儘管價格下跌，Coinbase 的大規模流出表明機構對比特幣的興趣

比特幣[BTC]在過去一天經歷了大幅的價格波動，主要受到聯邦公開市場委員會（FOMC）會議結果和聯準會主席鮑威爾講話的影響。

output: As Bitcoin’s (BTC) price continues to experience major fluctuations, analysts have been closely monitoring institutional activity and its impact on market trends. A new report from CryptoQuant analyst Burak Kesmeci highlights a significant development in Bitcoin’s market dynamics.

產出：隨著比特幣（BTC）價格持續大幅波動，分析師一直在密切關注機構活動及其對市場趨勢的影響。 CryptoQuant 分析師 Burak Kesmeci 的一份新報告強調了比特幣市場動態的重大發展。

According to Kesmeci, a record-breaking Bitcoin outflow was observed on Coinbase during the FOMC announcement. Within just one hour, approximately 10,756 BTC, valued at $1.1 billion, were withdrawn from the exchange.

Kesmeci 表示，在 FOMC 聲明期間，Coinbase 上出現了創紀錄的比特幣流出量。短短一小時內，大約有 10,756 個 BTC，價值 11 億美元，從交易所被撤出。

The transaction occurred in two major blocks: one involving 8,093 BTC and the other 2,557 BTC. This substantial outflow strongly suggests institutional buying or intermediary purchases likely linked to Spot ETF demand—a pattern that aligns with similar institutional activity over the past year.

該交易發生在兩個主要區塊：一個涉及 8,093 BTC，另一個涉及 2,557 BTC。這種大量資金流出強烈表明機構購買或中介購買可能與現貨 ETF 需求相關——這種模式與過去一年類似的機構活動相符。

Kesmeci emphasized the growing role of institutional investors in Bitcoin’s market structure. He noted,

Kesmeci 強調了機構投資者在比特幣市場結構中日益重要的角色。他指出，

“U.S. investors continue to accumulate Bitcoin relentlessly, undeterred by price fluctuations or market downtrends.”

“美國投資者繼續不懈地累積比特幣，不受價格波動或市場下跌趨勢的影響。”

The analyst mentioned that these significant transactions underscore the influence of institutions like RIOT and MARA in driving market momentum, particularly during critical events like interest rate announcements.

該分析師提到，這些重大交易凸顯了 RIOT 和 MARA 等機構在推動市場動能方面的影響力，特別是在利率公告等關鍵事件期間。

Meanwhile, other key metrics reveal a mixed outlook for Bitcoin’s immediate future. Data from Coinglass shows a 0.90% decrease in Bitcoin’s open interest, now valued at $68.14 billion. However, Bitcoin’s open interest volume has surged by 36%, reaching $148.57 billion—a sign of heightened trading activity.

同時，其他關鍵指標顯示比特幣近期的前景好壞參半。 Coinglass 的數據顯示，比特幣的未平倉合約減少了 0.90%，目前價值 681.4 億美元。然而，比特幣的未平倉合約量激增 36%，達到 1,485.7 億美元——這是交易活動加劇的跡象。

Another important metric, the MVRV (Market Value to Realized Value) ratio, has also seen notable changes. The MVRV ratio measures whether Bitcoin is overvalued or undervalued based on its current market price relative to its realized price.

另一個重要指標，MVRV（市場價值與已實現價值）比率也發生了顯著變化。 MVRV 比率根據當前市場價格相對於其實現價格衡量比特幣是否被高估或低估。

A ratio above 1 generally indicates profitability for holders, while higher values suggest potential overvaluation. Bitcoin’s MVRV ratio recently climbed to 2.69 but has since fallen to 2.52 following the price drop. This decline suggests a cooling market sentiment, with traders potentially reassessing their positions in the short term.

高於 1 的比率通常表示持有者的獲利能力，而較高的值表示潛在的高估。比特幣的 MVRV 比率最近攀升至 2.69，但隨著價格下跌，該比率已降至 2.52。這種下跌表明市場情緒降溫，交易員可能會在短期內重新評估其部位。