交易所的比特币供应减少，减半加剧稀缺性

根据全球最大的加密货币交易所之一 Bybit 的一份报告，由于供应量即将减少 50%，交易所的比特币供应量仅剩九个月。预计减半将加剧比特币的短缺，根据库存流量（S2F）比率，其稀缺程度将是黄金的两倍。机构投资者认识到比特币日益增加的稀缺性和投资吸引力，一直在积极准备这一事件。

Bitcoin Supply on Exchanges Dwindling, Halving to Exacerbate Scarcity

交易所的比特币供应减少，减半加剧稀缺

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.

著名加密货币交易所Bybit最近的一份报告显示，中心化交易所的比特币供应正在迅速减少，储备仅剩九个月。这种稀缺归因于即将到来的减半，即比特币产量预计将在 2024 年 4 月减少 50%。

Exchanges Running Low on Bitcoin

交易所的比特币即将耗尽

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of a daily inflow of $500 million into Bitcoin Spot ETFs, Bybit estimates that the equivalent of 7,142 Bitcoins will be withdrawn from exchange reserves each day.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.

该报告强调，目前中心化交易所持有的比特币储备约为 200 万枚。假设每天有 5 亿美元流入比特币现货 ETF，Bybit 估计每天将从外汇储备中提取相当于 7,142 个比特币。这表明大约需要九个月的时间才能耗尽剩余供应。

Halving to Double Bitcoin Scarcity

减半使比特币稀缺性增加一倍

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.

报告强调，即将到来的减半将显着增加比特币的稀缺性，使其稀缺程度是黄金的两倍。比特币的库存流量 (S2F) 比率（S2F）通过将其流通供应量除以年产量来衡量商品的稀缺性，目前比特币约为 56，而黄金为 60。然而，减半后，比特币的 S2F 比率预计将翻一番，达到 112，超过黄金。

Institutional Investors Taking Notice

机构投资者注意到

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.

机构投资者，特别是自美国批准比特币现货ETF以来，一直在期待这一事件并积累比特币。报告指出，即使在波动的加密货币市场中，比特币也因其低贝塔值和与其他加密货币的高相关性而成为投资者的避风港。

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 联合创始人兼首席执行官 Ben Joe 在评论即将到来的减半的意义时表示：“每次比特币减半都巩固了比特币不仅是一种货币，而且是一种稀缺数字资产，类似于数字黄金的叙述。 2024 年减半将使比特币进入一个无与伦比的稀缺时代，使其稀有程度是黄金的两倍。”

Implications for Bitcoin's Future

对比特币未来的影响

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.

随着比特币在交易所的供应量减少和稀缺性增加，从长远来看，其价值预计会升值。随着减半的临近，建议投资者密切关注事态发展，并考虑对其投资组合的潜在影响。

Conclusion

结论

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报告的调查结果表明，交易所上的比特币供应正在迅速萎缩，即将到来的减半将进一步加剧这种稀缺性。机构投资者预计比特币价值不断上涨，因此正在积极积累比特币。随着减半的临近，这种稀缺性将如何影响比特币和更广泛的加密货币市场的轨迹还有待观察。