ChainCatcher 消息，比特币跌破 7 万美元，当前市场出现明显分化，机构现货买盘持续累积比特币，衍生品交易者则不断增加空头仓位。历史上当现货累积与负资金费率同时出现时往往可能触发“空头挤压”，即空头被迫平仓推动价格上行，但这一结果并非必然。
分析认为此轮回调主要反映出短线交易者的获利了结压力，部分投资者在反弹中买入后选择套现离场。尽管近期出现反弹，但市场对涨势能否持续仍缺乏足够信心。衍生品市场情绪亦偏悲观，资金费率持续处于明显负值，意味着交易者正在支付费用维持空头仓位，但与此同时现货需求依然存在。近期流入交易所的稳定币规模创下 2026 年以来新高，而现货比特币 ETF 资金流也重新转为净流入。
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