經過幾個月的出血，美國比特幣ETF在兩週內上漲了$ 4.6B

比特幣ETF處於車轍。從2025年1月到2025年3月，他們在淨流出中損失了70,000 BTC，這是最長的持續退出

U.S. Bitcoin ETFs pulled in $4.6 billion over two weeks following months of bleeding, marking the biggest two-week turnaround ever, according to May 7th’s The Week On-chain newsletter, titled “Gaining Ground.”

根據5月7日的《鍊鍊新聞》的報導，美國比特幣ETF在流血後的兩週內賺了46億美元，標誌著有史以來最大的兩周轉機。

Indeed, after April’s record-breaking sustained outflow streak, the ETF complex has returned to growth mode.

的確，在四月創紀錄的持續流出連勝之後，ETF綜合體恢復了增長模式。

Moreover, the four-month period from January to March 2025 saw a sustained net outflow of 70,000 BTC from ETFs—the longest such instance. However, over two weeks—from April 13 to 27, 2025—ETFs absorbed nearly $4.6 billion, nearly wiping out prior losses.

此外，從2025年1月到2025年3月的四個月時期，持續的淨流出了70,000 btc的ETF，這是最長的情況。但是，在兩週內（從4月13日至2025年27日）吸收了近46億美元，幾乎消除了先前的損失。

Assets under management reached 1.171 million BTC, just 11,000 shy of the 1.182 million BTC peak. This surge, fueled by Bitcoin’s climb to $97,900, signals a return of institutional demand.

管理層的資產達到117.1萬BTC，僅比11.82億BTC峰值11,000。由於比特幣的攀升至97,900美元，這種激增標誌著機構需求的回報。

Bitcoin price jumped from $74,000 to $97,900, recovering from a low point that pushed the market’s realized cap to a record $889 billion, according to CoinMarketCap data.

根據CoinMarketCap的數據，比特幣價格從74,000美元躍升至97,900美元，從低點恢復了，這使市場上的上限提高到了創紀錄的889億美元。

This rally brought relief to millions of holders, but with prices teetering near a critical threshold and volatility expectations oddly quiet, is this the market bottom—or a setup for another twist?

這次集會給數百萬持有人帶來了緩解，但是隨著價格的關鍵閾值和波動性期望奇怪的是，這是市場的最低點，還是另一個轉折的設置？

Record Bitcoin ETF Inflows and BTC ‘Gaining Ground’

記錄比特幣ETF流入和BTC“獲得地面”

Bitcoin ETFs were in a rut. From January to March 2025, they lost 70,000 BTC in net outflows—the longest sustained exit on record.

比特幣ETF處於車轍。從2025年1月到3月，他們在淨流出中損失了70,000 BTC，這是記錄中持續時間最長的退出。

Then, everything changed. Between April 13 and April 27, 2025, ETFs absorbed $4.6 billion, nearly wiping out prior losses.

然後，一切都改變了。在2025年4月13日至4月27日之間，ETF吸收了46億美元，幾乎消除了先前的損失。

Assets under management hit 1.171 million BTC, just 11,000 shy of the 1.182 million BTC peak. This surge, fueled by Bitcoin’s climb to $97,900, signals institutional demand is back with a vengeance.

管理層的資產達到了117.1萬BTC，僅比11.82億BTC峰值11,000。由於比特幣的攀升至97,900美元的興起，這一信號是機構需求恢復了復仇。

The Bitcoin price jump from $74,000 to $97,900 wasn’t just a chart blip—it was a lifeline. At the April low, over 5 million BTC were underwater.

比特幣的價格從74,000美元上升到97,900美元，不僅僅是圖表blip，而是生命線。在4月的低點，超過500萬BTC處於水下。

By April 27, 2025, only 1.9 million remained in loss, with 3 million BTC flipping to profit, according to the newsletter. Short-Term Holders (STH), holding 83% of underwater coins, led profit-taking.

該新聞通訊稱，到2025年4月27日，只有190萬損失，300萬BTC盈利。持有水下硬幣83％的短期持有人（STH）領導利潤。

Daily capital inflows reached $1 billion, with profits dominating 98% of transactions. The realized cap grew 2.1% in a month to $889 billion, an all-time high, reflecting robust demand.

每日資本流入達到10億美元，利潤佔交易的98％。實現的上限在一個月內增長了2.1％，達到8890億美元，這是有史以來的高度，反映了強勁的需求。

Bitcoin price is trading at $97,000, but it’s on a tightrope. As per Glassnode’s analysis, the price cleared the 111-day moving average and STH cost-basis, both near $94,000.

比特幣價格的交易價格為97,000美元，但它的繩索上的價格為。根據GlassNode的分析，價格清除了111天移動平均線和STH Cost-Basis，均接近94,000美元。

Yet, the Realized Supply Density metric spiked, showing a dense cluster of coins with cost-bases around $95,000, accumulated from December 2024 to February 2025. Small price moves could spark big reactions, raising volatility risks.

然而，已實現的供應密度指標迅速增長，顯示了一塊密集的硬幣，其成本量約為95,000美元，從2024年12月到2025年2月，累積了。小價格轉移可能會引發重大反應，從而增加波動性風險。

Options markets add intrigue. Implied volatility for 1-week and 1-month contracts hit lows not seen since July 2024. Three- and six-month contracts also compressed, with March 2026 options at a 50% premium—a historically low level.

期權市場增加了陰謀。自2024年7月以來，1周和1個月的合同的隱含波動率撞到了低點。三個月和六個月的合同也受到壓縮，2026年3月的期權以50％的保費為50％，這是歷史上低水平的。

Historically, such low volatility expectations precede sharp price swings. Traders may be underestimating turbulence.

從歷史上看，如此低的波動性期望在價格急劇波動之前。交易者可能低估了湍流。

Bottom or Bounce?

底部還是彈跳？

The rally reshaped investor actions. Combined profit and loss volumes hit $1 billion daily, with only 15% of trading days this cycle seeing more.

拉力賽重塑投資者的行動。每天的利潤和損失量達到10億美元，只有15％的交易日本週期看到更多。

Losses made up just 1-2% of transactions, showing most holders above $96,000 are holding firm. STH unrealized losses, which spiked during the August 2024 Yen-Carry-Trade unwind and early 2025 downturn, dropped to neutral, easing financial stress.

損失僅佔交易的1-2％，表明大多數持有人超過$ 96,000的持有公司。在2024年8月的日元卡里貿易和2025年初期，STH未實現的損失跌至中立，減輕了財務壓力。

Per the report, a drop below $94,000 could derail the rally,. For now, Bitcoin’s $97,000 price and ETF rally point to a potential bottom—but it’s not a done deal.

根據報告，低於$ 94,000的下跌可能會使集會脫軌。目前，比特幣的97,000美元價格和ETF集會指向潛在的底部，但這不是完成的交易。

Traders will watch whether ETF momentum holds and if on-chain strength translates into price gains. With spot funds back in favor and fewer underwater holders, the market may have found a floor—at least until the next volatility surge.

交易者會注意ETF動量是否存在，以及鏈的強度是否轉化為價格上漲。隨著現場資金的青睞，水下持有人更少，市場可能已經找到了一個地板，至少要直到下一次波動率激增。