在新的宏觀經濟挑戰中，BTC、BCH 和 USUAL 代幣成為焦點

隨著加密貨幣市場面臨新的宏觀經濟挑戰，比特幣（BTC）、比特幣現金（BCH）和 USUAL 成為人們關注的焦點。比特幣的韌性超過 8 萬美元

Bitcoin (BTC), Bitcoin Cash (BCH), and USUAL (UST) are in the spotlight as the cryptocurrency market faces fresh macroeconomic challenges.

隨著加密貨幣市場面臨新的宏觀經濟挑戰，比特幣（BTC）、比特幣現金（BCH）和USUAL（UST）成為人們關注的焦點。

Bitcoin’s resilience above $80,000, despite elevated U.S. Dollar Index (DXY) levels and a more hawkish outlook from the Federal Reserve, highlights its relative decoupling from traditional market trends.

儘管美元指數（DXY）水平較高且聯準會前景更加鷹派，但比特幣仍堅守在 8 萬美元以上，凸顯了其與傳統市場趨勢的相對脫鉤。

On-chain metrics and investment flows provide further insights into BTC’s trajectory and the role of institutional participation.

鏈上指標和投資流可以進一步洞察 BTC 的軌跡和機構參與的角色。

Bitcoin (BTC) price showcased remarkable resilience as the U.S. Dollar Index (DXY) hovered at 110, a level historically associated with BTC trading around $20,000.

比特幣 (BTC) 價格表現出顯著的彈性，美元指數 (DXY) 徘徊在 110 水平，歷史上 BTC 交易價格約為 20,000 美元。

However, a recent tweet highlighted the stark divergence, with Bitcoin currently positioned above $80,000. This suggests a significant departure from its traditional inverse correlation with the DXY, a relationship that has been observed over extended periods.

然而，最近的一條推文凸顯了這種明顯的分歧，比特幣目前的價格高於 8 萬美元。這表明它與 DXY 的傳統逆相關性有顯著背離，這種關係是長期觀察到的。

A closer examination of on-chain data and investment flows provides further evidence to support this claim.

對鏈上數據和投資流的仔細檢查提供了進一步的證據來支持這一說法。

The Short-Term Holder NUPL metric reveals that short-term holders remained profitable despite macroeconomic uncertainties, with no sharp declines into loss territory. This indicates confidence among recent buyers and reduces the likelihood of a widespread sell-off.

短期持有者 NUPL 指標顯示，儘管宏觀經濟存在不確定性，短期持有者仍保持獲利，且沒有急劇下降至虧損區域。這表明近期買家的信心並降低了大範圍拋售的可能性。

Meanwhile, Net Transfer Volume from/to Exchanges highlighted consistent outflows, peaking during BTC’s rally in November 2024 and moderating in December 2024. These outflows support the narrative of long-term accumulation trends, further tightening Bitcoin’s liquid supply.

同時，交易所的淨轉帳量凸顯了持續的資金外流，在2024 年11 月BTC 反彈期間達到頂峰，並在2024 年12 月放緩。緊了比特幣的流動性供應。

Furthermore, the Realized Cap HODL Waves chart strengthens the bullish outlook. It reveals that over 65% of Bitcoin’s circulating supply has been held for over a year, a sharp increase since late October 2024.

此外，已實現上限 HODL 波浪圖表強化了看漲前景。報告顯示，超過 65% 的比特幣流通供應量已持有一年多，自 2024 年 10 月下旬以來急劇增加。

This accumulation by long-term holders underpins Bitcoin’s price stability, even as macroeconomic conditions become more challenging.

即使宏觀經濟條件變得更具挑戰性，長期持有者的累積也支撐了比特幣的價格穩定。

Finally, investment flows also validate these on-chain trends. According to CoinShares, Bitcoin attracted $214 million in inflows last week, the highest among digital assets, despite broader market outflows of $940 million triggered by stronger-than-expected macroeconomic data.

最後，投資流也驗證了這些鏈上趨勢。根據 CoinShares 的數據，儘管強於預期的宏觀經濟數據引發了 9.4 億美元的更廣泛市場流出，但比特幣上週吸引了 2.14 億美元的資金流入，是數位資產中最高的。

Year-to-date inflows for BTC stood at $799 million, solidifying its position as the preferred asset for institutional investors. In contrast, Ethereum suffered $256 million in outflows, reflecting broader risk-off sentiment in tech assets.

今年迄今為止，比特幣的流入量為 7.99 億美元，鞏固了其作為機構投資者首選資產的地位。相較之下，以太坊遭受了 2.56 億美元的資金外流，反映出科技資產更廣泛的避險情緒。