随着做市商调整其策略，比特币（BTC）价格上涨了94,000美元以上

比特币（BTC）价格最近经历了大量市场发展和投资者活动的驱动下的显着波动。

Bitcoin (BTC) price has recently shown significant volatility with new market developments and investor activity impacting the major cryptocurrency.

比特币（BTC）的价格最近显示出大量波动，随着新的市场发展和投资者活动影响主要的加密货币。

Following a recent decline, BTC surged to highs of over $94,000 on Sunday as new reports pointed to a US strategic crypto reserve that includes BTC and other major digital assets. However, at the time of writing, BTC/USD is now trading just below $93,000, signaling unstable upward momentum.

在最近下降后，周日，BTC飙升至94,000美元以上的高价，因为新报告指出了包括BTC和其他主要数字资产在内的美国战略加密储备。但是，在撰写本文时，BTC/USD现在的交易价格低于93,000美元，这表明向上势头不稳定。

As such, CryptoQuant analyst KriptoBaykusV2 has spotted an interesting pattern in Bitcoin’s net exchange flow, which may offer some insight into investor sentiment. According to the analyst, exchange inflows and outflows could be crucial for determining Bitcoin’s short-term price direction.

因此，加密分析师Kriptobaykusv2在比特币的净汇率流中发现了一种有趣的模式，这可能会对投资者的情绪有所了解。根据分析师的说法，交换流入和流出对于确定比特币的短期价格方向可能至关重要。

On February 25, Bitcoin saw a large inflow into exchanges, with around 8,400 BTC being deposited. According to KriptoBaykusV2, such large inflows usually suggest increased selling pressure, as traders move assets to exchanges ahead of liquidation.

2月25日，比特币看到了大量的交换，其中约有8,400 BTC沉积。根据Kriptobaykusv2的说法，如此大的流入通常表明销售压力增加，因为交易者将资产转移到清算之前的交易所。

This was later followed by a decline in Bitcoin price, which aligns with previous market trends, where increased supply on exchanges often leads to downward price movements.

随后，比特币价格下降，这与以前的市场趋势保持一致，在交易所上的增加通常会导致价格下降。

The following day, February 26, saw a shift with a substantial amount of BTC being withdrawn from exchanges. Large-scale outflows usually indicate a preference for holding, decreasing the available supply on exchanges and potentially supporting price stability.

第二天，2月26日，发生了一次转变，大量的BTC从交流中撤回。大规模流出通常表明偏爱持有，减少交易所的可用供应以及潜在的支撑价格稳定性。

This shift in trend also coincided with Bitcoin price finding support and beginning to recover, which reflects investor confidence in the asset’s long-term prospects. The analyst added:

趋势的这种转变也与比特币价格寻找支持并开始恢复相吻合，这反映了投资者对资产长期前景的信心。分析师补充说：

"In summary, those who follow Bitcoin's exchange movements closely should note: Large inflows into exchanges may indicate a build-up of selling pressure, which calls for caution. On the other hand, significant outflows suggest that investors are choosing to hold, potentially leading to price increases. We'll observe how these trends develop in the coming days."

“总而言之，那些紧随比特币交换运动的人应该注意：大量的交流流入可能表明销售压力的堆积，这需要谨慎。另一方面，大量的外汇表明投资者正在选择持有，这可能会导致价格上涨。我们会观察到这些趋势在即将来临的日子中如何发展。”

Another CryptoQuant analyst, abramchart, spotted an interesting trend in the Spent Output Profit Ratio (SOPR) index, which measures the profitability of short-term investors. According to the analyst, the SOPR index recently reached 0.95.

另一位加密分析师Abramchart发现了支出的产出利润率（SOPR）指数的有趣趋势，该指数衡量了短期投资者的盈利能力。根据分析师的说法，SOPR指数最近达到0.95。

This level is the lowest since August 2024 and suggests that more traders are selling BTC at a loss, which is an indication of capitulation. Typically, such periods are followed by market recoveries as selling pressure lessens and accumulation phases begin. The CryptoQuant analyst wrote:

该水平是自2024年8月以来的最低水平，这表明越来越多的交易者以亏损出售BTC，这表明是投降的。通常，此类时期之后是市场回收率，因为销售压力降低和积累阶段开始。加密分析师写道：

"Values over 1 indicate that more short-term investors in the last 155 days are selling at a profit. Values less than 1 indicate that more short-term investors are selling at a loss., which is a sign of capitulation and a return to an upward trend."

“超过1的价值表明，在过去155天中，有更多的短期投资者以利润出售。少于1的值表明，更多的短期投资者正在损失出售。