比特幣（BTC）的價格上漲了ETF流和OI，而鏈活動保持安靜

比特幣的價格一直在瘋狂。截至2025年4月25日，加密貨幣王的價格為93,125.68美元，在過去24小時內上漲0.4％

Key Insights:

關鍵見解：

Bitcoin price has been on a wild ride. As of April 25, 2025, the king of crypto is sitting at $93,125.68, up 0.4% in the last 24 hours as of 1:01 a.m. EST.

比特幣的價格一直在瘋狂。截至2025年4月25日，加密貨幣之王的價格為93,125.68美元，截至美國東部時間上午1:01，最近24小時上漲了0.4％。

While a good value increase is welcome, experts think this price action isn’t coming from the usual suspects. They are pointing fingers at ETF flows and open interest (OI) as the main drivers behind BTC’s recent pump, while on-chain activity remains quiet.

雖然歡迎增加價值增長，但專家認為這種價格行動並非來自通常的犯罪嫌疑人。他們將手指指著ETF流和開放興趣（OI），因為BTC最近的泵背後的主要驅動因素，而鏈活動仍然很安靜。

This is especially true as President of ETF Store, Nate Geraci, noted that over $2.3 billion flowed into spot BTC ETFs over the past 4 days. IBIT led the pack with a 7-day inflow streak, and as a result, BTC price coincidentally rose with the inflow, topping out at $94,641 before entering a short consolidation.

當ETF商店總裁Nate Geraci指出，過去4天中，超過23億美元流入了BTC ETF，這尤其如此。 IBIT以7天的流入連勝領先，因此，BTC的價格偶然上漲，流入率上升，在進入短暫合併之前，價格為94,641美元。

On the other hand, Maartunn said the “Bitcoin network is a ghost town”, noting that there has hardly been any new visible on-chain demand on the network. According to Maartunn, the current BTC price surge is all ETF flows and OI, not on-chain activity.

另一方面，Maartunn說“比特幣網絡是鬼城”，並指出網絡上幾乎沒有任何新的可見鏈上需求。根據Maartunn的說法，當前的BTC價格上漲是所有ETF流量和OI，而不是鏈活動。

This means Institutional money is flooding into Bitcoin ETFs, and traders are stacking leveraged bets in the futures market, pushing prices up faster.

這意味著機構資金湧入比特幣ETF，交易者正在將槓桿債券堆放在期貨市場中，從而更快地推動了價格。

Social sentiment around the crypto X community reveals Bitcoin’s latest price surge isn’t about the holders moving coins on-chain. It’s the big investors playing with ETFs and futures that are juicing this rally.

Crypto X社區周圍的社交情緒揭示了比特幣的最新價格飆升，這與持有者在鏈上移動硬幣。這是與ETF和未來一起玩的大投資者正在為此集會。

But here’s the kicker: while the price is popping, on-chain activity—think wallet transactions, coin movements, etc—isn’t showing the same energy. IntoTheBlock data on large holder inflows (1,000+ BTC) shows a noticeable dip in activity.

但這是踢球者：雖然價格在彈出，但鏈上的活動（想想錢包交易，硬幣的動作等）並沒有顯示出相同的能量。大量持有人流入（1,000+ BTC）上的intotheblock數據顯示出明顯的活動。

Whales aren’t accumulating like they used to during past bull runs, which raises some eyebrows. If they are not buying, who’s driving this party?

鯨魚的積累並不是過去在過去的牛跑中以前那樣累積的，這引起了一些眉毛。如果他們不買，誰在開場派對？

Bitcoin Price Analysis: Falling Wedge Breakout or Fakeout?

比特幣價格分析：楔形突破或假貨？

The BTCUSD chart on the daily timeframe shows that the asset has broke out of a falling wedge, hitting a new local high of $94,641. The breakout was strong, and price flipped the 200-day simple moving avg. (SMA), which previously acted as a dynamic resistance for the last 44 days.

每日時間表上的BTCUSD圖表表明，資產已經從掉落的楔子中崩潰，擊中了94,641美元的新當地高點。突破性很強，普萊斯翻轉了200天的簡單移動AVG。 （SMA），以前在過去44天內充當動態阻力。

At the current price of $93,125, BTC has pulled back 0.67% from the local high. This breakout was also marked by a rise in volume, which gave it some credibility.

BTC目前的價格為93,125美元，從當地高中撤回了0.67％。該突破的數量也有所增加，這給了它一些信譽。

The relative strength index (RSI) is at 65.84, flirting with overbought territory, and the moving average convergence/divergence (MACD) indicator is showing a bullish crossover with the histogram ticking up. These indicators signal “bullish momentum,” but the lack of on-chain activity casts doubt on whether this pump has legs.

相對強度指數（RSI）為65.84，與超買的領土調情，移動平均收斂/發散（MACD）指示器顯示出對直方圖滴答的看漲交叉。這些指標標誌著“看漲勢頭”，但是缺乏鍊鍊活動對此泵是否有腿表示懷疑。

If BTC holds above the current $94,000 resistance level, it may surge higher in the next couple of weeks and hit its previous all-time high price.

如果BTC的電阻水平高於目前的94,000美元，則在接下來的幾週內可能會增加，並達到以前的高價。

But if on-chain activity doesn’t pick up, this breakout could turn into a fakeout, and we might see BTC test $88,820 (200-day SMA) and potentially fall lower to $82,495 support again. Worse, BTC could correct deeper to the yearly low level of $74,393.

但是，如果鏈上活動沒有興起，那麼此突破可能會變成假件，我們可能會看到BTC測試$ 88,820（200天SMA），並可能再次下降至82,495美元的支持。更糟糕的是，BTC可以更深入地校正每年的低水平74,393美元。

Bitcoin is surging on ETF inflows and rising open interest (OI), but weak on-chain activity is a red flag. Technicals still point bullish, with RSI and MACD supporting the trend. However, if whale movement and on-chain metrics don’t pick up, the rally might lose steam.

比特幣正在飆升ETF流入和開放興趣（OI）的上升，但鏈接活動弱是一個危險信號。技術仍然指出看漲，RSI和MACD支持這一趨勢。但是，如果鯨魚的運動和鏈界指標沒有拾取，則集會可能會失去動力。

In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

在本文中，作者或任何人所指定的觀點和觀點僅用於信息目的，並且他們沒有建立投資，財務或任何其他建議。對加密貨幣資產進行交易或投資具有財務損失的風險。