分析師說，美國市場活動可能引發比特幣集會。

儘管比特幣（BTC）在2025年擁有最弱的第一批季度之一，但希望在下半年的市場反彈仍然如此。

A crypto analyst is looking at a U.S.-based exchange metric that could spark the next leg up for Bitcoin (BTC).

一位加密分析師正在研究一個總部位於美國的交換指標，該指標可能會激發比特幣（BTC）的下一條腿。

Despite one of the weakest first quarters in recent times, Bitcoin could still be setting up for a second-half market rebound.

儘管最近最弱的季度之一，但比特幣仍然可以為下半場市場的籃板做準備。

Analyst Axel Adler says that rising activity on U.S.-based crypto exchanges may be setting the stage for an upcoming bullish trend.

分析師阿克塞爾·阿德勒（Axel Adler）表示，基於美國加密貨幣交易所的活動的上升可能正在為即將到來的看漲趨勢奠定基礎。

Adler says that the “US vs. Offshore Ratio” is showing signs of reversal, which could be pivotal. This metric tracks the transfer volumes between U.S. and international exchanges.

阿德勒說，“美國與海上比率”顯示出逆轉的跡象，這可能是關鍵的。這標準跟踪了我們與國際交流之間的轉移量。

The ratio had been decreasing since BTC reached its all-time high in January, but it’s now moving in the opposite direction. This shift indicates that U.S. markets are regaining their dominance, a pattern observed during past bull runs.

自BTC在一月份達到歷史最高水平以來，該比率一直在下降，但現在朝相反的方向移動。這種轉變表明，美國市場正在重新獲得統治地位，這種模式在過去的牛市中觀察到。

During periods when the U.S. exchanges have a stronger presence, it suggests that users are actively trading and integrating cryptocurrencies into the mainstream financial system. Conversely, a dominance of offshore exchanges may signal a period of lower trading activity.

在美國交易所具有更強的業務期間，這表明用戶正在積極交易並將加密貨幣整合到主流金融體系中。相反，離岸交易所的優勢可能表明交易活動較低。

Furthermore, the 90-day simple moving average (SMA) has crossed above the 365-day SMA. This pattern is significant as it has previously coincided with major increases in Bitcoin’s price.

此外，為期90天的簡單移動平均線（SMA）已超過365天SMA。這種模式很重要，因為它以前與比特幣價格的重大上漲相吻合。

Adler notes that a similar crossover occurred when BTC was trading around $60,000, which was later followed by a substantial rally.

阿德勒（Adler）指出，當BTC交易約60,000美元時，發生了類似的跨界車，隨後進行了大量集會。

However, even with this promising signal, time will ultimately determine whether this reversal marks the beginning of Bitcoin’s next upward move.

但是，即使有了這個有希望的信號，時間最終仍將確定這種逆轉是否標誌著比特幣下一個向上移動的開始。