According to online reports, Sygnum Bank pointed out in its latest market outlook analysis that the circulation supply of Bitcoin has decreased by about 30% in the past 18 months, resulting in a significant decline in market liquidity. Analysts said that as ETF inflows increase and governments increase interest in bitcoin reserves, the market may face a "demand shock," in which the number of buyers far exceeds the amount of available coins. In addition, the turmoil in the U.S. Treasury market and the weakening of the U.S. dollar have made Bitcoin more attractive as a safe-haven asset and further boosted demand for it. These factors together may trigger upward fluctuations in Bitcoin prices in the coming months.（CoinDesk）