<p>儘管網絡基本面有所改善，Arbitrum [ARB] 仍未能逃脱更廣泛市場的下跌。作為領先的第二層區塊鏈，Arbitrum 及其原生代幣 ARB 在過去 24 小時內經歷了急劇回調，導致損失達 10%。</p>
<p>此次回調的顯著之處在於，它並非僅由永續合約交易者驅動，正如通常情況那樣。相反，鏈上資本輪換在 ARB 的表現不佳中發揮了重要作用。</p>
<h2><strong>基本面呈現出對比鮮明的圖景</strong></h2>
<p>從基本面來看，過去 24 小時 Arbitrum 鏈上的活動表明反彈的潛力，而非下跌。然而，價格走勢卻講述了不同的故事。</p>
<p>在此期間，日交易量和日活躍用户數同時上升。來自 Artemis 的數據顯示，日活躍用户數攀升至 430 萬，而活躍地址達 162,700。</p>
<p>這意味着每個用户平均約有 26 筆交易，顯示出網絡參與度強勁。</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>來源：Artemis</p>
<p>乍一看，這一活動水平似乎基本面看漲。鏈上交易的增加通常支持網絡效用，進而推動代幣需求，因為原生資產通常促進生態系統的互動。</p>
<p>然而，深入分析表明，儘管 ARB 可能經歷了適度的效用增長，但顯著的資本外流削弱了整體前景。</p>
<h2><strong>資本外流轉變市場信心</strong></h2>
<p>看跌情緒主要源於大量的鏈上資本外流。Artemis 報告稱，Arbitrum 在過去一天內記錄了主要鏈中最大的橋接淨流出。</p>
<p>大約 5690 萬美元的資本退出了網絡，並轉移到其他鏈，這在加密市場中是流動性重新分配的常見跡象。</p>
<p>兩個生態系統從這一流動中受益最大：以太坊 [ETH] 和 Hyperliquid [HYPE]。以太坊吸收了大約 3470 萬美元，佔流出的 59%，而 Hyperliquid 吸引了約 1770 萬美元，佔 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>來源：Artemis</p>
<p>儘管有這些流入，但這兩種資產的價格走勢仍然相對中性，表明資本遷移並未立即引發強勁的上漲動能。</p>
<p>儘管如此，這一輪換反映了市場信心從 ARB 轉向競爭生態系統的變化。</p>
<p>來自 CoinMarketCap 的社區情緒數據強調了這一趨勢，ARB 的看漲信心從 2 月 18 日的 83% 降至目前的 48%。情緒的下降與 ARB 最近的價格下跌密切相關。</p>
<h2><strong>衍生品市場加劇下行壓力</strong></h2>
<p>雖然現貨流出引發了疲軟，但衍生品市場似乎加劇了這一趨勢。</p>
<p>在撰寫時，來自 CoinGlass 的數據顯示，OI 加權資金費率轉為負值，打印為 -0.0056%。</p>
<p>負資金費率表明空頭交易者在支付多頭，這意味着越來越多的未平倉合約 (OI) 處於進一步下行的狀態。</p>
<p>此外，約 300 萬美元的新流動性進入了衍生品市場。這筆資金並未支持價格穩定，反而大多增強了空頭頭寸，增加了 ARB 的下行壓力。</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>來源：CoinGlass</p>
<p>多頭和空頭清算之間的不平衡進一步突顯了當前的看跌偏見。在過去 24 小時內，空頭交易者每損失 1 美元，多頭交易者損失約 37 美元。這一明顯的差異凸顯了看漲頭寸被積極平倉的程度。</p>
<p>從技術角度來看，目前的結構有利於賣方。價格持續下跌，而交易量上升，這一模式通常反映出強烈的分發。歷史上，價格下跌與交易量上升之間的這種差異往往預示着進一步的下行。</p>
<p>目前，現貨驅動的資本輪換和衍生品頭寸表明看跌動能仍然較高，ARB 可能面臨進一步下跌的可能性。</p>
<hr/>
<h2>最終總結</h2>
<ul>
<li><em>Arbitrum 記錄了交易和用户活動的激增，但對 ARB 代幣的影響甚微。</em></li>
<li><em>鏈上流動性外流達到 5690 萬美元，而衍生品市場則主要將 1.15 億美元引導至空頭頭寸。</em></li>
</ul>

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<p>Arbitrum (ARB) 面臨顯著下跌，24 小時內損失達到 10%，儘管網絡活動有所增加。大約 5690 萬美元退出了該網絡，主要流向以太坊和 Hyperliquid，表明市場信心的轉變。社區對 ARB 的情緒從 83% 下降至 48%。衍生品市場進一步施壓 ARB，負的資金費率暗示看跌前景。總體而言，儘管用户參與度上升，但資本外流和衍生品頭寸表明 ARB 價格可能進一步下跌</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>儘管網絡基本面有所改善，Arbitrum [ARB] 仍未能逃脱更廣泛市場的下跌。作為領先的第二層區塊鏈，Arbitrum 及其原生代幣 ARB 在過去 24 小時內經歷了急劇回調，導致損失達 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>此次回調的顯著之處在於，它並非僅由永續合約交易者驅動，正如通常情況那樣。相反，鏈上資本輪換在 ARB 的表現不佳中發揮了重要作用。</p>
</div><h2><strong>Fundamentals paint a contrasting picture</strong></h2>
<div class="lb-trans"><h2><strong>基本面呈現出對比鮮明的圖景</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>從基本面來看，過去 24 小時 Arbitrum 鏈上的活動表明反彈的潛力，而非下跌。然而，價格走勢卻講述了不同的故事。</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>在此期間，日交易量和日活躍用户數同時上升。來自 Artemis 的數據顯示，日活躍用户數攀升至 430 萬，而活躍地址達 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>這意味着每個用户平均約有 26 筆交易，顯示出網絡參與度強勁。</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>來源：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，這一活動水平似乎基本面看漲。鏈上交易的增加通常支持網絡效用，進而推動代幣需求，因為原生資產通常促進生態系統的互動。</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，儘管 ARB 可能經歷了適度的效用增長，但顯著的資本外流削弱了整體前景。</p>
</div><h2><strong>Capital outflows shift market confidence</strong></h2>
<div class="lb-trans"><h2><strong>資本外流轉變市場信心</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>看跌情緒主要源於大量的鏈上資本外流。Artemis 報告稱，Arbitrum 在過去一天內記錄了主要鏈中最大的橋接淨流出。</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>大約 5690 萬美元的資本退出了網絡，並轉移到其他鏈，這在加密市場中是流動性重新分配的常見跡象。</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>兩個生態系統從這一流動中受益最大：以太坊 [ETH] 和 Hyperliquid [HYPE]。以太坊吸收了大約 3470 萬美元，佔流出的 59%，而 Hyperliquid 吸引了約 1770 萬美元，佔 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>來源：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>儘管有這些流入，但這兩種資產的價格走勢仍然相對中性，表明資本遷移並未立即引發強勁的上漲動能。</p>
</div><p>Nonetheless,thisrotation reflects a shift in market confidence away from ARB and toward rival ecosystems.</p>
<div class="lb-trans"><p>儘管如此，這一輪換反映了市場信心從 ARB 轉向競爭生態系統的變化。</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>來自 CoinMarketCap 的社區情緒數據強調了這一趨勢，ARB 的看漲信心從 2 月 18 日的 83% 降至目前的 48%。情緒的下降與 ARB 最近的價格下跌密切相關。</p>
</div><h2><strong>Derivatives market amplifies downside pressure</strong></h2>
<div class="lb-trans"><h2><strong>衍生品市場加劇下行壓力</strong></h2>
</div><p>While spot outflows initiated the weakness, derivatives markets appear to have intensified it.</p>
<div class="lb-trans"><p>雖然現貨流出引發了疲軟，但衍生品市場似乎加劇了這一趨勢。</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>在撰寫時，來自 CoinGlass 的數據顯示，OI 加權資金費率轉為負值，打印為 -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>負資金費率表明空頭交易者在支付多頭，這意味着越來越多的未平倉合約 (OI) 處於進一步下行的狀態。</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，約 300 萬美元的新流動性進入了衍生品市場。這筆資金並未支持價格穩定，反而大多增強了空頭頭寸，增加了 ARB 的下行壓力。</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>來源：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>多頭和空頭清算之間的不平衡進一步突顯了當前的看跌偏見。在過去 24 小時內，空頭交易者每損失 1 美元，多頭交易者損失約 37 美元。這一明顯的差異凸顯了看漲頭寸被積極平倉的程度。</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>從技術角度來看，目前的結構有利於賣方。價格持續下跌，而交易量上升，這一模式通常反映出強烈的分發。歷史上，價格下跌與交易量上升之間的這種差異往往預示着進一步的下行。</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，現貨驅動的資本輪換和衍生品頭寸表明看跌動能仍然較高，ARB 可能面臨進一步下跌的可能性。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Summary</h2>
<div class="lb-trans"><h2>最終總結</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 記錄了交易和用户活動的激增，但對 ARB 代幣的影響甚微。</em></li>
<li><em>鏈上流動性外流達到 5690 萬美元，而衍生品市場則主要將 1.15 億美元引導至空頭頭寸。</em></li>
</ul>
</div>

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

- Arbitrum 近期交易活動增加，但 ARB 價格下跌 10% 受資本外流影響。  
- 過去 24 小時，$56.9 million 資金流出，流入 Ethereum 和 Hyperliquid。  
- 衍生品市場顯示看空趨勢，短頭寸增多，預示 ARB 可能進一步下跌。

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$56.9M 在 24 小時內撤出 Arbitrum——ARB 的反彈是否面臨風險？