尽管最近波动率，比特币（BTC）显示了周转的迹象

尽管最近波动率，但比特币（BTC）仍显示出潜在的周转迹象，这是关键的链指标，机构流动指出了改善情绪。

Bitcoin (BTC) price has shown signs of a potential turnaround despite recent volatility, with key on-chain indicators and institutional flows offering a mixed yet interesting perspective.

尽管最近波动性，但比特币（BTC）的价格显示出潜在转变的迹象，其中关键的链指标和机构流提供了混合而有趣的观点。

As the market continues to stabilize and adapt to macroeconomic pressures, BTC’s path to new highs seems to be gradually taking shape.

随着市场继续稳定并适应宏观经济压力，BTC通往新高高的道路似乎正在逐渐形成。

BTC Mayer Multiple Remains Below 1 As Relative Valuation Lowers

BTC Mayer多个遗体低于1，而相对估值降低

The famous Mayer Multiple, a technical indicator used to evaluate Bitcoin’s valuation relative to its 200-day moving average (DMA), is currently hanging around 0.98.

著名的Mayer多重指标，用于评估比特币相对于其200天移动平均线（DMA）的估值，目前挂在0.98左右。

This reading, which is slightly above the recent low of 0.94 reached on March 10, still places Bitcoin in undervalued territory.

这篇读数略高于3月10日到达最近的0.94的低点，但仍将比特币放置在被低估的领土上。

As the indicator has been running below the 1.0 mark for a large part of the recent consolidation period, there have been questions regarding when Bitcoin might accrue enough momentum to push toward new highs.

由于该指标在最近的合并期的大部分时间内一直低于1.0分，因此关于比特币何时可能产生足够的势头以推向新高点的问题存在疑问。

The Mayer Multiple is calculated by dividing the current Bitcoin price by its 200-DMA. Values below 0.8 tend to indicate that Bitcoin is heavily discounted and might be in a long-term accumulation zone, while levels above 2.4 often signal overheated, euphoric conditions.

Mayer多倍通过将当前比特币价格除以其200-DMA来计算。低于0.8的值倾向于表明比特币的重折叠率很高，并且可能处于长期积累区，而高于2.4的水平通常信号过热，欣快的条件过热。

With the indicator now at 0.98, it’s approaching a neutral-to-bullish threshold. The last time the Multiple dropped to 0.84, Bitcoin quickly rallied from $54,000 to $65,000 in just two weeks.

由于指示器现在为0.98，它接近中性到胸的阈值。最后一次降至0.84时，比特币在短短两周内迅速从54,000美元升至65,000美元。

Later, the price stabilized between 1.2 and 1.4 before ultimately surging past $100,000 for the first time.

后来，价格稳定在1.2至1.4之间，最终首次飙升了100,000美元。

While history doesn’t always repeat, this current setup could be an early sign that Bitcoin is building the foundation for its next major leg higher.

尽管历史并不总是重复，但这种当前的设置可能是比特币正在为下一个大腿更高的基础奠定基础的早期迹象。

Bitcoin 7D MVRV Is Still Above Important Threshold

比特币7D MVRV仍然高于重要阈值

Another on-chain indicator, the 7-day MVRV (Market Value to Realized Value) ratio, has also shown a slight recovery, climbing to 2.38% from a recent low of -8.44% on March 8.

另一个链上的指标是7天MVRV（市场价值与已实现的价值）的比率，也显示出略有恢复，比最近3月8日的-8.44％的低点攀升至2.38％。

This signals that short-term holders are beginning to see modest profits, but stronger price momentum usually follows once the 7D MVRV crosses above the 5% mark.

这表明短期持有人开始看到适度的利润，但是一旦7D MVRV越过5％的分数，通常更强大的价格动力就会遵循。

At its present level, Bitcoin appears to be in a transition phase as it adjusts to macroeconomic conditions and market sentiment shifts.

在目前，比特币似乎处于过渡阶段，因为它适应了宏观经济状况和市场情绪的转变。

The 7D MVRV measures the ratio between Bitcoin’s market value and the average price paid by short-term holders (typically those who acquired BTC in the last 7 days). When the ratio is negative, it indicates these holders are underwater, while positive readings imply they are sitting on profits.

7D MVRV衡量比特币的市场价值与短期持有人支付的平均价格之间的比率（通常是在过去7天内获得BTC的人）。当比率为负时，它表明这些持有人在水下，而积极的读数意味着他们坐在利润上。

Historically, BTC tends to gain upward momentum when the 7D MVRV moves beyond +5%, as it suggests confidence among short-term participants is returning.

从历史上看，当7D MVRV超过 +5％时，BTC倾向于获得向上的动力，因为这表明短期参与者的信心正在返回。

Given that it’s still above this threshold and we’re seeing new highs in terms of daily outflows from exchanges, it seems like BTC may need further accumulation or consolidation before it can convincingly push toward creating new highs.

鉴于它仍然超出了这个阈值，并且我们在交流的每日流出方面看到了新的高点，因此BTC似乎需要进一步的积累或合并，然后才能令人信服地推动创造新的高点。

If the ratio continues to rise and surpasses 5%, that could trigger renewed bullish activity and a potential breakout toward fresh all-time highs.

如果该比率持续上升并超过5％，那可能会引发新的看涨活动和潜在的突破，以实现新鲜的​​历史最高点。

BlackRock Pushed 2,660 Bitcoin As IBIT Flows Stabilize

当ibit流稳定时，贝莱德推动了2,660个比特币

Despite Bitcoin’s 11.4% decline over the past 30 days, it appears that institutional bullish sentiment is returning, especially with new data from BlackRock (NYSE:BLK) signaling renewed confidence in BTC.

尽管比特币在过去30天内下降了11.4％，但似乎机构看涨的情绪正在恢复，尤其是来自BlackRock（NYSE：BLK）的新数据，信号增强了对BTC的信心。

The world’s largest asset manager has recently added 2,660 Bitcoin to its iShares Bitcoin Trust (IBIT), marking the biggest inflow into the fund in the past six weeks.

全球最大的资产经理最近在其ISHARES比特币信托（IBIT）中增加了2,660个比特币，这标志着过去六周中该基金最大的流入。

This significant buy comes after a period of uncertainty in IBIT flows since early February, suggesting that institutions are once again positioning for potential upside as market conditions evolve.

自2月初以来，这一重大买入是在IBIT流动不确定的时期之后，这表明随着市场状况的发展，机构再次处于潜在上升空间的定位。

BlackRock’s latest move could signal a broader shift in sentiment as big players are overlooking short-term volatility and focusing on Bitcoin’s long-term value.

贝莱德（Blackrock）的最新举动可能表明，大型球员忽略了短期波动，并专注于比特币的长期价值，这可能会发生更大的转变。

This interest comes at a time when the cryptocurrency market is slowly adapting to new macro pressures, such as Trump’s proposed tariffs on goods from China, which could ultimately impact the broader economic landscape and, consequently, Bitcoin’s price trajectory.

这种兴趣是在加密货币市场逐渐适应新的宏观压力的时候，例如特朗普提出的对中国商品的关税，这最终可能会影响更广泛的经济格局，从而影响比特币的价格轨迹。

Despite the lingering uncertainty surrounding the macroeconomic scene, Bitcoin’s price setup for new highs is growing stronger with every passing day as confidence among institutional investors returns.

尽管围绕宏观经济界的不确定性持续了，但随着机构投资者对机构投资者的充满信心的回报，比特币的新高点的价格越来越强劲。

If the macro environment stabilizes and we see a continuation of the current trend in BTC futures markets, we might witness another push higher from the flagship cryptocurrency sooner rather than later.

如果宏观环境稳定下来，我们看到BTC期货市场当前趋势的延续，我们可能会看到旗舰加密货币早期而不是较晚的旗舰加密货币。