比特币（BTC）陷入关键时刻，因为市场动力努力爆发

根据Bitfinex的一份报告，比特币（BTC）在90天内一直处于91,000至102,000美元之间的范围内，市场势头努力爆发。

Bitcoin (CRYPTO: BTC) price movements have been sluggish over the past 90 days, with the asset remaining within a narrow range of nearly $91,000 to $102,000.

在过去的90天内，比特币（加密：BTC）的价格变动一直迟钝，资产的范围较低，范围为近91,000美元至102,000美元。

This limited price action comes amid broader macroeconomic pressures and developments within the crypto industry.

这项有限的价格行动是在加密行业内的宏观经济压力和发展中。

The Bitfinex report highlights a slowdown in institutional demand, with Bitcoin ETF inflows reversing into net outflows.

Bitfinex报告强调了机构需求的放缓，比特币ETF流入逆转到净流出。

On Feb. 20, a sharp sell-off occurred in response to news of the Bybit hack and the expiration of S&P 500 options, causing a drop of 4.7% in Bitcoin's price.

2月20日，响应Bybit Hack的消息和500标准普尔500种期权的到期，发生了急剧的抛售，导致比特币的价格下降了4.7％。

Despite recovering over the weekend, Bitcoin has yet to retest its all-time high from earlier in 2025.

尽管在周末恢复过来，但比特币尚未从2025年初重新测量其历史最高点。

The downturn in Bitcoin and other cryptocurrencies has been exacerbated by macroeconomic uncertainty, with the S&P 500 struggling to maintain a rally above the 6,000 level.

宏观经济的不确定性使比特币和其他加密货币的低迷加剧了，标准普尔500指数努力地维持高于6,000水平的集会。

The broader risk-asset decline has impacted speculative participation, leading to a contraction across multiple crypto assets.

更广泛的风险资产下降影响了投机性的参与，导致多个加密资产的收缩。

Institutions Ramp Down Participation, Impacting BTC Price Action A critical factor influencing Bitcoin's price movements is the level of institutional participation, which has been waning in recent months.

机构逐渐减少参与，影响BTC价格行动，影响比特币价格变动的关键因素是机构参与的水平，近几个月来一直在减弱。

The Bitfinex report points out that Bitcoin ETF inflows have turned into net outflows, with a single day, Feb. 20, seeing $360 million withdrawn from Bitcoin ETFs.

Bitfinex报告指出，比特币ETF流入已经变成了净流出，一天，2月20日，从比特币ETF中撤出了3.6亿美元。

This marks a significant shift from the peak of nearly 18,000 BTC flowing into ETFs per day in November 2024.

这标志着2024年11月每天流入ETF的近18,000个BTC的峰值发生了重大变化。

The decline in ETF inflows, coupled with reduced leveraged trading activity, indicates an overall contraction in market participation.

ETF流入的下降，再加上杠杆交易活动的减少，表明市场参与的总体收缩。

“Bitcoin remains at a critical juncture after nearly 90 days of consolidation, with future price movements likely to be shaped by both macro conditions and institutional engagement,” Bitfinex analysts noted.

Bitfinex分析师指出：“经过近90天的合并，比特币仍然处于关键时刻，未来的价格变动可能会受到宏观条件和机构参与的影响。”

Crypto Market Impact: ETH, SOL, Meme Coins, and Bybit Hack Also Impacting Market Sentiment in February While Bitcoin's price movements have captured attention, broader trends in the crypto market are also impacting market sentiment in February.

加密市场影响：ETH，SOL，MEME硬币和Bybit Hack在2月的市场情绪也影响了市场情绪，而比特币的价格变动引起了人们的关注，加密市场的更广泛的趋势也影响了2月的市场情绪。

Cryptocurrencies are trading in the red this month, with varying degrees of losses.

加密货币本月的贸易额为红色，损失程度不同。

This downturn comes amid broader macroeconomic uncertainty, with the S&P 500 struggling to maintain a rally above the 6,000 level.

在更广泛的宏观经济不确定性的情况下，这种衰退的趋势是，标准普尔500指数努力维持高于6,000级的集会。

The decline in major cryptocurrencies is also being impacted by a recent hack on Bybit, with the exchange estimating losses of up to $1.5 billion.

最近对BYBIT的黑客攻击也会影响重大加密货币的下降，交易所估计损失高达15亿美元。

This attack, which users have been assured will not affect their funds, has raised concerns about the increasing frequency and sophistication of cyber threats in the crypto industry.

确保用户的这种攻击不会影响他们的资金，这引起了人们对加密行业网络威胁的频率和复杂性的担忧。

Among the top crypto assets, Ethereum (CRYPTO: ETH) has fallen 16.9% in February, while Solana (CRYPTO: SOL) has dropped 33.1%.

在顶级加密资产中，以太坊（Crypto：ETH）在2月下降了16.9％，而Solana（Crypto：Sol）下降了33.1％。

This reflects a cooling market after a strong rally in late 2024.

这反映了2024年末强烈集会后的冷却市场。

Meme coins, which saw a surge in December, are also down 16.9% so far this month.

模因硬币在12月的激增，本月到目前为止也下降了16.9％。

What's Next for Bitcoin Price Action? Near-term price movements in Bitcoin are difficult to predict, and several factors could influence its direction.

比特币价格动作的下一步是什么？比特币的近期价格变动很难预测，几个因素可能影响其方向。

Analysts point to a combination of macroeconomic trends, institutional sentiment, and security concerns as key drivers.

分析师指出，宏观经济趋势，机构情绪和安全问题的结合是关键的驱动力。

The market is expected to remain volatile, with traders awaiting a decisive move that could either push Bitcoin above its all-time high or lead to further corrections.

预计市场将保持波动，交易员正在等待决定性举动，这可能会将比特币推高到历史最高的高度或导致进一步的校正。