比特币（BTC）的价格上涨了ETF流和OI，而链活动保持安静

比特币的价格一直在疯狂。截至2025年4月25日，加密货币王的价格为93,125.68美元，在过去24小时内上涨0.4％

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关键见解：

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.

比特币的价格一直在疯狂。截至2025年4月25日，加密货币之王的价格为93,125.68美元，截至美国东部时间上午1:01，最近24小时上涨了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.

虽然欢迎增加价值增长，但专家认为这种价格行动并非来自通常的犯罪嫌疑人。他们将手指指着ETF流和开放兴趣（OI），因为BTC最近的泵背后的主要驱动因素，而链活动仍然很安静。

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.

当ETF商店总裁Nate Geraci指出，过去4天中，超过23亿美元流入了BTC ETF，这尤其如此。 IBIT以7天的流入连胜领先，因此，BTC的价格偶然上涨，流入率上升，在进入短暂合并之前，价格为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说“比特币网络是鬼城”，并指出网络上几乎没有任何新的可见链上需求。根据Maartunn的说法，当前的BTC价格上涨是所有ETF流量和OI，而不是链活动。

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

这意味着机构资金涌入比特币ETF，交易者正在将杠杆债券堆放在期货市场中，从而更快地推动了价格。

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社区周围的社交情绪揭示了比特币的最新价格飙升，这与持有者在链上移动硬币。这是与ETF和未来一起玩的大投资者正在为此集会。

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.

但这是踢球者：虽然价格在弹出，但链上的活动（想想钱包交易，硬币的动作等）并没有显示出相同的能量。大量持有人流入（1,000+ BTC）上的intotheblock数据显示出明显的活动。

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?

鲸鱼的积累并不是过去在过去的牛跑中以前那样累积的，这引起了一些眉毛。如果他们不买，谁在开场派对？

Bitcoin Price Analysis: Falling Wedge Breakout or Fakeout?

比特币价格分析：楔形突破或假货？

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.

每日时间表上的BTCUSD图表表明，资产已经从掉落的楔子中崩溃，击中了94,641美元的新当地高点。突破性很强，普莱斯翻转了200天的简单移动AVG。 （SMA），以前在过去44天内充当动态阻力。

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目前的价格为93,125美元，从当地高中撤回了0.67％。该突破的数量也有所增加，这给了它一些信誉。

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.

相对强度指数（RSI）为65.84，与超买的领土调情，移动平均收敛/发散（MACD）指示器显示出对直方图滴答的看涨交叉。这些指标标志着“看涨势头”，但是缺乏链链活动对此泵是否有腿表示怀疑。

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的电阻水平高于目前的94,000美元，则在接下来的几周内可能会增加，并达到以前的高价。

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，如果链上活动没有兴起，那么此突破可能会变成假件，我们可能会看到BTC测试$ 88,820（200天SMA），并可能再次下降至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.

比特币正在飙升ETF流入和开放兴趣（OI）的上升，但链接活动弱是一个危险信号。技术仍然指出看涨，RSI和MACD支持这一趋势。但是，如果鲸鱼的运动和链界指标没有拾取，则集会可能会失去动力。

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观点和观点仅用于信息目的，并且他们没有建立投资，财务或任何其他建议。对加密货币资产进行交易或投资具有财务损失的风险。