比特幣（BTC）陷入關鍵時刻，因為市場動力努力爆發

根據Bitfinex的一份報告，比特幣（BTC）在90天內一直處於91,000至102,000美元之間的範圍內，市場勢頭努力爆發。

Bitcoin (CRYPTO: BTC) price movements have been sluggish over the past 90 days, with the asset remaining within a narrow range of nearly $91,000 to $102,000.

在過去的90天內，比特幣（加密：BTC）的價格變動一直遲鈍，資產的範圍較低，範圍為近91,000美元至102,000美元。

This limited price action comes amid broader macroeconomic pressures and developments within the crypto industry.

這項有限的價格行動是在加密行業內的宏觀經濟壓力和發展中。

The Bitfinex report highlights a slowdown in institutional demand, with Bitcoin ETF inflows reversing into net outflows.

Bitfinex報告強調了機構需求的放緩，比特幣ETF流入逆轉到淨流出。

On Feb. 20, a sharp sell-off occurred in response to news of the Bybit hack and the expiration of S&P 500 options, causing a drop of 4.7% in Bitcoin's price.

2月20日，響應Bybit Hack的消息和500標準普爾500種期權的到期，發生了急劇的拋售，導致比特幣的價格下降了4.7％。

Despite recovering over the weekend, Bitcoin has yet to retest its all-time high from earlier in 2025.

儘管在周末恢復過來，但比特幣尚未從2025年初重新測量其歷史最高點。

The downturn in Bitcoin and other cryptocurrencies has been exacerbated by macroeconomic uncertainty, with the S&P 500 struggling to maintain a rally above the 6,000 level.

宏觀經濟的不確定性使比特幣和其他加密貨幣的低迷加劇了，標準普爾500指數努力地維持高於6,000水平的集會。

The broader risk-asset decline has impacted speculative participation, leading to a contraction across multiple crypto assets.

更廣泛的風險資產下降影響了投機性的參與，導致多個加密資產的收縮。

Institutions Ramp Down Participation, Impacting BTC Price Action A critical factor influencing Bitcoin's price movements is the level of institutional participation, which has been waning in recent months.

機構逐漸減少參與，影響BTC價格行動，影響比特幣價格變動的關鍵因素是機構參與的水平，近幾個月來一直在減弱。

The Bitfinex report points out that Bitcoin ETF inflows have turned into net outflows, with a single day, Feb. 20, seeing $360 million withdrawn from Bitcoin ETFs.

Bitfinex報告指出，比特幣ETF流入已經變成了淨流出，一天，2月20日，從比特幣ETF中撤出了3.6億美元。

This marks a significant shift from the peak of nearly 18,000 BTC flowing into ETFs per day in November 2024.

這標誌著2024年11月每天流入ETF的近18,000個BTC的峰值發生了重大變化。

The decline in ETF inflows, coupled with reduced leveraged trading activity, indicates an overall contraction in market participation.

ETF流入的下降，再加上槓桿交易活動的減少，表明市場參與的總體收縮。

“Bitcoin remains at a critical juncture after nearly 90 days of consolidation, with future price movements likely to be shaped by both macro conditions and institutional engagement,” Bitfinex analysts noted.

Bitfinex分析師指出：“經過近90天的合併，比特幣仍然處於關鍵時刻，未來的價格變動可能會受到宏觀條件和機構參與的影響。”

Crypto Market Impact: ETH, SOL, Meme Coins, and Bybit Hack Also Impacting Market Sentiment in February While Bitcoin's price movements have captured attention, broader trends in the crypto market are also impacting market sentiment in February.

加密市場影響：ETH，SOL，MEME硬幣和Bybit Hack在2月的市場情緒也影響了市場情緒，而比特幣的價格變動引起了人們的關注，加密市場的更廣泛的趨勢也影響了2月的市場情緒。

Cryptocurrencies are trading in the red this month, with varying degrees of losses.

加密貨幣本月的貿易額為紅色，損失程度不同。

This downturn comes amid broader macroeconomic uncertainty, with the S&P 500 struggling to maintain a rally above the 6,000 level.

在更廣泛的宏觀經濟不確定性的情況下，這種衰退的趨勢是，標準普爾500指數努力維持高於6,000級的集會。

The decline in major cryptocurrencies is also being impacted by a recent hack on Bybit, with the exchange estimating losses of up to $1.5 billion.

最近對BYBIT的黑客攻擊也會影響重大加密貨幣的下降，交易所估計損失高達15億美元。

This attack, which users have been assured will not affect their funds, has raised concerns about the increasing frequency and sophistication of cyber threats in the crypto industry.

確保用戶的這種攻擊不會影響他們的資金，這引起了人們對加密行業網絡威脅的頻率和復雜性的擔憂。

Among the top crypto assets, Ethereum (CRYPTO: ETH) has fallen 16.9% in February, while Solana (CRYPTO: SOL) has dropped 33.1%.

在頂級加密資產中，以太坊（Crypto：ETH）在2月下降了16.9％，而Solana（Crypto：Sol）下降了33.1％。

This reflects a cooling market after a strong rally in late 2024.

這反映了2024年末強烈集會後的冷卻市場。

Meme coins, which saw a surge in December, are also down 16.9% so far this month.

模因硬幣在12月的激增，本月到目前為止也下降了16.9％。

What's Next for Bitcoin Price Action? Near-term price movements in Bitcoin are difficult to predict, and several factors could influence its direction.

比特幣價格動作的下一步是什麼？比特幣的近期價格變動很難預測，幾個因素可能影響其方向。

Analysts point to a combination of macroeconomic trends, institutional sentiment, and security concerns as key drivers.

分析師指出，宏觀經濟趨勢，機構情緒和安全問題的結合是關鍵的驅動力。

The market is expected to remain volatile, with traders awaiting a decisive move that could either push Bitcoin above its all-time high or lead to further corrections.

預計市場將保持波動，交易員正在等待決定性舉動，這可能會將比特幣推高到歷史最高的高度或導致進一步的校正。