比特幣（BTC）中斷了100,000美元，表明最近的集會是由強勁的購買而驅動的

格拉斯諾德（Glassnode）在5月20日的報告中說，比特幣（BTC）超過了100,00美元的門檻，表明最近的集會是由強勁的購買驅動的。

Bitcoin’s (BTC) break above the $107,000 threshold shows that the recent rally is driven by robust buying amid a consolidation just below its all-time high, Glassnode said in a May 20 report.

Glassnode在5月20日的報告中說，比特幣（BTC）超過了107,000美元的門檻，這表明，最近的集會是由於在其歷史最高水平以下的合併中強勁的購買而驅動的。

Despite trading around 40% higher than six weeks ago and setting a new record with the latest weekly close at $106,500, Bitcoin was stuck between $102,000 and $105,000 for the past two weeks.

儘管交易比六週前高出約40％，並創造了新的記錄，最新的每週收盤價為106,500美元，但在過去的兩周中，比特幣仍在102,000美元至105,000美元之間。

The report noted that increased investor profitability and robust capital inflows indicate strength in the market.

該報告指出，提高投資者的盈利能力和強勁的資本流入表明市場上的實力。

Investor profitability improves

投資者的盈利能力有所提高

Short-Term Holders (STHs) have experienced financial recovery, with 71% more of their supply in profit compared to the previous month. This shift marks the second-largest profitability uptick for this cohort on record.

短期持有人（STH）經歷了財務回收，與上個月相比，其利潤供應量的71％。這種轉變標誌著該隊列的第二大盈利能力提高。

Glassnode’s MVRV (Market Value to Realized Value) ratios show a similar rebound. The overall Bitcoin MVRV ratio rose from 1.74 to 2.33, equating to an increase in unrealized gains from 74% to 133%.

GlassNode的MVRV（市場價值與已實現的價值）比率顯示出類似的反彈。總比特幣MVRV比率從1.74增至2.33，相當於未實現的增長從74％增加到133％。

The STH MVRV shifted from 0.82 to 1.13, moving from an unrealized loss of 18% to a 13% gain. Long-term holders (LTHs) saw their MVRV increase from 2.91 to 3.30, changing from 191% to 230% in unrealized gains.

STH MVRV從0.82轉移到1.13，從未實現的損失18％轉移到13％的增益。長期持有人（LTHS）的MVRV從2.91增加到3.30，在未實現的收益中從191％變為230％。

These metrics signal widespread portfolio improvements, which Glassnode associated with elevated investor confidence.

這些指標信號表明了廣泛的投資組合改進，玻璃節與提高投資者的信心相關。

Realized profits and market balance

實現利潤和市場平衡

As portfolios recover, many investors are securing gains. Over the past 30 days, STHs realized $11.4 billion in profit, up from $1.2 billion in the previous 30-day period.

隨著投資組合的恢復，許多投資者正在獲得收益。在過去的30天中，STHS實現了114億美元的利潤，高於前30天的12億美元。

Daily realized profits peaked at $747 million as Bitcoin decisively surpassed the STH cost basis of $93,000.

隨著比特幣果斷地超過了93,000美元的STH成本基礎，每日的利潤達到了7.47億美元的峰值。

The report noted a spike in the STH Realized Profit/Loss Ratio, now exceeding levels seen on 92% of prior trading days.

該報告指出，STH實現的利潤/損失率激增，現在超過了上前交易日的92％的水平。

Historically, elevated readings occur during bullish market phases or as rallies approach exhaustion. However, the current Sell-Side Risk Ratio remains well below peak levels, indicating that profit-taking is not yet overwhelming new demand. This metric measures whether holders are locking in significant gains or losses.

從歷史上看，在看漲的市場階段或集會疲憊的過程中，讀數升高。但是，當前的賣方風險比率遠低於峰值水平，這表明獲利尚未壓倒新需求。該指標衡量持有人是鎖定巨大的收益還是損失。

These indicators complement Bitcoin’s Realized Cap, which has reached a record high of over $900 billion, with a 4.2% increase over the past month. The metric aggregates the total capital stored in the network based on the price at which investors moved each coin last.

這些指標補充了比特幣的實現上限，該帽子的上限超過9000億美元，比過去一個月增長了4.2％。該指標將根據投資者最後移動的價格匯總在網絡中存儲的總資本。

This steady accumulation signals that the market is absorbing profit-taking without major dislocation.

這種穩定的積累信號表明，市場正在吸收盈利而沒有重大脫位。

Glassnode concludes that Bitcoin is experiencing improved investor conditions, with meaningful capital inflows, reduced unrealized losses, and profit-taking activity indicative of a healthy bull market phase.

GlassNode得出的結論是，比特幣正在經歷改善的投資者條件，具有有意義的資本流入，未實現的損失減少以及盈利活動，這表明了健康的牛市階段。

Bitcoin Market Data

比特幣市場數據

At the time of press 10:21 pm UTC on May. 20, 2025, Bitcoin is ranked #1 by market cap and the price is up 1.17% over the past 24 hours. Bitcoin has a market capitalization of $2.12 trillion with a 24-hour trading volume of $55.2 billion. Learn more about Bitcoin ».

在五月下午10:21 PM的出版社。 20，2025，比特幣按市值排名第一，在過去的24小時內，比特幣的價格上漲了1.17％。比特幣的市值為21.2萬億美元，交易量為552億美元。了解有關比特幣»的更多信息。