比特币（BTC）价格泵是由ETF流和开放兴趣驱动的，而不是网络活动

一位分析师认为，最近的比特币价格泵是由ETF流和开放兴趣而不是网络活动驱动的。

An analyst has argued that recent data suggest that the Bitcoin (BTC) price pump was driven mainly by institutional factors such as ETF flows and open interest rather than on-chain demand.

一位分析师认为，最近的数据表明，比特币（BTC）价格泵主要由ETF流量和开放兴趣而不是链上需求等机构因素驱动。

Highlighting that the U.S. President’s team announced that the top holders of the Trump (TRUMP) meme coin would attend a special dinner with President Trump, leading to a frenzy of buying activity for the coin, the analyst stated that as the frenzy for the meme coin cooled, Bitcoin and top altcoin momentum also slowed.

强调美国总统的团队宣布，特朗普（特朗普）的最高持有人（特朗普）将与特朗普总统一起参加特别的晚宴，导致了为硬币购买活动的疯狂，分析师表示，作为模因硬币冷却，比特币和顶级替代币动力的疯狂，也是如此。

However, with multiple narratives emerging, there appeared to be insufficient buying power to support them all. As the markets cooled, crypto influencer DonAlt took to X to critique the market’s behavior.

但是，随着多种叙述的出现，似乎没有足够的购买力来支持所有这些。随着市场的冷却，加密影响者Donalt带来了X批评市场的行为。

Highlighting this point further, an analyst from CryptoQuant explained that the Bitcoin network was essentially a “ghost town.”

进一步强调了这一点，CryptoQuant的一位分析师解释说，比特币网络本质上是一个“幽灵小镇”。

Specifically, Maartunn stated that the current Bitcoin price surge was driven mainly by institutional factors rather than on-chain demand.

具体而言，Maartunn表示，当前的比特币价格飙升主要是由机构因素而不是链上的需求驱动的。

suggesting that while Bitcoin’s price had risen sharply, the network activity index had not followed suit. According to Maartunn, this indicates that external forces, such as ETF flows and open interest in futures markets, are propelling the price rather than an increase in on-chain activities.

表明，尽管比特币的价格急剧上涨，但网络活动指数尚未效仿。根据Maartunn的说法，这表明外部力量（例如ETF流动和对期货市场的开放兴趣）正在推动价格，而不是增加链活动的价格。

This is a segment of the post:

这是帖子的一部分：

This pump is driven by:

该泵由：

– ETF Flows

- ETF流动

– Open InterestThere is hardly any new visible on-chain demand. pic.twitter.com/DmoXbxhxXx— Maartunn (@JA_Maartun) April 24, 2025

- 开放的兴趣几乎不是新的链上需求。 pic.twitter.com/dmoxbxhxx- narket-in（@AE_MA卡）2025年4月24日

In his analysis, Maartunn uses a 365-day Moving Average to smooth out the network activity index, allowing for a clearer view of longer-term trends. From 2015 onward, the chart shows a steady increase in network activity, which generally aligned with Bitcoin’s price growth.

在他的分析中，Maartunn使用365天的移动平均线来平滑网络活动指数，从而更清楚地了解了长期趋势。从2015年开始，该图表显示了网络活动的稳定增长，这通常与比特币的价格增长一致。

However, a noticeable divergence begins around 2025. While Bitcoin’s price continues to rise, the growth rate of network activity slows significantly, with more fluctuations to the downside. This indicates that the rise in Bitcoin’s huge node is not matched by a similar increase in network activity, suggesting that external factors, rather than organic demand, drive the price movements.

但是，明显的差异开始于2025年左右。尽管比特币的价格持续上涨，但网络活动的增长率大大减慢，不利方面的波动更多。这表明比特币巨大节点的上升与网络活动的类似增加不匹配，这表明外部因素而不是有机需求推动了价格变动。

Bitcoin ETF and OI Data

比特币ETF和OI数据

Data from Farside confirmed that Bitcoin ETFs saw a sharp rise in inflows starting April 17, with inflows reaching $381 million by April 21. By April 23, the total inflows had surged to $917 million, continuing the bullish momentum.

Farside的数据证实，从4月17日开始流入的比特币ETF急剧上升，到4月21日的流入量达到3.81亿美元。到4月23日，总流入飙升至9.17亿美元，持续了看涨的势头。

Notably, these inflows coincided with a surge in Bitcoin price, which peaked above $94,000 on April 23.

值得注意的是，这些流入与比特币价格上涨相吻合，4月23日的峰值高于94,000美元。

Since inception, U.S. Bitcoin ETFs have seen a cumulative $37.7 billion in net inflows, indicating that institutional players continue to drive much of the demand for Bitcoin.

自成立以来，美国比特币ETF的净流入累计377亿美元，这表明机构参与者继续推动对比特币的大量需求。

In parallel to the ETF flows, open interest in Bitcoin futures has also surged. Open interest increased from approximately $24 billion on April 20 to over $27 billion by April 24, according to data from Coinalyze.

与ETF流并行，对比特币期货的开放兴趣也激增。根据Coinalyze的数据，公开兴趣从4月20日的约240亿美元增加到到4月24日的270亿美元。

This uptick in open interest suggests growing institutional participation, further supporting that Bitcoin’s recent price surge is linked to external market factors.

这种开放兴趣的增长表明，机构的参与日益增长，进一步支持比特币最近的价格上涨与外部市场因素有关。

Contrasting On-chain Data

对比链链数据

On the on-chain end, data from IntoTheBlock shows a decline in key metrics such as network activity and active addresses. Over the past week, network activity decreased by 0.94%, while the number of active addresses dropped by 1.51%.

在链端，来自intotheblock的数据显示关键指标（例如网络活动和主动地址）的下降。在过去的一周中，网络活动减少了0.94％，而活动地址的数量下降了1.51％。

Moreover, zero-balance addresses declined significantly by 12.59%, indicating that inactive addresses are on the rise. This decrease in active user engagement suggests that the market rally is fueled by factors outside the core network’s usage.

此外，零平衡地址显着下降了12.59％，表明不活动地址正在上升。积极的用户参与度的减少表明，市场集会是由核心网络使用以外的因素推动的。