分析：比特币表观需求已降至今年以来最悲观的水平

PANews2026-05-25 00:49:00

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PANews 5月25日消息，CryptoQuant分析师Darkfost在X平台发文分析称，比特币表观需求已降至年初以来最看跌水平，估计接近-14.7万枚BTC，上一次出现如此悲观的市场情绪要追溯到2025年12月。表观需求计算为新发行比特币与一年以上未移动供应量之间的差额，用于衡量结构性积累是否足以吸收网络新供应。这一发展表明需求持续萎缩，若现货需求没有实质性复苏，仅靠期货市场推动的动能难以维持持久上涨。期货可支撑短期动能并放大价格波动，但持续的看涨阶段通常需要真实的现货需求。不过分析师指出，这种环境历史上也为有耐心的长期投资者创造了机会。

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