比特幣（BTC）的恢復繼續顯示動力，當前資產交易

比特幣的恢復繼續表現出勢頭，在過去24小時內增長1.6％後，資產交易目前為94,288美元。

Bitcoin (BTC) price continues to recover, currently trading at $94,288 as the cryptocurrency gained 1.6% over the past 24 hours. The price has risen nearly 15% over the past two weeks, recovering from a correction phase and pushing BTC closer to retesting the $100,000 price mark.

比特幣（BTC）的價格繼續恢復，目前的交易價格為94,288美元，因為過去24小時內加密貨幣上漲了1.6％。在過去的兩周中，價格上漲了近15％，從校正階段恢復過來，並將BTC推到重新測試100,000美元的價格。

As Bitcoin’s recovery continues to show momentum, recent market analysis points to diverging signals between BTC’s funding rate behavior and growing confidence among US-based investors.

隨著比特幣的恢復繼續展示動力，最近的市場分析指出，BTC的資金率行為與美國投資者的信心越來越大。

Bitcoin Funding Rates Dip Despite Price Increases

儘管價格上漲，比特幣資金率下降

According to Nino, an analyst from CryptoQuant, the Bitcoin funding rate—typically used to gauge sentiment in the perpetual futures BTC market has again dipped into negative territory, even as whale accumulation continues on major exchanges like Binance and Coinbase.

尼諾（Nino）的說法，來自隱藏量的分析師是比特幣融資率的分析師（通常用來衡量永久期貨中的人的情感的人）再次跌入了負地區，即使鯨魚在Binance和Coinbase等重大交流中仍在繼續進行鯨魚。

Nino particularly identified a notable development in Bitcoin’s derivatives market. The 72-hour average of BTC funding rates, including moving average indicators (MA, EMA, WMA), has entered negative territory for the fourth time this year.

Nino特別確定了比特幣衍生品市場的顯著發展。 BTC融資率的72小時平均水平，包括移動平均指標（MA，EMA，WMA），在今年的第四次進入負領土。

Funding rates refer to periodic payments made between long and short positions on perpetual futures contracts, with negative rates meaning short positions are paying long positions. This generally reflects that the market is either positioning defensively or becoming cautious at current price levels.

資金率是指永久性期貨合約的長期和短職位之間的定期付款，負率為負的，這意味著短期職位正在支付較長的頭寸。這通常反映出市場要么在防守上定位，要么在當前價格水平上變得謹慎。

What makes this instance notable is that previous dips into negative funding rates occurred at lower price levels, whereas the current shift has taken place above $94,000.

值得注意的是，以前的籌資率在較低的價格水平上發生，而當前的班次發生在94,000美元以上。

This may point to potential market exhaustion or a phase of profit-taking, where short traders are more active despite the price moving up. If volatility increases and funding rates remain suppressed, a spike in liquidations could follow, especially if open interest in leveraged positions expands rapidly.

這可能指出了潛在的市場疲憊或獲利階段，儘管價格上漲，但短交易者仍然更加活躍。如果波動率增加並抑制了資金率，則可以隨後清算的峰值，特別是如果對槓杆位置的開放興趣迅速擴大。

Coinbase Premium And Whale Behavior Shows US Investor Activity

Coinbase Premium和Whale行為表明美國投資者活動

In a separate analysis, CryptoQuant analyst Crypto Dan noted a trend reversal beginning around April 21, accompanied by renewed buying from large holders, or “whales.” Notably, these purchases were first identified on Binance and were soon followed by similar activity on Coinbase.

在另一項分析中，加密分析師Crypto Dan指出了4月21日左右的趨勢逆轉，並伴隨著從大型持有人或“鯨魚”購買。值得注意的是，這些購買首先是在Binance上識別的，很快就在Coinbase上進行了類似的活動。

This pattern may indicate rising confidence among US-based investors and greater participation from institutions or high-net-worth individuals.

這種模式可能表明在美國的投資者之間的信心上升，以及機構或高淨值個人的更多參與。

One supporting metric is the Coinbase premium, which tracks the price difference between BTC on Coinbase and other global exchanges. A positive premium typically reflects stronger demand from US investors.

一個支持度量的是Coinbase Premium，它跟踪Coinbase和其他全球交易所BTC之間的價格差異。積極的溢價通常反映了美國投資者的強勁需求。

As of now, this premium remains in positive territory, suggesting that US market participants are contributing to BTC’s recent momentum. Dan concludes that the current phase may signal more than a typical price rebound and could represent a broader shift in market structure, driven by renewed capital inflows and institutional positioning.

截至目前，這種溢價仍處於積極的領域，這表明美國市場參與者正在為BTC最近的勢頭做出貢獻。丹得出的結論是，當前階段的信號可能不僅僅是典型的價格反彈，並且可能代表了在資本流入和機構定位的驅動下，市場結構的更大變化。