比特幣（BTC）的價格達到了新的歷史最高高點111,814美元，但公牛的運行會繼續嗎？

比特幣在2025年到目前為止進行了有趣的跑步，開始了令人興奮的上升集會，並在幾個月的時間內忍受了深刻的校正

Bitcoin has had an interesting run so far in 2025, embarking on exciting upside rallies and enduring deep corrections in the space of a few months. The latest upward movement suggests the return of interest and confidence in the world’s largest cryptocurrency.

到目前為止，比特幣在2025年到目前為止進行了有趣的跑步，開始了令人興奮的上升集會，並在幾個月的時間內進行了深入的校正。最新的向上運動表明，對世界上最大的加密貨幣的興趣和信心回歸。

After surpassing its previous all-time high price this week, the Bitcoin price has printed a new high of $111,814 — reached on Thursday, May 22. A fresh all-time-high price is often followed by a major correction, as investors are typically inclined to take profits.

在本週超過了先前的高價之後，比特幣價格印刷了111,814美元的新高價，於5月22日星期四達到。新鮮的最高價格經常進行重大更正，因為投資者通常傾向於獲取利潤。

However, recent on-chain revelation suggests this Bitcoin bull run might be here to stay — and maybe for a longer period than expected.

但是，最近的鏈上的啟示表明，這種比特幣牛的運行可能會留在這裡 - 也許比預期的更長。

Analyst Says Realized Profits Yet To Signal Market Top

分析師說，已經意識到利潤尚未信號市場

In a May 23 post on social media platform X, on-chain crypto analyst Darkfost revealed that the realized profits by Bitcoin investors remain normal for a bull phase. The relevant indicator backing this assertion is the Net Realized Profit/Loss metric, which measures the net profit or loss (in USD) of all coins spent on the network over a specific timeframe.

在5月23日的社交媒體平台X上的帖子中，鏈上加密分析師Darkfost透露，比特幣投資者實現的利潤在公牛階段仍然是正常的。支持此斷言的相關指標是實現的淨利潤/損失指標，該指標衡量了在特定時間範圍內花費在網絡上所有硬幣的淨利潤或損失（以美元為單位）。

This on-chain metric is calculated by finding the difference between the realized profit and realized loss of crypto investors. Positive values from the metric indicate that coins are being spent at a higher price than they were acquired, resulting in a net profit.

通過找到實現的利潤與已實現的加密投資者損失之間的差異來計算此鏈度量。度量標準的正值表明，硬幣的價格比獲得的價格高，從而獲得淨利潤。

On the other hand, negative values indicate that coins are being spent at prices lower than they were bought, resulting in a net loss. Neutral values simply suggest that coins are being spent close to their acquisition price.

另一方面，負值表明硬幣的價格低於購買的價格，從而導致淨損失。中立的價值只是表明硬幣是在收購價格附近花費的。

According to on-chain data shared by Darkfoot, realized profits are currently at a high level of about 104,000 BTC (a rough equivalent of $11 billion). The analyst, however, pointed out that while this figure is substantial, it still falls short of the 350,000 BTC threshold level (a level which has historically signaled potential tops and preceded major correctional movements of Bitcoin).

根據Darkfoot共享的鍊鍊數據，目前實現的利潤為104,000 BTC（相當於110億美元）。然而，分析師指出，儘管這個數字很大，但仍未達到350,000 BTC閾值水平（這種水平在歷史上表明了潛在的頂部，並且先於比特幣的主要矯正運動之前）。

Darkfost inferred from the highlighted data that the net realized profit for a Bitcoin bull phase is currently at a normal level. The analyst noted the necessity of profit-taking in a bull market, implicitly preaching against fear amongst investors.

從突出顯示的數據中推斷出的DarkFost，目前，淨實現了比特幣牛階段的利潤，目前處於正常水平。分析師指出，有必要在牛市中獲利，這隱含地反對投資者中的恐懼。

Darkfost said about profit-taking:

Darkfost談到獲利：

It’s what keeps investors engaged in the market and helps sustain the bullish momentum.

這就是使投資者參與市場並有助於維持看漲勢頭的原因。

Bitcoin Price At A Glance

比特幣價格一目了然

As of this writing, Bitcoin is valued at around $108,360, reflecting a more than 2% decline in the past 24 hours.

截至撰寫本文時，比特幣的價值約為108,360美元，反映了過去24小時的下降2％以上。