当比特币在2月在特朗普的关税，拜比特黑客和机构大量销售中，比特币结束时，加密货币市场正在下降。

基于加密恐惧和贪婪指数，价格下跌的价格会变成“极端恐惧”，该指数的读数为10，比例为1至100。

The cryptocurrency market is plunging as Bitcoin ends February on a bearish note. The market sentiments have turned to "Extreme Fear" with a reading of 10 on a scale of 1 to 100, according to the Crypto Fear & Greed Index.

随着比特币在2月以看跌的票据结束，加密货币市场正在下降。根据Crypto Fear＆Greed Index的说法，市场情绪变成了“极端恐惧”，读取10的范围为1至100。

This compares with last week's "Neutral" reading of 49. Meanwhile, last month, the index had a reading of 72 ("Greed") and 94, signifying "Extreme Greed" in November.

相比之下，上周的“中性”读数为49。与此同时，上个月，该索引的读数为72（“贪婪”）和94，表示11月的“极端贪婪”。

The sentiments reflect the market condition perfectly, with a -22.14% drawdown. It is actually the worst February since 2014, when BTC went down about 31%.

情感完美地反映了市场状况，下降幅度为-22.14％。它实际上是自2014年2月最糟糕的情况，当时BTC下降了约31％。

This is also the reddest month for Bitcoin since June 2022, when the world's largest cryptocurrency's performance was -37.28%. According to crypto data provider Santiment, Bitcoin whales and sharks have dumped ~6,813 coins since last week, which is the largest drop since last July.

这也是自2022年6月以来比特币的最新月份，当时世界上最大的加密货币的性能为-37.28％。根据加密数据提供商的关注，自上周以来，比特币鲸和鲨鱼已经倾倒了约6,813枚硬币，这是自去年7月以来最大的下降。

Similar data is presented by IntoTheblock, which noted that addresses holding between 10k and 100k BTC were the primary sellers during this dip.

Intotheblock提出了类似的数据，该数据指出，在此浸入过程中，持有10K至100K BTC之间的持有的是主要卖家。

At the same time, significant deleveraging is taking place, with short-term traders' account balances dropping to levels not seen since October 2024. IntoTheblock noted:

同时，正在发生重大的去杠杆化，短期交易者的帐户余额下降到自2024年10月以来未见的水平。intotheblock指出：

"By flushing out excessive speculation, the market may have formed a healthier base for sustained upward momentum."

“通过冲洗过多的猜测，市场可能形成了一个更健康的基础，以持续持续向上势头。”

A decline in BTC price means a crash in altcoins, which have already been performing badly for months now. And with Bitcoin's negative performance, they have been simply obliterated.

BTC价格的下跌意味着Altcoins发生崩溃，几个月来表现不佳。随着比特币的负面性能，它们被简单地消失了。

The market rout started this week when the BTC price was around $96K, only for it to fall below $78,400 on February 28. With that, the total cryptocurrency market cap has fallen down to $2.7 trillion. The crypto market is currently in a precarious situation, and it's hard to say if this is the bottom.

市场溃败开始于本周BTC的价格约为96,000美元，仅在2月28日下降到78,400美元以下。随之而来的是加密货币市值下降至2.7万亿美元。加密市场目前处于不稳定的状态，很难说这是否是底层。

The $1.57 trillion market cap of Bitcoin is now down 28% from its all-time high (ATH) of 109,000 hit on January 20, the day Donald Trump was inaugurated as the 47th President of the United States.

现在，比特币市值为1.57万亿美元的市值现在比1月20日的历史最高点（ATH）下跌了28％，唐纳德·特朗普（Donald Trump）被揭幕成美，为美国第47任总统。

The correction level is fast intensifying, already above this cycle's average drawdown of -8.54%; it is now also surpassing the maximum drawdown of -26.25%, though still nowhere near past cycle's crashes.

校正水平快速加强，已经超过了该周期的平均水平均水位为-8.54％；现在，它也超过了-26.25％的最大降低，尽管仍然远未达到上周期的崩溃。

According to Glassnode, there is an air gap in realized supply between $70K and $88K, with these ranges having lower realized supply concentration due to strong trends leading to price appreciation that tends to outpace capital inflows.

根据GlassNode的说法，实现的供应量在$ 70K到8.8万美元之间，由于强烈的趋势导致价格升值，这些范围的供应集中度较低，这往往会超过资本流入。

With Bitcoin price plunging to the level last seen in mid-November, during its uptrend following Trump's win, "recent investors are experiencing severe psychological stress."

随着比特币的价格跌至11月中旬的最后水平，在特朗普获胜后的上升趋势中，“最近的投资者正遇到严重的心理压力。”

A decline in new investor profitability also means "significant unrealized losses, a condition historically leading to capitulation events or forced sell-offs during market downtrends."

新投资者盈利能力的下降也意味着“大量未实现的损失，这是历史上导致投降事件或在市场下降期间强制抛售的条件。”

Additionally, Short Term Holder Spent Output Profit Ratio (STH-SOPR), which measures whether short-term holders are selling at a profit or loss, has dropped significantly under one standard deviation threshold (-0.01), suggesting a notable increase in loss realization as many recent buyers are exiting positions at a loss. Glassnode stated:

此外，短期持有人支出的产出利率（STH-SOPR）衡量了短期持有人是否以利润或损失出售，在一个标准偏差阈值下已大大下降（-0.01），这表明，由于许多最近的买家正在以损失的损失退出职位，因此损失实现的明显增加。玻璃节指的是：

"Historically, deep SOPR contractions have led to at least temporary market stabilization as weaker hands exit. However, under current macroeconomic conditions, the risk remains that the price decline could extend further if no strong demand catalyst emerges."

“从历史上看，深厚的SOPR宫缩导致至少随着手退出的弱点的临时市场稳定。但是，在当前的宏观经济状况下，如果没有强大的需求催化剂出现，价格仍然可以进一步下降。”

While the pain is severe right now, not all hope is lost yet. Trader Bob Louaks believes we are very much in the bull market, and the ongoing dip is simply a correction that prepares the largest crypto asset for a more aggressive move, as seen in the last leg of bull cycles.

虽然疼痛现在很严重，但并非所有希望都消失了。交易员鲍勃·卢克斯（Bob Louaks）认为，我们在牛市上非常重要，而且持续的下降只是一种更正，为最大的加密资产做准备以进行更具侵略性的举动，这在牛循环的最后一步中可以看出。

Data provider IntoTheblock also noted that despite the selling, Bitcoin addresses are busy accumulating more BTC, which indicates that traders are utilizing the dip to add to their BTC positions.

数据提供商Intotheblock还指出，尽管出售，比特币地址忙于积累更多的BTC，这表明交易者正在利用DIP添加到其BTC位置。

Spot Bitcoin ETFs Record Massive Outflows

斑点比特币ETF记录大量流出

It's been more than a year since Spot Bitcoin exchange-traded funds (ETFs) were approved by the US Securities and Exchange Commission (SEC) in early January. During this period, these ETFs registered substantial inflows that helped BTC prices reach new heights.

自1月初被美国证券交易委员会（SEC）批准的现货比特币交易所资金（ETF）以来已经过去了一年多。在此期间，这些ETF记录了大量流入，帮助BTC价格达到了新的高度。

But of course, this journey wasn't all up only. There have been periods where these investment vehicles experienced significant outflows for several days straight.

但是，当然，这一旅程不仅仅是上升。在某些时期，这些投资工具连续几天经历了大量流出。

For instance, last year in March, there were five consecutive days of outflows, which increased to seven in late April-early May and then to eight in June and late Aug-early Sept, according to data from Farside. The rest of the days weren't all inflows, but they still dominated.

例如，根据Farside的数据，去年3月，连续五天的流出量增加了五天，在4月下旬至5月下旬，然后在6月和8月下旬的9月上升到八个。剩下的日子并不是全部流入，但它们仍然占主导地位。