<p>比特币市场在经历了 10 月和 11 月的长期价格修正后，正逐渐出现趋势反转。然而，最近的链上数据揭示了比特币看涨结构周围令人担忧的趋势。</p>
<p><strong>比特币 IFP 指标暗示市场已达到转折点</strong></p>
<p>尽管近期价格有所回升，流行分析页面 Arab Chain 对比特币市场发出了警示性见解。在比特币从其历史最高点 126,000 美元下跌 36.5% 后，市场领导者最近经历了显著反弹，从 80,000 美元上涨至过去三周的最高 94,000 美元。</p>
<p>然而，比特币交易所间流动脉冲（IFP）的数据表明，价格上涨的动能可能是短暂的。为了提供背景，比特币 IFP 衡量的是在特定时间段内比特币在交易所之间的净流动。Arab Chain 解释说，IFP 指标在跌破其 90 日移动平均线（MA）后继续呈下降趋势，这表明市场参与度减弱，交易所之间的 “看涨” 流动减少。</p>
<p>此外，IFP 也处于红色区域，这在历史上通常与修正期或弱结构动能相吻合或先于这些情况，这可能预示着更广泛的下行趋势。综合来看，这些发展暗示比特币市场正处于一个关键的交汇点，因为交易所流动性减少，这在历史上曾支持过价格在过去市场阶段的上涨。</p>
<p><strong>看涨行情结束了吗？</strong></p>
<p>在 IFP 指标所强调的结构性弱点中，Arab Chain 还指出，当前价格相较于类似情况下的历史水平仍然相对较高。分析师解释说，这表明价格和流入暂时相互独立。根据历史数据，这种脱节通常表明价格将经历长期的整合或显著的横盘整理，直到交易所间的流动能够重新确立市场主导地位。</p>
<p>因此，比特币的看涨结构并未崩溃为看跌状态。然而，IFP 指标的发展表明，由于交易所间流动的结构性放缓，短期内可能不会有持续的上涨。此外，价格可能对市场流动性的变化变得敏感。因此，也存在再次修正的重大潜力。</p>
<p>截至发稿时，比特币交易价格为 90,338 美元，反映出过去 24 小时下降了 1.82%。与此同时，日交易量上涨了 34.64%，达 826.8 亿美元。根据 Arab Chain 的说法，只有当 IFP 成功重新夺回其 90 日 MA 时，持续的价格反弹才会发生，从而发出看涨交易流动增加的信号。</p>

BLSH

GBTC

<p>比特币的看涨结构正在减弱，因为交易所间流动脉冲（IFP）指标呈下降趋势，这表明市场参与度降低，可能会出现修正。尽管近期价格有所回升，但 IFP 仍处于红色区域，表明可能会出现长期的整固或横盘走势。比特币当前交易价格为 90,338 美元，24 小时内下跌 1.82%。持续的上涨走势依赖于 IFP 重新回到其 90 日移动平均线之上</p>

<p>The Bitcoin market is experiencing a gradual trend reversal following weeks of prolonged price correction between October and November. However, recent on-chain data reveals a concerning trend around BTC’s bullish structure.</p>
<div class="lb-trans"><p>比特币市场在经历了 10 月和 11 月的长期价格修正后，正逐渐出现趋势反转。然而，最近的链上数据揭示了比特币看涨结构周围令人担忧的趋势。</p>
</div><p><strong>Bitcoin IFP Indicator Suggests Market Has Reached Turning Point</strong></p>
<div class="lb-trans"><p><strong>比特币 IFP 指标暗示市场已达到转折点</strong></p>
</div><p>Popular analytics page Arab Chain has shared a cautionary insight on the Bitcoin market despite the moderate price recovery in recent weeks. After Bitcoin suffered a 36.5% correction from its all-time high at $126,000, the market leader has lately experienced a significant rebound, rising from $80,000 to as high as $94,000 in the past three weeks.</p>
<div class="lb-trans"><p>尽管近期价格有所回升，流行分析页面 Arab Chain 对比特币市场发出了警示性见解。在比特币从其历史最高点 126,000 美元下跌 36.5% 后，市场领导者最近经历了显著反弹，从 80,000 美元上涨至过去三周的最高 94,000 美元。</p>
</div><p>However, data from the Bitcoin Inter-Exchange Flow Pulse (IFP) suggests the upward price momentum might be short-lived. For perspective, the Bitcoin IFP measures the net movement of Bitcoin between exchanges over a given period. Arab Chain explains the IFP indicator continues to trend downward, after breaking below its 90-day moving average (MA), suggesting a weakening market participation amid fewer “bullish” flows between exchanges.</p>
<div class="lb-trans"><p>然而，比特币交易所间流动脉冲（IFP）的数据表明，价格上涨的动能可能是短暂的。为了提供背景，比特币 IFP 衡量的是在特定时间段内比特币在交易所之间的净流动。Arab Chain 解释说，IFP 指标在跌破其 90 日移动平均线（MA）后继续呈下降趋势，这表明市场参与度减弱，交易所之间的 “看涨” 流动减少。</p>
</div><p>Furthermore, the IFP also sits in the red zone, which historically coincides with or precedes a correction period or weak structural momentum that could precede a broader downtrend. Combined, these developments imply the Bitcoin market is at a critical junction, as there is a reduction in exchange flows that has historically supported the price rallies in past market phases.</p>
<div class="lb-trans"><p>此外，IFP 也处于红色区域，这在历史上通常与修正期或弱结构动能相吻合或先于这些情况，这可能预示着更广泛的下行趋势。综合来看，这些发展暗示比特币市场正处于一个关键的交汇点，因为交易所流动性减少，这在历史上曾支持过价格在过去市场阶段的上涨。</p>
</div><p><strong>Is The Bullish Run Over?</strong></p>
<div class="lb-trans"><p><strong>看涨行情结束了吗？</strong></p>
</div><p>Amidst the structural weakness highlighted by the IFP indicator, Arab Chain also noted that the price remains relatively high compared to previous levels in similar situations. The analysts explain that this suggests price and inflows are temporarily moving irrespective of each other. Based on historical data, such detachments usually indicate a prolonged price consolidation or a significant period of extended sideways movement until inter-exchange flows can reestablish market dominance.</p>
<div class="lb-trans"><p>在 IFP 指标所强调的结构性弱点中，Arab Chain 还指出，当前价格相较于类似情况下的历史水平仍然相对较高。分析师解释说，这表明价格和流入暂时相互独立。根据历史数据，这种脱节通常表明价格将经历长期的整合或显著的横盘整理，直到交易所间的流动能够重新确立市场主导地位。</p>
</div><p>Therefore, the Bitcoin bullish structure is not collapsing into a bearish state. However, the IFP metric developments suggest there may not be sustained upward movement in the short term due to the structural slowdown in inter-exchange flows. Moreover, price is likely to become sensitive to changes in the market liquidity. Therefore, there is also significant potential for another correction.</p>
<div class="lb-trans"><p>因此，比特币的看涨结构并未崩溃为看跌状态。然而，IFP 指标的发展表明，由于交易所间流动的结构性放缓，短期内可能不会有持续的上涨。此外，价格可能对市场流动性的变化变得敏感。因此，也存在再次修正的重大潜力。</p>
</div><p>At press time, Bitcoin trades at $90,338, reflecting a 1.82% decline in the past 24 hours. Meanwhile, daily trading volume is up by 34.64% and valued at $82.68 billion. According to Arab Chain, a continuous price rebound will only occur if the IFP successfully reclaims its 90-day MA, thereby signaling an increase in bullish exchange flows.</p>
<div class="lb-trans"><p>截至发稿时，比特币交易价格为 90,338 美元，反映出过去 24 小时下降了 1.82%。与此同时，日交易量上涨了 34.64%，达 826.8 亿美元。根据 Arab Chain 的说法，只有当 IFP 成功重新夺回其 90 日 MA 时，持续的价格反弹才会发生，从而发出看涨交易流动增加的信号。</p>
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比特币的看涨结构正在减弱，因为交易所间流动性触及警戒区域——详情