儘管最近波動率，比特幣（BTC）顯示了周轉的跡象

儘管最近波動率，但比特幣（BTC）仍顯示出潛在的周轉跡象，這是關鍵的鏈指標，機構流動指出了改善情緒。

Bitcoin (BTC) price has shown signs of a potential turnaround despite recent volatility, with key on-chain indicators and institutional flows offering a mixed yet interesting perspective.

儘管最近波動性，但比特幣（BTC）的價格顯示出潛在轉變的跡象，其中關鍵的鏈指標和機構流提供了混合而有趣的觀點。

As the market continues to stabilize and adapt to macroeconomic pressures, BTC’s path to new highs seems to be gradually taking shape.

隨著市場繼續穩定並適應宏觀經濟壓力，BTC通往新高高的道路似乎正在逐漸形成。

BTC Mayer Multiple Remains Below 1 As Relative Valuation Lowers

BTC Mayer多個遺體低於1，而相對估值降低

The famous Mayer Multiple, a technical indicator used to evaluate Bitcoin’s valuation relative to its 200-day moving average (DMA), is currently hanging around 0.98.

著名的Mayer多重指標，用於評估比特幣相對於其200天移動平均線（DMA）的估值，目前掛在0.98左右。

This reading, which is slightly above the recent low of 0.94 reached on March 10, still places Bitcoin in undervalued territory.

這篇讀數略高於3月10日到達最近的0.94的低點，但仍將比特幣放置在被低估的領土上。

As the indicator has been running below the 1.0 mark for a large part of the recent consolidation period, there have been questions regarding when Bitcoin might accrue enough momentum to push toward new highs.

由於該指標在最近的合併期的大部分時間內一直低於1.0分，因此關於比特幣何時可能產生足夠的勢頭以推向新高點的問題存在疑問。

The Mayer Multiple is calculated by dividing the current Bitcoin price by its 200-DMA. Values below 0.8 tend to indicate that Bitcoin is heavily discounted and might be in a long-term accumulation zone, while levels above 2.4 often signal overheated, euphoric conditions.

Mayer多倍通過將當前比特幣價格除以其200-DMA來計算。低於0.8的值傾向於表明比特幣的重折疊率很高，並且可能處於長期積累區，而高於2.4的水平通常信號過熱，欣快的條件過熱。

With the indicator now at 0.98, it’s approaching a neutral-to-bullish threshold. The last time the Multiple dropped to 0.84, Bitcoin quickly rallied from $54,000 to $65,000 in just two weeks.

由於指示器現在為0.98，它接近中性到胸的閾值。最後一次降至0.84時，比特幣在短短兩週內迅速從54,000美元升至65,000美元。

Later, the price stabilized between 1.2 and 1.4 before ultimately surging past $100,000 for the first time.

後來，價格穩定在1.2至1.4之間，最終首次飆升了100,000美元。

While history doesn’t always repeat, this current setup could be an early sign that Bitcoin is building the foundation for its next major leg higher.

儘管歷史並不總是重複，但這種當前的設置可能是比特幣正在為下一個大腿更高的基礎奠定基礎的早期跡象。

Bitcoin 7D MVRV Is Still Above Important Threshold

比特幣7D MVRV仍然高於重要閾值

Another on-chain indicator, the 7-day MVRV (Market Value to Realized Value) ratio, has also shown a slight recovery, climbing to 2.38% from a recent low of -8.44% on March 8.

另一個鏈上的指標是7天MVRV（市場價值與已實現的價值）的比率，也顯示出略有恢復，比最近3月8日的-8.44％的低點攀升至2.38％。

This signals that short-term holders are beginning to see modest profits, but stronger price momentum usually follows once the 7D MVRV crosses above the 5% mark.

這表明短期持有人開始看到適度的利潤，但是一旦7D MVRV越過5％的分數，通常更強大的價格動力就會遵循。

At its present level, Bitcoin appears to be in a transition phase as it adjusts to macroeconomic conditions and market sentiment shifts.

在目前，比特幣似乎處於過渡階段，因為它適應了宏觀經濟狀況和市場情緒的轉變。

The 7D MVRV measures the ratio between Bitcoin’s market value and the average price paid by short-term holders (typically those who acquired BTC in the last 7 days). When the ratio is negative, it indicates these holders are underwater, while positive readings imply they are sitting on profits.

7D MVRV衡量比特幣的市場價值與短期持有人支付的平均價格之間的比率（通常是在過去7天內獲得BTC的人）。當比率為負時，它表明這些持有人在水下，而積極的讀數意味著他們坐在利潤上。

Historically, BTC tends to gain upward momentum when the 7D MVRV moves beyond +5%, as it suggests confidence among short-term participants is returning.

從歷史上看，當7D MVRV超過 +5％時，BTC傾向於獲得向上的動力，因為這表明短期參與者的信心正在返回。

Given that it’s still above this threshold and we’re seeing new highs in terms of daily outflows from exchanges, it seems like BTC may need further accumulation or consolidation before it can convincingly push toward creating new highs.

鑑於它仍然超出了這個閾值，並且我們在交流的每日流出方面看到了新的高點，因此BTC似乎需要進一步的積累或合併，然後才能令人信服地推動創造新的高點。

If the ratio continues to rise and surpasses 5%, that could trigger renewed bullish activity and a potential breakout toward fresh all-time highs.

如果該比率持續上升並超過5％，那可能會引發新的看漲活動和潛在的突破，以實現新鮮的​​歷史最高點。

BlackRock Pushed 2,660 Bitcoin As IBIT Flows Stabilize

當ibit流穩定時，貝萊德推動了2,660個比特幣

Despite Bitcoin’s 11.4% decline over the past 30 days, it appears that institutional bullish sentiment is returning, especially with new data from BlackRock (NYSE:BLK) signaling renewed confidence in BTC.

儘管比特幣在過去30天內下降了11.4％，但似乎機構看漲的情緒正在恢復，尤其是來自BlackRock（NYSE：BLK）的新數據，信號增強了對BTC的信心。

The world’s largest asset manager has recently added 2,660 Bitcoin to its iShares Bitcoin Trust (IBIT), marking the biggest inflow into the fund in the past six weeks.

全球最大的資產經理最近在其ISHARES比特幣信託（IBIT）中增加了2,660個比特幣，這標誌著過去六周中該基金最大的流入。

This significant buy comes after a period of uncertainty in IBIT flows since early February, suggesting that institutions are once again positioning for potential upside as market conditions evolve.

自2月初以來，這一重大買入是在IBIT流動不確定的時期之後，這表明隨著市場狀況的發展，機構再次處於潛在上升空間的定位。

BlackRock’s latest move could signal a broader shift in sentiment as big players are overlooking short-term volatility and focusing on Bitcoin’s long-term value.

貝萊德（Blackrock）的最新舉動可能表明，大型球員忽略了短期波動，並專注於比特幣的長期價值，這可能會發生更大的轉變。

This interest comes at a time when the cryptocurrency market is slowly adapting to new macro pressures, such as Trump’s proposed tariffs on goods from China, which could ultimately impact the broader economic landscape and, consequently, Bitcoin’s price trajectory.

這種興趣是在加密貨幣市場逐漸適應新的宏觀壓力的時候，例如特朗普提出的對中國商品的關稅，這最終可能會影響更廣泛的經濟格局，從而影響比特幣的價格軌跡。

Despite the lingering uncertainty surrounding the macroeconomic scene, Bitcoin’s price setup for new highs is growing stronger with every passing day as confidence among institutional investors returns.

儘管圍繞宏觀經濟界的不確定性持續了，但隨著機構投資者對機構投資者的充滿信心的回報，比特幣的新高點的價格越來越強勁。

If the macro environment stabilizes and we see a continuation of the current trend in BTC futures markets, we might witness another push higher from the flagship cryptocurrency sooner rather than later.

如果宏觀環境穩定下來，我們看到BTC期貨市場當前趨勢的延續，我們可能會看到旗艦加密貨幣早期而不是較晚的旗艦加密貨幣。