比特币（BTC）的价格持续下降，从3月的历史最高点数109,000美元下降。

CryptoQuant的贡献者Egyhash强调了binance的令人不安的发展，这可能会进一步给比特币的价格施加压力。

Bitcoin’s price has fallen sharply in recent times, dropping further from its March all-time high of $109,000. As of writing, Bitcoin is trading at around $81,900, having declined by 24.6% from its yearly peak.

比特币的价格近来急剧下跌，比其三月历史最高高点109,000美元下降了。截至撰写本文时，比特币的交易价格约为81,900美元，比其年度高峰下降了24.6％。

This bearish trend has been accompanied by some troubling developments on Binance, one of the world’s largest cryptocurrency exchanges, which could put additional pressure on Bitcoin’s price, as EgyHash, a contributor to CryptoQuant, has noted.

这种看跌的趋势伴随着一些令人不安的Binance发展，这是世界上最大的加密货币交易所之一，这可能会给比特币的价格带来额外的压力，正如加密货币的贡献者Egyhash所指出的那样。

7-Day Moving Average Of Mean Coin Inflows Is Increasing

平均硬币流入的7天移动平均值正在增加

EgyHash highlights that there has been a steady increase in key metrics on Binance, which indicate growing sell-side activity. One such metric is the 7-day moving average of mean coin inflows, which shows that investors are making larger and more frequent deposits into Binance.

Egyhash强调说，二元关键指标稳定增加，这表明卖方活动不断增长。一个这样的指标是平均硬币流入的7天移动平均值，这表明投资者正在将更大，更频繁地存入均值。

This uptick in inflows can often precede heightened selling activity, as it suggests that more coins are becoming available for sale on the exchange’s order books.

流入的这种上升通常可以在销售活动中加剧之前，这表明更多的硬币正在交易所的订单书上可供出售。

Furthermore, the “Bitcoin: Exchange Inflow (Top10)” indicator, which tracks the total coin volume of the top ten largest inflow transactions, has reached levels last seen nearly a year ago. This surge suggests that significant amounts of Bitcoin are being moved onto Binance, potentially with the intent to sell.

此外，“比特币：交换流入（TOP10）”指标跟踪了前十大最大的流入交易的总硬币量，该指标已达到近一年前的水平。这一激增表明，大量比特币正在转移到二元上，可能是出售的意图。

Additionally, Binance’s Bitcoin reserves are also increasing, returning to levels last observed in November of the previous year. Typically, a rise in exchange reserves reflects an increase in coins held by the platform, which can signal more selling pressure.

此外，Binance的比特币储量也正在增加，上一年11月上次观察到的水平。通常，交换储量的上升反映了平台持有的硬币的增加，这可能会表明销售压力更大。

This view is further supported by the Taker Buy/Sell Ratio, which reveals that sell orders currently outpace buy orders, painting a bearish picture for the market.

Taker的买卖比率进一步支持了这种观点，该观点揭示了当前卖出订单的订单超过购买订单，为市场上的看跌图片。

This accumulation of factors—rising inflows, growing exchange reserves, and a dominant bearish sentiment—could indicate that Bitcoin’s downward trajectory may continue.

这种因素的积累 - 增加流入，日益增长的交换储量和占主导地位的看跌情绪 - 可能表明比特币的向下轨迹可能会继续下去。

Examining The Role Of Unrealized Profit And Loss (NUPL)

研究未实现的损益（NUPL）的作用

While sell pressure on exchanges is a significant factor, other indicators are offering a broader perspective on the market’s overall sentiment.

虽然交易所上的销售压力是一个重要因素，但其他指标对市场的总体情绪提供了更广泛的看法。

Another CryptoQuant analyst, tugbachain, recently discussed the Net Unrealized Profit/Loss (NUPL) metric, which tracks the network’s unrealized profits and losses to determine whether investors, on average, are holding Bitcoin at a gain or a loss.

另一位加密分析师Tugbachain最近讨论了未实现的盈利/损失（NUPL）度量标准，该指标追踪了网络未实现的利润和损失，以确定投资者平均而言是在收益还是损失中持有比特币。

According to tugbachain, the NUPL currently sits just below the 0.50 support level. Historically, a reading below this threshold has coincided with bearish phases, while a recovery above it can suggest renewed buying interest.

根据Tugbachain的说法，NUPL目前位于0.50支持水平以下。从历史上看，此阈值以下的读数与看跌阶段相吻合，而上面的恢复可以表明购买利息。

If Bitcoin’s monthly close for February exceeds this 0.50 mark, it could indicate a shift toward more optimistic price action, possibly encouraging long-term holders to re-enter the market.

如果比特币的2月份每月结束超过这一0.50大关，则可能表明向更乐观的价格行动转变，可能会鼓励长期持有人重新进入市场。