解释近期比特币价格下跌的 5 个关键图表

短期持有者在盈亏平衡点的抛售造成了阻力，导致比特币价格下跌。比特币 ETF 流入 1.9565 亿美元

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，比特币从两天前的 65,062 美元跌至 58,053 美元，原因是由于未平仓合约上升和融资利率为正，人们对美联储可能降息的热情减弱。

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

未平仓合约上升和正融资利率增加了投机行为，加剧了市场不稳定。

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.

过去两天，随着美联储可能降息的热情消退，比特币从 65,062 美元跌至 58,053 美元，跌幅达 10.8%。过去三个月，比特币下跌了 12%，目前的交易价格比 3 月份创下的近 74,000 美元的峰值低了 20%。

Five Key Charts on the Recent Price Drop

关于近期价格下跌的五个关键图表

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.

为了帮助解释加密货币价格的巨大变化，CryptoQuant 的主要作者 Maartunn 分析了最近的市场走势并确定了五个关键图表。

Short-Term Holders Create Resistance

短期持有者产生阻力

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.

以较高价格购买比特币但现在正在遭受损失的短期持有者在最近的价格下跌中发挥了至关重要的作用。本月早些时候，比特币的大幅下跌让这些短期持有者平均损失了 17%。

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

当价格恢复到平均成本时，他们在盈亏平衡点附近出售，形成了阻力，导致了持续的价格斗争。

Rising Open Interest

未平仓合约上升

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 日以来，未平仓合约增加了 31%，从 135 亿美元增至 179 亿美元，这表明比特币期货市场的投机活动有所增加。然而，正的资金利率表明永续合约存在溢价，进一步加剧了市场的不稳定。

Bitcoin ETFs Inflow In the Green

比特币 ETF 资金流入呈绿色

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.

美国现货比特币（BTC）交易所交易基金（ETF）在价格下跌的情况下表现强劲，连续八天净流入总计1.9565亿美元。

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.

与此同时，另一位知名 CryptoQuant 的作者 IT Tech 指出，这些资金流入主要来自大型持有者，这给本已不稳定的期货头寸增添了额外的压力。

Surges in Long Liquidations

多头清算激增

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.

最近的价格下跌导致清算数量大幅增加。以太坊多头清算激增至 5500 万美元，比特币多头清算达到 9000 万美元，创下 8 月初以来的最高水平。

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

清算激增导致未平仓合约减少 22 亿美元，因为许多交易者被迫平仓。

Market Stabilization

市场稳定

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.

最近的市场动荡让许多交易者处境岌岌可危。因此，市场需要一段时间才能稳定下来。未来几天监控链上数据对于了解未来价格走势和市场状况至关重要。