比特幣“限量 2100 萬枚”賣點遭市場質疑，ETF 與期貨創造“合成供應”衝擊市場
2026-02-05 20:35:54
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ChainCatcher 消息，隨著比特幣拋售加劇跌破 7 萬美元，其"限量 2100 萬枚"的核心賣點正遭市場質疑，分析人士指出 ETF、現金結算期貨、期權及融資借貸等衍生工具已稀釋比特幣稀缺性，創造出"合成供應"，使價格更多受衍生品交易而非供需驅動。
資深分析師 Bob Kendall 發文表示："一旦可以合成供應，資產不再稀缺，價格就變成衍生品遊戲，這正是比特幣目前的現狀。類似結構性變化也曾出現在黃金、白銀、石油及股票市場。"
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