CryptoQuant首席执行官Ki Young Ju说，标题：比特币（BTC）现在是放置资产

CryptoQuant的首席执行官表示，由于BTC的策略（MSTR）迅速积累了比特币，因此实际上是一种通缩资产。

CryptoQuant's CEO, Ki Young Ju, has pointed out that Bitcoin is effectively becoming a deflationary asset as Michael Saylor's Strategy is quickly accumulating BTC.

CryptoQuant的首席执行官Ki Young Ju指出，随着Michael Saylor的策略迅速积累了BTC，比特币正在有效地成为通缩资产。

In a post on X, Ju tells his 422,200 followers that despite Bitcoin's inflation, Strategy is buying coins faster than what miners can produce.

在X上的一篇文章中，JU告诉他的422,200个关注者，尽管比特币的通货膨胀，策略的购买速度比矿工可以生产的快。

CryptoQuant's data appears to show that when excluding coins held by MSTR, the supply of BTC has been going down since late last year.

加密的数据似乎表明，当不包括MSTR持有的硬币时，BTC的供应自去年下半年开始下降。

"Bitcoin is deflationary.

“比特币是放气的。

Strategy is buying BTC faster than it's mined. Their 555,000 BTC is illiquid with no plans to sell. MSTR's holdings alone mean a -2.23% annual deflation rate - likely higher with other stable institutional holders."

策略的购买速度比开采的速度快。他们的555,000 BTC流动性不佳，没有出售的计划。仅MSTR的持股量就意味着每年的通气率为-2.23％ - 其他稳定的机构持有人可能会更高。”

According to BitcoinTreasuries.net, Strategy has 555,450 BTC worth about $58 billion, representing 2.645% of Bitcoin's 21 million supply.

根据BitCoinReasuries.net的数据，战略拥有555,450 BTC，价值约580亿美元，占比特币2100万供应的2.645％。

Ju recently backtracked on his previous call that the Bitcoin bull market was over. The CEO said that Bitcoin's market structure is more complex now, with many different large players, making forecasting harder.

Ju最近回到了他之前的电话，说比特币牛市已经结束。这位首席执行官说，现在比特币的市场结构更加复杂，许多不同的大型参与者使预测更加困难。

According to the CryptoQuant CEO, selling pressure on BTC has eased in the face of "massive inflows" from spot exchange-traded funds (ETFs).

根据CryptoQuant首席执行官的说法，面对现货交易所交易基金（ETF）的“大量流入”，BTC的销售压力缓解了。

"In the past, the Bitcoin market was pretty simple. The main players were old whales, miners, and new retail investors, basically passing the bag to each other. When retail liquidity dried up and old whales started cashing out, it was relatively easy to predict the cycle peak. It was like a game of musical chairs - everyone tried to cash out at once, and those who didn't ended up stuck with their holdings.

“过去，比特币市场非常简单。主要的玩家是老鲸，矿工和新的零售投资者，基本上将袋子传递给彼此。当零售流动性干燥而旧鲸鱼开始兑现时，相对容易预测周期的峰值。这是一场音乐椅子，就像一场音乐椅一样 - 每个人都试图兑现，这些人没有兑现他们的最终持有的人，他们的持有量很容易，他们的持有量很容易就可以淘汰。

But now, the Bitcoin market has become much more diverse. ETFs, MicroStrategy (MSTR), institutional investors, and even government agencies are considering buying and selling Bitcoin. In the past, profit-taking cycles were triggered when whales cashed out at the peak, leading to a chain reaction of sell-offs and a price drop."

但是现在，比特币市场变得越来越多样化。 ETF，MicroStrategy（MSTR），机构投资者甚至政府机构都在考虑买卖比特币。过去，当鲸鱼在山顶上兑现时，触发了利润周期，从而导致抛售的连锁反应和价格下跌。”

At time of writing, Bitcoin is trading for $114,112.

在写作时，比特币的交易价格为114,112美元。