比特幣（BTC）的價格持續下降，從3月的歷史最高點數109,000美元下降。

CryptoQuant的貢獻者Egyhash強調了binance的令人不安的發展，這可能會進一步給比特幣的價格施加壓力。

Bitcoin’s price has fallen sharply in recent times, dropping further from its March all-time high of $109,000. As of writing, Bitcoin is trading at around $81,900, having declined by 24.6% from its yearly peak.

比特幣的價格近來急劇下跌，比其三月曆史最高高點109,000美元下降了。截至撰寫本文時，比特幣的交易價格約為81,900美元，比其年度高峰下降了24.6％。

This bearish trend has been accompanied by some troubling developments on Binance, one of the world’s largest cryptocurrency exchanges, which could put additional pressure on Bitcoin’s price, as EgyHash, a contributor to CryptoQuant, has noted.

這種看跌的趨勢伴隨著一些令人不安的Binance發展，這是世界上最大的加密貨幣交易所之一，這可能會給比特幣的價格帶來額外的壓力，正如加密貨幣的貢獻者Egyhash所指出的那樣。

7-Day Moving Average Of Mean Coin Inflows Is Increasing

平均硬幣流入的7天移動平均值正在增加

EgyHash highlights that there has been a steady increase in key metrics on Binance, which indicate growing sell-side activity. One such metric is the 7-day moving average of mean coin inflows, which shows that investors are making larger and more frequent deposits into Binance.

Egyhash強調說，二元關鍵指標穩定增加，這表明賣方活動不斷增長。一個這樣的指標是平均硬幣流入的7天移動平均值，這表明投資者正在將更大，更頻繁地存入均值。

This uptick in inflows can often precede heightened selling activity, as it suggests that more coins are becoming available for sale on the exchange’s order books.

流入的這種上升通常可以在銷售活動中加劇之前，這表明更多的硬幣正在交易所的訂單書上可供出售。

Furthermore, the “Bitcoin: Exchange Inflow (Top10)” indicator, which tracks the total coin volume of the top ten largest inflow transactions, has reached levels last seen nearly a year ago. This surge suggests that significant amounts of Bitcoin are being moved onto Binance, potentially with the intent to sell.

此外，“比特幣：交換流入（TOP10）”指標跟踪了前十大最大的流入交易的總硬幣量，該指標已達到近一年前的水平。這一激增表明，大量比特幣正在轉移到二元上，可能是出售的意圖。

Additionally, Binance’s Bitcoin reserves are also increasing, returning to levels last observed in November of the previous year. Typically, a rise in exchange reserves reflects an increase in coins held by the platform, which can signal more selling pressure.

此外，Binance的比特幣儲量也正在增加，上一年11月上次觀察到的水平。通常，交換儲備的上升反映了平台持有的硬幣的增加，這可能會表明銷售壓力更大。

This view is further supported by the Taker Buy/Sell Ratio, which reveals that sell orders currently outpace buy orders, painting a bearish picture for the market.

Taker的買賣比率進一步支持了這種觀點，該觀點揭示了當前賣出訂單的訂單超過購買訂單，為市場上的看跌圖片。

This accumulation of factors—rising inflows, growing exchange reserves, and a dominant bearish sentiment—could indicate that Bitcoin’s downward trajectory may continue.

這種因素的積累 - 增加流入，日益增長的交換儲量和占主導地位的看跌情緒 - 可能表明比特幣的向下軌跡可能會繼續下去。

Examining The Role Of Unrealized Profit And Loss (NUPL)

研究未實現的損益（NUPL）的作用

While sell pressure on exchanges is a significant factor, other indicators are offering a broader perspective on the market’s overall sentiment.

雖然交易所上的銷售壓力是一個重要因素，但其他指標對市場的總體情緒提供了更廣泛的看法。

Another CryptoQuant analyst, tugbachain, recently discussed the Net Unrealized Profit/Loss (NUPL) metric, which tracks the network’s unrealized profits and losses to determine whether investors, on average, are holding Bitcoin at a gain or a loss.

另一位加密分析師Tugbachain最近討論了未實現的盈利/損失（NUPL）度量標準，該指標追踪了網絡未實現的利潤和損失，以確定投資者平均而言是在收益還是損失中持有比特幣。

According to tugbachain, the NUPL currently sits just below the 0.50 support level. Historically, a reading below this threshold has coincided with bearish phases, while a recovery above it can suggest renewed buying interest.

根據Tugbachain的說法，NUPL目前位於0.50支持水平以下。從歷史上看，此閾值以下的讀數與看跌階段相吻合，而上面的恢復可以表明購買利息。

If Bitcoin’s monthly close for February exceeds this 0.50 mark, it could indicate a shift toward more optimistic price action, possibly encouraging long-term holders to re-enter the market.

如果比特幣的2月份每月結束超過這一0.50大關，則可能表明向更樂觀的價格行動轉變，可能會鼓勵長期持有人重新進入市場。