币界网报道：Bitcoin's supply shock has officially begun, with analysts predicting a significant price surge as demand outstrips available supply. According to recent data, over 75% of Bitcoin's circulating supply hasn't moved in the past six months, indicating strong holder conviction. This supply squeeze coincides with the upcoming Bitcoin halving in April 2024, which will reduce daily mining rewards from 900 BTC to 450 BTC. Major institutional players like MicroStrategy continue accumulating Bitcoin, having purchased an additional 16,130 BTC worth approximately $1.1 billion in recent months. On-chain metrics show exchange reserves at multi-year lows, with only about 2.3 million BTC available for trading - less than 12% of total supply. The launch of spot Bitcoin ETFs in the U.S. has further tightened supply, with these funds collectively holding over 300,000 BTC. Market observers note that this supply-demand imbalance could trigger substantial price appreciation, with some analysts forecasting Bitcoin could reach $100,000 by year-end. The current market structure resembles conditions preceding previous major bull runs, though experts caution that macroeconomic factors like interest rates and regulatory developments could still impact price trajectory.