比特幣[BTC]持有人拒絕出售頂部，儘管達到了新的歷史新高

就在幾天前，比特幣[BTC]集會達到了新歷史最高的112,000美元。

Just a couple of days ago, Bitcoin [BTC] rallied to reach a new all-time high of $112k. Usually, when the value rises, holders and investors tend to sell and take profits. For instance, when BTC reached $100k for the first time in 2024, profit taking surged, with the amount realized hitting $2.1 billion.

就在幾天前，比特幣[BTC]集會達到了新歷史最高的112,000美元。通常，當價值上升時，持有人和投資者傾向於出售和獲利。例如，當BTC在2024年首次達到$ 10萬美元時，利潤飆升，其金額達到了21億美元。

This time, however, the behavior has shifted.

但是，這次行為發生了變化。

Investors hold tight, even with billions in unrealized gains

投資者保持緊張，即使有數十億美元的收益

Despite the recent price rally, holders and investors are not profit-taking as much as in previous cycles. In fact, both whales and retailers are showing less appetite for profit realization.

儘管最近舉行了價格集會，但持有人和投資者並沒有像以前的周期那樣賺錢。實際上，鯨魚和零售商對實現利潤的需求較少。

Source: CryptoQuant

資料來源：加密

According to a CryptoQuant analyst, realized profits stood at 104,000 BTC (~$11B).

根據一位隱秘分析師的說法，實現的利潤為104,000 BTC（〜$ 11B）。

Although this looks like a significant amount, the previous cycles have recorded a significantly higher amount. The current levels remain considerably far from the critical threshold of 350,000 BTC.

儘管這看起來很大，但以前的周期的記錄量明顯更高。目前的水平距離350,000 BTC的臨界閾值還很遙遠。

In fact, BTC has another 246,000 BTC of realized profit headroom before flashing a historical red flag.

實際上，BTC在閃爍歷史危險信號之前，還有另外246,000 BTC已實現的利潤淨空。

Naturally, this gap suggests investors are holding onto their coins instead of selling into strength.

自然，這一差距表明投資者堅持自己的硬幣，而不是賣給力量。

SOPR decline confirms a shift in BTC sentiment

SOPR下降證實了BTC情緒的轉變

Source: CryptoQuant

資料來源：加密

Backing this thesis is the Spent Output Profit Ratio (SOPR).

支持這一論文是支出的產出利潤率（SOPR）。

This metric has declined for five consecutive days despite prices reaching $112k.

儘管價格達到112K美元，但該指標連續五天下降。

Even when the price reached another all-time high, the SOPR dropped, suggesting that holders, although in profit, are refusing to sell.

即使價格達到了另一個歷史最高的高度，Sopr也下降了，這表明持有人雖然盈利，但仍在拒絕出售。

The drop in profit-taking is observed among whales and retail traders in equal measures.

在鯨魚和零售商人之間，以同等的措施觀察到利潤下降。

As per CryptoQuant data, whales are still HODLing with their activity remaining within the neutral zone.

根據密碼數據，鯨魚的活性仍在中性區域內。

During the previous rally, whale inflows to exchanges exceeded $1 billion. Today? Just $300 million.

在上一次集會期間，鯨魚向交易所的流入超過10億美元。今天？只有3億美元。

Source: CryptoQuant

資料來源：加密

This is a significant low level since BTC is experiencing favorable conditions and has entered the discovery phase. Thus, large holders are holding their positions, waiting for more upside before ramping up their selling.

這是一個顯著的低水平，因為BTC經歷了有利的條件並進入了發現階段。因此，大型持有人正在擔任自己的職位，等待更多上升空間，然後再增加銷售。

Spent volume and exchange flows reinforce the picture

花費和交換流量加強了圖片

While a price surge means higher profit-taking activity, things have changed significantly.

雖然價格飆升意味著更高的利潤活動，但情況已經發生了重大變化。

Investors are behaving differently this cycle by not selling to take profits, indicating increased confidence. As a result, the total Volume Spent by Age has decreased by $1.1 billion during this price rally compared to the last cycle.

投資者的行為方式不同，因為不賣利潤，表明信心提高了。結果，與上一個週期相比，在此價格集會期間，按年齡花費的總數減少了11億美元。

Source: Glassnode

來源：玻璃節

At the same time, Exchange Netflow remains largely negative.

同時，Exchange NetFlow在很大程度上仍然是負面的。

Investors are withdrawing more BTC than they’re depositing, a signal that accumulation is outweighing distribution.

投資者撤回BTC的存入比存入更多的BTC，這表明積累大於分銷。

Source: CryptoQuant

資料來源：加密

What comes next for Bitcoin?

比特幣接下來會發生什麼？

Simply put, participants across the markets remain bullish and anticipate prices to rise even further. Therefore, the prevailing market conditions position BTC for more gains.

簡而言之，市場上的參與者仍然看漲，預計價格將進一步上漲。因此，盛行的市場條件將BTC定位為BTC。

A continuation of these sentiments will see BTC reclaim $100k again.

這些情緒的延續將使BTC再次獲得100,000美元。

However, if the tariff talk continues, which has seen BTC drop to a low of $106k, we could see another consolidation with a low of $104k.

但是，如果關稅談判繼續（將BTC降至106K $ 106K的低點），我們可以看到另一種合併，低於$ 104K。