比特幣（BTC）價格飆升觸發了長期持有人的盈利

比特幣（BTC）價格的最新增長導致投資者行為發生了重大變化。長期持有人已經開始獲利

The recent surge in Bitcoin's (BTC) price has led to a significant change in investor behavior, according to Glassnode data.

根據GlassNode的數據，比特幣（BTC）價格最近的增長導致了投資者行為的重大變化。

Long-term holders have begun taking profits, pushing the market's realized value to a new all-time high.

長期持有人已經開始獲利，將市場的實現價值推向了新的歷史最高水平。

Bitcoin realized cap has surpassed $900 billion for the first time

比特幣意識到CAP首次超過了9000億美元

Data from on-chain analytics firm Glassnode shows that BTC's realized cap has now risen above $900 billion. This peak value occurs as investors are locking in gains after holding onto their assets for many months. With many long-term holders in a strong profit position following the latest BTC price rally, it appears that they are beginning to take some of their gains.

來自鏈分析公司玻璃節的數據表明，BTC的CAP現在已經上漲了9000億美元。當投資者持有其資產數月之後，投資者鎖定了收益，因此發生了高峰價值。在最新的BTC價格集會之後，許多長期持有人處於強大的利潤地位，看來他們開始贏得一些收益。

Also, the market value to realized value (MVRV) ratio has entered what analysts call the "euphoria zone." The ratio measures whether investors are sitting on unrealized gains, while this zone is a phase where investor profit-taking reaches extreme levels.

此外，實現價值（MVRV）比率的市場價值已經輸入了分析師所說的“ Euphoria區”。該比率衡量了投資者是否坐在未實現的收益上，而該區域是投資者獲利達到極端水平的階段。

This ratio is over 3.2 for long-term Bitcoin holders, like Michael Saylor's Strategy, which just bought 4,020 BTC, signaling that, on average, their coins are worth more than triple the purchase price. Such levels are usually a sign that a market top is approaching, and investors are reducing their risk by selling a large percentage of their holdings.

對於長期比特幣持有人來說，這個比率超過3.2，例如邁克爾·塞勒（Michael Saylor）的策略，該戰略剛剛購買了4,020 BTC，表明他們的硬幣平均價值高於購買價格三倍。這樣的水平通常表明市場頂級正在接近，投資者通過出售很大一部分持股來降低風險。

In addition, the MVRV ratio for those who bought BTC within the last five months (short-term holders) is over 2.0. This finding indicates that these investors are also realizing substantial profits.

此外，在過去五個月內購買BTC的人的MVRV比率（短期持有人）超過2.0。這一發現表明這些投資者也正在實現大量利潤。

Source: Glassnode

來源：玻璃節

The data shows that the last time the MVRV ratio reached such high levels was during the 2021 bull market. Back then, BTC experienced a sharp correction after the MREVR ratio crossed the euphoria zone.

數據表明，MVRV比率上次達到如此高的時間是在2021年牛市。當時，BTC在MREVR比越過欣快感區後進行了急劇的校正。

However, despite the potential for volatility, the latest data from Glassnode suggests that the crypto market may be entering a more volatile period.

但是，儘管有潛力的波動性，但GlassNode的最新數據表明，加密貨幣市場可能會進入一個更加動蕩的時期。

The legend price, which refers to historical support and resistance levels, has displayed slight gains, in contrast to the BTC price's massive rally. This difference highlights how BTC dominates investor attention, especially through institutional demand with spot Bitcoin ETFs.

傳說價格是指歷史支持和抵抗水平，與BTC價格的大規模集會相反，它顯示出略有收益。這種差異強調了BTC如何在投資者的關注中占主導地位，尤其是通過與現貨比特幣ETF的機構需求。

This market phase displays the classic cycle of a massive price increase, which causes long-term investors to start securing profits. While the metrics don't indicate that a crash will happen soon, they suggest that the market may be entering a more volatile period.

這個市場階段顯示出大量價格上漲的經典週期，這導致長期投資者開始獲得利潤。雖然指標並沒有表明很快就會發生崩潰，但他們建議市場可能會進入更加動蕩的時期。

The bear market for altcoins isn't over yet

Altcoins的熊市還沒有結束

Popular crypto analyst Michael Van de Poppe has stated that the bear market for altcoins isn't over yet. However, Van de Poppe noted that there's a strong bearish divergence in BTC's dominance.

受歡迎的加密分析師邁克爾·範·德·波普（Michael van de Poppe）表示，altcoins的熊市尚未結束。但是，范德·波普（Van de Poppe）指出，BTC的統治地位存在強烈的看跌差異。

This means there's a gradual weakening of Bitcoin's share of the total cryptocurrency market. Hence, the analyst predicts that a shift could be imminent, with altcoins rising in value. Van de Poppe also notes that the dip (circled in red) marks the end of the bear market previously, and a similar turnaround could be near.

這意味著比特幣在總加密貨幣市場中的份額逐漸減弱。因此，分析師預測，隨著山寨幣價值的上升，山寨幣可能會發生變化。范德·波普（Van de Poppe）還指出，傾角（以紅色盤旋）標誌著熊市的末端，並且可能會發生類似的周轉。