分析师：比特币基差回归中性区间，衍生品多头需求降温

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Source: 深潮TechFlow

2026-02-15 02:15:38

BTC2,05%

BlockBeats 消息，2 月 15 日，CryptoQuant 分析师 @AxelAdlerJr 发文表示，比特币基差（7 日简单移动均线）已回落至中性区间，因现货与期货之间的溢价明显收窄。

其指出，这一变化表明通过衍生品建立多头敞口的需求正在减弱，市场已不再定价激进的「风险偏好」情景。通常情况下，这意味着风险偏好下降、去杠杆进程开启，投资者转入观望状态。

Axel Adler Jr 认为，目前衍生品市场未能继续推动价格上行，多头若想重拾动能，需依赖更强劲的现货买盘支撑。

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