比特币需求转负引发警报:巨鲸持续减持,抛压或压制反弹空间

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Gate News 消息,2026年4月,比特币在经历连续五个月回调后虽出现阶段性企稳,但链上与资金流数据却显示需求端明显走弱。CryptoQuant最新报告指出,比特币表观需求已转为负值,约为-6.3万枚,市场整体抛压仍高于新增买盘。

链上动向进一步加剧市场谨慎情绪。Lookonchain披露,大型矿企Riot Platforms近期出售约500枚比特币,价值约3400万美元;同时,资产管理机构Empery Digital将剩余1795枚比特币转移至托管地址。尽管此类转账未必直接等同抛售,但在需求疲软背景下,容易被市场解读为潜在卖压信号。

从结构上看,持有1000至10000枚比特币的巨鲸群体已由净买入转为净卖出。数据显示,该群体持仓规模从2024年高点约20万枚降至目前约18.8万枚,成为历史上较为显著的一轮减持周期之一。

与此同时,美国市场资金动能仍显不足。相关溢价指标持续处于负值区间,反映出本土投资者需求低迷。报告还指出,散户与其他参与者的抛售规模明显超过机构吸筹力度,使得市场供需关系持续失衡。

值得注意的是,机构买盘也呈现集中化特征。某大型企业在3月单月购入44,377枚比特币,占当期上市公司总购买量的绝大多数,但未能有效对冲整体抛压。

在当前阶段,比特币走势不仅取决于价格技术结构,更受到资金流变化主导。若需求端无法恢复,短期反弹空间或持续受限,市场仍处于去杠杆与再平衡过程中。

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