比特币变得罕见：供应冲击？

随着日子的流逝，一个明显的事实正在形成：比特币正在成为一种稀缺的商品。液体供应在阳光下像雪一样融化。

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?

随着日子的流逝，一个明显的事实正在形成：比特币正在成为一种稀缺的商品。液体供应在阳光下像雪一样融化。对于某些人来说，这种稀缺不再是微不足道的。分析师现在担心过度集中。市场上的BTC较少也意味着小额持有人的访问量更少。网络余额是否变成无声集中？

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.

比特币新闻：最新的玻璃节报告很明确。现在，液化性的比特币现在达到1400万BTC。这是历史记录。在一个月内，有18万比特币离开了市场的不活动钱包。这些钱包几乎没有交易。他们握住，积累，锁定供应。

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.

这种趋势标志着比特币知觉发生了深刻的转变。它不再只是交易资产。它变成了一个储备，等待的要塞。根据GlassNode的说法，当钱包的支出比低于0.25时，钱包是流动性的。这意味着它存储的存储量超过其花费。换句话说：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?

这种流动性的上升可能标志着供应冲击。更少的可用比特币可能会增加价格压力。但这也创建了一个生态系统，购买变得困难。比特币不再循环；它掩埋了自己。这仍然健康吗？

Whales, miners, and the silent disappearance of bitcoin

鲸鱼，矿工和比特币的无声消失

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.

这种现象不是随机的。鲸鱼回来了，比以往任何时候都更加饥饿。根据Santiment的说法，一个月内获得了10至10,000 BTC的持有人，获得了83,105 BTC。连续有条理的积累。他们利用倾角来加强自己的位置。

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.

同时，小持有人正在卸载。出于恐惧。缺乏视力。不对称加深。一方面，机构和ETF资金锁定供应。另一方面，零售恐慌和销售。这种不平衡改变了市场结构。

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.

另一个值得关注的球员：矿工。从历史上看，他们现在持有BTC。这减少了循环供应并加强潜在的冲击酿造。比特币变得越难以接近，它就越有成圣。游戏改变了。市场不再流畅。它围绕着电力袋收缩。

Bitcoin, illiquidity, and accumulation: the numbers speak

比特币，流动性和积累：数字说话

The numbers support this upheaval:

数字支持这一动荡：

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.

面对这种情况，有些人大声疾呼，因为他们的稀缺性稀缺。其他人则看到一种柔软的操纵。最近推出的现场ETF扮演着决定性的角色。他们捕获并将其锁定在数字保险库中。这消除了市场的更多数量。

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

ETF中放置的比特币不再交易。它被冷冻，像数字金吧一样保持。硬币局警告：

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.

这不是暂时的炒作。这是对加密景观的进步大修。一个新时代，更封闭，流畅，但也许更具战略意义。

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，尽管有些人观察到价格合并，但恐惧却陷入了困境。一些交易员说，100,000美元的门槛可能会破裂。技术信号是明确的：当心突破此符号级别以下。