的人。回想一下，Binance首席執行官Changpeng Zhao在最近的Rugradio播客中分享了類似的觀點，預測，到2025年底，比特幣將在該公牛週期結束時交易超過160,000美元，在500,000至100萬美元之間交易。

In the meantime, Bitcoin trades at $103,984 at press time.

同時，發稿時比特幣的交易價格為103,984美元。