比特幣價格是否有下降的風險？

BTC的價格可能比最初預期的更長的固結，因為最新的鏈上數據表明比特幣Coinbase Premium指數

The price of BTC could be set for a period of consolidation, as the latest on-chain data shows that the Bitcoin Coinbase Premium Index has dropped back beneath zero.

可以將BTC的價格設定為合併時期，因為最新的鍊鍊數據表明，比特幣Coinbase Premium指數已下降到零以下。

Is The Bitcoin Price At Risk Of Downward Movement?

比特幣價格是否有下降的風險？

In a recent post on the X platform, prominent crypto pundit Ali Martinez revealed that the Bitcoin Coinbase Premium Index has been declining, dropping back below a critical zone in recent days. The Coinbase Premium Index is an on-chain metric that tracks the difference between the BTC price on Coinbase (USD pair) and Binance (USDT pair).

在X平台上最近的一篇文章中，著名的加密專家阿里·馬丁內斯（Ali Martinez）透露，比特幣共幣高級指數一直在下降，最近幾天下降到關鍵區域以下。 Coinbase Premium指數是一個鏈度指標，它跟踪Coinbase（USD對）和Binance（USDT對）的BTC價格之間的差異。

This indicator can also provide insights into the difference in the buying and selling behaviors of the investors on the two crypto trading platforms. The Bitcoin Coinbase Premium Index reflects the sentiment of the US institutional entities (the major players on Coinbase) and how it differs from those on global exchanges.

該指標還可以提供有關兩個加密交易平台上投資者的買賣行為差異的見解。比特幣共幣高級指數反映了美國機構實體（Coinbase上的主要參與者）的情感，以及它與全球交流方面的不同之處。

Typically, when the Bitcoin price premium on Coinbase rises or is a positive value, it implies increasing demand from US investors, who are willing to spend more than other global investors to purchase the flagship cryptocurrency.

通常，當Coinbase的比特幣價格溢價上升或是一個積極價值時，它意味著美國投資者的需求不斷增加，他們願意花比其他全球投資者更多地購買旗艦加密貨幣。

On the other hand, the Coinbase Premium Index slipping beneath the zero mark signals that US investors are buying less compared to the global traders.

另一方面，Coinbase Premium指數在零商標以下的標誌表明，與全球交易者相比，美國投資者購買的價格較低。

This low buying activity is highlighted by the drab performance of spot BTC exchange-traded funds in recent weeks. The latest market data shows that the US Bitcoin ETF market registered a total outflow of $559 million in the past week.

最近幾週，現貨BTC交易所交易基金的單調表現強調了這種低購買活動。最新的市場數據表明，在過去一周中，美國比特幣ETF市場的總流出為5.59億美元。

With institutional and large US investors not accumulating Bitcoin at current prices, the market leader could struggle to build any real bullish momentum. Historically, a sustained decline of the Coinbase Premium Index metric has been associated with a consolidation period or even potential downside risk for the BTC price in the near term.

由於機構和大型投資者沒有以當前價格積累比特幣，因此市場領導者可能難以建立任何真正的看漲勢頭。從歷史上看，Coinbase Premium指數的持續下降與合併期甚至在短期內的BTC價格的潛在下行風險有關。

BTC Whales Offload Assets

BTC鯨魚卸載資產

In a separate post on X, Martinez observed that a class of Bitcoin investors has been trimming their holdings in recent weeks. Santiment data shows that whales holding between 10,000 and 100,000 coins have sold 30,000 BTC (worth roughly $2.9 billion) in the past 10 days.

在X上的另一篇文章中，馬丁內斯觀察到，一類比特幣投資者在最近幾週一直在修整其持股。 santiment數據表明，在過去的10天中，持有10,000至100,000枚硬幣的鯨魚已經出售了30,000 BTC（價值約29億美元）。

This level of selling activity somewhat explains the sluggish price action of Bitcoin in recent weeks. As of this writing, the price of BTC sits just above the $96,500 mark, reflecting a 0.8% increase in the past 24 hours. The premier cryptocurrency is down by 1.1% in the past week, according to data from CoinGceko.

這種銷售活動水平在某種程度上解釋了最近幾週比特幣的價格動作。截至撰寫本文時，BTC的價格位於96,500美元以上，反映了過去24小時的0.8％。根據Coingceko的數據，過去一周的主要加密貨幣在過去一周下降了1.1％。