比特币的市场是一个数字游戏，最新的数字讲述了一个令人着迷的故事

比特币的市场是一个数字游戏，最新的数字讲述了一个令人着迷的故事。

Bitcoin price slid 1.69% in 24 hours to $23,980.54 by 02:37 ET (06:37 GMT) on February 26, bringing its recent pullback from 2024 highs closer to 10%.

比特币价格在24小时内下跌1.69％，至2370.54美元，到2月26日，美国东部时间（GMT 06:37），在2月26日（格林尼治标准时间06:37），其最近的回调从2024年高到接近10％。

The latest moves in the world’s largest cryptocurrency were closely followed by crypto analytics firm CryptoQuant. Its CEO, Ki Young Ju, highlighted a shift in trading activity.

加密分析公司的加密货币紧随其后的是世界上最大的加密货币中的最新举动。它的首席执行官Ki Young Ju强调了交易活动的转变。

Coinbase (NASDAQ:COIN) Contributes to Record Bitcoin ETF Outflows

Coinbase（NASDAQ：COIN）有助于记录比特币ETF流出

The latest figures from SoSoValue showed that spot Bitcoin ETFs saw their largest single-day outflow on February 25, with a record-breaking $937.78 million pulled from the products. This shatters the previous record of $680 million, which was observed on December 19, 2024.

Sosovalue的最新数据表明，现货比特币ETF在2月25日看到了最大的单日流出，从产品中赚取了创纪录的9.3778亿美元。这破坏了先前的6.8亿美元的记录，这是2024年12月19日观察到的。

This record outflow can be partly attributed to the actions of large institutional investors, known as whales, who were offloading their Coinbase holdings, as noted by Ju in a recent X post.

正如JU在最近的X帖子中指出的那样，这种记录流出可以部分归因于正在卸载其共同持有股份的大型机构投资者（称为鲸鱼）的行动。

Further analysis from 10x Research, shared in a February 23 report, revealed that only 44% of the recent U.S. Bitcoin ETF inflows are likely going towards long-term holding strategies by institutional investors. A significant portion of the activity is attributed by the firm to traders engaged in arbitrage opportunities.

在2月23日的一份报告中分享的10倍研究的进一步分析表明，最近美国比特币ETF流入中只有44％可能正在采用机构投资者的长期持有策略。公司的很大一部分归因于从事套利机会的交易者。

However, 10x Research suggests that the true level of institutional demand for Bitcoin within multi-asset investment portfolios might be smaller than what the recent influx of capital into the ETF market indicates.

但是，10倍研究表明，多资产投资组合中对比特币的机构需求的真正水平可能小于最近将资本涌入ETF市场所指出的。

But as institutional investors pulled out of Bitcoin ETFs, SoSoValue's data showed that the products saw their biggest single-day outflows since launch on February 25

但是，随着机构投资者从比特币ETF中退出，Sosovalue的数据显示，自2月25日推出以来，这些产品看到了他们最大的单日外流。

Those outflows, which were an astounding $937.78 million, easily eclipse the previous record of $680 million reached on December 19, 2024.

那些流出量令人震惊的是9.377亿美元，很容易将2024年12月19日的6.8亿美元纪录延伸。

Coinbase’s 30% Spot Volume Dominance Shows US Institutions Are in Control

Coinbase的30％斑点量优势表明我们正在控制机构

Another interesting tidbit from Ju is that Coinbase now has over 30% of total Bitcoin spot volume in the past week, while the BTC premium (Coinbase BTC price vs. Binance BTC price) is still negative.

JU的另一个有趣的小说是，在过去一周中，Coinbase现在拥有超过比特币现场量的30％以上，而BTC Premium（Coinbase BTC价格与Binance BTC价格）仍然为负。

This signals that U.S. investors, especially institutions, are largely driving the recent bull cycle and also the correction, according to CryptoQuant.

据CryptoQuant称，这表明美国投资者，尤其是机构，主要推动了最近的公牛周期以及更正。

Earlier, Ju had pointed out that typically in the past cycles, we’ve seen Bitcoin drop 30% from the all-time high before flipping bearish.

早些时候，JU指出，通常在过去的周期中，我们已经看到比特币在翻转看跌之前的历史高度下降了30％。

But Ju said that even after the recent correction, Bitcoin’s cycle is still intact.

但是JU说，即使在最近的纠正之后，比特币的周期仍然完好无损。

According to CryptoQuant’s data, the Coinbase whales’ moves and the ETF outflows are part of a broader trend. He highlighted Bitcoin’s resilience throughout history, suggesting that it has encountered steeper drops in price before.

根据CryptoQuant的数据，Coinbase鲸鱼的移动和ETF流出是更广泛趋势的一部分。他强调了比特币在整个历史上的韧性，这表明它以前遇到了陡峭的价格下降。

As such, Ju believes that the recent price action is part of a larger cycle, and the bear market is far from starting yet.

因此，JU认为最近的价格行动是更大周期的一部分，而且熊市还远远没有开始。