比特幣（BTC）價格正越來越接近潛在的分銷區，但是沒有立即銷售信號的跡象。

比特幣（BTC）越來越接近潛在的分銷區，但是沒有立即銷售信號的跡象。

The price of Bitcoin (BTC) recently hit multi-month highs of about $105,600. While some skeptics are sure that the local peak is in, and the Short Term Output Profit Ratio (STH-SOPR) indicator by CryptoQuant says we should get ready for higher prices.

比特幣（BTC）的價格最近達到了105,600美元的多個月高點。儘管某些懷疑論者確定當地的峰值已經存在，而CryptoQuant的短期產出利潤率（STH-SOPR）指標表示，我們應該為更高的價格做好準備。

The cohort of short-term holders is looking at bigger BTC prices as a possible local peak, the Short Term Output Profit Ratio (STH-SOPR) indicator says. As the indicator rises into the red zone, it might be a good time to start selling and taking profits, according to an expert at CryptoQuant.

短期產出利潤率（STH-SOPR）指標表示，短期持有人的隊列將更大的BTC價格視為可能的當地高峰。據CryptoQuant的專家說，隨著指標升入紅色區域，這可能是開始銷售和獲利的好時機。

The Smart Way to Sell Without Missing the Rally

明智的出售方式而不會錯過集會

“You can see that when the STH-SOPR reaches the red zone, it’s usually a good time to start selling and taking profits.” – By @cryptometugce Read more 🔗 https://t.co/uQeKXXQ823#cryptoquant #btc pic.twitter.com/PLeqqRWewV

“您可以看到，當STH-Sopr到達紅色區域時，通常是開始銷售和獲利的好時機。” - @cryptomentogce閱讀更多🔗https://t.co/uqekxxq823#cryptoquant #btc pic.twitter.com/pleqqrwewv

Such observations were shared by pseudonymous CryptoQuant community analyst in his Quicktake.

這些觀察是由他的Quicktake中的偽隱秘社區分析師分享的。

He shared the charts with accumulation (“buy”) and distribution (“sell”) zones displayed and demonstrated that, at current prices, Bitcoin (BTC) has not touch the latest one yet.

他與累積（“買入”）和分銷（“賣出”）區域分享了圖表，並證明，以目前的價格，比特幣（BTC）尚未觸及最新的比特幣。

The expert highlighted that the indicator should be utilized with caution and with limited portion of deposit, as it was heavily stressed tested throughout years of bear and bull markets.

這位專家強調，該指標應謹慎使用，並且有限的押金，因為它在多年的熊和牛市中都經過了嚴重的壓力。

These signals don’t always mark the exact top of the market, but in the bigger picture, those red circles represent reasonable and satisfying areas to distribute. And please note that we’re not going to sell everything at once. Just like we accumulated gradually, we’ll also distribute gradually.

這些信號並不總是標誌著市場的確切頂部，但是在更大的情況下，這些紅色圓圈代表了合理且令人滿意的區域。並請注意，我們不會一次出售所有東西。就像我們逐漸積累一樣，我們也會逐步分發。

The last time the market was close to red zone was on May 1, when Bitcoin (BTC) showed first signs of recovery from the spring 2024 crypto crash.

5月1日，當比特幣（BTC）展示了2024年春季Crypto Crash的首次恢復跡象時，該市場上次接近紅色區域。

However, its price still has to go up to mark a proper distribution season start.

但是，它的價格仍然必須上漲，以標誌著適當的分銷季節開始。

The expert also recommended to consider hedging spot positions by derivative ones, while seeing BTC in either red or green zones.

該專家還建議考慮通過衍生品的位置來考慮對沖位置，同時在紅色或綠色區域看到BTC。

Meanwhile, the liquidity is still coming to Bitcoin (BTC). The aggregated AUM metric for Bitcoin Spot ETFs in the U.S. crossed $124 billion in equivalent for the first time since February 4, 2025.

同時，流動性仍在進行比特幣（BTC）。自2025年2月4日以來，美國比特幣現場ETF的AUM指標首次超過了1,240億美元。

As demonstrated by CoinGlass, over the last month, Bitcoin (BTC) only registered three days in red. As a result, Bitcoin (BTC) Spot ETFs AUM grew by 50% in less than one month.

正如Coinglass所證明的那樣，在上個月，比特幣（BTC）僅以紅色註冊了三天。結果，比特幣（BTC）斑點AUM在不到一個月的時間內增長了50％。