比特幣表觀需求正在下降－需要警惕嗎？

過去幾週，比特幣價格一直承受著巨大的看跌壓力，這位加密貨幣研究人員解釋了需求在市場調整中的作用。

Demand plays a crucial role in any market, and the cryptocurrency market is no exception. Recently, a crypto researcher has highlighted the role of demand in the ongoing Bitcoin price correction.

需求在任何市場中都起著至關重要的作用，加密貨幣市場也不例外。最近，一位加密貨幣研究人員強調了需求在比特幣價格持續調整中的作用。

? BTC Demand Drops: A Cause For Concern?

? BTC 需求下降：值得擔憂嗎？

In a recent post on the X platform, CryptoQuant’s head of research Julio Moreno has elaborated on how the latest Bitcoin price correction can be linked to the decreasing demand for BTC. This analysis is based on the Bitcoin apparent demand metric on the CryptoQuant platform.

在 X 平台最近發布的一篇文章中，CryptoQuant 的研究主管 Julio Moreno 詳細闡述了最新的比特幣價格調整如何與 BTC 需求下降聯繫起來。該分析基於 CryptoQuant 平台上的比特幣表觀需求指標。

Apparent demand calculation is a concept often used in financial markets to assess demand by comparing production levels and inventory changes. Essentially, this metric provides a clear indication of whether demand is increasing or decreasing.

表觀需求計算是金融市場中經常使用的概念，透過比較生產水準和庫存變化來評估需求。本質上，該指標清楚地表明需求是增加還是減少。

For cryptocurrencies like Bitcoin, apparent demand is calculated using the concept of inactive supply, which tracks the amount of Bitcoin that has not been moved or transacted over a specific period.

對於像比特幣這樣的加密貨幣，表觀需求是使用不活躍供應的概念來計算的，它追蹤在特定時期內未移動或交易的比特幣數量。

As highlighted by Moreno, the chart below uses the 1-year inactive supply as a “proxy for inventory.” This indicates that it monitors the amount of BTC that has not been moved or transacted for over a year.

正如莫雷諾所強調的，下圖使用 1 年不活躍供應作為「庫存代理」。這表明它監控一年多沒有移動或交易的 BTC 數量。

According to data from CryptoQuant, about 23,000 BTC have flowed out of the 1-year inactive supply in the last 30 days. This suggests a decrease in Bitcoin demand, as it appears that long-term investors are choosing to sell and move their Bitcoin.

根據 CryptoQuant 的數據，過去 30 天內，約 23,000 BTC 已從 1 年不活躍供應中流出。這表明比特幣需求下降，因為長期投資者似乎正在選擇出售和轉移他們的比特幣。

This decrease in demand has several implications, particularly on the value of the premier cryptocurrency. For example, the low demand is noted to be one of the catalysts for the recent price correction.

需求的下降有幾個影響，特別是對主要加密貨幣的價值。例如，需求低迷被認為是近期價格調整的催化劑之一。

The entry of large amounts of BTC from long-term holders into the market increases the available supply, putting downward pressure on the prices. Furthermore, dips in prices can occur when the market’s buying strength is not strong enough to absorb the additional supply.

長期持有者大量比特幣進入市場增加了可用供應，對價格造成下行壓力。此外，當市場購買力不足以吸收額外供應時，價格可能會下跌。

In a weekly report, CryptoQuant revealed that Bitcoin demand has significantly decreased compared to Q1 — following the launch of the US spot ETFs. With prices currently down, it seems that an increase in BTC demand could potentially help continue the current bull run.

CryptoQuant 在每週報告中透露，在美國現貨 ETF 推出後，比特幣需求與第一季相比顯著下降。鑑於目前價格下跌，比特幣需求的增加似乎可能有助於持續當前的牛市。

Bitcoin Price At A Glance

比特幣價格一覽

At the time of writing, the Bitcoin price is around $60,790, showing a 1.6% decrease in the past week. According to data from CoinGecko, the market leader is down by nearly 6% in the past 30 days.

截至撰寫本文時，比特幣價格約為 60,790 美元，過去一周下跌 1.6%。根據 CoinGecko 的數據，市場領先者在過去 30 天內下跌了近 6%。