<p>由于恐惧与贪婪指数已降至 10，这是 2025 年的最低水平。</p>
<p>今年 ETF 增加了 240 亿美元，即使零售恐慌导致了 190 亿美元的清算。</p>
<p>比特币 [BTC] 的情绪已降至 2025 年的最低水平，但市场并没有像许多人担心的那样崩溃。</p>
<p>零售交易者正在恐慌，但长期迹象依然稳定，而机构则通过 ETF 持续买入。专家们现在表示，这次抛售可能是六个月平静熊市阶段的最后一段。</p>
<p>来自 Alphractal 的最新数据显示，加密恐惧与贪婪指数在新闻发布时降至 10。这是 2025 年的最低情绪读数。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/G514T12WYAAfsir-scaled.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/G514T12WYAAfsir-scaled.jpg"/></p>
<p>来源：Alphractal</p>
<p>如此极端的恐惧仅在市场重置或长期回调的尾声出现。该指数在几周内从中间的 60 多降至接近零的区域，类似于 2021 年中期和 2022 年中期的解套情况。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/G514T04W8AAMNP8-scaled.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/G514T04W8AAMNP8-scaled.jpg"/></p>
<p>来源：Alphractal</p>
<p>此外，广泛的 Alpha 加密情绪指标在本季度早些时候从中性 - 看涨转变为看跌和非常看跌的信号。这一变化使交易者关注可能的抛售区域。</p>
<h2><strong>机构买入抄底</strong></h2>
<p>超过 190 亿美元的清算和 160 万名被清算的交易者为大型参与者在低价位吸收供应创造了完美的条件。</p>
<p>长期持有者自十月以来 reportedly 释放了 62,000 BTC，其中大部分流入了由黑石和富达等公司管理的 ETF。</p>
<p>尽管受到恐慌驱动的抛售，2025 年 ETF 余额仍增长了 240 亿美元。这次修正可能是结构性转移，而非周期顶部。</p>
<h2><strong>一种新结构</strong></h2>
<p>在这一叙述的基础上，Bitwise 首席执行官 Hunter Horsley 在 X 平台上指出，加密货币可能已经深陷六个月的熊市阶段。</p>
<p>他认为，传统的四年周期模型不再适用于受到 ETF 流动、监管和重量级机构影响的市场。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/Screenshot-2025-11-16-140613.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/Screenshot-2025-11-16-140613.jpg"/></p>
<p>来源：X</p>
<p>相比之下，ETF 后的动态引入了新的机械买卖模式，影响了波动性。</p>
<p>尽管最近有所下跌，Horsley 仍然认为，基础条件可能支持迄今为止最强劲的复苏环境之一。</p>

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贝莱德

<p>比特币的恐惧与贪婪指数降至 2025 年的低点 10，显示出极度恐惧，但机构通过 ETF 投资了 240 亿美元。尽管零售投资者恐慌，清算金额达到 190 亿美元，专家们认为这可能是六个月熊市阶段的结束。机构购买，特别是像贝莱德和富达这样的公司，表明市场正在发生结构性转变，而不是周期顶点。Bitwise 首席执行官亨特·霍斯利认为，ETF 动态改变了传统市场周期，可能为强劲复苏铺平了道路</p>

<p>Because the Fear &amp; Greed Index has dropped to 10, its lowest reading of 2025.</p>
<div class="lb-trans"><p>由于恐惧与贪婪指数已降至 10，这是 2025 年的最低水平。</p>
</div><p>ETFs added $24 billion this year, even as retail panic triggered $19B in liquidations.</p>
<div class="lb-trans"><p>今年 ETF 增加了 240 亿美元，即使零售恐慌导致了 190 亿美元的清算。</p>
</div><p>Bitcoin [BTC] sentiment has dropped to its lowest level of 2025, but the market isn’t breaking the way many fear.</p>
<div class="lb-trans"><p>比特币 [BTC] 的情绪已降至 2025 年的最低水平，但市场并没有像许多人担心的那样崩溃。</p>
</div><p>Retail traders are panicking, yet long-term signs remain steady while institutions continue to buy through ETFs. Experts are now saying this sell-off could be the final stretch of a six-month quiet bear phase.</p>
<div class="lb-trans"><p>零售交易者正在恐慌，但长期迹象依然稳定，而机构则通过 ETF 持续买入。专家们现在表示，这次抛售可能是六个月平静熊市阶段的最后一段。</p>
</div><p>Recent data from Alphractal showed the Crypto Fear &amp; Greed Index falling to 10 at press time. This is the lowest sentiment reading of 2025.</p>
<div class="lb-trans"><p>来自 Alphractal 的最新数据显示，加密恐惧与贪婪指数在新闻发布时降至 10。这是 2025 年的最低情绪读数。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/G514T12WYAAfsir-scaled.jpg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/11/G514T12WYAAfsir-scaled.jpg"/></p>
<p>Source: Alphractal</p>
<div class="lb-trans"><p>来源：Alphractal</p>
</div><p>Such extreme fear has appeared only during market resets or the tail end of prolonged drawdowns. The index has now fallen from the mid-60s to near-zero territory within weeks, similar to the unwinding seen during mid-2021 and mid-2022.</p>
<div class="lb-trans"><p>如此极端的恐惧仅在市场重置或长期回调的尾声出现。该指数在几周内从中间的 60 多降至接近零的区域，类似于 2021 年中期和 2022 年中期的解套情况。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/G514T04W8AAMNP8-scaled.jpg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/11/G514T04W8AAMNP8-scaled.jpg"/></p>
<p>Source: Alphractal</p>
<div class="lb-trans"><p>来源：Alphractal</p>
</div><p>On top of that, the broader Alpha Crypto Sentiment Gauge shifted from neutral-bullish earlier this quarter to bearish and very bearish signals. That shift kept traders focused on possible capitulation zones.</p>
<div class="lb-trans"><p>此外，广泛的 Alpha 加密情绪指标在本季度早些时候从中性 - 看涨转变为看跌和非常看跌的信号。这一变化使交易者关注可能的抛售区域。</p>
</div><h2><strong>Institutions bought the dip</strong></h2>
<div class="lb-trans"><h2><strong>机构买入抄底</strong></h2>
</div><p>Over $19 billion in liquidations and 1.6 million wiped-out traders created the perfect setup for large players to absorb supply at lower prices.</p>
<div class="lb-trans"><p>超过 190 亿美元的清算和 160 万名被清算的交易者为大型参与者在低价位吸收供应创造了完美的条件。</p>
</div><p>Long-term holders reportedly released 62,000 BTC since October, much of it flowing into ETFs managed by firms like BlackRock and Fidelity.</p>
<div class="lb-trans"><p>长期持有者自十月以来 reportedly 释放了 62,000 BTC，其中大部分流入了由黑石和富达等公司管理的 ETF。</p>
</div><p>Despite panic-driven selling, ETF balances have grown by $24 billion in 2025. This correction may be a structural transfer rather than a cycle top.</p>
<div class="lb-trans"><p>尽管受到恐慌驱动的抛售，2025 年 ETF 余额仍增长了 240 亿美元。这次修正可能是结构性转移，而非周期顶部。</p>
</div><h2><strong>A new structure</strong></h2>
<div class="lb-trans"><h2><strong>一种新结构</strong></h2>
</div><p>Building on the narrative, Bitwise CEO Hunter Horsley noted in an X post that crypto may already be deep into a six-month bear phase.</p>
<div class="lb-trans"><p>在这一叙述的基础上，Bitwise 首席执行官 Hunter Horsley 在 X 平台上指出，加密货币可能已经深陷六个月的熊市阶段。</p>
</div><p>He argued that the traditional four-year cycle model no longer applied to a market shaped by ETF flows, regulation, and heavyweight institutions.</p>
<div class="lb-trans"><p>他认为，传统的四年周期模型不再适用于受到 ETF 流动、监管和重量级机构影响的市场。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/Screenshot-2025-11-16-140613.jpg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/11/Screenshot-2025-11-16-140613.jpg"/></p>
<p>Source: X</p>
<div class="lb-trans"><p>来源：X</p>
</div><p>By contrast, post-ETF dynamics introduced new mechanical buy-and-sell patterns that influenced volatility.</p>
<div class="lb-trans"><p>相比之下，ETF 后的动态引入了新的机械买卖模式，影响了波动性。</p>
</div><p>Despite the recent drop, Horsley maintained that underlying conditions could support one of the strongest recovery environments yet.</p>
<div class="lb-trans"><p>尽管最近有所下跌，Horsley 仍然认为，基础条件可能支持迄今为止最强劲的复苏环境之一。</p>
</div>

比特币的恐慌情绪降至 2025 年以来的低点——但机构投资者却购入了 240 亿美元：这意味着什么？