比特币价格是否有下降的风险？

BTC的价格可能比最初预期的更长的固结，因为最新的链上数据表明比特币Coinbase Premium指数

The price of BTC could be set for a period of consolidation, as the latest on-chain data shows that the Bitcoin Coinbase Premium Index has dropped back beneath zero.

可以将BTC的价格设定为合并时期，因为最新的链链数据表明，比特币Coinbase Premium指数已下降到零以下。

Is The Bitcoin Price At Risk Of Downward Movement?

比特币价格是否有下降的风险？

In a recent post on the X platform, prominent crypto pundit Ali Martinez revealed that the Bitcoin Coinbase Premium Index has been declining, dropping back below a critical zone in recent days. The Coinbase Premium Index is an on-chain metric that tracks the difference between the BTC price on Coinbase (USD pair) and Binance (USDT pair).

在X平台上最近的一篇文章中，著名的加密专家阿里·马丁内斯（Ali Martinez）透露，比特币共币高级指数一直在下降，最近几天下降到关键区域以下。 Coinbase Premium指数是一个链度指标，它跟踪Coinbase（USD对）和Binance（USDT对）的BTC价格之间的差异。

This indicator can also provide insights into the difference in the buying and selling behaviors of the investors on the two crypto trading platforms. The Bitcoin Coinbase Premium Index reflects the sentiment of the US institutional entities (the major players on Coinbase) and how it differs from those on global exchanges.

该指标还可以提供有关两个加密交易平台上投资者的买卖行为差异的见解。比特币共币高级指数反映了美国机构实体（Coinbase上的主要参与者）的情感，以及它与全球交流方面的不同之处。

Typically, when the Bitcoin price premium on Coinbase rises or is a positive value, it implies increasing demand from US investors, who are willing to spend more than other global investors to purchase the flagship cryptocurrency.

通常，当Coinbase的比特币价格溢价上升或是一个积极价值时，它意味着美国投资者的需求不断增加，他们愿意花比其他全球投资者更多地购买旗舰加密货币。

On the other hand, the Coinbase Premium Index slipping beneath the zero mark signals that US investors are buying less compared to the global traders.

另一方面，Coinbase Premium指数在零商标以下的标志表明，与全球交易者相比，美国投资者购买的价格较低。

This low buying activity is highlighted by the drab performance of spot BTC exchange-traded funds in recent weeks. The latest market data shows that the US Bitcoin ETF market registered a total outflow of $559 million in the past week.

最近几周，现货BTC交易所交易基金的单调表现强调了这种低购买活动。最新的市场数据表明，在过去一周中，美国比特币ETF市场的总流出为5.59亿美元。

With institutional and large US investors not accumulating Bitcoin at current prices, the market leader could struggle to build any real bullish momentum. Historically, a sustained decline of the Coinbase Premium Index metric has been associated with a consolidation period or even potential downside risk for the BTC price in the near term.

由于机构和大型投资者没有以当前价格积累比特币，因此市场领导者可能难以建立任何真正的看涨势头。从历史上看，Coinbase Premium指数的持续下降与合并期甚至在短期内的BTC价格的潜在下行风险有关。

BTC Whales Offload Assets

BTC鲸鱼卸载资产

In a separate post on X, Martinez observed that a class of Bitcoin investors has been trimming their holdings in recent weeks. Santiment data shows that whales holding between 10,000 and 100,000 coins have sold 30,000 BTC (worth roughly $2.9 billion) in the past 10 days.

在X上的另一篇文章中，马丁内斯观察到，一类比特币投资者在最近几周一直在修整其持股。 santiment数据表明，在过去的10天中，持有10,000至100,000枚硬币的鲸鱼已经出售了30,000 BTC（价值约29亿美元）。

This level of selling activity somewhat explains the sluggish price action of Bitcoin in recent weeks. As of this writing, the price of BTC sits just above the $96,500 mark, reflecting a 0.8% increase in the past 24 hours. The premier cryptocurrency is down by 1.1% in the past week, according to data from CoinGceko.

这种销售活动水平在某种程度上解释了最近几周比特币的价格动作。截至撰写本文时，BTC的价格位于96,500美元以上，反映了过去24小时的0.8％。根据Coingceko的数据，过去一周的主要加密货币在过去一周下降了1.1％。