比特幣 (BTC) 突破 10 萬美元，積極的資本流動和不斷下降的賣方壓力為未來潛在的波動奠定了基礎

經過兩個月的盤整，比特幣已突破區間限制，並飆升至 109,000 美元的歷史新高

Bitcoin price reached a new all-time high of $109,000 on Friday, continuing a remarkable rally that began two months ago.

週五，比特幣價格達到 109,000 美元的歷史新高，延續了兩個月前開始的顯著上漲。

The world’s largest cryptocurrency soared to a new peak of $109,000 on Friday morning, as fresh capital inflows and declining sell-side pressure pushed the coin to reach new highs.

週五上午，全球最大的加密貨幣飆升至 109,000 美元的新高，新的資本流入和不斷下降的賣方壓力推動該貨幣創下新高。

Bitcoin price crossed the $100,000 threshold for the first time on December 24, following a rapid surge in price that began in early November.

繼 11 月初開始價格快速飆升之後，比特幣價格於 12 月 24 日首次突破 10 萬美元大關。

Capital Flows into BTC Remained Positive, Slowed Down after Hitting $100,000

流入 BTC 的資金仍保持積極狀態，但在觸及 10 萬美元後放緩

According to on-chain data, capital flows into Bitcoin remained positive, though the magnitude of capital inflows appeared to have slowed down after initially reaching the $100,000 mark.

根據鏈上數據，流入比特幣的資金仍保持正值，儘管資金流入規模在最初達到 10 萬美元大關後似乎有所放緩。

This signaled a period of declining sell-side pressure as the market approached a near-term equilibrium.

這標誌著隨著市場接近​​近期均衡，賣方壓力將出現一段時間的下降。

The Realized Cap, a measure of the total value of all coins in circulation, was trading at an all-time high of $832 billion, with an increase of $38.6 billion per month.

已實現上限（衡量所有流通代幣總價值的指標）的交易價格達到歷史新高，達到 8,320 億美元，每月增加 386 億美元。

Several on-chain metrics pointed towards a decline in sell-side pressure. The Net Realized Profit/Loss metric, which highlighted the magnitude of net capital flows on-chain, showed a drastic reduction in profit-taking volumes.

一些鏈上指標顯示賣方壓力下降。淨實現損益指標強調了鏈上淨資本流動的規模，顯示獲利了結量大幅減少。

These volumes peaked at $4.5 billion in December 2024, and as of Friday, they stood at $316.7 million—a 93% decrease from December.

這些交易量在 2024 年 12 月達到高峰 45 億美元，截至週五，交易量為 3.167 億美元，較 12 月下降 93%。

Meanwhile, the realized loss volumes also declined to all-time lows of $16.4 million.

同時，已實現的損失額也降至 1,640 萬美元的歷史低點。

On the other hand, the Net Realized Profit أيام metric reached a new ATH of 1.1 أيام, indicating the fast pace at which these capital flows occurred on-chain.

另一方面，淨實現利潤指標達到了 1.1 的新 ATH，顯示這些資本流動在鏈上發生的速度很快。

Supply Side of the Market Slowed Down

市場供應面放緩

On the supply side of the market, several metrics also signaled a slowdown.

在市場供應方面，多項指標也顯示出放緩的跡象。

Coinday Destruction and exchange inflow volumes highlighted a reduction in investor distribution pressure. Notably, the Long-Term Holder Binary Spending Indicator showed a significant decline in the total LTH supply as the market approached $100,000 in December.

Coinday 銷毀和交易所流入量凸顯了投資者分配壓力的減輕。值得注意的是，長期持有者二元支出指標顯示，隨著 12 月市場接近 10 萬美元，LTH 總供應量顯著下降。

However, the rate of decrease in LTH supply has since slowed down drastically, suggesting a softening of distribution pressure in recent weeks.

然而，LTH 供應量的下降速度此後大幅放緩，顯示最近幾週的分銷壓力有所緩解。

Several on-chain volatility measures also tightened up, with the market trading within a historically narrow 60-day price range, which usually signaled that the market is set to make another move.

多項鏈上波動率指標也收緊，市場交易處於歷史狹窄的 60 天價格區間內，這通常表明市場將採取另一波行動。

The Realized Supply Density metric quantified the supply concentration around the current spot price, indicating that small movements in price could drastically affect investor profitability and amplify market volatility.

已實現供應密度指標量化了當前現貨價格周圍的供應集中度，表明價格的小幅波動可能會極大地影響投資者的獲利能力並放大市場波動。

Bitcoin price experienced strong intraday movements on Friday, surging to a new all-time high before largely stabilizing above the $100,000 level.

週五，比特幣價格經歷了強勁的盤中走勢，飆升至歷史新高，然後基本上穩定在 10 萬美元以上。

The positive capital inflows and declining sell-side pressure signaled that the market was approaching a near-term equilibrium, setting the stage for potential future volatility.

積極的資本流入和不斷下降的賣方壓力表明市場正在接近近期均衡，為未來潛在的波動奠定了基礎。