在新的宏观经济挑战中，BTC、BCH 和 USUAL 代币成为焦点

随着加密货币市场面临新的宏观经济挑战，比特币（BTC）、比特币现金（BCH）和 USUAL 成为人们关注的焦点。比特币的韧性超过 80,000 美元

Bitcoin (BTC), Bitcoin Cash (BCH), and USUAL (UST) are in the spotlight as the cryptocurrency market faces fresh macroeconomic challenges.

随着加密货币市场面临新的宏观经济挑战，比特币（BTC）、比特币现金（BCH）和USUAL（UST）成为人们关注的焦点。

Bitcoin’s resilience above $80,000, despite elevated U.S. Dollar Index (DXY) levels and a more hawkish outlook from the Federal Reserve, highlights its relative decoupling from traditional market trends.

尽管美元指数（DXY）水平较高且美联储前景更加鹰派，但比特币仍坚守在 80,000 美元以上，凸显了其与传统市场趋势的相对脱钩。

On-chain metrics and investment flows provide further insights into BTC’s trajectory and the role of institutional participation.

链上指标和投资流可以进一步洞察 BTC 的轨迹和机构参与的作用。

Bitcoin (BTC) price showcased remarkable resilience as the U.S. Dollar Index (DXY) hovered at 110, a level historically associated with BTC trading around $20,000.

比特币 (BTC) 价格表现出显着的弹性，美元指数 (DXY) 徘徊在 110 水平，历史上 BTC 交易价格约为 20,000 美元。

However, a recent tweet highlighted the stark divergence, with Bitcoin currently positioned above $80,000. This suggests a significant departure from its traditional inverse correlation with the DXY, a relationship that has been observed over extended periods.

然而，最近的一条推文凸显了这种明显的分歧，比特币目前的价格高于 80,000 美元。这表明它与 DXY 的传统逆相关性存在显着背离，这种关系是长期观察到的。

A closer examination of on-chain data and investment flows provides further evidence to support this claim.

对链上数据和投资流的仔细检查提供了进一步的证据来支持这一说法。

The Short-Term Holder NUPL metric reveals that short-term holders remained profitable despite macroeconomic uncertainties, with no sharp declines into loss territory. This indicates confidence among recent buyers and reduces the likelihood of a widespread sell-off.

短期持有者 NUPL 指标显示，尽管宏观经济存在不确定性，短期持有者仍保持盈利，并且没有急剧下降至亏损区域。这表明近期买家的信心并降低了大范围抛售的可能性。

Meanwhile, Net Transfer Volume from/to Exchanges highlighted consistent outflows, peaking during BTC’s rally in November 2024 and moderating in December 2024. These outflows support the narrative of long-term accumulation trends, further tightening Bitcoin’s liquid supply.

与此同时，交易所的净转账量凸显了持续的资金外流，在 2024 年 11 月 BTC 反弹期间达到顶峰，并在 2024 年 12 月放缓。这些资金外流支持了长期积累趋势的说法，进一步收紧了比特币的流动性供应。

Furthermore, the Realized Cap HODL Waves chart strengthens the bullish outlook. It reveals that over 65% of Bitcoin’s circulating supply has been held for over a year, a sharp increase since late October 2024.

此外，已实现上限 HODL 波浪图表强化了看涨前景。报告显示，超过 65% 的比特币流通供应量已持有一年多，自 2024 年 10 月下旬以来急剧增加。

This accumulation by long-term holders underpins Bitcoin’s price stability, even as macroeconomic conditions become more challenging.

即使宏观经济条件变得更具挑战性，长期持有者的积累也支撑了比特币的价格稳定。

Finally, investment flows also validate these on-chain trends. According to CoinShares, Bitcoin attracted $214 million in inflows last week, the highest among digital assets, despite broader market outflows of $940 million triggered by stronger-than-expected macroeconomic data.

最后，投资流也验证了这些链上趋势。根据 CoinShares 的数据，尽管强于预期的宏观经济数据引发了 9.4 亿美元的更广泛市场流出，但比特币上周吸引了 2.14 亿美元的资金流入，是数字资产中最高的。

Year-to-date inflows for BTC stood at $799 million, solidifying its position as the preferred asset for institutional investors. In contrast, Ethereum suffered $256 million in outflows, reflecting broader risk-off sentiment in tech assets.

比特币今年迄今的流入量为 7.99 亿美元，巩固了其作为机构投资者首选资产的地位。相比之下，以太坊遭受了 2.56 亿美元的资金外流，反映出科技资产更广泛的避险情绪。