比特币 (BTC) 现货 CVD 持续呈负值——这意味着什么？

在经历了本月的动荡之后，加密货币市场尚未摆脱八月初的忧郁情绪。故事并没有太多

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.

在经历了 8 月初的动荡之后，加密货币市场前景在 8 月初仍然基本黯淡。这影响了比特币的价格，比特币在过去一周很难给人留下深刻的印象。

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.

由于 BTC 的价格距离历史高点 73,737 美元仍有近 20% 的差距，越来越多的人呼吁这种主要的加密货币重返牛市。有趣的是，最近的链上观察显示，比特币在过去两年经历了巨大的看跌压力。

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

比特币现货 CVD 持续呈负值——这意味着什么？

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.

区块链数据公司 Glassnode 最近在 X 平台上发表的一篇文章中透露，比特币现货市场在过去两年中经历了净卖方偏差。这一链上观察是使用现货累积交易量 Delta (CVD) 指标进行的，该指标衡量买卖交易量之间的净差。

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.

投资者使用这一链上指标来衡量当前的市场情绪。它提供了关于多头还是空头是否是主要市场参与者的见解。通常，正的累积交易量 Delta 值表明市场上存在更大的购买压力，而负值则表明卖方处于控制之中。

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.

根据 Glassnode 的最新数据，过去两年 CVD 的年中值在 -2200 万美元至 -5000 万美元之间波动。这一趋势表明存在净卖方偏见，一段时间内现货市场的卖出量大大超过了买入量。

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.

虽然净卖方偏见的持续存在表明投资者正在抛售比特币而不是积累比特币，但这并不一定意味着比特币市场处于看跌状态。这凸显了投资者的谨慎态度，比特币现货需求整体下降。

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.

尽管很难说未来几个月现货累积交易量增量将如何变化，但这一指标是投资者应该关注的指标。这尤其重要，因为 CVD 恢复正值可能预示着比特币现货市场需求的增加，这可能有利于比特币价格。

BTC Price At A Glance

比特币价格一览

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.

截至撰写本文时，比特币价格略高于 59,000 美元，过去 24 小时内上涨超过 2.5%。然而，最近的势头还不足以消除代币在每周时间范围内的损失。根据CoinGecko的数据，过去一周比特币价格下跌超过2%。