比特幣 (BTC) 現貨 CVD 持續呈負值——這意味著什麼？

在經歷了本月的動盪之後，加密貨幣市場尚未擺脫八月初的憂鬱情緒。故事沒有太多

Cryptocurrency market outlook remained largely gloomy in early August, following a tumultuous start to the month. This impacted the price of Bitcoin, which struggled to make an impression in the past week.

在經歷了 8 月初的動盪之後，加密貨幣市場前景在 8 月初仍然基本黯淡。這影響了比特幣的價格，比特幣在過去一周很難給人留下深刻的印象。

With BTC’s price still almost 20% away from its all-time high of $73,737, there were increasing calls for the premier cryptocurrency to return to the bull market. Interestingly, a recent on-chain observation showed that Bitcoin experienced substantial bearish pressure in the past two years.

由於 BTC 的價格距離歷史高點 73,737 美元仍有近 20% 的差距，越來越多的人呼籲這種主要的加密貨幣重返牛市。有趣的是，最近的鏈上觀察顯示，比特幣在過去兩年經歷了巨大的看跌壓力。

Bitcoin Spot CVD Persisted In The Negative — What Did This Imply?

比特幣現貨 CVD 持續呈現負值——這意味著什麼？

In a recent post on the X platform, blockchain data firm Glassnode revealed that the Bitcoin spot market experienced a net-sell side bias over the past two years. This on-chain observation was made using the Spot Cumulative Volume Delta (CVD) indicator, which measured the net difference between buying and selling trade volumes.

區塊鏈數據公司 Glassnode 最近在 X 平台上發表的一篇文章中透露，比特幣現貨市場在過去兩年中經歷了淨賣方偏差。這一鏈上觀察是使用現貨累積交易量 Delta (CVD) 指標進行的，該指標衡量買賣交易量之間的淨差。

This on-chain metric was used by investors to gauge the current market sentiment. It offered insight into whether the bulls or bears were the dominant market participants. Usually, a positive Cumulative Volume Delta value indicated more buying pressure in the market, while a negative value suggested that the sellers were in control.

投資者使用這一鏈上指標來衡量當前的市場情緒。它提供了關於多頭還是空頭是否是主要市場參與者的見解。通常，正的累積交易量Delta值表示市場上有更大的購買壓力，而負值則表示賣方處於控制之中。

According to the latest data from Glassnode, the yearly median CVD value bounced between -$22 million and -$50 million over the past two years. This trend indicated a net sell-side bias, with selling volume largely outpacing buying volume in the spot market for some time now.

根據 Glassnode 的最新數據，過去兩年 CVD 的年中位數在 -2,200 萬美元至 -5,000 萬美元之間波動。這一趨勢顯示存在淨賣方偏見，一段時間內現貨市場的賣出量大大超過了買入量。

While the persistence of a net-sell side bias suggested that investors were offloading their coins rather than accumulating, it did not necessarily imply a bearish condition for the Bitcoin market. It rather highlighted a cautious approach by the investors, with an overall decline in spot demand of BTC.

雖然淨賣方偏見的持續存在表明投資者正在拋售而不是累積比特幣，但這並不一定意味著比特幣市場處於看跌狀態。這凸顯了投資者的謹慎態度，比特幣現貨需求整體下降。

Although it was difficult to say how the spot Cumulative Volume Delta would shift over the coming months, the metric was one that investors should look out for. This was especially relevant because a return of CVD to positive values could signal an increase in Bitcoin spot market demand, which might be favorable for the Bitcoin price.

儘管很難說未來幾個月現貨累積交易量增量將如何變化，但這項指標是投資人應該關注的指標。這尤其重要，因為 CVD 恢復正值可能預示著比特幣現貨市場需求的增加，這可能有利於比特幣價格。

BTC Price At A Glance

比特幣價格一覽

At the time of writing, the price of Bitcoin was trading at slightly above $59,000, up by more than 2.5% in the past 24 hours. This recent momentum, however, was not enough to wipe off the coin’s loss on the weekly timeframe. According to data from CoinGecko, the Bitcoin price was down by more than 2% in the past week.

截至撰寫本文時，比特幣價格略高於 59,000 美元，過去 24 小時內上漲超過 2.5%。然而，最近的勢頭還不足以消除代幣在每週時間範圍內的損失。根據CoinGecko的數據，過去一週比特幣價格下跌超過2%。