分析师:比特币已失去结构性看涨动能,市场处于避险状态

BlockBeats 消息,5 月 24 日,CryptoQuant 分析师 Axel Adler Jr 发文表示,比特币近期已失去结构性看涨动能,当前市场更接近「风险规避」阶段。其指出,BTC 的结构性多头动能在宏观环境迅速恶化时消失,这是一个重要信号。在「Impulse」指标重新回到零轴上方前,当前所有反弹都尚未获得确认。
宏观因素目前正重新主导市场,包括美元指数(DXY)、10 年期美债收益率以及 VIX 波动率指数。其认为,当宏观环境进入「凌驾模式」时,即便链上数据依然偏强,也可能暂时失效。此外,美国现货比特币 ETF 仪表盘显示,当前 ETF 30 日资金流动动能为 3.628 亿美元,远低于 2024 年 12 月创下的 132.1 亿美元峰值。
市场应关注 Coinbase 溢价指数,该指标仍是衡量美国现货需求的重要代理指标。当该指数长期高于零时,意味着美国买盘仍在;若跌入负值,即使 BTC 上涨,也可能缺乏真实美国资金支撑。
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