比特幣（BTC）明顯的需求達到2025年的最低水平，降至負面

根據CryptoQuant的比特幣明顯需求指標，對比特幣的需求已在3月13日下降至負142。

Apparent demand for Bitcoin (BTC) has hit the lowest level in 2025, dropping down into negative territory, as traders and investors take a cautious approach to risk-on assets due to macroeconomic uncertainty.

對比特幣（BTC）的明顯需求在2025年達到了最低水平，由於宏觀經濟不確定性而採取了謹慎的風險資產方法，因此下降到了負領土。

According to CryptoQuant's Bitcoin Apparent Demand metric, demand for Bitcoin has dropped down to a negative 142 on March 13.

根據CryptoQuant的比特幣明顯需求指標，對比特幣的需求已在3月13日下降至負142。

Bitcoin's apparent demand has been positive since September 2024, peaking around December 2024 before beginning the slow descent back down.

自2024年9月以來，比特幣的明顯需求一直是積極的，在2024年12月左右達到頂峰，然後開始緩慢下降。

However, demand levels stayed positive until the beginning of March 2025 and have continued to decline since that point.

但是，直到2025年3月初，需求水平一直保持積極，自那時以來一直在下降。

Fears of a prolonged trade war, geopolitical tensions, and stubbornly high inflation, which is cooling but is nevertheless above the Federal Reserve's 2% target, are causing traders to take a step back from riskier assets and into safe havens such as cash and government securities.

人們擔心長期的貿易戰，地緣政治緊張局勢和頑固的通貨膨脹率正在冷卻，但仍高於聯邦儲備的2％目標，這導致貿易商從風險較高的資產中退後一步，再到現金和政府證券等安全避風港。

Bitcoin apparent demand. Source: CryptoQuant

比特幣明顯需求。資料來源：加密

Related: Worst crypto cycle ever? Community and history say otherwise

相關：有史以來最糟糕的加密週期嗎？社區和歷史說其他

Crypto markets hemorrhage amid macroeconomic uncertainty

加密市場在宏觀經濟不確定性中出血

The post-election hype has died down following the mixed reactions from investors to the White House Crypto Summit on March 7, as the realities of macroeconomic uncertainty and the political process set in.

大選後的炒作在3月7日從投資者到白宮加密峰會的不同反應後，隨著宏觀經濟不確定性和政治進程所設定的現實。

Despite lower-than-expected CPI inflation figures reported on March 12, the price of Bitcoin declined immediately following the news.

儘管3月12日報導的CPI通貨膨脹數據比預期的低於預期，但新聞後比特幣的價格下降了。

Crypto exchange-traded funds (ETFs) experienced four consecutive weeks of outflows beginning in February and the early weeks of March as traditional financial investors sought a flight to safety.

加密交易所交易的基金（ETF）從2月開始經歷了連續四個星期的流出，並且隨著傳統金融投資者尋求安全航班，因此經歷了3月的早期。

According to CoinShares, outflows from crypto ETFs totaled $4.75 billion over the past four weeks, with BTC investment vehicles recording $756 million in month-to-date outflows.

根據Coinshares的說法，在過去的四個星期中，加密ETF的流出總計47.5億美元，BTC投資車的每月流出量為7.56億美元。

Poor market sentiment and fears of a looming recession triggered a wave of panic selling that sent crypto prices tumbling.

市場情緒低落和對迫在眉睫的衰退的擔憂引發了一波恐慌銷售，使加密貨幣價格上漲。

Since the Trump inauguration on Jan. 20, the Total3 Market Cap, a measure of the total crypto market capitalization excluding Ether (ETH) and BTC, plummeted by over 27% from over $1.1 trillion to approximately $795 billion.

自從1月20日特朗普就職以來，總計3市值（不包括ETHER（ETH）和BTC）的總計量度，從超過1.1萬億美元跌至約7950億美元，超過27％。

Bitcoin price action and analysis. Source: TradingView

比特幣價格動作和分析。資料來源：TradingView

Similarly, the price of Bitcoin declined by over 22% from a high of over $109,000 to present levels.

同樣，比特幣的價格從高分超過109,000美元下降到現在的水平。

Bitcoin has been trading below its 200-day exponential moving average (EMA) since March 9, with occasional dips below the 200-day EMA during February.

自3月9日以來，比特幣的交易一直低於其200天的指數移動平均線（EMA），偶爾下降到2月的200天EMA。

Bitcoin's Average True Range (ATR), a measure of volatility, is currently over 5,035 — indicating significant price swings as markets grapple with macro factors.

比特幣的平均真實範圍（ATR）（一種量度的波動率）目前超過5,035，這表明價格波動很大，因為市場遇到了宏觀因素。

Crypto analyst Matthew Hyland recently argued that Bitcoin must secure a close of at least $89,000 on the weekly timeframe or risk a further correction to $69,000.

加密分析師馬修·海蘭德（Matthew Hyland）最近認為，比特幣必須在每週的時間範圍內獲得至少89,000美元的收盤，否則可能會進一步更正至69,000美元。

Magazine: Bitcoiners are ‘all in’ on Trump since Bitcoin ’24, but it’s getting risky

雜誌：比特幣自比特幣'24以來，比特幣在特朗普上都“全都”，但它正在冒險