<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>比特幣在經歷了四天的 ETF 資金流出後，仍然承壓於 78,000 美元以下，並且本週早些時候的衍生品清算繼續影響市場情緒。</p>
<p>根據 SoSoValue 的數據，美國現貨比特幣 ETF 在 5 月 20 日再次錄得 7050 萬美元的淨流出，延續了現在已經持續四個交易日的賣出潮。</p>
<p>與以太坊相關的基金面臨更大的壓力。</p>
<p>現貨以太坊 ETF 在同一天損失了 2810 萬美元，使得自 5 月 7 日以來的累計流出達到大約 5.04 億美元，歷時九個交易日。</p>
<p>Nexo 的一份市場報告指出，在此期間，以太坊 ETF 產品的日均流出接近 5600 萬美元，成為自 2 月份大規模撤資週期以來以太坊基金需求最強勁的持續逆轉。</p>
<p>該公司引用的數據還顯示，過去五個交易日的日均淨賣出約為 5100 萬美元。</p>
<h2>多頭清算的後果持續施壓加密市場</h2>
<p>周初的清算繼續影響衍生品市場的持倉情況。</p>
<p>根據 Bitfinex 分析師的説法，加密期貨市場在週一至少經歷了 6.57 億美元的清算，其中多頭頭寸約佔 5.84 億美元。</p>
<p>自那時起，整體未平倉合約在 366 億美元到 378 億美元之間穩定，較 5 月 6 日的峯值下降近 14%。</p>
<p>然而，資金費率仍然略為正值，表明儘管價格疲軟，槓桿交易者仍在支付以維持多頭敞口。</p>
<p>與此同時，來自 Glassnode 的鏈上數據表明，比特幣的現貨需求也有所減弱。</p>
<p>在其最新的週報中，分析公司表示，比特幣當前的市場結構越來越依賴於重新積累現貨或另一次衍生品重置，以建立更清晰的方向。</p>
<p>報告中提到的數據表明，整體現貨累計成交量差（通常稱為 CVD）在 5 月 19 日之前連續九個交易日保持負值，稱這是 2026 年迄今為止記錄的持續淨現貨賣出的最長週期。</p>
<p>與此同時，Nexo 指出，比特幣的每小時現貨交易量比 2025 年同期低約 40%。</p>
<p>在 Coinbase 上，Glassnode 表示，現貨活動仍然落後於 Binance 的交易量，分析公司將這一模式與美國買家在當前比特幣價格水平附近的機構信心減弱聯繫在一起。</p>
<h2>比特幣價格分析</h2>
<p>短期內，比特幣的壓力似乎仍然偏向下行，儘管市場開始接近可能觸發劇烈反應的流動性區域。</p>
<p>在日線圖上，比特幣繼續在心理重要的 78,000 美元水平下方交易，此前多次未能在 80,000 美元區域建立動能。</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 價格圖。來源：TradingView。</p>
<p>自 2 月份的下跌以來，價格結構已減弱，較低的高點繼續在去年年底 120,000 美元以上的更廣泛下行趨勢下形成。</p>
<p>成交量條件也保持疲軟。</p>
<p>在最近的整合階段，日線圖上的交易活動逐漸減弱，這與 Glassnode 和 Nexo 的數據一致，顯示現貨參與度減弱和 ETF 需求下降。</p>
<p>沒有更強的現貨買入，比特幣在令人信服的方式上難以重新奪回更高的阻力區域。</p>
<p>與此同時，累計成交量差指標在經歷了較長時間的負值後仍然相對平穩。</p>
<p>這種設置通常表明被動買家在吸收賣壓，而不是積極的積累果斷介入。</p>
<p>CMF（Chaikin 資金流）徘徊在接近 0.01 的中性區域上方，表明資本流入尚未完全消失，但買入壓力仍然太弱，無法確認持續的恢復趨勢。</p>
<p>清算熱圖還顯示，比特幣位於兩個密集流動性區域之間。</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>比特幣清算熱圖。來源：CoinGlass。</p>
<p>在 78,500 到 79,000 美元區間內，形成了一個大型清算槓桿集羣，而另一個集中在 76,300 到 76,700 美元區間。</p>
<p>價格通常會向這些區域靠攏，因為槓桿頭寸往往在這些地方積累。</p>
<p>目前，比特幣似乎更接近於首先測試下方流動性口袋。</p>
<p>熱圖顯示當前價格行為下方反覆出現流動性積累，最近向 76,900 美元區域的下跌表明短期賣方仍然控制着動能。</p>
<p>如果比特幣果斷失守 76,500 美元區域，下一個明顯的流動性帶則更接近 75,000 到 74,000 美元，可能會出現另一波強制清算。</p>
<p>不過，向上的波動性也不能被排除。</p>
<p>同一熱圖還顯示，在 79,000 美元以上和延伸至 81,000 美元的區域內，存在大量的空頭清算流動性。</p>
<p>如果比特幣能夠在強勁的現貨流入或 ETF 穩定的情況下重新奪回 78,500 美元，市場可能會看到隨着空頭頭寸開始平倉而出現的上漲擠壓。</p>
<p>比特幣面臨下行風險，因為槓桿在 76,000 美元支撐附近積累。此文最初發表於 Invezz。</p>

嘉實比特幣-U

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<p>比特幣面臨壓力，交易價格低於 78,000 美元，此前經歷了四天的 ETF 資金流出，存在下跌至 76,500 美元附近支撐區的風險。最近的數據表明，加密貨幣期貨市場出現了顯著的平倉現象，而比特幣的現貨需求也有所減弱。分析師指出，如果沒有更強的買入力量，比特幣可能難以重新奪回更高的阻力位。目前市場處於流動性區間之間，未來的波動性可能會根據市場動向出現下行或上行</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>比特幣在經歷了四天的 ETF 資金流出後，仍然承壓於 78,000 美元以下，並且本週早些時候的衍生品清算繼續影響市場情緒。</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>根據 SoSoValue 的數據，美國現貨比特幣 ETF 在 5 月 20 日再次錄得 7050 萬美元的淨流出，延續了現在已經持續四個交易日的賣出潮。</p>
</div><p>Ethereum-linked funds have faced even steeper pressure.</p>
<div class="lb-trans"><p>與以太坊相關的基金面臨更大的壓力。</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>現貨以太坊 ETF 在同一天損失了 2810 萬美元，使得自 5 月 7 日以來的累計流出達到大約 5.04 億美元，歷時九個交易日。</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 的一份市場報告指出，在此期間，以太坊 ETF 產品的日均流出接近 5600 萬美元，成為自 2 月份大規模撤資週期以來以太坊基金需求最強勁的持續逆轉。</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>該公司引用的數據還顯示，過去五個交易日的日均淨賣出約為 5100 萬美元。</p>
</div><h2>Long liquidation fallout keeps pressure on crypto markets</h2>
<div class="lb-trans"><h2>多頭清算的後果持續施壓加密市場</h2>
</div><p>Early-week liquidations have continued to influence positioning across derivatives markets.</p>
<div class="lb-trans"><p>周初的清算繼續影響衍生品市場的持倉情況。</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>根據 Bitfinex 分析師的説法，加密期貨市場在週一至少經歷了 6.57 億美元的清算，其中多頭頭寸約佔 5.84 億美元。</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>自那時起，整體未平倉合約在 366 億美元到 378 億美元之間穩定，較 5 月 6 日的峯值下降近 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，資金費率仍然略為正值，表明儘管價格疲軟，槓桿交易者仍在支付以維持多頭敞口。</p>
</div><p>Meanwhile, on-chain data from Glassnode suggest that spot demand for Bitcoin has also weakened.</p>
<div class="lb-trans"><p>與此同時，來自 Glassnode 的鏈上數據表明，比特幣的現貨需求也有所減弱。</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>在其最新的週報中，分析公司表示，比特幣當前的市場結構越來越依賴於重新積累現貨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>報告中提到的數據表明，整體現貨累計成交量差（通常稱為 CVD）在 5 月 19 日之前連續九個交易日保持負值，稱這是 2026 年迄今為止記錄的持續淨現貨賣出的最長週期。</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>與此同時，Nexo 指出，比特幣的每小時現貨交易量比 2025 年同期低約 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，現貨活動仍然落後於 Binance 的交易量，分析公司將這一模式與美國買家在當前比特幣價格水平附近的機構信心減弱聯繫在一起。</p>
</div><h2>Bitcoin price analysis</h2>
<div class="lb-trans"><h2>比特幣價格分析</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>短期內，比特幣的壓力似乎仍然偏向下行，儘管市場開始接近可能觸發劇烈反應的流動性區域。</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>在日線圖上，比特幣繼續在心理重要的 78,000 美元水平下方交易，此前多次未能在 80,000 美元區域建立動能。</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 價格圖。來源：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 月份的下跌以來，價格結構已減弱，較低的高點繼續在去年年底 120,000 美元以上的更廣泛下行趨勢下形成。</p>
</div><p>Volume conditions also remain soft.</p>
<div class="lb-trans"><p>成交量條件也保持疲軟。</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>在最近的整合階段，日線圖上的交易活動逐漸減弱，這與 Glassnode 和 Nexo 的數據一致，顯示現貨參與度減弱和 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>沒有更強的現貨買入，比特幣在令人信服的方式上難以重新奪回更高的阻力區域。</p>
</div><p>Meanwhile, the cumulative volume delta indicator remains relatively flat after extended periods of negative readings.</p>
<div class="lb-trans"><p>與此同時，累計成交量差指標在經歷了較長時間的負值後仍然相對平穩。</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>這種設置通常表明被動買家在吸收賣壓，而不是積極的積累果斷介入。</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 資金流）徘徊在接近 0.01 的中性區域上方，表明資本流入尚未完全消失，但買入壓力仍然太弱，無法確認持續的恢復趨勢。</p>
</div><p>The liquidation heatmap also shows the Bitcoin sitting between two dense liquidity zones.</p>
<div class="lb-trans"><p>清算熱圖還顯示，比特幣位於兩個密集流動性區域之間。</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>比特幣清算熱圖。來源：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 美元區間內，形成了一個大型清算槓桿集羣，而另一個集中在 76,300 到 76,700 美元區間。</p>
</div><p>Price often gravitates toward these areas because leveraged positions tend to accumulate there.</p>
<div class="lb-trans"><p>價格通常會向這些區域靠攏，因為槓桿頭寸往往在這些地方積累。</p>
</div><p>At the moment, Bitcoin appears closer to testing the lower liquidity pocket first.</p>
<div class="lb-trans"><p>目前，比特幣似乎更接近於首先測試下方流動性口袋。</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>熱圖顯示當前價格行為下方反覆出現流動性積累，最近向 76,900 美元區域的下跌表明短期賣方仍然控制着動能。</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>如果比特幣果斷失守 76,500 美元區域，下一個明顯的流動性帶則更接近 75,000 到 74,000 美元，可能會出現另一波強制清算。</p>
</div><p>Still, upside volatility cannot be ruled out.</p>
<div class="lb-trans"><p>不過，向上的波動性也不能被排除。</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>同一熱圖還顯示，在 79,000 美元以上和延伸至 81,000 美元的區域內，存在大量的空頭清算流動性。</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>如果比特幣能夠在強勁的現貨流入或 ETF 穩定的情況下重新奪回 78,500 美元，市場可能會看到隨着空頭頭寸開始平倉而出現的上漲擠壓。</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>比特幣面臨下行風險，因為槓桿在 76,000 美元支撐附近積累。此文最初發表於 Invezz。</p>
</div>

Bitcoin faces downside risk as leverage builds near $76K support

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隨着槓桿在接近 76K 支撐位時增加，比特幣面臨下行風險