比特幣的市場是一個數字遊戲，最新的數字講述了一個令人著迷的故事

比特幣的市場是一個數字遊戲，最新的數字講述了一個令人著迷的故事。

Bitcoin price slid 1.69% in 24 hours to $23,980.54 by 02:37 ET (06:37 GMT) on February 26, bringing its recent pullback from 2024 highs closer to 10%.

比特幣價格在24小時內下跌1.69％，至2370.54美元，到2月26日，美國東部時間（GMT 06:37），在2月26日（格林尼治標準時間06:37），其最近的回調從2024年高到接近10％。

The latest moves in the world’s largest cryptocurrency were closely followed by crypto analytics firm CryptoQuant. Its CEO, Ki Young Ju, highlighted a shift in trading activity.

加密分析公司的加密貨幣緊隨其後的是世界上最大的加密貨幣中的最新舉動。它的首席執行官Ki Young Ju強調了交易活動的轉變。

Coinbase (NASDAQ:COIN) Contributes to Record Bitcoin ETF Outflows

Coinbase（NASDAQ：COIN）有助於記錄比特幣ETF流出

The latest figures from SoSoValue showed that spot Bitcoin ETFs saw their largest single-day outflow on February 25, with a record-breaking $937.78 million pulled from the products. This shatters the previous record of $680 million, which was observed on December 19, 2024.

Sosovalue的最新數據表明，現貨比特幣ETF在2月25日看到了最大的單日流出，從產品中賺取了創紀錄的9.3778億美元。這破壞了先前的6.8億美元的記錄，這是2024年12月19日觀察到的。

This record outflow can be partly attributed to the actions of large institutional investors, known as whales, who were offloading their Coinbase holdings, as noted by Ju in a recent X post.

正如JU在最近的X帖子中指出的那樣，這種記錄流出可以部分歸因於正在卸載其共同持有股份的大型機構投資者（稱為鯨魚）的行動。

Further analysis from 10x Research, shared in a February 23 report, revealed that only 44% of the recent U.S. Bitcoin ETF inflows are likely going towards long-term holding strategies by institutional investors. A significant portion of the activity is attributed by the firm to traders engaged in arbitrage opportunities.

在2月23日的一份報告中分享的10倍研究的進一步分析表明，最近美國比特幣ETF流入中只有44％可能正在採用機構投資者的長期持有策略。公司的很大一部分歸因於從事套利機會的交易者。

However, 10x Research suggests that the true level of institutional demand for Bitcoin within multi-asset investment portfolios might be smaller than what the recent influx of capital into the ETF market indicates.

但是，10倍研究表明，多資產投資組合中對比特幣的機構需求的真正水平可能小於最近將資本湧入ETF市場所指出的。

But as institutional investors pulled out of Bitcoin ETFs, SoSoValue's data showed that the products saw their biggest single-day outflows since launch on February 25

但是，隨著機構投資者從比特幣ETF中退出，Sosovalue的數據顯示，自2月25日推出以來，這些產品看到了他們最大的單日外流。

Those outflows, which were an astounding $937.78 million, easily eclipse the previous record of $680 million reached on December 19, 2024.

那些流出量令人震驚的是9.377億美元，很容易將2024年12月19日的6.8億美元紀錄延伸。

Coinbase’s 30% Spot Volume Dominance Shows US Institutions Are in Control

Coinbase的30％斑點量優勢表明我們正在控制機構

Another interesting tidbit from Ju is that Coinbase now has over 30% of total Bitcoin spot volume in the past week, while the BTC premium (Coinbase BTC price vs. Binance BTC price) is still negative.

JU的另一個有趣的小說是，在過去一周中，Coinbase現在擁有超過比特幣現場量的30％以上，而BTC Premium（Coinbase BTC價格與Binance BTC價格）仍然為負。

This signals that U.S. investors, especially institutions, are largely driving the recent bull cycle and also the correction, according to CryptoQuant.

據CryptoQuant稱，這表明美國投資者，尤其是機構，主要推動了最近的公牛週期以及更正。

Earlier, Ju had pointed out that typically in the past cycles, we’ve seen Bitcoin drop 30% from the all-time high before flipping bearish.

早些時候，JU指出，通常在過去的周期中，我們已經看到比特幣在翻轉看跌之前的歷史高度下降了30％。

But Ju said that even after the recent correction, Bitcoin’s cycle is still intact.

但是JU說，即使在最近的糾正之後，比特幣的周期仍然完好無損。

According to CryptoQuant’s data, the Coinbase whales’ moves and the ETF outflows are part of a broader trend. He highlighted Bitcoin’s resilience throughout history, suggesting that it has encountered steeper drops in price before.

根據CryptoQuant的數據，Coinbase鯨魚的移動和ETF流出是更廣泛趨勢的一部分。他強調了比特幣在整個歷史上的韌性，這表明它以前遇到了陡峭的價格下降。

As such, Ju believes that the recent price action is part of a larger cycle, and the bear market is far from starting yet.

因此，JU認為最近的價格行動是更大周期的一部分，而且熊市還遠遠沒有開始。