比特币表观需求正在下降——需要警惕吗？

过去几周，比特币价格一直承受着巨大的看跌压力，这位加密货币研究人员解释了需求在市场调整中的作用。

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.

需求在任何市场中都起着至关重要的作用，加密货币市场也不例外。最近，一位加密货币研究人员强调了需求在比特币价格持续调整中的作用。

? BTC Demand Drops: A Cause For Concern?

? BTC 需求下降：值得担忧吗？

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 平台最近发布的一篇文章中，CryptoQuant 的研究主管 Julio Moreno 详细阐述了最新的比特币价格调整如何与 BTC 需求下降联系起来。该分析基于 CryptoQuant 平台上的比特币表观需求指标。

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.

表观需求计算是金融市场中经常使用的一个概念，通过比较生产水平和库存变化来评估需求。本质上，该指标清楚地表明需求是增加还是减少。

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.

对于像比特币这样的加密货币，表观需求是使用非活跃供应的概念来计算的，它跟踪在特定时期内未移动或交易的比特币数量。

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.

正如莫雷诺所强调的，下图使用 1 年不活跃供应作为“库存代理”。这表明它监控一年多没有移动或交易的 BTC 数量。

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.

根据 CryptoQuant 的数据，过去 30 天内，约 23,000 BTC 已从 1 年不活跃供应中流出。这表明比特币需求下降，因为长期投资者似乎正在选择出售和转移他们的比特币。

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.

需求的下降有几个影响，特别是对主要加密货币的价值。例如，需求低迷被认为是近期价格调整的催化剂之一。

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.

长期持有者大量比特币进入市场增加了可用供应，给价格带来下行压力。此外，当市场购买力不足以吸收额外供应时，价格可能会下跌。

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 在每周报告中透露，在美国现货 ETF 推出后，比特币需求与第一季度相比显着下降。鉴于目前价格下跌，比特币需求的增加似乎可能有助于持续当前的牛市。

Bitcoin Price At A Glance

比特币价格一览

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.

截至撰写本文时，比特币价格约为 60,790 美元，过去一周下跌 1.6%。根据 CoinGecko 的数据，市场领先者在过去 30 天内下跌了近 6%。