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BTC 核心要点
随着需求降温，比特币价格回落至84,000美元下方。矿工在高位套现增加了抛压。机构需求降至本周早些时候水平的一小部分。清算方向发生反转，多头遭受重大损失。
矿工流向交易所激增，比特币跌破关键支撑位
比特币未能维持本周初在87,000美元上方的反弹势头，价格回落至84,000美元以下。此次回调紧随周日强劲上涨之后，使BTC远低于再次测试90,000美元关口。尽管多个市场指标走弱，但没有任何单一指标能完全解释整个跌幅。
来源：CryptoQuant
此前观察到此类矿工向交易所转账激增的情况发生在八月。CryptoQuant的分析指出，矿工可能正在利用近期高企的比特币价格。通常的趋势是，矿工等待更高的利润以兑现收益，从而在覆盖挖矿成本后获得额外收入。
比特币价格跌至84,000美元以下，逼近关键区域
截至发稿时，BTC价格低至82,873美元。这与之前的阻力区非常接近，该区域在八月和九月初曾对价格形成阻力。
这一点值得注意，因为同一价格区间可能成为支撑位，但这取决于是否有新的需求浪潮出现。另一方面，如果失去这一区间，可能会引发更多的恐慌性抛售和获利了结，从而可能延长下行趋势。
Bitcoin Price Trend| Source: TradingView
The fall in BTC prices highlights the suspension of momentum that previously pushed cryptocurrencies above US$87,000. However, there are other reasons that may have contributed to this pullback. This includes a decline in institutional demand. In the first half of the week, Bitcoin ETFs purchased more than $2 billion worth of BTC. They bought nearly $1 billion in BTC on Monday, and daily inflows have cooled since then.
On Wednesday, Bitcoin ETF inflows were approximately US$346.9 million, a fraction of the inflows in the previous two days. This means institutional demand is cooling.
Strong Bitcoin ETF inflows supported the recent rally. However, lower inflows also mean demand is fading, which may explain why the bulls have lost out in the battle against the bears.
Review of Bitcoin Liquidation Pressure and Spot Outflows
In addition to institutional demand, purchases triggered by liquidation are also one of the reasons for the rebound. Futures data showed that bitcoin shorts suffered liquidation losses of approximately $558 million on Monday. Interestingly, the situation then reversed and the bulls faced the guillotine. In the past 24 hours, approximately $163 million of long positions were liquidated, while short liquidations amounted to just $14.2 million.
On the spot side, profit-taking is quite obvious. Since Tuesday, Bitcoin has seen a net outflow for three consecutive days. As of press time, the cumulative spot outflow was US$585.6 million.
Bitcoin Spot Traffic| Source: TradingView
总之，当前的比特币价格回调并不令人意外。毕竟，最近的反弹过热，且价格在接近90,000美元时引发了FOMO（错失恐惧症）。因此，回调可能是自然的修正，但无法确定其深度。然而，投资者应注意，机构资金流仍为正数，且回调本身并不剧烈。
本文仅供参考，不构成财务或投资建议。加密货币市场涉及重大风险。
