巨鲸抛售压倒机构买盘,比特币需求持续承压

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BlockBeats 消息,4 月 2 日,据彭博社报道,加密数据平台 CryptoQuant 报告,尽管 ETF 资金流入回暖、Strategy 等持续增持,比特币整体需求仍面临压力。数据显示,截至 3 月底,比特币「表观需求」(需求相对新增供给)为负约 6.3 万枚,反映出大额持有者抛售对市场形成主导影响。

报告指出,散户及其他市场参与者的抛售已超过机构增量买入,自 2025 年 11 月下旬以来需求持续收缩,市场整体仍处于派发阶段。此前在 2024 年牛市中累积约 20 万枚比特币的巨鲸群体,自 2025 年年中开始大规模派发,抛售节奏在 2025 年第四季度加速。中等规模投资者的买入速度也在放缓。

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