分析师：机构需求显著降温，比特币现货 ETF、Strategy 与财库公司买盘接近停滞

分析师：机构需求显著降温，比特币现货 ETF、Strategy 与财库公司买盘接近停滞

2026-07-23 10:16

ChainThink 消息，7 月 23 日，CryptoQuant 分析师 Darkfost 表示，最新图表显示，当前机构相关需求整体明显走弱，主要体现在比特币现货 ETF、财库公司以及 Strategy 三类主体上。

数据显示，比特币现货 ETF 近 30 日资金变动为净流出 21 亿美元。

Darkfost 指出，ETF 资金并不完全代表机构需求，因零售投资者同样可通过该工具参与，部分机构也可能将其用于相关策略。

与此同时，Strategy 相关需求已连续数周基本维持在零附近，财库公司需求也呈现相同趋势。

数据显示，2025 年 8 月比特币价格约 11.5 万美元时，这类公司需求规模约为 66 亿美元；当前在比特币约 6.5 万美元附近已几乎降至零。

Darkfost 认为，该变化反映当前市场情绪偏悲观，但从更深层看，往往在这类主体需求处于低位时，市场配置的性价比更值得关注。

分析师：机构需求显著降温，比特币现货 ETF、Strategy 与财库公司买盘接近停滞

Disclaimer: Contains third-party opinions, does not constitute financial advice

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