Bitway（BTW）创下1.69美元历史新高：日交易额达2400万美元，投资者该如何应对？

Bitway Historical High Analysis: Interpretation of Liquidity and Risk Depth

Bitway (BTW) hit a record high of $1.69 early Sunday morning, and then traded steadily at $1.63 (approximately 1.45 euros). However, focusing only on price highs is one-sided. The other half of the key data is transaction volume: In 24 hours, BTW's transaction volume was US$24.2 million, while the total market value of all tokens in circulation was US$4.41 billion. This means that only about 0.5% of the chips in circulation change hands every day.

For German investors, this is the real core message. The 226% price increase in 30 days is eye-catching, but whether you can buy at the price displayed on the screen and sell later actually depends on the depth of the transaction. This article analyzes these two sets of data side by side and points out the key date connecting them-November.

Review of Bitway's (BTW) performance this week

As of Sunday morning, BTW prices were $1.63. The increase in the past seven days has been 44.9%, and the increase in the past 30 days has been 226%. The previous record was $1.43, set on September 28. The weekly low was $0.84.

Prices have fluctuated between US$1.31 and US$1.69 over the past 24 hours. Compared with intraday lows, this volatility reached 29%. For a project with a market capitalization of more than $4 billion, such large intra-day fluctuations are not the norm and are directly related to trading volumes discussed below.

Bitway 是一个与比特币兼容的 Layer-1 区块链。CoinDesk 在 10 月 6 日将该代币列为市场表现强劲的中小盘项目之一，当时其 24 小时涨幅为 25%，30 天涨幅为 170%。BTW 被归类为去中心化金融、收益耕作和治理领域，并存在于 BNB Chain 和以太坊生态系统中。

日均交易额 2420 万美元对比 44.1 亿美元市值

所有流通 BTW 的市场总值为 44.1 亿美元，使其在所有加密货币中排名第 30 位。过去 24 小时的交易 turnover 为 2420 万美元。将两者对比，得出的换手率比率为 0.55%。

这个比率是衡量年轻代币的重要指标，它反映了普通交易日中实际发生换手的现有库存比例。比率越低，订单簿中的对手盘越少，单笔较大订单对价格的冲击就越大。这种影响在双向交易中均存在，无论是买入还是卖出。

一个例子可以直观说明这一规模：购买价值 24 万美元的 BTW，相当于当天总成交额的 1%。而在比特币中，1% 的日成交额约为 1.3 亿美元。因此，同等规模的订单在 Bitway 上的影响力大约是比特币的五百倍。

换手率 0.55%：与 25 家最大加密货币的比较

To provide a frame of reference, we compared this ratio to market headliners. The basic data comes from the top 25 cryptocurrencies, excluding stablecoins because as a medium of exchange, their turnover rate is naturally higher than their inventory multiples. The remaining 21 projects were added to Bitway, and a total of 22 objects were analyzed.

The average turnover rate for these 21 projects is 1.13%. Bitcoin's 0.55% is about half the average. This suggests that the token is less active than typical large projects, but is not an outlier: 6 of the 21 projects have lower ratios, including BNB (0.40%), WhiteBIT Coin (0.23%) and Canton (0.22%). On the other end is NEAR, which is as high as 9.46%.

This ranking is more than just a warning. Low turnover rates are not in themselves a drawback, as very mature tokens will also trade less when the holder holds them for a long time. However, in Bitway's case, a low turnover rate was accompanied by a 29% intraday range, a combination that was a true reflection of the current situation.

Slippage and spread: Why medium-sized orders significantly affect prices

Slippage is the difference between the executed price and the actual transaction price you see when you send an order. A slip occurs when the order book does not have enough volume at the price you want and the order consumes multiple price tiers.

The spread is the difference between the highest buy order and the lowest sell order. In lightly traded tokens, the spread is wider and you need to pay twice: once at entry and once at exit. These two numbers will not appear on any price display; they will only appear at settlement.

In practice, this means two things: limit orders protect you from slippage because they will only close at the price you set or better; but at the expense of the possibility that you cannot close at all. Instead, market orders guarantee a transaction, but at any price provided in the order book. At a turnover rate of 0.55%, this difference is crucial.

Circulation volume 27.08%: 7.29 billion BTWs are still locked

Of the total 10 billion BTWs, 2.71 billion are in circulation, accounting for 27.08%. The remaining 7.29 billion tokens (72.92% of the total supply) are still locked in and will gradually enter the market.

This distribution helps explain large intra-day fluctuations. Prices are based on inventories that are less than a quarter of the final total. Every purchase is faced with scarce supply, amplifying upward and downward fluctuations.

The circulation share has remained at around 27% since the end of September. This is noteworthy because some tokens have been released during this period: as the total supply grows, the share remains roughly the same despite new tokens entering the market.

Fully diluted valuation of US$16.29 billion vs market value of US$4.41 billion

Fully diluted valuation (FDV) refers to the value the project would have if all planned tokens were in circulation and traded at current prices. Bitway's FDV is $16.29 billion, which is 3.69 times its current market value of $4.41 billion.

This indicator is neither a price target nor a forecast. It answers another question: As locked coins are gradually released, how much purchasing power is needed to maintain the price level. The farther the distance between the FDV and the market value, the more new capital the project will need to defend price levels during the release phase.

A ratio of 3.69 is not unusual for a token issued starting in March 2026. It is a yardstick for your expectations, not a judgment on the project itself. People who understand this will view record-setting news headlines from a different perspective.

November 2 Token release: 101.63 million BTW according to CoinGecko

The next event with a definite date occurs on November 2, 2026. According to CoinGecko, 101.63 million BTW will be released that day, equivalent to 1% of the total supply. The release is divided into two parts: 60.17 million tokens for communities and 41.46 million tokens for ecosystem funds.

To understand the scale: At current prices, 101.63 million tokens are worth about $166 million, equivalent to seven times the average daily turnover. This does not mean that these volumes will be sold, as the released coins may also continue to be held. But this suggests that the release is quite large relative to the depth of the transaction.

Under the public records clause, releases from communities and ecosystems follow a 41-month linear monthly schedule. Team and investor shares are subject to a 12-month lock-in period based on this; since token issuance begins in March 2026, these periods will not expire until spring 2027. Sources are not exactly consistent here, so the exact release date for the team and investors is still to be determined.

German Buying Guidelines: MiCA Authorization and Trading Issues

With the end of the EU MiCA Regulation transition period, crypto service providers can only provide services to German customers if they have obtained full crypto asset service provider authorization. This means that for smaller tokens, you should first check whether your trading platform has authorization here and whether it provides corresponding trading pairs.

The 30th-ranked token will not be automatically listed on the spot market on large EU-authorized platforms. If you can only access it through a decentralized exchange, network fees and the cost of managing your own keys will increase.

In addition, please check the currency in which the transaction pair is denominated. If transactions are made against stablecoins rather than euros, additional conversion steps and costs are incurred, and for tax purposes, the conversion is considered a separate transaction.

Leverage and Clearing: BTW Perpetual Contracts on Binance and Bitget

BTW 存在无到期日的期货合约，即永续合约。根据 CoinMarketCap 数据平台，Binance 于 2026 年 6 月 4 日列出了 BTWUSDT 永续合约，Bitget 提供高达十倍的杠杆 BTW 合约。Binance 的现货上市与此无关；这是两回事。

清算是指在保证金不再充足时强制关闭杠杆头寸。在十倍杠杆下，价格反向波动约 10% 就足以触发清算。而 BTW 周日的日内波动范围高达 29%。

由此产生一个简单的计算：在这种水平下，一天内可能发生多次的波动，在十倍杠杆下足以导致完全平仓。在薄弱的订单簿中，还有一个附加效应：平仓本身会进一步推高价格，并带动更多仓位一起清算。

托管：BTW 位于 BNB Chain 和 Ethereum

Bitway 列在 BNB Chain 和以太坊生态系统中。对于托管而言，这意味着在从交易所提现时，你必须选择正确的网络。转移到错误的链通常意味着代币丢失，且没有任何提供商有义务找回它们。

对于一个在三十天内价格翻了三番多的代币，交易所账户中的金额往往比人们对其的关注度增长得更快。硬件钱包将私钥保存在计算机之外；设备之间的差异详见硬件钱包比较指南。

请记住，自我托管将责任完全转移给你。助记词是访问代币的唯一途径，它不应存放在照片或聊天记录中。

Holding period and taxation: One year determines tax liability

In Germany, cryptocurrencies are considered "other assets." If you sell BTW for a profit within one year of purchase, the profit will be treated as a private disposal and taxed at your personal income tax rate. If it exceeds one year, profits are tax-exempt.

That's a heavyweight calculation for a token that tripled in thirty days. Selling after a sharp rise in the short term may lose most of your earnings, depending on your tax rate; while holding the same position unchanged after twelve months, there is no tax.

Therefore, it is important to record every transaction, including the conversion to a stablecoin, as this also constitutes a disposal. Without a recorded acquisition date, a one-year holding period will not be possible in the future.

Support and resistance levels: US$1.69 is high, US$1.31 is intraday low

Looking upwards, the historical high of US$1.69 is the next level to watch. Breaking through this price means that there is no historical trading area above to accumulate supply. Looking downwards, the intraday low is $1.31, followed by the integer mark and the old record of $1.43 as an intermediate step.

These are observation points, not price targets. At a turnover rate of 0.55%, the weight of these levels is much lower than that of high-frequency trading projects because the volume of transactions at each level is small.

Summary: Guidelines for Action Prior to Release on November 2

1. Confirm platforms and trading pairs: 检查你的提供商是否拥有欧洲授权，并在现货市场上列出针对欧元的 BTW 交易对。
2. 根据日成交额设定订单规模：将你打算交易的金额与 2420 万美元进行对比，并使用限价订单而非市价订单。对于持有较大余额的用户，软件钱包比较指南可提供帮助。
3. 记录 11 月 2 日：记录释放日期和你自己的持有期。加密税务工具会自动携带获取日期和一年持有期的信息。

（截至 2026 年 10 月 11 日。本文不构成投资建议。价格和费用结构会发生变化；购买前请与提供商核实条款。）