尽管价格下跌，Coinbase 的大规模流出表明机构对比特币的兴趣

比特币[BTC]在过去一天经历了大幅的价格波动，主要受到联邦公开市场委员会（FOMC）会议结果和美联储主席杰罗姆·鲍威尔讲话的影响。

output: As Bitcoin’s (BTC) price continues to experience major fluctuations, analysts have been closely monitoring institutional activity and its impact on market trends. A new report from CryptoQuant analyst Burak Kesmeci highlights a significant development in Bitcoin’s market dynamics.

产出：随着比特币（BTC）价格持续大幅波动，分析师一直在密切关注机构活动及其对市场趋势的影响。 CryptoQuant 分析师 Burak Kesmeci 的一份新报告强调了比特币市场动态的重大发展。

According to Kesmeci, a record-breaking Bitcoin outflow was observed on Coinbase during the FOMC announcement. Within just one hour, approximately 10,756 BTC, valued at $1.1 billion, were withdrawn from the exchange.

Kesmeci 表示，在 FOMC 声明期间，Coinbase 上出现了创纪录的比特币流出量。短短一小时内，大约有 10,756 个 BTC，价值 11 亿美元，从交易所被撤出。

The transaction occurred in two major blocks: one involving 8,093 BTC and the other 2,557 BTC. This substantial outflow strongly suggests institutional buying or intermediary purchases likely linked to Spot ETF demand—a pattern that aligns with similar institutional activity over the past year.

该交易发生在两个主要区块：一个涉及 8,093 BTC，另一个涉及 2,557 BTC。这种大量资金流出强烈表明机构购买或中介购买可能与现货 ETF 需求相关——这种模式与过去一年类似的机构活动相符。

Kesmeci emphasized the growing role of institutional investors in Bitcoin’s market structure. He noted,

Kesmeci 强调了机构投资者在比特币市场结构中日益重要的作用。他指出，

“U.S. investors continue to accumulate Bitcoin relentlessly, undeterred by price fluctuations or market downtrends.”

“美国投资者继续不懈地积累比特币，不受价格波动或市场下跌趋势的影响。”

The analyst mentioned that these significant transactions underscore the influence of institutions like RIOT and MARA in driving market momentum, particularly during critical events like interest rate announcements.

该分析师提到，这些重大交易凸显了 RIOT 和 MARA 等机构在推动市场势头方面的影响力，特别是在利率公告等关键事件期间。

Meanwhile, other key metrics reveal a mixed outlook for Bitcoin’s immediate future. Data from Coinglass shows a 0.90% decrease in Bitcoin’s open interest, now valued at $68.14 billion. However, Bitcoin’s open interest volume has surged by 36%, reaching $148.57 billion—a sign of heightened trading activity.

与此同时，其他关键指标显示比特币近期的前景好坏参半。 Coinglass 的数据显示，比特币的未平仓合约减少了 0.90%，目前价值 681.4 亿美元。然而，比特币的未平仓合约量激增 36%，达到 1,485.7 亿美元——这是交易活动加剧的迹象。

Another important metric, the MVRV (Market Value to Realized Value) ratio, has also seen notable changes. The MVRV ratio measures whether Bitcoin is overvalued or undervalued based on its current market price relative to its realized price.

另一个重要指标，MVRV（市场价值与已实现价值）比率也发生了显着变化。 MVRV 比率根据当前市场价格相对于其实现价格衡量比特币是否被高估或低估。

A ratio above 1 generally indicates profitability for holders, while higher values suggest potential overvaluation. Bitcoin’s MVRV ratio recently climbed to 2.69 but has since fallen to 2.52 following the price drop. This decline suggests a cooling market sentiment, with traders potentially reassessing their positions in the short term.

高于 1 的比率通常表明持有者的盈利能力，而较高的值表明潜在的高估。比特币的 MVRV 比率最近攀升至 2.69，但随着价格下跌，该比率已降至 2.52。这种下跌表明市场情绪降温，交易员可能会在短期内重新评估其头寸。