{"id":64183,"date":"2026-04-23T15:55:15","date_gmt":"2026-04-23T15:55:15","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/64183\/"},"modified":"2026-04-23T15:55:15","modified_gmt":"2026-04-23T15:55:15","slug":"tezari-pod-tlakem-bitcoinova-obtiznost-klesa-ale-ta-prava-boure-teprve-prijde","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/64183\/","title":{"rendered":"T\u011b\u017ea\u0159i pod tlakem: Bitcoinov\u00e1 obt\u00ed\u017enost kles\u00e1, ale ta prav\u00e1 bou\u0159e teprve p\u0159ijde"},"content":{"rendered":"

Bitcoinov\u00e1 s\u00ed\u0165 proch\u00e1z\u00ed zaj\u00edmav\u00fdm obdob\u00edm. Obt\u00ed\u017enost t\u011b\u017eby sice kr\u00e1tkodob\u011b klesla, ale podle odhad\u016f ji \u010dek\u00e1 op\u011btovn\u00fd r\u016fst, co\u017e p\u0159ich\u00e1z\u00ed v dob\u011b, kdy t\u011b\u017ea\u0159i \u010del\u00ed siln\u00e9mu ekonomick\u00e9mu tlaku. Rostouc\u00ed n\u00e1klady, ni\u017e\u0161\u00ed odm\u011bny a nep\u0159\u00edzniv\u00fd tr\u017en\u00ed v\u00fdvoj nut\u00ed t\u011b\u017ea\u0159sk\u00e9 spole\u010dnosti k z\u00e1sadn\u00edm rozhodnut\u00edm, v\u010detn\u011b rekordn\u00edch prodej\u016f bitcoin\u016f<\/a>.<\/p>\n

Obt\u00ed\u017enost t\u011b\u017eby kr\u00e1tkodob\u011b klesla<\/p>\n

Aktu\u00e1ln\u00ed data ukazuj\u00ed, \u017ee obt\u00ed\u017enost t\u011b\u017eby<\/a> bitcoinu klesla p\u0159ibli\u017en\u011b o 1,1 % na hodnotu kolem 135,5 T. Tento pokles nazna\u010duje m\u00edrn\u00e9 uvoln\u011bn\u00ed podm\u00ednek pro t\u011b\u017ea\u0159e, alespo\u0148 do\u010dasn\u011b.<\/p>\n

\"Obt\u00ed\u017enost<\/p>\n

\t\tObt\u00ed\u017enost t\u011b\u017eby bitcoinu mezi lety 2014 a 2026. Dal\u0161\u00ed \u00faprava obt\u00ed\u017enosti bitcoinu se odhaduje na 1. kv\u011btna 2026 ve 13:24:54 UTC, \u010d\u00edm\u017e se obt\u00ed\u017enost t\u011b\u017eby bitcoinu zv\u00fd\u0161\u00ed ze 135,59 T na 137,43 T. Zdroj: coinwarz.com<\/p>\n

Z\u00e1rove\u0148 se m\u00edrn\u011b zm\u011bnil i pr\u016fm\u011brn\u00fd \u010das vytvo\u0159en\u00ed bloku, kter\u00fd se pohybuje kolem 9,8 minuty, tedy lehce pod c\u00edlovou hodnotou 10 minut. Tento \u00fadaj ukazuje, \u017ee s\u00ed\u0165 z\u016fst\u00e1v\u00e1 relativn\u011b stabiln\u00ed a efektivn\u00ed.<\/p>\n

Dal\u0161\u00ed \u00faprava m\u016f\u017ee trend oto\u010dit<\/p>\n

Sou\u010dasn\u00fd pokles ale pravd\u011bpodobn\u011b nebude m\u00edt dlouh\u00e9ho trv\u00e1n\u00ed. Odhady nazna\u010duj\u00ed, \u017ee p\u0159i p\u0159\u00ed\u0161t\u00ed \u00faprav\u011b obt\u00ed\u017enosti, pl\u00e1novan\u00e9 na za\u010d\u00e1tek kv\u011btna 2026, by m\u011bla obt\u00ed\u017enost op\u011bt vzr\u016fst.<\/p>\n

Konkr\u00e9tn\u011b by se m\u011bla zv\u00fd\u0161it z p\u0159ibli\u017en\u011b 135,6 T na 137,4 T, co\u017e znamen\u00e1 n\u00e1vrat k n\u00e1ro\u010dn\u011bj\u0161\u00edm podm\u00ednk\u00e1m pro t\u011b\u017ebu. K t\u00e9to zm\u011bn\u011b by m\u011blo doj\u00edt b\u011bhem zhruba necel\u00fdch dvou t\u00fddn\u016f.<\/p>\n

Rekordn\u00ed prodeje BTC mezi t\u011b\u017ea\u0159i<\/p>\n

Z\u00e1sadn\u00edm t\u00e9matem posledn\u00edch m\u011bs\u00edc\u016f jsou tak\u00e9 kroky samotn\u00fdch t\u011b\u017ea\u0159\u016f. Ve\u0159ejn\u011b obchodovan\u00e9 t\u011b\u017ea\u0159sk\u00e9 spole\u010dnosti prodaly v prvn\u00edm \u010dtvrtlet\u00ed roku 2026 v\u00edce bitcoin\u016f ne\u017e za cel\u00fd rok 2025 dohromady.<\/p>\n

\"Celkov\u00fd<\/p>\n

\t\tCelkov\u00fd po\u010det BTC dr\u017een\u00fdch t\u011b\u017ea\u0159i bitcoinu postupn\u011b od roku 2023 kles\u00e1. Zdroj: CryptoQuant<\/p>\n

Mezi nejaktivn\u011bj\u0161\u00ed pat\u0159ily firmy jako Marathon Digital, CleanSpark, Riot Platforms, Cango, Core Scientific a Bitdeer. Dohromady prodaly p\u0159es 32 000 BTC, co\u017e v\u00fdrazn\u011b p\u0159ekon\u00e1v\u00e1 i d\u0159\u00edv\u011bj\u0161\u00ed extr\u00e9my.<\/p>\n

\"\u010ctvrtletn\u00ed<\/p>\n

\t\t\u010ctvrtletn\u00ed likvidace BTC ve\u0159ejn\u011b obchodovan\u00fdmi bitcoinov\u00fdmi t\u011b\u017ea\u0159sk\u00fdmi spole\u010dnostmi, Q1 2022\u2013Q1 2026. Zdroj: theenergymag.com<\/p>\n

Pro srovn\u00e1n\u00ed, b\u011bhem druh\u00e9ho \u010dtvrtlet\u00ed 2022, kdy trh zas\u00e1hl kolaps Terra-Luna, prodali t\u011b\u017ea\u0159i zhruba 20 000 BTC. Sou\u010dasn\u00e1 \u010d\u00edsla tak ukazuj\u00ed na je\u0161t\u011b siln\u011bj\u0161\u00ed tlak.<\/p>\n

Pro\u010d t\u011b\u017ea\u0159i prod\u00e1vaj\u00ed?<\/p>\n

T\u011b\u017ea\u0159i tradi\u010dn\u011b prod\u00e1vaj\u00ed \u010d\u00e1st sv\u00fdch bitcoin\u016f, aby pokryli provozn\u00ed n\u00e1klady. Ty jsou toti\u017e vyj\u00e1d\u0159eny v b\u011b\u017en\u00fdch m\u011bn\u00e1ch, nikoli v kryptu. Sou\u010dasn\u00e1 situace je ale extr\u00e9mn\u00ed. N\u00e1klady na vyt\u011b\u017een\u00ed jednoho bitcoinu se v n\u011bkter\u00fdch p\u0159\u00edpadech dost\u00e1vaj\u00ed nad jeho tr\u017en\u00ed cenu.<\/p>\n

\"N\u00e1klady<\/p>\n

\t\tN\u00e1klady t\u011b\u017eebn\u00edch spole\u010dnost\u00ed na vyt\u011b\u017een\u00ed jednoho BTC. Zdroj: theenergymag.com<\/p>\n

To znamen\u00e1, \u017ee \u010d\u00e1st t\u011b\u017ea\u0159\u016f operuje na hran\u011b profitability. Podle dat CoinShares m\u016f\u017ee b\u00fdt a\u017e 20 % t\u011b\u017ea\u0159\u016f v sou\u010dasn\u00fdch podm\u00ednk\u00e1ch ztr\u00e1tov\u00fdch.<\/p>\n

\"Bitcoin<\/p>\n

\t\tBitcoin Hashprice Index je ukazatel, kter\u00fd \u0159\u00edk\u00e1, kolik vyd\u011bl\u00e1 t\u011b\u017ea\u0159 za sv\u016fj v\u00fdpo\u010detn\u00ed v\u00fdkon. Jednodu\u0161e \u0159e\u010deno jde o odm\u011bnu za 1 jednotku hashrate (nap\u0159. 1 TH\/s) za den, obvykle vyj\u00e1d\u0159enou v dolarech. Zahrnuje jak blokov\u00e9 odm\u011bny, tak transak\u010dn\u00ed poplatky. Zdroj: data.hashrateindex.com<\/p>\n

Kombinace negativn\u00edch faktor\u016f<\/p>\n

Tlak na t\u011b\u017ea\u0159e nen\u00ed zp\u016fsoben jedin\u00fdm faktorem. Jde o kombinaci n\u011bkolika vliv\u016f, kter\u00e9 se vz\u00e1jemn\u011b posiluj\u00ed. Pat\u0159\u00ed mezi n\u011b:<\/p>\n

\u2013 sn\u00ed\u017een\u00ed blokov\u00fdch odm\u011bn po halvingu<\/a> v roce 2024,
\u2013 rostouc\u00ed ceny energi\u00ed,
\u2013 dlouhodob\u011bj\u0161\u00ed slabost kryptotrhu,
\u2013 geopolitick\u00e9 nap\u011bt\u00ed.<\/p>\n

V\u00fdznamnou roli sehr\u00e1l tak\u00e9 v\u00fdvoj ceny bitcoinu. Na podzim 2025 do\u0161lo k prudk\u00e9 korekci, kdy cena klesla z p\u0159ibli\u017en\u011b 125 000 USD na 86 000 USD do konce roku. Tento propad v\u00fdrazn\u011b zas\u00e1hl ekonomiku t\u011b\u017eby.<\/p>\n

Nejt\u011b\u017e\u0161\u00ed obdob\u00ed od halvingu<\/p>\n

Podle dostupn\u00fdch zpr\u00e1v bylo posledn\u00ed \u010dtvrtlet\u00ed roku 2025 pro t\u011b\u017ea\u0159e nejn\u00e1ro\u010dn\u011bj\u0161\u00ed od halvingu v dubnu 2024. Kombinace klesaj\u00edc\u00ed ceny a rostouc\u00ed obt\u00ed\u017enosti z\u00e1sadn\u011b sn\u00ed\u017eila jejich mar\u017ee.<\/p>\n

Tento v\u00fdvoj se p\u0159enesl i do roku 2026, kdy t\u011b\u017ea\u0159i pokra\u010duj\u00ed v prodej\u00edch a hledaj\u00ed zp\u016fsoby, jak udr\u017eet provoz v chodu.<\/p>\n

Z\u00e1v\u011bre\u010dn\u00fd koment\u00e1\u0159<\/p>\n

Situace kolem t\u011b\u017eby bitcoinu ukazuje, jak citliv\u00fd je cel\u00fd ekosyst\u00e9m na kombinaci technologick\u00fdch a ekonomick\u00fdch faktor\u016f. Kr\u00e1tkodob\u00fd pokles obt\u00ed\u017enosti m\u016f\u017ee p\u016fsobit jako \u00faleva, ale struktur\u00e1ln\u00ed probl\u00e9my t\u00edm nemiz\u00ed. Naopak, o\u010dek\u00e1van\u00fd r\u016fst obt\u00ed\u017enosti nazna\u010duje, \u017ee tlak na t\u011b\u017ea\u0159e bude pokra\u010dovat.<\/p>\n

Rekordn\u00ed prodeje BTC ze strany velk\u00fdch t\u011b\u017ea\u0159sk\u00fdch firem z\u00e1rove\u0148 nazna\u010duj\u00ed, \u017ee se sektor nach\u00e1z\u00ed ve f\u00e1zi p\u0159izp\u016fsobov\u00e1n\u00ed nov\u00fdm podm\u00ednk\u00e1m. N\u011bkter\u00e9 firmy mohou b\u00fdt nuceny optimalizovat provoz nebo hledat levn\u011bj\u0161\u00ed zdroje energie, zat\u00edmco jin\u00e9 se mohou dostat do je\u0161t\u011b v\u011bt\u0161\u00edch finan\u010dn\u00edch pot\u00ed\u017e\u00ed.<\/p>\n

Z \u0161ir\u0161\u00edho pohledu jde o p\u0159irozen\u00fd cyklus, kter\u00fdm t\u011b\u017eebn\u00ed odv\u011btv\u00ed proch\u00e1z\u00ed. Ot\u00e1zkou z\u016fst\u00e1v\u00e1, jak dlouho budou sou\u010dasn\u00e9 podm\u00ednky p\u0159etrv\u00e1vat a jak hlubok\u00fd dopad budou m\u00edt na strukturu cel\u00e9ho mining sektoru.<\/p>\n

\ud83d\udc49 Co si o tom mysl\u00edte vy? Mysl\u00edte, \u017ee tlak na t\u011b\u017ea\u0159e m\u016f\u017ee ovlivnit i cenu Bitcoinu v dal\u0161\u00edch m\u011bs\u00edc\u00edch? Napi\u0161te sv\u016fj n\u00e1zor do koment\u00e1\u0159\u016f. \ud83d\udc47<\/p>\n

Zaregistrujte se na TOP krypto burzu Bybit EU skrze tento odkaz a z\u00edskejte a\u017e 115 USDC! <\/p>\n

Kupte \u010di zde p\u0159esu\u0148te kryptom\u011bny v hodnot\u011b alespo\u0148 100 USD (2200 K\u010d) a za\u010dn\u011bte \u010derpat v\u00fdhody! Pro \u010derp\u00e1n\u00ed v\u00fdhod zde sta\u010d\u00ed kryptom\u011bny v hodnot\u011b 100 USD+ p\u0159esunout odjinud.<\/p>\n","protected":false},"excerpt":{"rendered":"Bitcoinov\u00e1 s\u00ed\u0165 proch\u00e1z\u00ed zaj\u00edmav\u00fdm obdob\u00edm. Obt\u00ed\u017enost t\u011b\u017eby sice kr\u00e1tkodob\u011b klesla, ale podle odhad\u016f ji \u010dek\u00e1 op\u011btovn\u00fd r\u016fst, co\u017e…\n","protected":false},"author":2,"featured_media":64184,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[183,3244,15927,67,68,21925,21926,21927,3199,12592],"class_list":{"0":"post-64183","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-byznys","8":"tag-aktuality","9":"tag-bitcoin","10":"tag-btc","11":"tag-business","12":"tag-byznys","13":"tag-halving","14":"tag-mining","15":"tag-obtiznost-tezby","16":"tag-tezba","17":"tag-usd"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116454839322065437","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/64183","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=64183"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/64183\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/64184"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=64183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=64183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=64183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}