Bitwise Cio Matt Hougan绘制了一个比喻，比特币会经历严重的供应冲击

Bitwise Cio Matt Hougan进行了类比，表明比特币会遭受严重的供应冲击，这将大大提高价格。

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进行了一个类比，表明比特币（BTC）会遭受严重的供应冲击，这将广泛提高价格。

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在美国加密货币的主持人埃莉诺·特雷特（Eleanor Terrett）在多伦多的2025年共识会议上发表讲话时，霍根补充说，持有资产的人现在还早。他同意，开创性的加密货币有很大的生长空间，并指出，机构的曝光率增加和供应减少将引发这一集会。

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首席执行官Dan Morehead在先前的2025年会议上的评论，他建议市场甚至没有看到比特币的上涨潜力的一半。莫尔黑德（Morehead）建议有很大的生长空间。

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.

作为回应，Bitwise CIO同意了这种观点。他指出，比特币2100万个总供应中有95％已经流通，并由个人和机构所有。但是，对资产的需求仍处于其新生阶段，有95％的可投资资金仍未暴露于加密货币。

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.

据他说，分析这两个事实将比特币价格更高的理论带回家。有趣的是，他早些时候预测，加密货币领导人将在年底上升至200,000美元。

Bitcoin Growing Increasingly Scarce

比特币越来越稀缺

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.

同时，尽管全球资本大部分尚未流入比特币，但限制的代币越来越稀缺。 Bitwise在最近的一份报告中强调了这一立场，该立场在全球范围内称为“价值的稀缺商店”。

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的首席执行官Hunter Horsley的年度供应增加率仅为0.84％，得出的结论是，比特币比黄金和任何其他已建立的价值存储更稀少。更重要的是，随着机构牵引力的不断增长，资产可能会导致供应冲击。

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，另一份钻头报告强调，流通中有69％的比特币掌握在个人手中，诸如ETF和企业的投资工具持有10.5％。结果，希望购买大量比特币的机构必须希望个人出售藏匿处。

Institutional Influx to Drive a Multi-Year Bull Market

机构涌入以推动多年牛市

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，对比特币和加密产品的需求达到了顶峰。 BlackRock（NYSE：BLK）和更广泛的美国比特币ETFS的不断流入，Michael Saylor的策略的购买以及其他机构收购都超过了比特币的供应。

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，这一机构浪潮将催化多年的牛市，广泛地将比特币价格推向未知领域。具体来说，他建议领先的加密货币连续五年会欣赏，这无视历史周期性的范式。

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，他不是第一个建议的人。回想一下，Binance首席执行官Changpeng Zhao在最近的Rugradio播客中分享了类似的观点，预测，到2025年底，比特币将在该公牛周期结束时交易超过160,000美元，在500,000至100万美元之间交易。

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

同时，发稿时比特币的交易价格为103,984美元。