比特幣在周五的$ 85,000大關高於$ 85,000

雖然價格籃板表示短期恢復，但現貨交換指標和期貨數據都表明市場可能正在進入合併階段或等待更清晰的信號

Bitcoin surged above the $85,000 mark on Friday, but underlying market data points to reduced activity and increased caution among investors.

比特幣在周五的85,000美元高度飆升，但基本的市場數據點可以減少活動和增加投資者的謹慎態度。

While the price rebound indicates a short-term recovery, both spot exchange metrics and futures data suggest the market may be entering a consolidation phase or awaiting clearer signals before resuming a stronger trend.

雖然價格反彈表明短期恢復，但現貨交換指標和期貨數據都表明，在恢復更強大的趨勢之前，市場可能會進入合併階段或等待更清晰的信號。

According to blockchain analytics firm Glassnode, Bitcoin’s exchange inflow momentum continues declining, adding signs of a broad downtrend that began in mid-March 2025. The report tracks the 30-day and 365-day simple moving averages (SMA) of inflow volume.

根據區塊鏈分析公司GlassNode的說法，比特幣的交換流入動量持續下降，增加了始於2025年3月中旬的廣泛下降趨勢的跡象。該報告跟踪了30天和365天的簡單移動平均（SMA）的流入量。

A crossover has emerged with the 30-day SMA falling below the longer-term average, historically interpreted as a signal of weakening short-term momentum relative to the longer-term trend. The trend is marked visually by red-shaded zones on the chart, highlighting periods of downtrend activity.

出現了一個分頻器，30天的SMA降至長期平均水平以下，歷史上被解釋為相對於長期趨勢削弱短期動量的信號。圖表上的紅色陰影區域在視覺上標記了趨勢，突出了下降活動的時期。

Bitcoin has remained range-bound between $60,000 and $70,000 during the current phase, even as overall exchange inflows declined. The chart also shows reduced volatility in inflow bars, indicating a market lacking strong accumulation or distribution events.

在當前階段，比特幣在60,000美元至70,000美元之間的範圍仍然存在，即使整體交換流入下降。該圖還顯示出流入條的波動性降低，表明市場缺乏強大的積累或分銷事件。

This development suggests that investors are holding off on transferring coins to centralized platforms due to market uncertainty or an absence of short-term catalysts. Reduced inflow volume often aligns with lower price volatility and reflects a subdued trading environment. It may also indicate that the market is preparing for further correction or waiting for macroeconomic triggers before making big moves.

這一發展表明，由於市場不確定性或缺乏短期催化劑，投資者將堅持將硬幣轉移到集中式平台上。減少的流入量通常與價格較低的波動性保持一致，並反映出柔和的交易環境。這也可能表明市場正在準備進一步的糾正或等待宏觀經濟觸發器，然後再進行大動作。

At the same time, according to the dynamics shown by CoinGlass, there is a constant outflow of cash from the Bitcoin futures market. The daily outflow has been increasing since the beginning of March, particularly in the first half of the month following Bitcoin’s drop in price to slightly above $ 110,000 in mid-March.

同時，根據Coinglass所顯示的動態，比特幣期貨市場不斷流出現金。自3月初以來，每日流出一直在增加，尤其是在比特幣價格下跌至3月中旬略高於110,000美元之後的上半月。

Since November 2024 to February 2025, futures inflows dominated the busy period where Bitcoin was on the rise indicating more trader confidence and leverage on speculation. However, that sentiment has shifted, with notable outflows in mid-February and early April reflecting reduced exposure to leveraged positions.

自2024年11月至2025年2月以來，期貨在繁忙的時期佔據主導地位，在繁忙的時期中，比特幣的增長表明交易者的信心和對投機的槓桿作用。但是，這種情緒發生了變化，在2月中旬和4月初出現了顯著的外流，反映出槓杆位置的暴露量減少。

Although minor inflow spikes re-emerged in late March, they failed to surpass the outflows, confirming a net decline in futures positioning. The change suggests traders await improved technical or macro signals before reentering the market with larger contracts.

儘管三月下旬重新出現了輕微的流入尖峰，但他們未能超過流出，證實了期貨定位的淨下降。這一變化表明，在通過更大的合同重新進入市場之前，貿易商正在等待改進的技術或宏信號。

Despite subdued market dynamics, Bitcoin recovered to $85,176.24 during the time of writing, marking a 0.69% gain over 24 hours, as reported by CoinMarketCap. The price had consolidated near $84,600 in the previous session before a breakout occurred early Friday.

儘管市場動態柔和，但在撰寫本文期間，比特幣仍恢復至85,176.24美元，標誌著24小時內的0.69％的增長率，據CoinMarketCap報導。在周五早些時候發生突破之前，上一屆會議中的價格已匯總了近84,600美元。

However, the rally was accompanied by a sharp decline in 24-hour trading volume, which fell by 35.13% to $13.4 billion.

但是，該集會伴隨著24小時交易量的急劇下降，下降了35.13％，至134億美元。

The drop in volume suggests that the move may have been influenced by thinner liquidity rather than strong demand. Bitcoin’s market capitalization remains at $1.69 trillion, with a circulating supply of 19.85 million out of a fixed 21 million.

體積的下降表明，此舉可能受到較薄的流動性而不是強烈需求的影響。比特幣的市值仍為1.69萬億美元，在固定的2100萬中循環供應量為1,985萬。