火星财经消息, Bitfinex 发布报告称，2 月份，比特币暴跌 17.39%，创下 2014 年以来 2 月份表现最差的一个月，也是历史上第二差的一个月。过去一周，比特币波动剧烈，暴跌 18.4%，至 78,617 美元的低点，随后反弹。此次暴跌主要是由于创纪录的比特币 ETF 流出量，2 月 25 日，随着机构资金流出减弱，流出量达到 11 亿美元以上。3 月 2 日星，美国总统唐纳德·特朗普宣布将建立美国加密货币储备，此举引发了比特币的急剧逆转，比特币从当地低点上涨了 20%，当日涨幅超过 12%，但随后的抛售将比特币推低至约 92,000 美元。在拟议的加密货币储备有更多细节公布之前，更广泛的宏观条件（包括标准普尔 500 指数的表现）将在未来几周严重影响比特币的走势。市场仍然脆弱，如果没有新的机构资金流入，持续的看涨势头可能难以实现。

<div>火星财经消息, Bitfinex 发布报告称，2 月份，比特币暴跌 17.39%，创下 2014 年以来 2 月份表现最差的一个月，也是历史上第二差的一个月。过去一周，比特币波动剧烈，暴跌 18.4%，至 78,617 美元的低点，随后反弹。此次暴跌主要是由于创纪录的比特币 ETF 流出量，2 月 25 日，随着机构资金流出减弱，流出量达到 11 亿美元以上。3 月 2 日星，美国总统唐纳德·特朗普宣布将建立美国加密货币储备，此举引发了比特币的急剧逆转，比特币从当地低点上涨了 20%，当日涨幅超过 12%，但随后的抛售将比特币推低至约 92,000 美元。在拟议的加密货币储备有更多细节公布之前，更广泛的宏观条件（包括标准普尔 500 指数的表现）将在未来几周严重影响比特币的走势。市场仍然脆弱，如果没有新的机构资金流入，持续的看涨势头可能难以实现。</div>

Bitfinex报告：宏观条件将在未来几周影响比特币的走势

The news from Mars Finance states that, according to a report released by Bitfinex, in February, Bit dropped 17.39%, marking the worst performance for the month of February since 2014, and the second-worst month in history. Over the past week, Bit has experienced volatile fluctuations, plummeting 18.4% to a low of $78,617, before rebounding. This plunge was primarily driven by a record outflow of Bit ETFs, with over $1 billion flowing out on February 25th as institutional funds withdrew. On March 2nd, US President Donald Trump announced the establishment of a US Bit reserve, triggering a sharp reversal in Bit, which surged 20% from the local low and gained over 12% on the day, but subsequent sell-offs pushed Bit back down to around $92,000. Before more details of the proposed Bit reserve are revealed, broader macroeconomic conditions, including the performance of the S&P 500 index, will significantly impact the trajectory of Bit in the coming weeks. The market remains fragile, and a sustained bullish trend may be difficult to achieve without new inflows of institutional capital.

According to the news from Mars Finance, Bitfinex released a report stating that in February, Bit dropped 17.39%, marking the worst performance for the month of February since 2014, and the second-worst month on record. Over the past week, Bit has experienced volatile fluctuations, plummeting 18.4% to a low of $78,617, before rebounding. This plunge was primarily driven by record-high Bit ETF outflows, which exceeded $1 billion on February 25th as institutional funds withdrew. On March 2nd, US President Donald Trump announced the establishment of a US Bit reserve, triggering a sharp reversal in Bit, which surged 20% from the local low and gained over 12% that day, but subsequent sell-offs pushed Bit back down to around $92,000. Before more details on the proposed Bit reserve are revealed, broader macroeconomic conditions, including the performance of the S&P 500 index, will significantly impact the trajectory of Bit in the coming weeks. The market remains fragile, and a sustained bullish trend may be difficult to achieve without new inflows of institutional capital.

Bitfinex Report: Macro Conditions Will Impact Bitcoin’s Trends in the Coming Weeks

The event background and market impact
On the evening of March 2, 2025, Trump issued a major statement through social media, announcing that he would include <XRP>, <SOL>, <ADA> and other cryptocurrencies in the US strategic reserve, and promised to promote regulatory relaxation through a presidential executive order. After the news was released, the price of Bitcoin soared directly from $85,000 to break through the $95,000 mark in just 3 hours, setting an amazing record of a $10,000 increase in 3 hours and a single-day increase of as high as 11.76%.
Behind this epic market trend, there were abnormal movements in multiple dimensions such as spot, futures, and on-chain data, forming a multi-dimensional bull-bear game...

Bitcoin surged by $10,000 in a single day, and the reason was actually the futures market

Here is the English translation:

Author: MacroScope
Compiled by: Liam

A brief explanation of the <BTC> sell-off and what to focus on next:

1. I have said that during a gold bull market, <BTC> should vastly outperform gold. However, it is important to note that when risk assets are hit by a shock like last week, <BTC>'s risk factor will drive its performance more than its long-term inflation hedge factor. But its "fast horse" relationship with gold remains unchanged. The price levels I mentioned in my tweet on February 19th are still valid. If the trading price of <BTC> rebounds to these levels (essentially new highs)...

Behind Bitcoin’s plunge

The market environment is complex, and it's hard to know where to start. First, regarding cryptocurrencies, the BTC price plummeted last week to $78,000, and according to Coinglass, over $3 billion in long futures positions were liquidated. BTC is preparing to face its worst monthly performance since June 2022, and ETFs have also experienced the largest single-month capital outflow in history (with $2.5 billion outflows just last week).