分析师称比特币已走出熊市，或面临回调
Is Bitcoin Out of Its Bear Market? These Analysts Think So
Bitcoin Magazine
比特币杂志
Is Bitcoin Out of Its Bear Market? These Analysts Think So
比特币是否已走出熊市？这些分析师认为如此
Bitcoin is out of its bear market. But expect a possible pullback.
比特币已走出熊市，但预计可能出现回调。
That’s according to analysts at crypto research firm CryptoQuant, who say the coin is behaving like it has done in the past. CryptoQuant founder, Ki Young Ju, wrote on X Tuesday that the asset had “entered into the early bull phase.”
这是加密研究公司CryptoQuant的分析师的观点，他们表示该币种的表现与过去相似。CryptoQuant创始人Ki Young Ju周二在X平台上写道，该资产已“进入牛市初期阶段”。
Ju Pointed to movements bitcoin made in its last cycle before entering a bull market, and said the coin was currently doing the same thing.
Ju指出了比特币在上一个周期进入牛市前的走势，并表示该币种目前正在重复同样的模式。
JUST IN: Bitcoin is currently having its 3rd best August EVER, currently up 25% this month pic.twitter.com/q45AHHpK4e
最新消息：比特币目前正经历其历史上第三好的八月，本月已上涨25% pic.twitter.com/q45AHHpK4e
— Bitcoin Magazine (@BitcoinMagazine) August 24, 2026
— 比特币杂志 (@BitcoinMagazine) 2026年8月24日
CryptoQuant research shows that bitcoin flows to derivative exchanges have started again, confirming that traders have entered “risk-on” mode, which “has marked the start of a new bull cycle” in the past.
CryptoQuant的研究显示，比特币流向衍生品交易所的资金已重新开始，证实交易者已进入“风险偏好”模式，这在过去“标志着新牛市周期的开始”。
And another analyst at the firm, Theophiluspep, wrote that while the coin was entering a bull market, “spot demand, ETF flows, and market momentum have turned decisively bullish, but elevated profit-taking, exchange inflows, and overbought conditions suggest a potential near-term cooldown.”
该公司的另一位分析师Theophiluspep写道，尽管该币种正进入牛市，“现货需求、ETF资金流和市场动能已决定性地转向看涨，但高企的获利了结、交易所流入和超买状况表明短期内可能出现降温。”
He added: “This looks increasingly like a genuine regime shift into the early phase of a new bull market, driven more by improving spot demand and institutional ETF buying than by excessive leverage.”
他补充道：“这看起来越来越像是一个真正的制度性转变，进入新牛市周期的早期阶段，更多是由改善的现货需求和机构ETF购买驱动，而非过度杠杆。”
Bitcoin started surging last week. It is currently up 22% over a seven-day period and was recently priced at $78,716. It briefly touched $81,160 on Monday.
比特币上周开始飙升。目前七天涨幅达22%，最近价格为78,716美元。周一曾短暂触及81,160美元。
Its rise comes after a sluggish June and July when it mostly traded below $65,000.
此前，6月和7月比特币表现低迷，大部分时间交易价格低于65,000美元。
U.S. investors last week reversed course and bought up shares in the bitcoin exchange-traded funds, which had their best week since October — the same time bitcoin notched its record of $126,080.
上周，美国投资者转变方向，买入了比特币交易所交易基金的份额，该基金经历了自10月以来最好的一周——当时比特币创下了126,080美元的历史新高。
Data from Farside Investors shows that the funds — managed by the likes of BlackRock, Fidelity, Grayscale, and Morgan Stanley — received $1.9 billion in new cash.
Farside Investors的数据显示，这些由贝莱德、富达、灰度投资和摩根士丹利等公司管理的基金获得了19亿美元的新资金。
The change in sentiment comes after the Treasury Department’s announcement last week to at least double the size of its long-dated bond buybacks.
市场情绪的变化发生在美国财政部上周宣布计划至少将其长期债券回购规模翻倍之后。
Since the Treasury made the announcement, yields have gone down, while bitcoin and gold have shot up. The dollar last week was trading at a three-month low and on track for its worst week of August. Bitcoin, on the other hand, had its best week since 2023.
自财政部宣布以来，收益率下降，而比特币和黄金则大幅上涨。上周美元交易价格触及三个月低点，并有望创下8月最差周表现。另一方面，比特币则创下了自2023年以来最好的一周。
Positive regulatory news coming out of the White House also helped: President Donald Trump held a meeting with crypto executives earlier last week, and urged lawmakers to get the Clarity Act over the line.
白宫传出的积极监管消息也起到了推动作用：上周早些时候，总统唐纳德·特朗普与加密货币高管举行了会议，并敦促立法者推动《清晰法案》通过。
This post Is Bitcoin Out of Its Bear Market? These Analysts Think So first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.
这篇题为《比特币走出熊市了吗？分析师们认为如此》的文章最初发表于《比特币杂志》，作者是马修·迪萨尔沃。
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