比特幣（BTC）仍然處於一個由短期持有人控制的技術關鍵區域，儘管它恢復到近98,000美元

該報告強調了最近的市場行為，指出了資本流入和投資者情緒的改善。此外，它警告說，如果密鑰支持水平失敗，當前的價格結構仍然很脆弱。

According to a May 7 analysis by Glassnode, despite recovering to nearly $98,000, Bitcoin (BTC) remains in a technically critical zone that is heavily concentrated among short-term holders (STHs).

根據5月7日的玻璃節分析，儘管恢復到近98,000美元，但比特幣（BTC）仍處於技術關鍵區域，該區域大量集中在短期持有人（STH）中。

This period has seen improved capital inflows and investor sentiment, but the current price structure remains vulnerable if key support levels fail.

這一時期的資本流入和投資者的情緒得到了改善，但是如果關鍵支持水平失敗，目前的價格結構仍然很容易受到影響。

Bitcoin price surges to seven-week highs

比特幣價格飆升至七周高點

As highlighted by Glassnode, recent price action has seen Bitcoin surge to highs last seen over two months ago, briefly touching $97,900. This move also pushed the bulk of coins out of a loss-making state.

正如GlassNode所強調的那樣，最近的價格動作已將比特幣激增到兩個月前，直到最後一次出現，短暫觸及了97,900美元。這一舉動還將大部分硬幣從損失狀態推出。

Specifically, more than 3 million BTC returned to a profitable state following the apex of its correction to a low of roughly $74,000 in April. However, the market remains in a decision phase as it waits to see whether Bitcoin can consolidate above cost-basis levels such as the 111-day moving average and the Short-Term Holder realized price.

具體而言，在4月份，超過300萬BTC的校正最高點返回了一個有利可圖的狀態。但是，市場在等待查看比特幣是否可以合併成本基礎水平（例如111天移動平均水平）和短期持有人實現的價格等於，市場仍處於決策階段。

The analysis noted that the recent rally has pushed Bitcoin’s realized cap to an all-time high of $889 billion, up 2.1% over the past month. Realized cap is a metric that measures cumulative capital inflows based on the original acquisition price of coins.

分析指出，最近的集會使比特幣的實現上限達到了889億美元的歷史最高點，在過去一個月中增長了2.1％。實現的CAP是一個指標，它根據硬幣的原始獲取價格來衡量累積資本流入。

This statistic suggests that more value is entering the network, which may indicate that new investors are accumulating coins at higher price ranges compared to the average cost basis.

該統計數據表明，更多的價值正在進入該網絡，這可能表明新投資者與平均成本基礎相比，新投資者以較高的價格範圍積累硬幣。

Concurrently, realized profits have exceeded $1 billion per day, showcasing strong demand capable of absorbing profit-taking activity from recent buyers.

同時，實現的利潤已經超過每天10億美元，表明了強勁的需求，能夠吸收最近買家的利潤活動。

According to CryptoSlate data, Bitcoin was trading at $96,844 at the time of writing, up 2.64% over the past 24 hours.

根據隱板數據，在寫作時，比特幣的交易價格為96,844美元，在過去的24小時內增長了2.64％。

Short-term holders key as ETF demand recovers

短期持有人的鑰匙隨著ETF需求恢復

While the number of coins held at a loss has dropped to 1.9 million BTC, recent buyers still represent the bulk of these holdings. Glassnode reported that STHs concentrate 83% of coins in unrealized loss, many of whom entered the market above $96,000.

儘管虧損的硬幣數量已降至190萬BTC，但最近的買家仍然代表著這些持股中的大部分。 GlassNode報告說，STH將83％的硬幣集中在未實現的損失中，其中許多人進入了96,000美元以上的市場。

These investors were previously subject to elevated financial stress, with unrealized losses breaching alarming levels earlier this year. However, that stress has since subsided, with the STH unrealized loss metric returning to neutral territory, suggesting that most of these addresses are closer to breakeven.

這些投資者此前遭受著升高的財務壓力，今年早些時候未實現的損失違反了令人震驚的水平。但是，這種壓力從那以後就消失了，STH未實現的損失度量返回中性領土，這表明這些地址中的大多數都更接近盈虧平衡。

This transition has also influenced spending behavior, with STHs increasingly realizing gains rather than losses. According to the report, this shift may mark a pivot point, indicating that the cohort is regaining confidence and selectively de-risking.

這種過渡也影響了支出行為，STH越來越多地意識到收益而不是損失。根據該報告，這一轉變可能標誌著一個樞軸點，表明該隊列正在恢復置信度並有選擇性地風險。

Overall investor activity has also picked up. Combining realized profit and loss volumes yields a daily figure of over $1 billion, a level only exceeded during 15% of trading sessions in this cycle.

總體投資者的活動也已經興起。結合實現的利潤和損失量的每日數量超過10億美元，在此週期中15％的交易課程中僅超過了水平。

The uptick indicates renewed market engagement, but the report cautioned that much of this behavior may still be reactive to short-term price moves rather than driven by long-term conviction.

上升的表明是新的市場參與，但該報告警告說，這種行為的大部分可能仍然對短期價格轉移，而不是由長期定罪驅動。

Institutional interest, which had waned during recent months, appears to be returning. US spot Bitcoin exchange-traded funds (ETFs) have absorbed over $4.6 billion in inflows across the last two weeks, offsetting the 70,000 BTC in net outflows recorded during the previous drawdown.

近幾個月來逐漸減弱的機構利益似乎正在返回。美國現貨比特幣交易所貿易資金（ETF）在過去兩周中吸收了超過46億美元的流入，從而抵消了上一次縮減期間記錄的70,000 BTC。

Total assets under management within US ETFs now stand at 1.171 million BTC, just 11,000 BTC short of the all-time high earlier this year.

現在，美國ETF內部管理的總資產為117.1萬BTC，比今年早些時候有史以來高的BTC僅11,000 BTC。

According to the report, the recovery in ETF demand is a constructive signal that institutional allocators are starting to rotate capital into Bitcoin again after a period of caution. The inflows coincide with the broader uptick in market liquidity and capital deployment observed on-chain.

根據該報告，ETF需求的回收是一個建設性的信號，即經過一段時間的謹慎，機構分配者開始再次將資本旋轉成比特幣。流入與市場流動性和資本部署的更廣泛的上升相吻合。

Despite rally, volatility expectations decline

儘管集會，但預期的波動性下降了

Despite the rally and renewed capital movement, volatility expectations in derivatives markets are declining.

儘管集會和更新的資本運動，但衍生品市場的波動期望仍在下降。

One-week and one-month at-the-money implied volatility is now at its lowest since July 2024, while longer-dated contracts show similar compression. Implied volatility premiums on contracts expiring in May through March 2026 have all trended downward.

自2024年7月以來，一個星期和一個月的貨幣隱含波動率現在處於最低狀態，而較長的合同則顯示出類似的壓縮。默示的波動性保費在5月至2026年3月到期的合同均已下降。

Even long-term options are pricing in relatively low expectations for price swings.

即使是長期選擇，價格的定價相對較低，對價格波動的期望也相對較低。

The report viewed this subdued volatility regime as a potential counter-indicator, especially given the market’s proximity to dense cost-basis clusters between $94,000 and $96,000.

該報告將這種柔和的波動性制度視為潛在的反調查者，尤其是考慮到市場靠近密集的成本基礎簇在94,000美元至96,000美元之間。

The Realized Supply Density metric, which measures the acquisition volume of BTC near the current price, has increased meaningfully. This concentration implies that even small price fluctuations could have amplified effects on investor behavior, particularly among those who bought during the December–February consolidation range.

實現的供應密度度量標準衡量了當前價格附近的BTC的採集量，有意義地增加了。這種集中度意味著，即使價格很小的波動也可能會放大對投資者行為的影響，尤其是在12月至五月合併範圍內購買的人中。

While the recent rally has improved network-wide profitability and market structure, Bitcoin’s position near critical support and resistance levels means further gains are not guaranteed. It will test the current market strength if BTC fails to hold above its short-term cost basis

儘管最近的集會提高了網絡範圍的盈利能力和市場結構，但比特幣在關鍵支持和阻力水平附近的位置意味著不能保證進一步的收益。如果BTC未能超過其短期成本基礎，它將測試當前的市場實力