加密素養說，比特幣（BTC）投資者正在兌現利潤。

這些平均每天10億美元，導致人們擔心市場捲土重來可能停滯甚至逆轉。

Bitcoin (BTC) risks a “local top or sharp correction” if current levels of profit-taking continue, new research warns.

新的研究警告說，如果目前的獲利水平繼續下去，比特幣（BTC）可能會有“本地頂部或急劇的更正”。

In a “Quicktake” blog post on Monday, onchain analytics platform CryptoQuant flagged elevated realized profits among BTC investors.

在周一的“ QuickTake”博客文章中，OnChain Analytics平台加密標記了BTC投資者的提高利潤。

BTC profit-taking spikes to January highs

BTC的利潤率達到一月高點

Bitcoin realized profits have spiked to multi-month highs this week as BTC/USD reached close to $98,000.

比特幣意識到本週的利潤已經達到了多個月的高點，因為BTC/USD達到了近98,000美元。

For CryptoQuant, the market is becoming comparable to late 2024, when the pair broke through old all-time highs and hit $100,000 for the first time.

對於加密量，市場變得與2024年末相當，當時兩人闖入了舊的歷史高點，首次達到了100,000美元。

“Even after positive price action after March-April drop in 2025, profit taking is still aggressive. Maybe not like November-December 2024 but still high,” contributor Kripto Mevsimi wrote.

撰稿人Kripto Mevsimi寫道：“即使在2025年3月至4月下降後的價格上的積極行動之後，獲利仍然是積極進取的。也許不像2024年11月至12月，但仍然很高。”

CryptoQuant data puts the current 7-day moving average realized profit across the hodler spectrum at approximately $1 billion per day.

加密數據使當前的7天移動平均值實現了整個霍德勒頻譜的利潤，每天約10億美元。

“If we look back at similar cycles (e.g. 2021), this phase often preceded a local top or sharp correction, especially when profit-taking stayed high and continuous.”

“如果我們回顧一下類似的周期（例如2021），則此階段通常是在當地的頂部或急劇校正之前的，尤其是當利潤率保持較高和連續時。”

No hiding from Bitcoin ‘investor psychology’

沒有比特幣“投資者心理學”隱藏

As Cointelegraph reported, some market commentators have argued that the Bitcoin investment landscape has fundamentally changed thanks to increased institutional participation.

正如Cointelegraph所報導的那樣，一些市場評論員認為，由於機構參與的增加，比特幣投資格局從根本上發生了變化。

Related: Bitcoin pushes for $98K as 2025 Fed rate cut odds flip ‘pessimistic’

相關：比特幣以2025美元的價格推動$ 98K，降低了賠率賠率。

Chief among the new players are the US spot Bitcoin exchange-traded funds (ETFs), the largest of which, BlackRock’s iShares Bitcoin Trust (IBIT), has seen net inflows every day for more than two weeks.

新玩家中的主要人物是美國現貨比特幣交易所交易基金（ETF），其中最大的是貝萊德的ishares比特幣信託基金（IBIT），每天都在兩週多的時間內看到淨流入。

Despite this, Kripto Mevsimi contends that underlying reactions to BTC price changes remain the same.

儘管如此，Kripto Mevsimi認為，對BTC價格變化的基本反應保持不變。

“Since spot ETFs launched in January 2024, market structure has changed — but investor psychology hasn't. ”output: Key points:

“自2024年1月啟動現場ETF以來，市場結構發生了變化，但投資者心理學卻沒有。”輸出：要點：

* Bitcoin investors are making the most of the highest price levels in several months by cashing out profits.

*比特幣投資者通過兌現利潤來充分利用幾個月來最高的價格水平。

* These are averaging $1 billion per day, leading to concerns that the market comeback may stall or even reverse.

*這些平均每天10億美元，導致人們擔心市場捲土重來可能停滯甚至逆轉。

* Institutional participation has not led to a change in mindset, CryptoQuant says.Bitcoin (BTC) risks a “local top or sharp correction” if current levels of profit-taking continue, new research warns.

*新的研究警告說，如果當前的利潤持續水平繼續，機構參與並沒有導致思維定勢的變化。

In a “Quicktake” blog post on Monday, onchain analytics platform CryptoQuant flagged elevated realized profits among BTC investors.

在周一的“ QuickTake”博客文章中，OnChain Analytics平台加密標記了BTC投資者的提高利潤。

BTC profit-taking spikes to January highs

BTC的利潤率達到一月高點

Bitcoin realized profits have spiked to multi-month highs this week as BTC/USD reached close to $98,000.

比特幣意識到本週的利潤已經達到了多個月的高點，因為BTC/USD達到了近98,000美元。

For CryptoQuant, the market is becoming comparable to late 2024, when the pair broke through old all-time highs and hit $100,000 for the first time.

對於加密量，市場變得與2024年末相當，當時兩人闖入了舊的歷史高點，首次達到了100,000美元。

“Even after positive price action after March-April drop in 2025, profit-taking is still aggressive. Maybe not like November-December 2024 but still high,” contributor Kripto Mevsimi wrote.

撰稿人Kripto Mevsimi寫道：“即使在2025年3月至4月下降後的價格上的積極行動之後，獲利仍然是積極進取的。也許不像2024年11月至12月，但仍然很高。”

CryptoQuant data puts the current 7-day moving average realized profit across the hodler spectrum at approximately $1 billion per day.

加密數據使當前的7天移動平均值實現了整個霍德勒頻譜的利潤，每天約10億美元。

“If we look back at similar cycles (e.g. 2021), this phase often preceded a local top or sharp correction, especially when profit-taking stayed high and continuous.”

“如果我們回顧一下類似的周期（例如2021），則此階段通常是在當地的頂部或急劇校正之前的，尤其是當利潤率保持較高和連續時。”

No hiding from Bitcoin ‘investor psychology’

沒有比特幣“投資者心理學”隱藏

As Cointelegraph reported, some market commentators have argued that the Bitcoin investment landscape has fundamentally changed thanks to increased institutional participation.

正如Cointelegraph所報導的那樣，一些市場評論員認為，由於機構參與的增加，比特幣投資格局從根本上發生了變化。

Related: Bitcoin pushes for $98K as 2025 Fed rate cut odds flip ‘pessimistic’

相關：比特幣以2025美元的價格推動$ 98K，降低了賠率賠率。

Chief among the new players are the US spot Bitcoin exchange-traded funds (ETFs), the largest of which, BlackRock’s iShares Bitcoin Trust (IBIT), has seen net inflows every day for more than two weeks.

新玩家中的主要人物是美國現貨比特幣交易所交易基金（ETF），其中最大的是貝萊德的ishares比特幣信託基金（IBIT），每天都在兩週多的時間內看到淨流入。

Despite this, Kripto Mevsimi contends that underlying reactions to BTC price changes remain the same.

儘管如此，Kripto Mevsimi認為，對BTC價格變化的基本反應保持不變。

“Since spot ETFs launched in January 2024, market structure has changed — but investor psychology hasn’t.

“自2024年1月啟動現場ETF以來，市場結構發生了變化，但投資者心理學卻沒有改變。