<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/ChatGPT-Image-May-21-2026-08_50_45-PM.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://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/ChatGPT-Image-May-21-2026-08_50_45-PM.png"/></p>
<p>比特币在经历了四天的 ETF 资金流出后，仍然承压于 78,000 美元以下，并且本周早些时候的衍生品清算继续影响市场情绪。</p>
<p>根据 SoSoValue 的数据，美国现货比特币 ETF 在 5 月 20 日再次录得 7050 万美元的净流出，延续了现在已经持续四个交易日的卖出潮。</p>
<p>与以太坊相关的基金面临更大的压力。</p>
<p>现货以太坊 ETF 在同一天损失了 2810 万美元，使得自 5 月 7 日以来的累计流出达到大约 5.04 亿美元，历时九个交易日。</p>
<p>Nexo 的一份市场报告指出，在此期间，以太坊 ETF 产品的日均流出接近 5600 万美元，成为自 2 月份大规模撤资周期以来以太坊基金需求最强劲的持续逆转。</p>
<p>该公司引用的数据还显示，过去五个交易日的日均净卖出约为 5100 万美元。</p>
<h2>多头清算的后果持续施压加密市场</h2>
<p>周初的清算继续影响衍生品市场的持仓情况。</p>
<p>根据 Bitfinex 分析师的说法，加密期货市场在周一至少经历了 6.57 亿美元的清算，其中多头头寸约占 5.84 亿美元。</p>
<p>自那时起，整体未平仓合约在 366 亿美元到 378 亿美元之间稳定，较 5 月 6 日的峰值下降近 14%。</p>
<p>然而，资金费率仍然略为正值，表明尽管价格疲软，杠杆交易者仍在支付以维持多头敞口。</p>
<p>与此同时，来自 Glassnode 的链上数据表明，比特币的现货需求也有所减弱。</p>
<p>在其最新的周报中，分析公司表示，比特币当前的市场结构越来越依赖于重新积累现货或另一次衍生品重置，以建立更清晰的方向。</p>
<p>报告中提到的数据表明，整体现货累计成交量差（通常称为 CVD）在 5 月 19 日之前连续九个交易日保持负值，称这是 2026 年迄今为止记录的持续净现货卖出的最长周期。</p>
<p>与此同时，Nexo 指出，比特币的每小时现货交易量比 2025 年同期低约 40%。</p>
<p>在 Coinbase 上，Glassnode 表示，现货活动仍然落后于 Binance 的交易量，分析公司将这一模式与美国买家在当前比特币价格水平附近的机构信心减弱联系在一起。</p>
<h2>比特币价格分析</h2>
<p>短期内，比特币的压力似乎仍然偏向下行，尽管市场开始接近可能触发剧烈反应的流动性区域。</p>
<p>在日线图上，比特币继续在心理重要的 78,000 美元水平下方交易，此前多次未能在 80,000 美元区域建立动能。</p>
<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/image-1779375844.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://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/image-1779375844.png"/></p>
<p>BTC/USD 1-D 价格图。来源：TradingView。</p>
<p>自 2 月份的下跌以来，价格结构已减弱，较低的高点继续在去年年底 120,000 美元以上的更广泛下行趋势下形成。</p>
<p>成交量条件也保持疲软。</p>
<p>在最近的整合阶段，日线图上的交易活动逐渐减弱，这与 Glassnode 和 Nexo 的数据一致，显示现货参与度减弱和 ETF 需求下降。</p>
<p>没有更强的现货买入，比特币在令人信服的方式上难以重新夺回更高的阻力区域。</p>
<p>与此同时，累计成交量差指标在经历了较长时间的负值后仍然相对平稳。</p>
<p>这种设置通常表明被动买家在吸收卖压，而不是积极的积累果断介入。</p>
<p>CMF（Chaikin 资金流）徘徊在接近 0.01 的中性区域上方，表明资本流入尚未完全消失，但买入压力仍然太弱，无法确认持续的恢复趋势。</p>
<p>清算热图还显示，比特币位于两个密集流动性区域之间。</p>
<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/image-1779375820.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://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/image-1779375820.png"/></p>
<p>比特币清算热图。来源：CoinGlass。</p>
<p>在 78,500 到 79,000 美元区间内，形成了一个大型清算杠杆集群，而另一个集中在 76,300 到 76,700 美元区间。</p>
<p>价格通常会向这些区域靠拢，因为杠杆头寸往往在这些地方积累。</p>
<p>目前，比特币似乎更接近于首先测试下方流动性口袋。</p>
<p>热图显示当前价格行为下方反复出现流动性积累，最近向 76,900 美元区域的下跌表明短期卖方仍然控制着动能。</p>
<p>如果比特币果断失守 76,500 美元区域，下一个明显的流动性带则更接近 75,000 到 74,000 美元，可能会出现另一波强制清算。</p>
<p>不过，向上的波动性也不能被排除。</p>
<p>同一热图还显示，在 79,000 美元以上和延伸至 81,000 美元的区域内，存在大量的空头清算流动性。</p>
<p>如果比特币能够在强劲的现货流入或 ETF 稳定的情况下重新夺回 78,500 美元，市场可能会看到随着空头头寸开始平仓而出现的上涨挤压。</p>
<p>比特币面临下行风险，因为杠杆在 76,000 美元支撑附近积累。此文最初发表于 Invezz。</p>

嘉实比特币-U

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<p>比特币面临压力，交易价格低于 78,000 美元，此前经历了四天的 ETF 资金流出，存在下跌至 76,500 美元附近支撑区的风险。最近的数据表明，加密货币期货市场出现了显著的平仓现象，而比特币的现货需求也有所减弱。分析师指出，如果没有更强的买入力量，比特币可能难以重新夺回更高的阻力位。目前市场处于流动性区间之间，未来的波动性可能会根据市场动向出现下行或上行</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/ChatGPT-Image-May-21-2026-08_50_45-PM.png" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/ChatGPT-Image-May-21-2026-08_50_45-PM.png"/></p>
<p>Bitcoin has remained under pressure below $78,000 after four straight days of ETF outflows, and a derivatives flush earlier this week which has continued to weigh on market sentiment.</p>
<div class="lb-trans"><p>比特币在经历了四天的 ETF 资金流出后，仍然承压于 78,000 美元以下，并且本周早些时候的衍生品清算继续影响市场情绪。</p>
</div><p>According to SoSoValue data, US spot Bitcoin ETFs recorded another $70.5 million in net outflows on May 20, extending a selling streak that has now lasted four consecutive sessions.</p>
<div class="lb-trans"><p>根据 SoSoValue 的数据，美国现货比特币 ETF 在 5 月 20 日再次录得 7050 万美元的净流出，延续了现在已经持续四个交易日的卖出潮。</p>
</div><p>Ethereum-linked funds have faced even steeper pressure.</p>
<div class="lb-trans"><p>与以太坊相关的基金面临更大的压力。</p>
</div><p>Spot Ethereum ETFs lost $28.1 million on the same day, pushing cumulative outflows since May 7 to roughly $504 million across nine sessions.</p>
<div class="lb-trans"><p>现货以太坊 ETF 在同一天损失了 2810 万美元，使得自 5 月 7 日以来的累计流出达到大约 5.04 亿美元，历时九个交易日。</p>
</div><p>A market note from Nexo said Ethereum ETF products have averaged nearly $56 million in daily outflows during that period, making it the strongest sustained reversal in ETH fund demand since February’s heavy withdrawal cycle.</p>
<div class="lb-trans"><p>Nexo 的一份市场报告指出，在此期间，以太坊 ETF 产品的日均流出接近 5600 万美元，成为自 2 月份大规模撤资周期以来以太坊基金需求最强劲的持续逆转。</p>
</div><p>Data cited by the firm also showed that the past five trading sessions alone averaged around $51 million in daily net selling.</p>
<div class="lb-trans"><p>该公司引用的数据还显示，过去五个交易日的日均净卖出约为 5100 万美元。</p>
</div><h2>Long liquidation fallout keeps pressure on crypto markets</h2>
<div class="lb-trans"><h2>多头清算的后果持续施压加密市场</h2>
</div><p>Early-week liquidations have continued to influence positioning across derivatives markets.</p>
<div class="lb-trans"><p>周初的清算继续影响衍生品市场的持仓情况。</p>
</div><p>According to Bitfinex analysts, crypto futures markets saw at least $657 million in liquidations on Monday, with long positions accounting for roughly $584 million of that total.</p>
<div class="lb-trans"><p>根据 Bitfinex 分析师的说法，加密期货市场在周一至少经历了 6.57 亿美元的清算，其中多头头寸约占 5.84 亿美元。</p>
</div><p>Since then, aggregate open interest has stabilised between $36.6 billion and $37.8 billion after falling nearly 14% from its May 6 peak.</p>
<div class="lb-trans"><p>自那时起，整体未平仓合约在 366 亿美元到 378 亿美元之间稳定，较 5 月 6 日的峰值下降近 14%。</p>
</div><p>Funding rates, however, have remained slightly positive, indicating leveraged traders are still paying to maintain long exposure despite weakening prices.</p>
<div class="lb-trans"><p>然而，资金费率仍然略为正值，表明尽管价格疲软，杠杆交易者仍在支付以维持多头敞口。</p>
</div><p>Meanwhile, on-chain data from Glassnode suggest that spot demand for Bitcoin has also weakened.</p>
<div class="lb-trans"><p>与此同时，来自 Glassnode 的链上数据表明，比特币的现货需求也有所减弱。</p>
</div><p>In its latest weekly report, the analytics firm said that Bitcoin’s current market structure increasingly depends on either renewed spot accumulation or another derivatives reset to establish a clearer direction.</p>
<div class="lb-trans"><p>在其最新的周报中，分析公司表示，比特币当前的市场结构越来越依赖于重新积累现货或另一次衍生品重置，以建立更清晰的方向。</p>
</div><p>Data referenced in the report showed aggregate spot cumulative volume delta, commonly known as CVD, remained negative for nine straight sessions through May 19, adding that it was the longest streak of sustained net spot selling recorded so far in 2026.</p>
<div class="lb-trans"><p>报告中提到的数据表明，整体现货累计成交量差（通常称为 CVD）在 5 月 19 日之前连续九个交易日保持负值，称这是 2026 年迄今为止记录的持续净现货卖出的最长周期。</p>
</div><p>At the same time, Nexo noted that Bitcoin hourly spot trading volumes are running about 40% lower than the same period in 2025.</p>
<div class="lb-trans"><p>与此同时，Nexo 指出，比特币的每小时现货交易量比 2025 年同期低约 40%。</p>
</div><p>On Coinbase, Glassnode said spot activity continues to lag behind Binance volumes, a pattern the analytics firm associated with softer institutional conviction among US-based buyers near current Bitcoin price levels.</p>
<div class="lb-trans"><p>在 Coinbase 上，Glassnode 表示，现货活动仍然落后于 Binance 的交易量，分析公司将这一模式与美国买家在当前比特币价格水平附近的机构信心减弱联系在一起。</p>
</div><h2>Bitcoin price analysis</h2>
<div class="lb-trans"><h2>比特币价格分析</h2>
</div><p>Pressure on Bitcoin still appears tilted to the downside in the short term, although the market is beginning to approach areas where liquidity could trigger a sharp reaction move.</p>
<div class="lb-trans"><p>短期内，比特币的压力似乎仍然偏向下行，尽管市场开始接近可能触发剧烈反应的流动性区域。</p>
</div><p>On the daily chart, Bitcoin continues trading below the psychologically important $78,000 level after failing several times to build momentum above the $80,000 region.</p>
<div class="lb-trans"><p>在日线图上，比特币继续在心理重要的 78,000 美元水平下方交易，此前多次未能在 80,000 美元区域建立动能。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/image-1779375844.png" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/image-1779375844.png"/></p>
<p>BTC/USD 1-D price chart. Source: TradingView.</p>
<div class="lb-trans"><p>BTC/USD 1-D 价格图。来源：TradingView。</p>
</div><p>Price structure has weakened since the February breakdown, with lower highs continuing to form beneath the broader downtrend that started after the move above $120,000 late last year.</p>
<div class="lb-trans"><p>自 2 月份的下跌以来，价格结构已减弱，较低的高点继续在去年年底 120,000 美元以上的更广泛下行趋势下形成。</p>
</div><p>Volume conditions also remain soft.</p>
<div class="lb-trans"><p>成交量条件也保持疲软。</p>
</div><p>Trading activity on the daily chart has gradually faded during the recent consolidation phase, which lines up with Glassnode and Nexo data showing weaker spot participation and declining ETF demand.</p>
<div class="lb-trans"><p>在最近的整合阶段，日线图上的交易活动逐渐减弱，这与 Glassnode 和 Nexo 的数据一致，显示现货参与度减弱和 ETF 需求下降。</p>
</div><p>Without stronger spot buying, Bitcoin has struggled to reclaim higher resistance zones in a convincing manner.</p>
<div class="lb-trans"><p>没有更强的现货买入，比特币在令人信服的方式上难以重新夺回更高的阻力区域。</p>
</div><p>Meanwhile, the cumulative volume delta indicator remains relatively flat after extended periods of negative readings.</p>
<div class="lb-trans"><p>与此同时，累计成交量差指标在经历了较长时间的负值后仍然相对平稳。</p>
</div><p>That setup usually points to passive buyers absorbing sell pressure rather than aggressive accumulation stepping in decisively.</p>
<div class="lb-trans"><p>这种设置通常表明被动买家在吸收卖压，而不是积极的积累果断介入。</p>
</div><p>CMF, or Chaikin Money Flow, is hovering just above neutral territory near 0.01, suggesting capital inflows have not fully disappeared, but buying pressure is still too weak to confirm a sustained recovery trend.</p>
<div class="lb-trans"><p>CMF（Chaikin 资金流）徘徊在接近 0.01 的中性区域上方，表明资本流入尚未完全消失，但买入压力仍然太弱，无法确认持续的恢复趋势。</p>
</div><p>The liquidation heatmap also shows the Bitcoin sitting between two dense liquidity zones.</p>
<div class="lb-trans"><p>清算热图还显示，比特币位于两个密集流动性区域之间。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/image-1779375820.png" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/05/image-1779375820.png"/></p>
<p>Bitcoin liquidation heatmap. Source: CoinGlass.</p>
<div class="lb-trans"><p>比特币清算热图。来源：CoinGlass。</p>
</div><p>A large cluster of liquidation leverage has built around the $78,500 to $79,000 range, while another concentration sits lower around $76,300 to $76,700.</p>
<div class="lb-trans"><p>在 78,500 到 79,000 美元区间内，形成了一个大型清算杠杆集群，而另一个集中在 76,300 到 76,700 美元区间。</p>
</div><p>Price often gravitates toward these areas because leveraged positions tend to accumulate there.</p>
<div class="lb-trans"><p>价格通常会向这些区域靠拢，因为杠杆头寸往往在这些地方积累。</p>
</div><p>At the moment, Bitcoin appears closer to testing the lower liquidity pocket first.</p>
<div class="lb-trans"><p>目前，比特币似乎更接近于首先测试下方流动性口袋。</p>
</div><p>The heatmap shows repeated liquidity buildups under current price action, and the latest decline toward the $76,900 region suggests short-term sellers still control momentum.</p>
<div class="lb-trans"><p>热图显示当前价格行为下方反复出现流动性积累，最近向 76,900 美元区域的下跌表明短期卖方仍然控制着动能。</p>
</div><p>If Bitcoin loses the $76,500 area decisively, the next visible liquidity band sits closer to $75,000 to $74,000, where another wave of forced liquidations could emerge.</p>
<div class="lb-trans"><p>如果比特币果断失守 76,500 美元区域，下一个明显的流动性带则更接近 75,000 到 74,000 美元，可能会出现另一波强制清算。</p>
</div><p>Still, upside volatility cannot be ruled out.</p>
<div class="lb-trans"><p>不过，向上的波动性也不能被排除。</p>
</div><p>The same heatmap also shows a heavy concentration of short liquidation liquidity above $79,000 and extending toward $81,000.</p>
<div class="lb-trans"><p>同一热图还显示，在 79,000 美元以上和延伸至 81,000 美元的区域内，存在大量的空头清算流动性。</p>
</div><p>If Bitcoin manages to reclaim $78,500 with strong spot flows or ETF stabilisation, the market could see a squeeze higher as short positions begin unwinding.</p>
<div class="lb-trans"><p>如果比特币能够在强劲的现货流入或 ETF 稳定的情况下重新夺回 78,500 美元，市场可能会看到随着空头头寸开始平仓而出现的上涨挤压。</p>
</div><p>The post Bitcoin faces downside risk as leverage builds near $76K support appeared first on Invezz</p>
<div class="lb-trans"><p>比特币面临下行风险，因为杠杆在 76,000 美元支撑附近积累。此文最初发表于 Invezz。</p>
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Bitcoin faces downside risk as leverage builds near $76K support

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随着杠杆在接近 76K 支撑位时增加，比特币面临下行风险