Bitwise Cio Matt Hougan揭示了95％的比特幣已發行，在需求上升時會放大稀缺性

Bitwise Cio Matt Hougan透露，已經發布了比特幣總供應總額的95％。同時，霍根說，只有一小部分可投資資本投資於比特幣。

At a critical inflection point, Bitcoin (BTC) faces increasing scarcity as demand rises, especially with 95% of the total available supply already issued, stated Bitwise CIO Matt Hougan.

Bitwise Cio Cio Matt Hougan表示，在關鍵的拐點處，比特幣（BTC）面臨著稀缺性的增加，尤其是已經發出的可用供應總額的95％。

During an interview with Smart Money, Hougan revealed that approximately 95% of the total Bitcoin supply has been issued, while only a small fraction of total investable capital has been invested in Bitcoin.

在接受Smart Money的採訪中，Hougan透露，已經發布了總比特幣供應量的95％，而僅在比特幣上投資了總可投資資本的一小部分。

This lopsided scenario suggests that a substantial decrease in supply could drive up the price of Bitcoin. He anticipates a fast-growing influx of institutional money into Bitcoin will cause demand to outpace available supply.

這種不平衡的情況表明，供應的大幅下降可能會推動比特幣的價格上漲。他預計，大量的機構資金湧入比特幣將導致需求超過可用供應。

Scarce supply and increasing demand give the current owners considerable power to drive price fluctuations.

稀缺的供應和需求不斷增加，目前所有者都有很大的權力來推動價格波動。

Bitcoin Growing Increasingly Scarce

比特幣越來越稀缺

Bitcoin has been regularly demonstrating decreasing annual emissions, highlighting its scarcity worldwide. Bitwise mentioned that Bitcoin’s current annual supply growth is only 0.84%, which makes it rarer than gold.

比特幣定期證明年度排放量減少，強調了其在全球範圍內的稀缺性。 Bitwise提到比特幣目前的年度供應增長僅為0.84％，這比黃金稀有。

The study by Bitwise shows that individuals control more than three-quarters of all Bitcoin compared to institutional investors and ETFs, which hold less than half.

Bitwise的研究表明，與機構投資者和ETF相比，個人控制了所有比特幣的四分之三以上，這些投資者和ETF少於一半。

As a result, institutions find it increasingly difficult to amass major holdings unless owners decide to divest their investments. Conversely, many long-term believers are reluctant to sell, even as Bitcoin gains popularity.

結果，除非所有者決定剝離投資，否則機構發現積累主要持股量變得越來越困難。相反，即使比特幣獲得了知名度，許多長期信徒也不願賣出。

Bitwise CEO Hunter Horsley considers Bitcoin the rarest and most limited form of global wealth. He stressed that more people want to acquire the asset than the amount released into circulation each year.

Bitwise首席執行官亨特·霍斯利（Hunter Horsley）認為比特幣是最稀有，最有限的全球財富形式。他強調，比每年發行的流通量要多的人想要獲得資產。

Institutions attempting to increase their allocation in Bitcoin face growing challenges because the available supply remains narrow.

試圖增加比特幣分配的機構面臨越來越多的挑戰，因為可用的供應仍然狹窄。

Hougan Predicts Sharp Rise in Bitcoin

霍根預測比特幣的急劇上升

Investment from institutional players is on the rise as they accelerate crypto purchases.

當機構參與者加速加密貨幣時，來自機構的投資正在上升。

The entry of BlackRock into Bitcoin futures ETFs and the accumulation of coins by Strategy have resulted in Bitcoin’s supply remaining far below institutional inflows.

黑石進入比特幣期貨ETF和通過策略的積累，使比特幣的供應遠低於機構流入。

Michael said the market has only recently entered the expansion phase, as institutions are putting more money into Bitcoin. Due to strong institutional support, Hougan predicted that Bitcoin could see a bull run for the next five years.

邁克爾說，由於機構將更多的錢投入比特幣，市場直到最近才進入擴展階段。由於機構的強烈支持，霍根（Hougan）預測，比特幣將在未來五年內看到公牛的奔跑。

Historically, bullish runs in the Bitcoin market have lasted a shorter period of time compared to current trends.

從歷史上看，與當前趨勢相比，比特幣市場的看漲時間持續了一段時間。

The Bitwise CIO went on to predict that Bitcoin could reach $200,000 by the end of the year as institutional growth continues. Analysts such as Binance’s Changpeng Zhao have predicted that Bitcoin’s price will rise significantly more before this cycle ends.

Bitwise CIO繼續預測，隨著機構增長的繼續，到年底，比特幣將達到200,000美元。諸如Binance的Changpeng Zhao之類的分析師預測，在這個週期結束之前，比特幣的價格將大幅上漲。