比特幣（BTC）價格泵是由ETF流和開放興趣驅動的，而不是網絡活動

一位分析師認為，最近的比特幣價格泵是由ETF流和開放興趣而不是網絡活動驅動的。

An analyst has argued that recent data suggest that the Bitcoin (BTC) price pump was driven mainly by institutional factors such as ETF flows and open interest rather than on-chain demand.

一位分析師認為，最近的數據表明，比特幣（BTC）價格泵主要由ETF流量和開放興趣而不是鏈上需求等機構因素驅動。

Highlighting that the U.S. President’s team announced that the top holders of the Trump (TRUMP) meme coin would attend a special dinner with President Trump, leading to a frenzy of buying activity for the coin, the analyst stated that as the frenzy for the meme coin cooled, Bitcoin and top altcoin momentum also slowed.

強調美國總統的團隊宣布，特朗普（特朗普）的最高持有人（特朗普）將與特朗普總統一起參加特別的晚宴，導致了為硬幣購買活動的瘋狂，分析師表示，作為模因硬幣冷卻，比特幣和頂級替代幣動力的瘋狂，也是如此。

However, with multiple narratives emerging, there appeared to be insufficient buying power to support them all. As the markets cooled, crypto influencer DonAlt took to X to critique the market’s behavior.

但是，隨著多種敘述的出現，似乎沒有足夠的購買力來支持所有這些。隨著市場的冷卻，加密影響者Donalt帶來了X批評市場的行為。

Highlighting this point further, an analyst from CryptoQuant explained that the Bitcoin network was essentially a “ghost town.”

進一步強調了這一點，CryptoQuant的一位分析師解釋說，比特幣網絡本質上是一個“幽靈小鎮”。

Specifically, Maartunn stated that the current Bitcoin price surge was driven mainly by institutional factors rather than on-chain demand.

具體而言，Maartunn表示，當前的比特幣價格飆升主要是由機構因素而不是鏈上的需求驅動的。

suggesting that while Bitcoin’s price had risen sharply, the network activity index had not followed suit. According to Maartunn, this indicates that external forces, such as ETF flows and open interest in futures markets, are propelling the price rather than an increase in on-chain activities.

表明，儘管比特幣的價格急劇上漲，但網絡活動指數尚未效仿。根據Maartunn的說法，這表明外部力量（例如ETF流動和對期貨市場的開放興趣）正在推動價格，而不是增加鏈活動的價格。

This is a segment of the post:

這是帖子的一部分：

This pump is driven by:

該泵由：

– ETF Flows

- ETF流動

– Open InterestThere is hardly any new visible on-chain demand. pic.twitter.com/DmoXbxhxXx— Maartunn (@JA_Maartun) April 24, 2025

- 開放的興趣幾乎不是新的鏈上需求。 pic.twitter.com/dmoxbxhxx- narket-in（@AE_MA卡）2025年4月24日

In his analysis, Maartunn uses a 365-day Moving Average to smooth out the network activity index, allowing for a clearer view of longer-term trends. From 2015 onward, the chart shows a steady increase in network activity, which generally aligned with Bitcoin’s price growth.

在他的分析中，Maartunn使用365天的移動平均線來平滑網絡活動指數，從而更清楚地了解了長期趨勢。從2015年開始，該圖表顯示了網絡活動的穩定增長，這通常與比特幣的價格增長一致。

However, a noticeable divergence begins around 2025. While Bitcoin’s price continues to rise, the growth rate of network activity slows significantly, with more fluctuations to the downside. This indicates that the rise in Bitcoin’s huge node is not matched by a similar increase in network activity, suggesting that external factors, rather than organic demand, drive the price movements.

但是，明顯的差異開始於2025年左右。儘管比特幣的價格持續上漲，但網絡活動的增長率大大減慢，不利方面的波動更多。這表明比特幣巨大節點的上升與網絡活動的類似增加不匹配，這表明外部因素而不是有機需求推動了價格變動。

Bitcoin ETF and OI Data

比特幣ETF和OI數據

Data from Farside confirmed that Bitcoin ETFs saw a sharp rise in inflows starting April 17, with inflows reaching $381 million by April 21. By April 23, the total inflows had surged to $917 million, continuing the bullish momentum.

Farside的數據證實，從4月17日開始流入的比特幣ETF急劇上升，到4月21日的流入量達到3.81億美元。到4月23日，總流入飆升至9.17億美元，持續了看漲的勢頭。

Notably, these inflows coincided with a surge in Bitcoin price, which peaked above $94,000 on April 23.

值得注意的是，這些流入與比特幣價格上漲相吻合，4月23日的峰值高於94,000美元。

Since inception, U.S. Bitcoin ETFs have seen a cumulative $37.7 billion in net inflows, indicating that institutional players continue to drive much of the demand for Bitcoin.

自成立以來，美國比特幣ETF的淨流入累計377億美元，這表明機構參與者繼續推動對比特幣的大量需求。

In parallel to the ETF flows, open interest in Bitcoin futures has also surged. Open interest increased from approximately $24 billion on April 20 to over $27 billion by April 24, according to data from Coinalyze.

與ETF流並行，對比特幣期貨的開放興趣也激增。根據Coinalyze的數據，公開興趣從4月20日的約240億美元增加到到4月24日的270億美元。

This uptick in open interest suggests growing institutional participation, further supporting that Bitcoin’s recent price surge is linked to external market factors.

這種開放興趣的增長表明，機構的參與日益增長，進一步支持比特幣最近的價格上漲與外部市場因素有關。

Contrasting On-chain Data

對比鍊鍊數據

On the on-chain end, data from IntoTheBlock shows a decline in key metrics such as network activity and active addresses. Over the past week, network activity decreased by 0.94%, while the number of active addresses dropped by 1.51%.

在鏈端，來自intotheblock的數據顯示關鍵指標（例如網絡活動和主動地址）的下降。在過去的一周中，網絡活動減少了0.94％，而活動地址的數量下降了1.51％。

Moreover, zero-balance addresses declined significantly by 12.59%, indicating that inactive addresses are on the rise. This decrease in active user engagement suggests that the market rally is fueled by factors outside the core network’s usage.

此外，零平衡地址顯著下降了12.59％，表明不活動地址正在上升。積極的用戶參與度的減少表明，市場集會是由核心網絡使用以外的因素推動的。