随着交易势头放缓，投资者对加密货币的兴趣跌至四个月低点。

比特币的反弹遇到了需求问题。

CryptoQuant’s 30-day apparent demand metric has fallen to minus 147,000 $BTC, its weakest reading since December 2025, even as bitcoin holds in the mid-$70,000s after bouncing from its April lows near $65,000.

该指标将新矿商供应量和旧币重返流通领域与市场吸收的比特币数量进行比较。 A positive reading means buyers are taking down new and reactivated supply, while a negative reading means more coins are coming to market than buyers are absorbing on-chain.

后者是当前反弹的问题。

Bitcoin has recovered sharply from April, but the move has not yet produced the kind of spot demand that usually supports a more durable uptrend.本月早些时候，数据显示表观需求已从 4 月份的 -91,000 美元 BTC 改善至约 -11,000 美元 BTC，接近平衡。 BTC 最新跌至 -147,000 美元表明这种改善已经消退。

其他信号也暗示了同样的情况。自 4 月底以来，Coinbase 溢价一直为负值，这表明美国现货买家的积极性不如离岸交易商。

这意味着期货市场买家在很大程度上引领了价格从 65,000 美元的反弹。这很重要，因为期货带动的反弹更容易平仓。当资金转移或清算开始时，永续头寸可能会迅速平仓。 Spot accumulation is usually stickier because buyers put up full capital and take actual $BTC, making that demand less likely to disappear on the first pullback.

这并不意味着比特币必须立即下跌。需求疲软可能会持续几天或几周。但如果多头想要突破当前区域，这确实会使市场更加依赖新的现货买盘。

如果该出价没有出现，则 70,000 美元区域仍值得关注。 CryptoQuant identifies it as the short-term trader realized price, where recent buyers’ paper gains largely disappear, and the incentive to take profit starts to fade.