Bitwise Cio Matt Hougan揭示了95％的比特币已发行，在需求上升时会放大稀缺性

Bitwise Cio Matt Hougan透露，已经发布了比特币总供应总额的95％。同时，霍根说，只有一小部分可投资资本投资于比特币。

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，在关键的拐点处，比特币（BTC）面临着稀缺性的增加，尤其是已经发出的可用供应总额的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的采访中，Hougan透露，已经发布了总比特币供应量的95％，而仅在比特币上投资了总可投资资本的一小部分。

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.

这种不平衡的情况表明，供应的大幅下降可能会推动比特币的价格上涨。他预计，大量的机构资金涌入比特币将导致需求超过可用供应。

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

稀缺的供应和需求不断增加，目前所有者都有很大的权力来推动价格波动。

Bitcoin Growing Increasingly Scarce

比特币越来越稀缺

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.

比特币定期证明年度排放量减少，强调了其在全球范围内的稀缺性。 Bitwise提到比特币目前的年度供应增长仅为0.84％，这比黄金稀有。

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，与机构投资者和ETF相比，个人控制了所有比特币的四分之三以上，这些投资者和ETF少于一半。

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.

结果，除非所有者决定剥离投资，否则机构发现积累主要持股量变得越来越困难。相反，即使比特币获得了知名度，许多长期信徒也不愿卖出。

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首席执行官亨特·霍斯利（Hunter Horsley）认为比特币是最稀有，最有限的全球财富形式。他强调，比每年发行的流通量要多的人想要获得资产。

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

试图增加比特币分配的机构面临越来越多的挑战，因为可用的供应仍然狭窄。

Hougan Predicts Sharp Rise in Bitcoin

霍根预测比特币的急剧上升

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

当机构参与者加速加密货币时，来自机构的投资正在上升。

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.

黑石进入比特币期货ETF和通过策略的积累，使比特币的供应远低于机构流入。

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.

迈克尔说，由于机构将更多的钱投入比特币，市场直到最近才进入扩展阶段。由于机构的强烈支持，霍根（Hougan）预测，比特币将在未来五年内看到公牛的奔跑。

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

从历史上看，与当前趋势相比，比特币市场的看涨时间持续了一段时间。

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继续预测，随着机构增长的继续，到年底，比特币将达到200,000美元。诸如Binance的Changpeng Zhao之类的分析师预测，在这个周期结束之前，比特币的价格将大幅上涨。