<p>尽管网络基本面有所改善，Arbitrum [ARB] 仍未能逃脱更广泛市场的下跌。作为领先的第二层区块链，Arbitrum 及其原生代币 ARB 在过去 24 小时内经历了急剧回调，导致损失达 10%。</p>
<p>此次回调的显著之处在于，它并非仅由永续合约交易者驱动，正如通常情况那样。相反，链上资本轮换在 ARB 的表现不佳中发挥了重要作用。</p>
<h2><strong>基本面呈现出对比鲜明的图景</strong></h2>
<p>从基本面来看，过去 24 小时 Arbitrum 链上的活动表明反弹的潜力，而非下跌。然而，价格走势却讲述了不同的故事。</p>
<p>在此期间，日交易量和日活跃用户数同时上升。来自 Artemis 的数据显示，日活跃用户数攀升至 430 万，而活跃地址达 162,700。</p>
<p>这意味着每个用户平均约有 26 笔交易，显示出网络参与度强劲。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/Arbitrum-Transacting-Users.jpeg?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/2026/02/Arbitrum-Transacting-Users.jpeg"/></p>
<p>来源：Artemis</p>
<p>乍一看，这一活动水平似乎基本面看涨。链上交易的增加通常支持网络效用，进而推动代币需求，因为原生资产通常促进生态系统的互动。</p>
<p>然而，深入分析表明，尽管 ARB 可能经历了适度的效用增长，但显著的资本外流削弱了整体前景。</p>
<h2><strong>资本外流转变市场信心</strong></h2>
<p>看跌情绪主要源于大量的链上资本外流。Artemis 报告称，Arbitrum 在过去一天内记录了主要链中最大的桥接净流出。</p>
<p>大约 5690 万美元的资本退出了网络，并转移到其他链，这在加密市场中是流动性重新分配的常见迹象。</p>
<p>两个生态系统从这一流动中受益最大：以太坊 [ETH] 和 Hyperliquid [HYPE]。以太坊吸收了大约 3470 万美元，占流出的 59%，而 Hyperliquid 吸引了约 1770 万美元，占 30.59%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/Screenshot-2026-02-20-at-11.01.13-AM.png?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/2026/02/Screenshot-2026-02-20-at-11.01.13-AM.png"/></p>
<p>来源：Artemis</p>
<p>尽管有这些流入，但这两种资产的价格走势仍然相对中性，表明资本迁移并未立即引发强劲的上涨动能。</p>
<p>尽管如此，这一轮换反映了市场信心从 ARB 转向竞争生态系统的变化。</p>
<p>来自 CoinMarketCap 的社区情绪数据强调了这一趋势，ARB 的看涨信心从 2 月 18 日的 83% 降至目前的 48%。情绪的下降与 ARB 最近的价格下跌密切相关。</p>
<h2><strong>衍生品市场加剧下行压力</strong></h2>
<p>虽然现货流出引发了疲软，但衍生品市场似乎加剧了这一趋势。</p>
<p>在撰写时，来自 CoinGlass 的数据显示，OI 加权资金费率转为负值，打印为 -0.0056%。</p>
<p>负资金费率表明空头交易者在支付多头，这意味着越来越多的未平仓合约 (OI) 处于进一步下行的状态。</p>
<p>此外，约 300 万美元的新流动性进入了衍生品市场。这笔资金并未支持价格稳定，反而大多增强了空头头寸，增加了 ARB 的下行压力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/Screenshot-2026-02-20-at-11.05.05-AM-scaled.png?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/2026/02/Screenshot-2026-02-20-at-11.05.05-AM-scaled.png"/></p>
<p>来源：CoinGlass</p>
<p>多头和空头清算之间的不平衡进一步突显了当前的看跌偏见。在过去 24 小时内，空头交易者每损失 1 美元，多头交易者损失约 37 美元。这一明显的差异凸显了看涨头寸被积极平仓的程度。</p>
<p>从技术角度来看，目前的结构有利于卖方。价格持续下跌，而交易量上升，这一模式通常反映出强烈的分发。历史上，价格下跌与交易量上升之间的这种差异往往预示着进一步的下行。</p>
<p>目前，现货驱动的资本轮换和衍生品头寸表明看跌动能仍然较高，ARB 可能面临进一步下跌的可能性。</p>
<hr/>
<h2>最终总结</h2>
<ul>
<li><em>Arbitrum 记录了交易和用户活动的激增，但对 ARB 代币的影响甚微。</em></li>
<li><em>链上流动性外流达到 5690 万美元，而衍生品市场则主要将 1.15 亿美元引导至空头头寸。</em></li>
</ul>

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<p>Arbitrum (ARB) 面临显著下跌，24 小时内损失达到 10%，尽管网络活动有所增加。大约 5690 万美元退出了该网络，主要流向以太坊和 Hyperliquid，表明市场信心的转变。社区对 ARB 的情绪从 83% 下降至 48%。衍生品市场进一步施压 ARB，负的资金费率暗示看跌前景。总体而言，尽管用户参与度上升，但资本外流和衍生品头寸表明 ARB 价格可能进一步下跌</p>

<p>Arbitrum [ARB] has not escaped the broader market downturn, despite improving network fundamentals. Arbitrum, a leading Layer 2 blockchain with its native token ARB, experienced a sharp pullback that resulted in a 10% loss over the past 24 hours, at press time.</p>
<div class="lb-trans"><p>尽管网络基本面有所改善，Arbitrum [ARB] 仍未能逃脱更广泛市场的下跌。作为领先的第二层区块链，Arbitrum 及其原生代币 ARB 在过去 24 小时内经历了急剧回调，导致损失达 10%。</p>
</div><p>What makes the recent pullback notable is that it was not solely driven by perpetual futures traders, as is often the case. Instead, on-chain capital rotation played a significant role in ARB’s underperformance.</p>
<div class="lb-trans"><p>此次回调的显著之处在于，它并非仅由永续合约交易者驱动，正如通常情况那样。相反，链上资本轮换在 ARB 的表现不佳中发挥了重要作用。</p>
</div><h2><strong>Fundamentals paint a contrasting picture</strong></h2>
<div class="lb-trans"><h2><strong>基本面呈现出对比鲜明的图景</strong></h2>
</div><p>From a fundamental standpoint, activity on the Arbitrum chain over the past 24 hours suggested the potential for a rebound rather than a decline. However, price action told a different story.</p>
<div class="lb-trans"><p>从基本面来看，过去 24 小时 Arbitrum 链上的活动表明反弹的潜力，而非下跌。然而，价格走势却讲述了不同的故事。</p>
</div><p>During this period, both Daily Transactions and Daily Active Users rose simultaneously. Data from Artemis shows that Daily Active Users climbed to 4.3 million, while active addresses reached 162,700.</p>
<div class="lb-trans"><p>在此期间，日交易量和日活跃用户数同时上升。来自 Artemis 的数据显示，日活跃用户数攀升至 430 万，而活跃地址达 162,700。</p>
</div><p>This translates to an average of approximately 26 transactions per user, signaling strong network engagement.</p>
<div class="lb-trans"><p>这意味着每个用户平均约有 26 笔交易，显示出网络参与度强劲。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/Arbitrum-Transacting-Users.jpeg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/02/Arbitrum-Transacting-Users.jpeg"/></p>
<p>Source: Artemis</p>
<div class="lb-trans"><p>来源：Artemis</p>
</div><p>At first glance, this level of activity appears fundamentally bullish. Increased on-chain transactions typically support network utility and, by extension, token demand, as the native asset often facilitates ecosystem interactions.</p>
<div class="lb-trans"><p>乍一看，这一活动水平似乎基本面看涨。链上交易的增加通常支持网络效用，进而推动代币需求，因为原生资产通常促进生态系统的互动。</p>
</div><p>However, deeper analysis reveals that while ARB may have seen modest utility growth, significant capital outflows undermined the broader outlook.</p>
<div class="lb-trans"><p>然而，深入分析表明，尽管 ARB 可能经历了适度的效用增长，但显著的资本外流削弱了整体前景。</p>
</div><h2><strong>Capital outflows shift market confidence</strong></h2>
<div class="lb-trans"><h2><strong>资本外流转变市场信心</strong></h2>
</div><p>The bearish tilt emerged primarily from substantial on-chain outflows. Artemis reports that Arbitrum recorded the largest bridged net outflow among major chains in the past day.</p>
<div class="lb-trans"><p>看跌情绪主要源于大量的链上资本外流。Artemis 报告称，Arbitrum 在过去一天内记录了主要链中最大的桥接净流出。</p>
</div><p>Approximately $56.9 million worth of capital exited the network and rotated into other chains, a common sign of liquidity reallocation within the crypto market.</p>
<div class="lb-trans"><p>大约 5690 万美元的资本退出了网络，并转移到其他链，这在加密市场中是流动性重新分配的常见迹象。</p>
</div><p>Two ecosystems benefited most from this movement: Ethereum [ETH] and Hyperliquid [HYPE]. Ethereum absorbed roughly $34.7 million, accounting for 59% of the outflows, while Hyperliquid attracted about $17.7 million, representing 30.59%.</p>
<div class="lb-trans"><p>两个生态系统从这一流动中受益最大：以太坊 [ETH] 和 Hyperliquid [HYPE]。以太坊吸收了大约 3470 万美元，占流出的 59%，而 Hyperliquid 吸引了约 1770 万美元，占 30.59%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/Screenshot-2026-02-20-at-11.01.13-AM.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/02/Screenshot-2026-02-20-at-11.01.13-AM.png"/></p>
<p>Source: Artemis</p>
<div class="lb-trans"><p>来源：Artemis</p>
</div><p>Despite these inflows, price action for both assets remained relatively neutral, indicating that the capital migration did not immediately trigger strong upward momentum.</p>
<div class="lb-trans"><p>尽管有这些流入，但这两种资产的价格走势仍然相对中性，表明资本迁移并未立即引发强劲的上涨动能。</p>
</div><p>Nonetheless,thisrotation reflects a shift in market confidence away from ARB and toward rival ecosystems.</p>
<div class="lb-trans"><p>尽管如此，这一轮换反映了市场信心从 ARB 转向竞争生态系统的变化。</p>
</div><p>Community Sentiment data from CoinMarketCap underscores this trend, with bullish conviction for ARB falling from 83% on the 18th of February to 48% at press time. The decline in sentiment closely mirrors ARB’s recent price drop.</p>
<div class="lb-trans"><p>来自 CoinMarketCap 的社区情绪数据强调了这一趋势，ARB 的看涨信心从 2 月 18 日的 83% 降至目前的 48%。情绪的下降与 ARB 最近的价格下跌密切相关。</p>
</div><h2><strong>Derivatives market amplifies downside pressure</strong></h2>
<div class="lb-trans"><h2><strong>衍生品市场加剧下行压力</strong></h2>
</div><p>While spot outflows initiated the weakness, derivatives markets appear to have intensified it.</p>
<div class="lb-trans"><p>虽然现货流出引发了疲软，但衍生品市场似乎加剧了这一趋势。</p>
</div><p>At the time of writing, data from CoinGlass indicated that the OI-Weighted Funding Rate turned negative, printing at -0.0056%.</p>
<div class="lb-trans"><p>在撰写时，来自 CoinGlass 的数据显示，OI 加权资金费率转为负值，打印为 -0.0056%。</p>
</div><p>A negative Funding Rate suggests that short traders are paying longs, meaning that a growing share of Open Interest (OI) is positioned for further downside.</p>
<div class="lb-trans"><p>负资金费率表明空头交易者在支付多头，这意味着越来越多的未平仓合约 (OI) 处于进一步下行的状态。</p>
</div><p>In addition, approximately $3 million in fresh liquidity entered the derivatives market. Rather than supporting price stability, this capital largely reinforced short exposure, increasing downside pressure on ARB.</p>
<div class="lb-trans"><p>此外，约 300 万美元的新流动性进入了衍生品市场。这笔资金并未支持价格稳定，反而大多增强了空头头寸，增加了 ARB 的下行压力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/Screenshot-2026-02-20-at-11.05.05-AM-scaled.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/02/Screenshot-2026-02-20-at-11.05.05-AM-scaled.png"/></p>
<p>Source: CoinGlass</p>
<div class="lb-trans"><p>来源：CoinGlass</p>
</div><p>The imbalance between long and short liquidations further highlights the prevailing bearish bias. Over the past 24 hours, for every $1 lost by short traders, long traders lost approximately $37. This sharp divergence underscores the extent to which bullish positions were aggressively unwound.</p>
<div class="lb-trans"><p>多头和空头清算之间的不平衡进一步突显了当前的看跌偏见。在过去 24 小时内，空头交易者每损失 1 美元，多头交易者损失约 37 美元。这一明显的差异凸显了看涨头寸被积极平仓的程度。</p>
</div><p>From a technical perspective, the current structure favors sellers. Price continues to decline while trading volume rises, a pattern that often reflects strong distribution. Historically, this divergence between falling price and rising volume tends to precede further downside.</p>
<div class="lb-trans"><p>从技术角度来看，目前的结构有利于卖方。价格持续下跌，而交易量上升，这一模式通常反映出强烈的分发。历史上，价格下跌与交易量上升之间的这种差异往往预示着进一步的下行。</p>
</div><p>For now, both spot-driven capital rotation and derivatives positioning suggest that bearish momentum remains elevated, leaving the possibility of additional declines in ARB firmly in play.</p>
<div class="lb-trans"><p>目前，现货驱动的资本轮换和衍生品头寸表明看跌动能仍然较高，ARB 可能面临进一步下跌的可能性。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Summary</h2>
<div class="lb-trans"><h2>最终总结</h2>
</div><ul>
<li><em>Arbitrum recorded a surge in transactions and user activity, with little impact on the ARB token.</em></li>
<li><em>On-chain liquidity outflows reached $56.9 million, while derivatives markets channeled $115 million largely into short positions.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>Arbitrum 记录了交易和用户活动的激增，但对 ARB 代币的影响甚微。</em></li>
<li><em>链上流动性外流达到 5690 万美元，而衍生品市场则主要将 1.15 亿美元引导至空头头寸。</em></li>
</ul>
</div>

$56.9M exits Arbitrum in 24 hours – Is ARB’s rebound at risk?

- Arbitrum 近期交易活动增加，但 ARB 价格下跌 10% 受资本外流影响。  
- 过去 24 小时，$56.9 million 资金流出，流入 Ethereum 和 Hyperliquid。  
- 衍生品市场显示看空趋势，短头寸增多，预示 ARB 可能进一步下跌。

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$56.9M 在 24 小时内撤出 Arbitrum——ARB 的反弹是否面临风险？