比特幣（BTC）和以太坊（ETH）斑點ETF隨著市場鞏固的繼續，請參見混合流動

比特幣（BTC）本週結束，約為96,120美元，比上週結束時下降了0.4％，約為96,465美元。

Bitcoin (BTC) closed the week slightly lower, showing a 0.4% decrease and trading around $96,120, compared to the previous week’s closing price of around $96,465. BTC spot ETFs saw an outflow of nearly $600 million last week.

比特幣（BTC）結束了一周，略微降低了一周，顯示0.4％，交易約為96,120美元，而上一周的收盤價約為96,465美元。上週，BTC Spot ETF的流出量接近6億美元。

However, the market consolidation and uncertainty continue due to macroeconomic factors, especially the Federal Reserve’s (FED) future interest rate decisions.

但是，由於宏觀經濟因素，尤其是美聯儲（美聯儲）未來利率決策，市場整合和不確定性仍在繼續。

Bitcoin (BTC) closed the week on a slightly downbeat note, trading around $96,120 on Monday, February 19. This marks a marginal 0.4% decrease from the previous week’s close of around $96,465. BTC began the week trading at approximately $94,480 on Monday, February 12, and went on to experience a relatively narrow trading range throughout the week.

比特幣（BTC）在2月19日（星期一）略有下跌的票據中結束了一周，交易額約為96,120美元。這標誌著前一周的收盤價約為96,465美元的少量下降0.4％。 BTC在2月12日星期一開始本週的交易，約為94,480美元，並在整個星期內經歷了相對狹窄的交易範圍。

After rising above $96,000 on Tuesday and Wednesday, BTC encountered resistance at around $96,500 and consolidated sideways for the remainder of the week.

在周二和星期三上漲96,000美元以上，BTC遇到了96,500美元左右的阻力，並在本週剩餘的時間內側面合併。

On Friday, BTC briefly dipped below $96,000 but later recovered to close the week above this level.

週五，BTC短暫下跌了96,000美元，但後來恢復了以上的一周。

Despite the slight decrease, BTC managed to hold above the $96,000 price level throughout the week, continuing a trend of relatively high prices and reduced volatility that began in the prior week.

儘管略有下降，但BTC在整個星期的價格水平上設法超過了96,000美元的價格水平，持續了相對較高的價格和降低的波動率。

Over the past 13 trading days, BTC has fluctuated between $94,000 and $100,000, exhibiting lower volatility compared to its historical average. This narrower trading range reflects a phase of market consolidation and uncertainty.

在過去的13個交易日中，BTC波動在94,000美元至100,000美元之間，與其歷史平均水平相比，波動性較低。這個狹窄的交易範圍反映了市場整合和不確定性的階段。

One factor influencing market sentiment is macroeconomic concerns. Recent inflation readings came in higher than anticipated, prompting a shift in market participants’ outlook for 2025 monetary policy.

影響市場情緒的一個因素是宏觀經濟問題。最近的通貨膨脹閱讀量高於預期，這促使市場參與者對2025年貨幣政策的前景發生了變化。

Earlier, investors expected a 100-basis-point rate cut in 2025, continuing the trend seen in late 2024. However, given the latest economic data, expectations have adjusted to a potential 25 or 50 basis-point cut this year.

早些時候，投資者預計，2025年降低了100個基準點的降低，延續了2024年底的趨勢。但是，鑑於最新的經濟數據，期望已適應今年的潛在25或50個基準點。

The first cut is now anticipated in the summer, with a second, if it occurs, likely toward the end of the year. Labour market strength and inflation trends will be closely watched for the FED’s next moves.

現在，第一個削減是在夏天預計的，如果發生的話，可能會在年底之前進行。勞動力市場的實力和通貨膨脹趨勢將在美聯儲的下一步行動中進行密切關注。

A weakening labour market together with declining inflation could support additional rate cuts, whereas a robust labour market combined with persistent inflation may force the FED to maintain higher interest rates for longer.

疲軟的勞動力市場以及通貨膨脹率下降可以支持額外的降低降低，而強勁的勞動力市場和持續的通貨膨脹可能會迫使美聯儲將更高的利率保持更長的時間。

In related news, BTC spot ETFs experienced an outflow of nearly $600 million in the last week, breaking a six-week streak of positive inflows.

在相關新聞中，BTC Spot ETF在上周經歷了近6億美元的流出，打破了六週的積極流入。

This aligns with historical trends, where periods of sustained positive flow are typically followed by a brief negative week. However, since mid-September, this marks only the fourth week of negative flow, underscoring the strong demand and overall bullish sentiment for BTC-backed ETPs.

這與歷史趨勢保持一致，在歷史趨勢中，持續正流的時期通常是短暫的負面一周。但是，自9月中旬以來，這僅標誌著負流量的第四周，突顯了BTC支持的ETP的強勁需求和總體看漲情緒。

Total net inflows since inception now stand at $40.1 billion, averaging over $3 billion per month since their launch in January last year.

自成立以來的總淨流入目前為401億美元，自去年1月推出以來，平均每月超過30億美元。

Meanwhile, Ethereum (ETH) spot ETFs recorded a net inflow of approximately $12 million in the last week.

同時，以太坊（ETH）ETF在上週記錄了大約1200萬美元的淨流入。

This brings the total inflows since inception to $3.2 billion, reflecting the positive sentiment observed in Q4 2024, which appears to be carrying into early 2025.

這使自成立以來的總流入達到了32億美元，這反映了第4季度2024年第四季度觀察到的積極情緒，該情緒似乎延伸到2025年初。

Market sentiment remains uncertain, with investors closely monitoring macroeconomic indicators and evolving geopolitical developments.

市場情緒仍然不確定，投資者密切監視宏觀經濟指標並不斷發展地緣政治發展。