经过几个月的出血，美国比特币ETF在两周内上涨了$ 4.6B

比特币ETF处于车辙。从2025年1月到2025年3月，他们在净流出中损失了70,000 BTC，这是最长的持续退出

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.”

根据5月7日的《链链新闻》的报道，美国比特币ETF在流血后的两周内赚了46亿美元，标志着有史以来最大的两周转机。

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

的确，在四月创纪录的持续流出连胜之后，ETF综合体恢复了增长模式。

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，从2025年1月到2025年3月的四个月时期，持续的净流出了70,000 btc的ETF，这是最长的情况。但是，在两周内（从4月13日至2025年27日）吸收了近46亿美元，几乎消除了先前的损失。

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.

管理层的资产达到117.1万BTC，仅比11.82亿BTC峰值11,000。由于比特币的攀升至97,900美元，这种激增标志着机构需求的回报。

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.

根据CoinMarketCap的数据，比特币价格从74,000美元跃升至97,900美元，从低点恢复了，这使市场上的上限提高到了创纪录的889亿美元。

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?

这次集会给数百万持有人带来了缓解，但是随着价格的关键阈值和波动性期望奇怪的是，这是市场的最低点，还是另一个转折的设置？

Record Bitcoin ETF Inflows and BTC ‘Gaining Ground’

记录比特币ETF流入和BTC“获得地面”

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.

比特币ETF处于车辙。从2025年1月到3月，他们在净流出中损失了70,000 BTC，这是记录中持续时间最长的退出。

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

然后，一切都改变了。在2025年4月13日至4月27日之间，ETF吸收了46亿美元，几乎消除了先前的损失。

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.

管理层的资产达到了117.1万BTC，仅比11.82亿BTC峰值11,000。由于比特币的攀升至97,900美元的兴起，这一信号是机构需求恢复了复仇。

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.

比特币的价格从74,000美元上升到97,900美元，不仅仅是图表blip，而是生命线。在4月的低点，超过500万BTC处于水下。

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.

该新闻通讯称，到2025年4月27日，只有190万损失，300万BTC盈利。持有水下硬币83％的短期持有人（STH）领导利润。

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.

每日资本流入达到10亿美元，利润占交易的98％。实现的上限在一个月内增长了2.1％，达到8890亿美元，这是有史以来的高度，反映了强劲的需求。

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.

比特币价格的交易价格为97,000美元，但它的绳索上的价格为。根据GlassNode的分析，价格清除了111天移动平均线和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，已实现的供应密度指标迅速增长，显示了一块密集的硬币，其成本量约为95,000美元，从2024年12月到2025年2月，累积了。小价格转移可能会引发重大反应，从而增加波动性风险。

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.

期权市场增加了阴谋。自2024年7月以来，1周和1个月的合同的隐含波动率撞到了低点。三个月和六个月的合同也受到压缩，2026年3月的期权以50％的保费为50％，这是历史上低水平的。

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

从历史上看，如此低的波动性期望在价格急剧波动之前。交易者可能低估了湍流。

Bottom or Bounce?

底部还是弹跳？

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

拉力赛重塑投资者的行动。每天的利润和损失量达到10亿美元，只有15％的交易日本周期看到更多。

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.

损失仅占交易的1-2％，表明大多数持有人超过$ 96,000的持有公司。在2024年8月的日元卡里贸易和2025年初期，STH未实现的损失跌至中立，减轻了财务压力。

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.

根据报告，低于$ 94,000的下跌可能会使集会脱轨。目前，比特币的97,000美元价格和ETF集会指向潜在的底部，但这不是完成的交易。

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.

交易者会注意ETF动量是否存在，以及链的强度是否转化为价格上涨。随着现场资金的青睐，水下持有人更少，市场可能已经找到了一个地板，至少要直到下一次波动率激增。