以106,600美元購買DIP的比特幣（BTC）投資者可能是阻力的來源

鏈上分析公司GlassNode解釋了比特幣投資者成本基礎分佈如何突出該水平是重要的。

The on-chain analytics firm Glassnode has explained how the Bitcoin investor Cost Basis Distribution could highlight this level as an important one.

鏈上分析公司GlassNode解釋了比特幣投資者成本基礎分佈如何突出該水平是重要的。

A Notable Amount Of Bitcoin Has Cost Basis At $106,600

明顯的比特幣的成本基礎為106,600美元

In a new post on X, Glassnode has talked about the Bitcoin Cost Basis Distribution for the levels nearby to the current spot price. The “Cost Basis Distribution” (CBD) here refers to an on-chain indicator that tells us about how much of the asset’s supply was purchased at what price levels.

在X上的新帖子中，GlassNode談到了附近現貨價格的比特幣成本基礎分佈。此處的“成本基礎分配”（CBD）是指一個鏈上的指標，該指標告訴我們以什麼價格水平購買了多少資產供應。

The firm explained that a large portion of the cryptocurrency’s supply has a cost basis around the $106,600 price level.

該公司解釋說，加密貨幣的很大一部分的成本基礎約為106,600美元的價格水平。

"The price action over the last 16 weeks has seen a large portion of BTC's circulating supply accrue cost basis at the $106,600 price level. This particular supply cluster originated on the 16th of December, with around 31k BTC holders last touching this price."

“在過去16週內的價格行動已經看到了BTC循環供應成本基礎的很大一部分，價格水平為106,600美元。這個特殊的供應群集起源於12月16日，大約31k BTC持有人最後觸及了這個價格。”

Generally, large supply walls that are situated at levels higher than the spot price can act as probable points of resistance in the near future, as underwater investors can be desperate for the asset to return to their break-even level so that they can just exit with all their capital back.

通常，位於比現貨價格高的水平的大型供應牆在不久的將來可能是阻力點，因為水下投資者可以迫切希望資產恢復到收支平衡的水平，以便他們可以從全部資本退出。

From the chart, it’s apparent that Bitcoin’s sharp burst of bullish momentum earlier had its price close in on this level and it did find a rejection around there. The source of the resistance wasn’t selling from the underwater holders who purchased at $106,600, however, as the supply cluster is still holding strong.

從圖表來看，很明顯，比特幣早些時候的看漲勢頭急劇達到了這個水平，並且確實在那兒發現了拒絕。阻力的來源不是從水下持有人那裡出售的，這些持有人以106,600美元的價格購買，因為供應群仍然保持強勁。

It would appear that the owners of these tokens may be quite the resolute hands, as they are still waiting patiently even though the cryptocurrency is offering them an opportunity to sell. The analytics firm has noted that this could make the level an important one to watch in the short term.

看來這些令牌的所有者可能是堅決的手，因為即使加密貨幣為他們提供了出售的機會，他們仍在耐心地等待。這家分析公司指出，這可能使得在短期內要觀看的重要水平。

In some other news, cycle analyst Root has shared in an X post how the institutional Bitcoin exchange-traded fund (ETF) holdings have changed this year.

在其他一些新聞中，Cycle Analyst Root已在X帖子中分享了機構比特幣交易所貿易基金（ETF）持股如何今年改變。

As displayed in the above chart, the institutional ETF holdings fell during the first quarter of the year. “Institutional Bitcoin holdings dropped 10% in Q1 2025, the impact of de-risking during tariff and trade war uncertainty,” notes the analyst.

如上圖中所示，機構ETF持有量在今年第一季度下降。分析師指出：“在2025年第1季度，機構比特幣持有量下降了10％，這是關稅和貿易戰爭期間的疾病不確定性的影響。”