比特币 (BTC) ETF 节日过后恢复正值

2024 年可以说是比特币历史上最有趣的一年之一。 2025 年也会同样好吗？

Bitcoin ETFs saw a bullish start to the month but leaned into the negative side as the holidays drew closer. Daily flows remained in the green up to 18 December, after which the Bitcoin ETF flows shifted to sustained outflows until 24 December.

比特币 ETF 本月开局看涨，但随着假期临近而趋于下跌。截至 12 月 18 日，每日资金流仍保持绿色状态，此后，比特币 ETF 资金流转为持续流出，直至 12 月 24 日。

Bitcoin ETFs assumed positive flows after the festive season on 26 December. $475.2 million in inflows were seen during that timeframe, potentially signaling the return of demand. Fidelity and Ark Invest had contributed to the lion’s share of that demand.

12 月 26 日节日过后，比特币 ETF 出现正流量。在此期间，资金流入达 4.752 亿美元，这可能预示着需求的回归。富达和方舟投资公司贡献了这一需求的大部分。

Are the ETF inflows on Boxing day a reflection of the demand in the market though? Well, a holiday sell-off was highly probable and expected given that BTC had been enjoying a robust rally. Holiday spending dictated that some profit-taking was bound to take place.

节礼日 ETF 资金流入是否反映了市场需求？考虑到比特币一直在强劲反弹，假日期间出现抛售的可能性很大，也是意料之中的。假期消费决定一定会发生一些获利回吐。

Bitcoin ETFs had a healthy bullish start earlier in the month, but leaned into the negative side as the holidays drew closer. In fact, daily flows remained in the green up to 18 December, after which the Bitcoin ETF flows shifted to sustained outflows until 24 December.

比特币 ETF 在本月初有一个健康的看涨开局，但随着假期的临近而趋向负面。事实上，截至 12 月 18 日，日流量仍保持绿色，此后比特币 ETF 流量转向持续流出，直至 12 月 24 日。

Bitcoin ETFs assumed positive flows after the festive season on 26 December. $475.2 million in inflows were seen during that timeframe, potentially signaling the return of demand. Fidelity and Ark Invest had contributed to the lion’s share of that demand.

12 月 26 日节日过后，比特币 ETF 出现正流量。在此期间，资金流入达 4.752 亿美元，这可能预示着需求的回归。富达和方舟投资公司贡献了这一需求的大部分。

Are the ETF inflows on Boxing day a reflection of the demand in the market though? Well, a holiday sell-off was highly probable and expected given that BTC had been enjoying a robust rally. Holiday spending dictated that some profit-taking was bound to take place.

节礼日 ETF 资金流入是否反映了市场需求？考虑到比特币一直在强劲反弹，假日期间出现抛售的可能性很大，也是意料之中的。假期消费决定一定会发生一些获利回吐。

Miners play a vital role in the Bitcoin ecosystem and BTC miner reserves offer some insights into the state of demand. Miner reserves have been negative for the last 6 days, in line with ETF outflows.

矿工在比特币生态系统中发挥着至关重要的作用，比特币矿工储备可以为需求状况提供一些见解。过去 6 天矿商准备金一直为负，与 ETF 流出量一致。

Miner outflows turned positive on 25 December, jumping from 1.897 million BTC to 1.808 million BTC, as of the last 24 hours.

截至 12 月 25 日，矿工流出量转正，截至过去 24 小时，从 189.7 万比特币跃升至 180.8 万比特币。

Bitcoin exchange reserves also painted a clearer picture of the demand and sell pressure that has prevailed over the last few months. For context, exchange reserves in the last 30 days dipped from 2.493 million BTC on 27 November to a monthly low of 2.395 million BTC on 18 December.

比特币交易储备也更清晰地描绘了过去几个月普遍存在的需求和抛售压力。就背景而言，过去 30 天的外汇储备从 11 月 27 日的 249.3 万比特币降至 12 月 18 日的月度低点 239.5 万比特币。

Finally, Bitcoin exchange reserves grew to 2.428 million on 25 December, before dipping to 2.422 million BTC two days later. This confirmed that the cryptocurrency has been experiencing sell pressure during the holidays. However, that sell pressure may have declined over the last 24 hours.

最后，比特币交易储备在 12 月 25 日增至 242.8 万枚，两天后又降至 242.2 万枚。这证实了加密货币在假期期间一直面临抛售压力。然而，过去 24 小时内抛售压力可能有所下降。

In short, holiday sell pressure may have already run its course and could potentially be paving the way for strong demand resurgence.

简而言之，假期抛售压力可能已经结束，并可能为强劲需求复苏铺平道路。