比特幣的新ATH：上升潛力仍然存在嗎？

比特幣達到了新的歷史最高水平，但缺乏零售炒作表明仍然有增長的空間。上升潛力仍然是真實的嗎？

Bitcoin's New ATH: Is Upside Potential Still on the Table?

比特幣的新ATH：上升潛力仍然存在嗎？

Bitcoin's been making headlines, hitting new all-time highs (ATH). But is the party over, or is there still upside potential? Let's dive into what the experts are saying.

比特幣一直在成為頭條新聞，達到了新的歷史高峰（ATH）。但是聚會是結束的，還是仍然有上行的潛力？讓我們深入了解專家在說什麼。

Bitcoin's Record-Breaking Run

比特幣的破紀錄

Bitcoin recently soared to a new ATH of around $118,000 in early July 2025, driven by significant institutional inflows. BlackRock and other major players have been instrumental in channeling funds into Bitcoin ETFs, signaling renewed market confidence. But here's the interesting part: this rally isn't fueled by the usual retail frenzy.

在2025年7月初，比特幣最近飆升至一個大約118,000美元的新ATH，這是由大量機構流入驅動的。貝萊德（Blackrock）和其他主要參與者在將資金轉移到比特幣ETF中發揮了作用，這表明了新的市場信心。但這是有趣的部分：通常的零售瘋狂並沒有助長這一集會。

The Absence of Hype: A Good Sign?

沒有炒作：一個好兆頭？

According to CryptoQuant, the current Bitcoin rally is notable for the absence of retail investors. Historically, retail trading tends to surge as BTC approaches or exceeds ATH levels. The fact that it's not happening now suggests that the cycle top might still be ahead. Instead, institutions and ETFs are driving the bus.

據CryptoQuant稱，目前的比特幣集會因缺乏零售投資者而著稱。從歷史上看，隨著BTC接近或超過ATH水平，零售交易往往會激增。現在沒有發生的事實表明，週期頂部可能仍在前進。相反，機構和ETF正在駕駛公共汽車。

Key Indicators Pointing Upward

指向上向上的關鍵指標

Several on-chain indicators suggest that Bitcoin's current rally isn't overheating. For example, the Miner Position Index has been declining, implying reduced selling pressure from miners. The Market Value to Realized Value (MVRV) ratio is also holding steady, below levels observed during previous ATHs. This indicates a sustainable climb, not just hype.

幾個鏈上的指標表明，比特幣的當前集會不會過熱。例如，礦工位置指數一直在下降，這意味著礦工的銷售壓力降低。實現價值（MVRV）比率的市場價值也保持穩定，低於以前的ATHS的水平。這表明可持續的攀登，而不僅僅是炒作。

Jeff Park's Perspective: A Catalyst Away

傑夫·帕克（Jeff Park）的觀點：催化劑

Jeff Park, head of alpha strategies at Bitwise, recently shared his perspective on Bitcoin’s market standing. Despite the new ATH, Park highlighted low open interest, low implied volatility, and low liquidity. He succinctly summarized his analysis, stating, “All you need is a catalyst. No promises, but the probability is [Bitcoin goes] higher now than at any point this year.”

Bitwise Alpha Strategies的負責人Jeff Park最近分享了他對比特幣市場地位的看法。儘管有新的ATH，但Park強調了開放率低，隱含波動率低和流動性低。他簡要地總結了他的分析，並指出：“您所需要的只是催化劑。沒有承諾，但現在的概率比今年的任何時候都高。”

Park's perspective offers a glimpse into how sophisticated players conduct their institutional crypto analysis. For institutional investors, risk management and understanding market structure are paramount. The observations of low open interest, implied volatility, and liquidity are not just technical points; they are crucial signals for deployment of large capital.

帕克（Park）的觀點瞥見了成熟玩家如何進行機構加密分析。對於機構投資者，風險管理和理解市場結構至關重要。對低開放興趣，隱含波動和流動性低的觀察不僅是技術要點。它們是部署大型資本的關鍵信號。

Altcoins Riding the Wave

騎浪潮

Bitcoin's breakout is also reigniting momentum across the altcoin market. Coins like Qubic (QUBIC), Hyperliquid (HYPE), and Sui (SUI) have seen significant gains, fueled by renewed investor interest. Even meme coins like Coq Inu (COQ) are back in the spotlight.

比特幣的突破也在整個Altcoin市場中重點啟發。 Qubic（Qubic），超流動性（HYPE）和SUI（SUI）之類的硬幣已經獲得了重大收益，這是由於新的投資者的利益所推動的。甚至包括Coq INU（COQ）等模因硬幣也又重新亮相了。

Potential Challenges and Considerations

潛在的挑戰和考慮因素

Of course, it's not all sunshine and roses. The crypto market is inherently unpredictable. Unforeseen macroeconomic events, regulatory crackdowns, or security breaches could impact price action. Low liquidity, while amplifying upside, can also amplify downside. But the overall bullish momentum remains strong, with Bitcoin eyeing the $120,000 milestone.

當然，這並不是所有的陽光和玫瑰。加密市場本質上是不可預測的。無法預見的宏觀經濟事件，監管鎮壓或安全漏洞可能會影響價格行動。低流動性雖然擴大上升空間，但也可以放大下跌。但是總體看漲的勢頭仍然很強大，比特幣盯著120,000美元的里程碑。

Final Thoughts

最後的想法

So, is there still upside potential for Bitcoin? The indicators suggest yes. The absence of retail hype, coupled with strong institutional inflows and favorable market conditions, paints a picture of a market that is consolidating healthily and preparing for its next major move. Keep your eyes peeled!

那麼，比特幣仍有上升潛力嗎？指標建議是。缺乏零售炒作，再加上強烈的機構流入和有利的市場狀況，描繪了一個正在健康鞏固的市場的圖片，並為下一個重大行動做準備。睜大眼睛！