隨著加密貨幣的歷史高峰

儘管有異常的潛在條件，但比特幣的價格變動繼續違背傳統市場模式。

Bitcoin's price (BTC) movement continues to defy traditional market patterns as the cryptocurrency approaches record highs despite unusual underlying conditions and trading volumes drop to their lowest levels since the start of the current market cycle.

比特幣的價格（BTC）運動繼續違背傳統市場模式，儘管加密貨幣的途徑均記錄了最高水平，儘管有不尋常的潛在條件和交易量下降到自當前市場週期開始以來的最低水平。

The digital asset touched $110,400 on June 12 before pulling back to $108,800 by 07:00 ET on Wednesday. It remains within striking distance of its all-time high near $112,000 set on May 9.

數字資產在6月12日觸及了110,400美元，然後在周三的07:00撤回108,800美元。 5月9日，它的歷史遠距離距離為112,000美元。

At the same time, retail investor activity remained subdued across most platforms.

同時，零售投資者活動在大多數平台上仍然柔和。

Exchange Holdings Hit 14-Month Low

交易所持有率達到14個月

Centralized exchange holdings have seen a sharp decline throughout 2025. Since January, the amount of Bitcoin held on exchanges dropped 14% to just 2.5 million BTC.

整個2025年，集中式的交易所持有量急劇下降。自1月以來，交易所持有的比特幣數量下降了14％，至250萬BTC。

This marks the lowest level of exchange-held Bitcoin since August 2022.

這標誌著自2022年8月以來的交換保存比特幣的最低水平。

The decline in exchange balances signals investors are transferring coins into hardware wallets or custodial services for long-term holding. It also reduces the liquid supply available for immediate sale.

交換餘額的下降信號投資者正在將硬幣轉移到硬件錢包或託管服務中，以進行長期持有。它還減少了可立即銷售的液體供應。

As of June 11, exchange outflows outpaced inflows by a factor of 2.5. This imbalance suggests a sustained trend of investors withdrawing coins from exchanges.

截至6月11日，Exchange流出的流入超過2.5倍。這種不平衡表明，投資者從交易所撤出硬幣的持續趨勢。

The chart above shows exchange balances fell to their lowest point since August 2022. They are now approaching the lows reached during the 2021 bull market.

上圖顯示，交換餘額降至2022年8月以來的最低點。他們現在正接近2021年牛市的低點。

At the start of 2024, exchanges held around 3.7 million BTC. This amount has decreased by 32% over the past 18 months.

2024年初，交易所舉行了約370萬BTC。在過去的18個月中，這一數額減少了32％。

The rate of exchange balance depletion increased sharply in January. This coincides with the beginning of the current bull market cycle.

1月份的匯率耗竭率急劇增加。這與當前牛市週期的開始相吻合。

Over-the-Counter Liquidity Drops

非處方流動性下降

Over-the-counter trading desks are also experiencing supply constraints. These platforms, which facilitate large off-exchange trades, maintain Bitcoin reserves to enable quick execution of transactions.

非處方交易台也正在遇到供應限制。這些平台可促進大型非交易交易，並維護比特幣儲備，以便快速執行交易。

Current OTC reserves have reached historic lows according to CryptoQuant data. OTC addresses connected to mining operations have seen balances drop 19% since January.

根據加密數據，當前的OTC儲量已達到歷史性低點。自1月以來，與採礦業務相關的OTC地址與採礦業務相關的餘額下降了19％。

These addresses now hold just 134,252 BTC in total.

這些地址現在總共只有134,252 BTC。

The data excludes direct miner addresses and centralized exchange holdings. It focuses on addresses one step removed from mining pools, providing insight into OTC market liquidity.

數據不包括直接礦工地址和集中交易所持有。它專注於從採礦池中刪除的一步，提供了對OTC市場流動性的見解。

When both exchange and OTC liquidity decrease simultaneously, the available trading supply shrinks. This dynamic can amplify price movements as demand competes for fewer available coins.

當交換和OTC流動性同時降低時，可用的交易供應量縮小。這種動態可以擴大價格變動，因為需求競爭更少的可用硬幣。

Funding Rates Go Negative

資金率負面

Funding rates in perpetual futures markets recently went negative while Bitcoin's price continued increasing. This creates an unusual market dynamic that has historically preceded major price moves.

永久期貨市場的資金率最近發生了負面影響，而比特幣的價格持續上漲。這創造了一種不尋常的市場動態，歷史上一直以前的價格轉移。

Funding rates represent periodic payments between long and short position holders in futures contracts. Positive rates indicate bullish sentiment as long traders pay short traders. Negative rates suggest short trader dominance.

資金率代表了期貨合約中長期和短職位持有人之間的定期付款。正利率表明看漲情緒，因為長交易者付了短交易者。負利率表明交易者的主導地位。

When negative funding coincides with rising spot prices, it indicates strong underlying demand. The spot market absorbs selling pressure from short positions while prices continue climbing.

當負資金與現貨價格上漲一致時，它表明潛在需求強勁。現貨市場吸收了從短職位的銷售壓力，而價格繼續攀升。

This pattern has appeared three times during the current market cycle. Each instance was followed by substantial price increases. The most recent occurrence happened between June 6-8 as Bitcoin moved from $104,000 to $110,000.

在當前市場週期中，這種模式已經出現了三次。每個實例之後，價格都大幅上漲。最近發生的事件發生在6月6日至8日之間，因為比特幣從104,000美元升至110,000美元。

Technical Analysis Shows Breakout

技術分析顯示突破

Chart analysis reveals Bitcoin broke out of a flag pattern formation earlier this week. Flag patterns typically indicate continuation of existing trends after brief consolidation periods.

圖表分析顯示，本週早些時候，比特幣從國旗模式形成中脫穎而出。標誌模式通常表明在短暫的合併期間後，現有趨勢的延續。

The breakout provides a technical foundation for further price gains. The relative strength index shows bullish momentum while remaining below overbought territory.

突破為進一步的價格上漲提供了技術基礎。相對強度指數顯示了看漲的勢頭，同時保持低於超額領土。

Bitcoin's 50-day moving average crossed above the 200-day moving average last month. This golden cross formation often signals sustained upward momentum in technical analysis.

比特幣的50天移動平均線超過上個月的200天移動平均線。在技​​​​術分析中，這種黃金交叉形成通常信號持續增長。

Price projections based on the flag pattern breakout suggest a target around $137,000. This calculation uses the height of the preceding uptrend and projects it from the breakout point.

基於國旗模式突破的價格預測表明，目標是$ 137,000。該計算使用前面上述上限的高度，並從突破點投射它。

The first key resistance level sits at $112,000, near the previous all-time high. A break above this level could accelerate movement toward the projected target.

第一個鑰匙阻力水平為112,000美元，接近以前的歷史最高水平。超過此級別的突破可以加速向投影目標的運動。

Support levels during any pullback are identified at $107,000 and $100,000. The $107,000 level corresponds to previous peaks from December and January. The $100,000 level represents both a psychological round number and a technical trendline dating back to November.

任何回調期間的支持水平的確定為$ 107,000和100,000美元。 107,000美元的水平對應於12月和1月的先前高峰。 $ 100,000的水平既代表心理回合數字，也代表了可追溯到11月的技術趨勢線。

Current market conditions show Bitcoin futures open interest is hovering near record highs while spot supply continues tightening across all major trading venues.

當前的市場狀況顯示，比特幣期貨開放興趣徘徊在創紀錄的高點附近，而現貨供應在所有主要交易場所的持續收緊。