解釋近期比特幣價格下跌的 5 個關鍵圖表

短期持有者在損益兩平點的拋售造成了阻力，導致比特幣價格下跌。比特幣 ETF 流入 1.9565 億美元

Bitcoin dropped to $58,053 on September 13th, down from $65,062 two days ago, as enthusiasm over potential Federal Reserve interest-rate cuts waned amid rising open interest and positive funding rates.

9 月 13 日，比特幣從兩天前的 65,062 美元跌至 58,053 美元，原因是由於未平倉合約上升和融資利率為正，人們對聯準會可能降息的熱情減弱。

Rising open interest and positive funding rates increased speculation, adding to market instability.

未平倉合約上升和正融資利率增加了投機行為，加劇了市場不穩定。

In the past two days, Bitcoin dropped from $65,062 to $58,053, a decrease of 10.8%, as enthusiasm over potential Federal Reserve interest-rate cuts faded. Over the past three months, Bitcoin has fallen by 12% and is currently trading 20% below its peak of nearly $74,000 reached in March.

過去兩天，隨著聯準會可能降息的熱情消退，比特幣從 65,062 美元跌至 58,053 美元，跌幅達 10.8%。過去三個月，比特幣下跌了 12%，目前的交易價格比 3 月創下的近 74,000 美元的峰值低了 20%。

Five Key Charts on the Recent Price Drop

關於近期價格下跌的五個關鍵圖表

To help explain the dramatic shifts in cryptocurrency prices, Maartunn, a leading author at CryptoQuant, has analyzed the recent market movement and identified five key charts.

為了幫助解釋加密貨幣價格的巨大變化，CryptoQuant 的主要作者 Maartunn 分析了最近的市場走勢並確定了五個關鍵圖表。

Short-Term Holders Create Resistance

短期持有者產生阻力

Short-term holders, who bought Bitcoin at higher prices and are now experiencing losses, played a crucial role in the recent price drop. Earlier this month, Bitcoin’s sharp decline left these short-term holders with an average 17% loss.

以較高價格購買比特幣但現在正在遭受損失的短期持有者在最近的價格下跌中發揮了至關重要的作用。本月早些時候，比特幣的大幅下跌讓這些短期持有者平均損失了 17%。

As the price recovered to their average cost, they sold around break-even, creating resistance that contributed to the ongoing price struggles.

當價格恢復到平均成本時，他們在盈虧平衡點附近出售，形成了阻力，導致了持續的價格鬥爭。

Rising Open Interest

未平倉合約上升

The rise in Open Interest up 31% from $13.5 billion to $17.9 billion since August 5th indicates increased speculation in the Bitcoin futures market. However, positive Funding Rates suggest a premium on perpetual contracts, further adding to market instability.

自 8 月 5 日以來，未平倉合約增加了 31%，從 135 億美元增加到 179 億美元，這表明比特幣期貨市場的投機活動增加。然而，正的資金利率顯示永續合約有溢價，進一步加劇了市場的不穩定。

Bitcoin ETFs Inflow In the Green

比特幣 ETF 資金流入呈綠色

U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) are experiencing strong performance amid the price decline, with eight consecutive days of net inflows totaling $195.65 million.

美國現貨比特幣（BTC）交易所交易基金（ETF）在價格下跌的情況下表現強勁，連續八天淨流入總計1.9565億美元。

Meanwhile, another led CryptoQuant’s author IT Tech noted that these inflows primarily came from large holders, adding additional strain to already unstable futures positions.

同時，另一位知名 CryptoQuant 的作者 IT Tech 指出，這些資金流入主要來自大型持有者，這給了本已不穩定的期貨部位增添了額外的壓力。

Surges in Long Liquidations

多頭清算激增

The recent price drop has led to a significant increase in liquidations. Ethereum long liquidations surged to $55 million, and Bitcoin long liquidations reached $90 million, marking the highest levels since early August.

最近的價格下跌導致清算數量大幅增加。以太坊多頭清算激增至 5,500 萬美元，比特幣多頭清算達到 9,000 萬美元，創下 8 月初以來的最高水準。

This surge in liquidations has caused Open Interest to drop by $2.2 billion, as many traders were forced to exit their positions.

清算激增導致未平倉合約減少 22 億美元，因為許多交易者被迫平倉。

Market Stabilization

市場穩定

The recent market turmoil has left many traders in precarious positions. As a result, the market will need some time to stabilize. Monitoring on-chain data in the coming days will be crucial for understanding future price movements and market conditions.

最近的市場動盪讓許多交易者處境岌岌可危。因此，市場需要一段時間才能穩定下來。未來幾天監控鏈上數據對於了解未來價格走勢和市場狀況至關重要。