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Sygnum Bank报告:比特币流动性紧缩为未来价格上行创造条件
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暴哥正能量
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6 月 4 日,瑞士 Sygnum 银行在周二发布的市场展望报告指出,比特币流通量正急剧收缩,过去 18 个月流动性 BTC 供应量预估下降 30%,这种急剧的流动性枯竭可能为未来数月价格上行波动埋下伏笔。


分析师在报告中写道:「在需求持续走强的背景下,比特币流动性供应正面临严重紧缩,这为价格上行冲击创造了条件。」报告特别强调,比特币 ETF 资金流入激增,加上各国政府对比特币储备的日益开放,正在引发市场对「需求冲击」的预期——即买家过多而可流通代币过少的局面。


Sygnum 数据显示,自 2023 年底以来,已有超过 100 万枚 BTC 从交易平台流出,ETF 机构和企业资金储备是主要囤积力量。这种趋势给交易者带来额外压力,当市场剧烈波动时,他们可能面临流动性不足难以平仓或补足保证金的困境。


与此同时,美国国债市场动荡和美元走弱,正进一步强化比特币的避险属性。报告指出,美债价格下跌和联邦债务膨胀正驱使投资者重新转向黄金和比特币。加密货币在这些财政逆风中展现的韧性,表明其正成为对冲工具的新选择。

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