什么是 Fund Flow Ratio?

资金流比率的计算方式是：当天进出交易所的比特币总量，除以当天全网转移（移动）的BTC总量。

简言之，它显示链上大资金有多少在交易所流转用于交易，有多少沉睡在冷钱包。该指标是衡量巨鲸与市场交易欲望的雷达，可预警卖压或供给短缺。

如何解读 It? (Battleground vs. Safe Haven)

🔴 High Ratio / 上升趋势 (High Volatility and Selling Pressure – Warning): A rising ratio indicates that the vast majority of Bitcoin transfers on the network are connected to exchanges. Whales and investors are moving their ammunition to exchanges to actively trade (take profits or open futures positions). This situation signals that market tension is high and one should be prepared for sudden, severe price fluctuations and heavy selling pressure.

🟢 Low Ratio / 下降趋势 (HODL and Decreasing Selling Pressure – 看涨信号): A falling ratio shows that trading activity on exchanges is weakening and network transfers are mostly occurring off-exchange (to cold wallets or Over-The-Counter/OTC desks). These calm periods, where giant investors do not panic but instead give up selling and hold tightly to their coins (HODL), dry up the available supply for sale on exchanges (creating scarcity) and prepare the perfect ground for the price to rise solidly.