比特币（BTC）明显的需求达到2025年的最低水平，降至负面

根据CryptoQuant的比特币明显需求指标，对比特币的需求已在3月13日下降至负142。

Apparent demand for Bitcoin (BTC) has hit the lowest level in 2025, dropping down into negative territory, as traders and investors take a cautious approach to risk-on assets due to macroeconomic uncertainty.

对比特币（BTC）的明显需求在2025年达到了最低水平，由于宏观经济不确定性而采取了谨慎的风险资产方法，因此下降到了负领土。

According to CryptoQuant's Bitcoin Apparent Demand metric, demand for Bitcoin has dropped down to a negative 142 on March 13.

根据CryptoQuant的比特币明显需求指标，对比特币的需求已在3月13日下降至负142。

Bitcoin's apparent demand has been positive since September 2024, peaking around December 2024 before beginning the slow descent back down.

自2024年9月以来，比特币的明显需求一直是积极的，在2024年12月左右达到顶峰，然后开始缓慢下降。

However, demand levels stayed positive until the beginning of March 2025 and have continued to decline since that point.

但是，直到2025年3月初，需求水平一直保持积极，自那时以来一直在下降。

Fears of a prolonged trade war, geopolitical tensions, and stubbornly high inflation, which is cooling but is nevertheless above the Federal Reserve's 2% target, are causing traders to take a step back from riskier assets and into safe havens such as cash and government securities.

人们担心长期的贸易战，地缘政治紧张局势和顽固的通货膨胀率正在冷却，但仍高于联邦储备的2％目标，这导致贸易商从风险较高的资产中退后一步，再到现金和政府证券等安全避风港。

Bitcoin apparent demand. Source: CryptoQuant

比特币明显需求。资料来源：加密

Related: Worst crypto cycle ever? Community and history say otherwise

相关：有史以来最糟糕的加密周期吗？社区和历史说其他

Crypto markets hemorrhage amid macroeconomic uncertainty

加密市场在宏观经济不确定性中出血

The post-election hype has died down following the mixed reactions from investors to the White House Crypto Summit on March 7, as the realities of macroeconomic uncertainty and the political process set in.

大选后的炒作在3月7日从投资者到白宫加密峰会的不同反应后，随着宏观经济不确定性和政治进程所设定的现实。

Despite lower-than-expected CPI inflation figures reported on March 12, the price of Bitcoin declined immediately following the news.

尽管3月12日报道的CPI通货膨胀数据比预期的低于预期，但新闻后比特币的价格下降了。

Crypto exchange-traded funds (ETFs) experienced four consecutive weeks of outflows beginning in February and the early weeks of March as traditional financial investors sought a flight to safety.

加密交易所交易的基金（ETF）从2月开始经历了连续四个星期的流出，并且随着传统金融投资者寻求安全航班，因此经历了3月的早期。

According to CoinShares, outflows from crypto ETFs totaled $4.75 billion over the past four weeks, with BTC investment vehicles recording $756 million in month-to-date outflows.

根据Coinshares的说法，在过去的四个星期中，加密ETF的流出总计47.5亿美元，BTC投资车的每月流出量为7.56亿美元。

Poor market sentiment and fears of a looming recession triggered a wave of panic selling that sent crypto prices tumbling.

市场情绪低落和对迫在眉睫的衰退的担忧引发了一波恐慌销售，使加密货币价格上涨。

Since the Trump inauguration on Jan. 20, the Total3 Market Cap, a measure of the total crypto market capitalization excluding Ether (ETH) and BTC, plummeted by over 27% from over $1.1 trillion to approximately $795 billion.

自从1月20日特朗普就职以来，总计3市值（不包括ETHER（ETH）和BTC）的总计量度，从超过1.1万亿美元跌至约7950亿美元，超过27％。

Bitcoin price action and analysis. Source: TradingView

比特币价格动作和分析。资料来源：TradingView

Similarly, the price of Bitcoin declined by over 22% from a high of over $109,000 to present levels.

同样，比特币的价格从高分超过109,000美元下降到现在的水平。

Bitcoin has been trading below its 200-day exponential moving average (EMA) since March 9, with occasional dips below the 200-day EMA during February.

自3月9日以来，比特币的交易一直低于其200天的指数移动平均线（EMA），偶尔下降到2月的200天EMA。

Bitcoin's Average True Range (ATR), a measure of volatility, is currently over 5,035 — indicating significant price swings as markets grapple with macro factors.

比特币的平均真实范围（ATR）（一种量度的波动率）目前超过5,035，这表明价格波动很大，因为市场遇到了宏观因素。

Crypto analyst Matthew Hyland recently argued that Bitcoin must secure a close of at least $89,000 on the weekly timeframe or risk a further correction to $69,000.

加密分析师马修·海兰德（Matthew Hyland）最近认为，比特币必须在每周的时间范围内获得至少89,000美元的收盘，否则可能会进一步更正至69,000美元。

Magazine: Bitcoiners are ‘all in’ on Trump since Bitcoin ’24, but it’s getting risky

杂志：比特币自比特币'24以来，比特币在特朗普上都“全都”，但它正在冒险