隨著做市商調整其策略，比特幣（BTC）價格上漲了94,000美元以上

比特幣（BTC）價格最近經歷了大量市場發展和投資者活動的驅動下的顯著波動。

Bitcoin (BTC) price has recently shown significant volatility with new market developments and investor activity impacting the major cryptocurrency.

比特幣（BTC）的價格最近顯示出大量波動，隨著新的市場發展和投資者活動影響主要的加密貨幣。

Following a recent decline, BTC surged to highs of over $94,000 on Sunday as new reports pointed to a US strategic crypto reserve that includes BTC and other major digital assets. However, at the time of writing, BTC/USD is now trading just below $93,000, signaling unstable upward momentum.

在最近下降後，週日，BTC飆升至94,000美元以上的高價，因為新報告指出了包括BTC和其他主要數字資產在內的美國戰略加密儲備。但是，在撰寫本文時，BTC/USD現在的交易價格低於93,000美元，這表明向上勢頭不穩定。

As such, CryptoQuant analyst KriptoBaykusV2 has spotted an interesting pattern in Bitcoin’s net exchange flow, which may offer some insight into investor sentiment. According to the analyst, exchange inflows and outflows could be crucial for determining Bitcoin’s short-term price direction.

因此，加密分析師Kriptobaykusv2在比特幣的淨匯率流中發現了一種有趣的模式，這可能會對投資者的情緒有所了解。根據分析師的說法，交換流入和流出對於確定比特幣的短期價格方向可能至關重要。

On February 25, Bitcoin saw a large inflow into exchanges, with around 8,400 BTC being deposited. According to KriptoBaykusV2, such large inflows usually suggest increased selling pressure, as traders move assets to exchanges ahead of liquidation.

2月25日，比特幣看到了大量的交換，其中約有8,400 BTC沉積。根據Kriptobaykusv2的說法，如此大的流入通常表明銷售壓力增加，因為交易者將資產轉移到清算之前的交易所。

This was later followed by a decline in Bitcoin price, which aligns with previous market trends, where increased supply on exchanges often leads to downward price movements.

隨後，比特幣價格下降，這與以前的市場趨勢保持一致，在交易所上的增加通常會導致價格下降。

The following day, February 26, saw a shift with a substantial amount of BTC being withdrawn from exchanges. Large-scale outflows usually indicate a preference for holding, decreasing the available supply on exchanges and potentially supporting price stability.

第二天，2月26日，發生了一次轉變，大量的BTC從交流中撤回。大規模流出通常表明偏愛持有，減少交易所的可用供應以及潛在的支撐價格穩定性。

This shift in trend also coincided with Bitcoin price finding support and beginning to recover, which reflects investor confidence in the asset’s long-term prospects. The analyst added:

趨勢的這種轉變也與比特幣價格尋找支持並開始恢復相吻合，這反映了投資者對資產長期前景的信心。分析師補充說：

"In summary, those who follow Bitcoin's exchange movements closely should note: Large inflows into exchanges may indicate a build-up of selling pressure, which calls for caution. On the other hand, significant outflows suggest that investors are choosing to hold, potentially leading to price increases. We'll observe how these trends develop in the coming days."

“總而言之，那些緊隨比特幣交換運動的人應該注意：大量的交流流入可能表明銷售壓力的堆積，這需要謹慎。另一方面，大量的外匯表明投資者正在選擇持有，這可能會導致價格上漲。我們會觀察到這些趨勢在即將來臨的日子中如何發展。”

Another CryptoQuant analyst, abramchart, spotted an interesting trend in the Spent Output Profit Ratio (SOPR) index, which measures the profitability of short-term investors. According to the analyst, the SOPR index recently reached 0.95.

另一位加密分析師Abramchart發現了支出的產出利潤率（SOPR）指數的有趣趨勢，該指數衡量了短期投資者的盈利能力。根據分析師的說法，SOPR指數最近達到0.95。

This level is the lowest since August 2024 and suggests that more traders are selling BTC at a loss, which is an indication of capitulation. Typically, such periods are followed by market recoveries as selling pressure lessens and accumulation phases begin. The CryptoQuant analyst wrote:

該水平是自2024年8月以來的最低水平，這表明越來越多的交易者以虧損出售BTC，這表明是投降的。通常，此類時期之後是市場回收率，因為銷售壓力降低和積累階段開始。加密分析師寫道：

"Values over 1 indicate that more short-term investors in the last 155 days are selling at a profit. Values less than 1 indicate that more short-term investors are selling at a loss., which is a sign of capitulation and a return to an upward trend."

“超過1的價值表明，在過去155天中，有更多的短期投資者以利潤出售。少於1的值表明，更多的短期投資者正在損失出售。