在過去的96小時內，超過21,000個比特幣轉移到交易所，標誌著交換儲量的重大尖峰

從歷史上看，這種流入通常表示賣方壓力的增長，尤其是當交易者預計本地頂級時。

Over the last 96 hours, over 21,000 Bitcoin [BTC]have been transferred to exchanges, leading to a significant spike in exchange reserves, according to Glassnode.

據GlassNode稱，在過去的96小時中，超過21,000比特幣[BTC]已轉移到交換中，導致了交換儲量的巨大尖峰。

Historically, such large-scale inflows often signal growing sell-side pressure, especially when traders anticipate local tops or anticipate liquidating their positions.

從歷史上看，如此大規模的流入通常表明賣方壓力增加，尤其是當交易者預計本地上衣或預計清算其頭寸時。

Bitcoin is struggling to gain momentum after a recent dip that fell short of tagging the $79,000 support, trading at a glance glance at the $83,700 mark. As the market anticipates a decisive move, these persistent inflows could be a deciding factor in triggering a correction or continuing the rally.

在最近的一次下跌案中，比特幣正努力獲得勢頭，而該下降幅度不足，這是79,000美元的支持，一目了然，一眼就達到了83,700美元。正如市場預期的那樣，這些持續的流入可能是觸發糾正或繼續集會的決定因素。

Bitcoin struggles to break free after a recent setback

在最近的挫折之後，比特幣努力掙脫

On the 4-hour chart, Bitcoin appears to be forming a textbook cup and handle pattern, which traditionally signals a potential bullish continuation after a period of consolidation.

在4小時的圖表上，比特幣似乎正在形成一個教科書杯和手柄模式，傳統上標誌著一段時間的整合後潛在的看漲延續。

At the time of writing, BTC traded at $85,138.04, posting a modest 1.02% gain. The pattern’s neckline sat at the $88,860 level—a key resistance zone that must be cleared to fully complete the pattern and might be encountered if buyers attempt to push higher.

在撰寫本文時，BTC的交易價格為85,138.04美元，收益率為1.02％。該圖案的領口坐落在$ 88,860的水平上，這是一個鍵阻力區，必須清除以完全完成圖案，如果買家試圖推高更高，則可能會遇到。

If this barrier is breached, it could trigger a wave of buying pressure, ultimately leading to a breakout toward new highs. However, the pattern has yet to complete, and the handle portion remains sensitive to broader market sentiment.

如果這種障礙被破壞，它可能會觸發一波購買壓力，最終導致新高點的突破。但是，該模式尚未完成，手柄部分仍然對更廣泛的市場情緒敏感。

If bulls fail to build enough momentum and push through this barrier, Bitcoin could pull back toward the $81,535 support level, which has proven resilient in previous dips.

如果公牛隊無法建立足夠的動力並貫穿這一障礙，則比特幣可以向後駛向81,535美元的支撐水平，這在先前的下降中證明了彈性。

Bitcoin 4-hour chart (from TradingView)

比特幣4小時圖表（來自TradingView）

Is momentum running out?

動量耗盡嗎？

Market sentiment showed no clear direction at press time, with bulls and bears perfectly matched at 130 each over the past seven days, according to the Fear & Greed Index. This equilibrium indicated deep uncertainty in the market, where any minor event could tip the scales sharply.

根據恐懼和貪婪的指數，市場情緒在發稿時沒有明確的指導，在過去的七天中，公牛和熊隊的匹配度為130。這種均衡表明市場上的不確定性深度不確定性，任何次要事件都可以急劇尖銳。

At the same time, Bitcoin’s network activity has dropped significantly, approaching historic lows seen in 2018 and 2021, according to CryptoQuant’s analysis.

同時，根據CryptoQuant的分析，比特幣的網絡活動已大大下降，接近2018年和2021年的歷史低谷。

A decline in on-chain engagement often reflects reduced user demand and weak market participation. However, renewed volume or institutional buying could quickly reverse this decline.

鏈上參與度的下降通常反映出用戶需求減少和市場參與疲軟。但是，更新的數量或機構購買可能會迅速扭轉這一下降。

Bitcoin active addresses (from CryptoQuant)

比特幣活動地址（來自加密量）

Whale buying intensifies despite selling pressure

儘管賣出壓力，鯨魚的購買仍加劇

Despite the selling pressure signaled by rising exchange reserves, whales and institutions appear to be accumulating aggressively. Glassnode data shows wallets holding over 10,000 BTC increasing their holdings, pushing the accumulation score close to 0.6. This signals a strong preference for accumulating coins at these price levels.

儘管銷售壓力通過增加的交換儲備表明，但鯨魚和機構似乎正在積極積累。玻璃節數據顯示，持有超過10,000 BTC的錢包增加了其持有量，將累積評分推向接近0.6。這表明在這些價格水平上積累硬幣的強烈偏愛。

Moreover, Tether has reportedly bought $750 million worth of BTC in 2025, now holding over 100,000 BTC valued at $8.5 billion. Additionally, Bitwise entered the accumulation phase with a $24.5 million purchase, further highlighting sustained long-term confidence in Bitcoin.

此外，據報導，Tether在2025年購買了價值7.5億美元的BTC，現在持有100,000多個BTC，價值85億美元。此外，Bitwise以2450萬美元的價格進入了積累階段，進一步強調了對比特幣的長期信心。

Finally, the stock-to-flow ratio has dropped 71.43% in the past 24 hours, sitting at 907.2K at press time. This metric, used to evaluate scarcity by comparing circulating supply to the rate of new issuance, usually moves slowly. A drop of this size suggests either market saturation or temporary doubt in scarcity as a value driver. Nevertheless, many investors still see current levels as a strategic buying opportunity.

最終，在過去的24小時內，股票與流量比下降了71.43％，發稿時為907.2k。該指標用於通過比較循環供應與新發行率進行比較，通常會緩慢移動。這種尺寸的下降表明市場飽和或暫時懷疑是價值驅動力。儘管如此，許多投資者仍然將當前水平視為戰略購買機會。

This analysis suggests that despite the potential for a short-term correction due to selling pressure signaled by rising exchange reserves and weak network activity, strong whale accumulation and continued institutional buying provide a solid cushion that could limit the downside.

該分析表明，儘管由於銷售壓力的銷售壓力增加，交換儲備和網絡活動疲軟，強勁的鯨魚積累和持續的機構購買可能會進行短期校正，這可能會限制下跌。

Therefore, while short-term market direction remains uncertain and could favor a pullback, the broader bullish structure and long-term outlook for Bitcoin appear to be firmly intact.

因此，儘管短期市場的方向仍然不確定並且可能傾向於回調，但比特幣的更廣泛的看漲結構和長期前景似乎完全完好無損。