比特幣（BTC）目前正在瀏覽陷入困境的水域。在符號$ 90,000大關下方

比特幣目前正在導航陷入困境的水域。低於象徵性$ 90,000的大關，景觀飾有紅色

Bitcoin is currently trading below the symbolic mark of $90,000. While recent buyers are seen to be sitting in unrealized losses, crypto veterans appear to be staying the course amid the market's technical corrections. As institutions are quietly accumulating the asset, the cryptocurrency market is drawing a complex map with a fragile balance between latent losses and steadfast confidence.

比特幣目前的交易低於$ 90,000的象徵意義。雖然最近的買家被認為陷入未實現的損失，但在市場的技術糾正中，加密退伍軍人似乎一直在繼續課程。隨著機構正在悄悄地積累資產，加密貨幣市場正在繪製一個複雜的地圖，在潛在損失和堅定的信心之間具有脆弱的平衡。

This article delves into the intricacies of an asset that refuses to succumb to fatalism despite the storms that it has encountered.

本文研究了儘管遇到的風暴，但拒絕屈服於宿命論的資產的複雜性。

Unrealized losses are a revealing indicator of underlying tensions. These losses, calculated between the average acquisition price and the current valuation, reflect the market’s psychological state.

未實現的損失是潛在緊張局勢的揭示指標。這些損失在平均獲取價格和當前估值之間計算出來，反映了市場的心理狀態。

Short-term holders, who bought at recent peaks, are still in a slump, with an average entry cost above $80,000 exposing them directly to the current volatility. However, this phase does not resemble historical crashes.

在最近的山峰上購買的短期持有人仍處於低迷狀態，平均入場費超過80,000美元，直接暴露於當前的波動率。但是，此階段不類似於歷史崩潰。

Recent corrections, though repeated, lack the brutality of previous cycles. In 2018 or 2021, declines regularly exceeded 50%, sweeping away even the strongest portfolios. Today, the drawdown remains contained, oscillating around 20%, raising questions about whether it is a technical pause or the start of a deeper reversal.

最近的更正雖然重複，但缺乏以前的周期的殘酷性。在2018年或2021年，定期下降超過50％，即使是最強大的投資組合也席捲了。如今，縮水仍然包含，振盪左右約20％，引發了有關它是技術停頓還是更深層次逆轉的開始問題。

On the other hand, long-term holders, who bought BTC at lower prices, are still breathing easily. Their average cost, often below $30,000, offers protection from turbulence. But if bitcoin were to test $60,000, even the toughest would see their gains evaporate.

另一方面，以較低價格購買BTC的長期持有人仍然容易呼吸。他們的平均成本通常低於30,000美元，可保護免受湍流的保護。但是，如果比特幣要測試60,000美元，即使是最艱難的收益也會蒸發。

This highlights a precarious balance, where every price move resonates like a warning.

這突出了一個不穩定的平衡，每個價格的轉移都像警告一樣引起共鳴。

Despite appearances, bitcoin has not lost its shine. Nearly 75% of holding addresses still show profits, according to Glassnode, highlighting a reality often overlooked: the majority of investors remain profitable over time.

儘管出現了，比特幣並沒有失去光芒。根據GlassNode的說法，近75％的持有地址仍顯示出利潤，突出了一個經常被忽視的現實：隨著時間的推移，大多數投資者仍然有利可圖。

The “HODLers,” those steadfast accumulators over the years, embody this resilience, ignoring media noise and betting on historical cycles.

多年來，那些堅定的積累者的“霍德爾人”體現了這種韌性，忽略了媒體的噪音和對歷史週期的押注。

Institutions also play the troublemaker. While retail investors panic, BlackRock (NYSE:BLK) and others are scooping up BTC at discounted prices. Their logic is ruthless: every dip becomes an opportunity.

機構還扮演麻煩製造者。零售投資者驚慌失措，貝萊德（NYSE：BLK）和其他人以折扣價sc起BTC。他們的邏輯是無情的：每次下降都成為機會。

In April, Bitcoin ETFs recorded net inflows of $420 million, despite sales by some competitors, a divergence that recalls a golden rule: in the crypto space, the “smart money” buys when others doubt.

4月，儘管一些競爭對手的銷售銷售，但比特幣ETF記錄了4.2億美元的淨流入，但這種差異讓人回想起黃金法則：在加密貨幣領域，當其他人懷疑時，“聰明的錢”會購買。

Even whales, holding over 1,000 BTC, refuse to yield. Their network activity, up 18% since January, signals aggressive accumulation, typical behavior of consolidation phases, where influential actors prepare the ground for the next ascent.

甚至持有1000多個BTC的鯨魚，也拒絕屈服。他們的網絡活動自1月以來增長了18％，標誌著積極積累，鞏固階段的典型行為，在這種情況下，有影響力的參與者為下一次上升做準備。

The emblematic block 666,666, recently mined, almost symbolizes this stubbornness: a wink to enthusiasts, convinced that bitcoin transcends cycles.

象徵性的666,666最近被開採，幾乎象徵著這種固執：對愛好者的眨眼，說服了比特幣超越週期。

Here lies the paradox: bitcoin rewards patience but penalizes recklessness. Newcomers, attracted by promises of quick gains, bear the brunt of adjustments. Their mistake? Underestimating the asset’s structural volatility.

這是悖論：比特幣獎勵耐心，但會受到魯ck的懲罰。新移民受到快速收益的承諾的吸引，首當其衝。他們的錯誤？低估了資產的結構波動。

Short-term losses, though painful, fall within historical normality. Since 2010, bitcoin has experienced 15 corrections exceeding 30%… before always reaching new highs.

短期損失雖然很痛苦，但屬於歷史正常。自2010年以來，比特幣經歷了15個校正，超過30％……在始終達到新的高點之前。

Experienced holders have understood: time is their ally. By extending their investment horizon, they neutralize shocks. The key? Iron discipline. Selling at lows means crystallizing losses; waiting, despite discomfort, allows capturing major trends.

經驗豐富的持有人已經理解：時間是他們的盟友。通過擴展其投資視野，它們可以中和衝擊。鑰匙？鐵學科。在低點出售意味著結晶損失；儘管不舒服，等待允許捕捉主要趨勢。

This philosophy explains why 62% of the supply hasn’t moved for more than a year—a record.

這種理念解釋了為什麼有62％的供應在一年以上沒有轉移的原因。

Below $90,000, bitcoin embodies a fascinating duality. On one side, latent losses weigh on minds; on the other, unshakeable faith in its secular trajectory.

比特幣低於$ 90,000，體現了引人入勝的雙重性。一方面，潛在損失在心中；另一方面，對世俗軌跡不可動搖的信念。

Past cycles have seen the asset rise from its ashes. For investors, the lesson is clear: in this dance between fears and opportunities, time remains the best ally.

過去的周期已經使資產從其骨灰上升。對於投資者而言，課程很明確：在恐懼和機遇之間的這種舞蹈中，時間仍然是最好的盟友。

The current bear market may be just a breath— a step towards new summits. And if, in this calm, bitcoin’s dominance dropped to 40%? Such a scenario would likely open a new chapter, potentially favorable to altcoins.

當前的熊市可能只是呼吸，這是邁向新峰會的一步。如果在這種平靜的情況下，比特幣的統治地位降至40％？這種情況可能會打開一個新的章節，有可能對altcoins有利。