在賣方壓力下降的情況下，比特幣（BTC）飆升至新的ATH

經過幾個月的盤整，比特幣達到 10.9 萬美元的歷史新高。 Glassnode 表示，分析顯示賣方壓力正在減弱，並發出潛在市場波動的訊號。

Bitcoin (BTC) price hit a new all-time high (ATH) of $109,000 on January 21, continuing its relentless rally. The surge comes after two months of consolidation in the $90,000 range.

1 月 21 日，比特幣 (BTC) 價格創下 109,000 美元的歷史新高 (ATH)，繼續強勁上漲。此次飆升是在兩個月的 9 萬美元區間盤整之後出現的。

However, analysis by on-chain data provider Glassnode reveals diminishing sell-side pressure and several indicators suggesting the potential for market volatility.

然而，鏈上數據提供商 Glassnode 的分析顯示，賣方壓力正在減弱，多項指標顯示市場可能會出現波動。

As BTC rallied past the $100,000 milestone, net capital inflows spiked, indicating large-scale profit-taking by investors. But these inflows have since leveled off, suggesting the market is stabilizing as it adjusts to the new price level.

隨著比特幣突破 10 萬美元大關，淨資本流入激增，顯示投資者大規模獲利了結。但此後這些資金流入已趨於平穩，顯示市場在適應新的價格水準時正在趨於穩定。

The Realized Cap, which represents the total value ever stored in Bitcoin, reached a new ATH of $832 billion, adding $38.6 billion per month.

已實現上限（代表比特幣有史以來儲存的總價值）達到了新的 8,320 億美元，每月增加 386 億美元。

The Net Realized Profit/Loss metric, which tracks the magnitude of net capital flows in USD on-chain, reveals a drastic decline in profit-taking volumes.

淨實現利潤/損失指標追蹤鏈上美元淨資本流動的規模，顯示獲利了結量急劇下降。

At its peak in December 2024, the metric indicated a net capital inflow of $4.5 billion. However, this figure has now plummeted to $316.7 million, indicating a 93% reduction in profit-taking activity.

該指標顯示，在 2024 年 12 月達到高峰時，資本淨流入為 45 億美元。然而，這一數字現已暴跌至 3.167 億美元，顯示獲利了結活動減少了 93%。

Several metrics, including Coinday Destruction and exchange inflow volumes, suggest a decrease in sell-side pressure. The Binary CDD metric, which measures the expenditure of "holding time," indicates that a large portion of investors have already realized profits within the current price range.

包括 Coinday Destruction 和交易所流入的多項指標顯示賣方壓力減輕。二元CDD指標衡量「持有時間」的支出，顯示很大一部分投資者已經在當前價格範圍內實現了利潤。

Long-term holders (LTH) have also shown reduced activity in sending BTC to exchanges. Inflow volumes from LTHs, which indicate distribution, dropped from a December peak of $526.9 million to $92.3 million. This shift suggests a preference for accumulation over distribution, with LTH supply continuing to grow.

長期持有者（LTH）向交易所發送比特幣的活動也有所減少。 LTH 的流入量（顯示分配情況）從 12 月峰值 5.269 億美元下降至 9,230 萬美元。這種轉變表明人們更傾向於累積而不是分配，LTH 供應持續成長。

Multiple measures of volatility are also showing signs of tightening. The 60-day price range, which is historically narrow, suggests the market may be preparing for another substantial move.

多項波動性指標也顯示出收緊跡象。 60 天的價格區間在歷史上很窄，顯示市場可能正在為另一次大幅波動做準備。

The Realized Supply Density metric indicates that 20% of the Bitcoin supply is concentrated within ±15% of the current spot price, increasing potential volatility.

已實現供應密度指標表明，20% 的比特幣供應集中在當前現貨價格的 ±15% 範圍內，增加了潛在的波動性。

The Sell-Side Risk Ratio, which evaluates the volume of realized profit and loss relative to the Realized Cap, has declined sharply.

評估已實現盈虧量相對於已實現上限的賣方風險比率已大幅下降。

The metric suggests that the majority of profit-taking activities have already occurred, creating a local equilibrium and hinting at the potential for volatility.

此指標顯示大多數獲利回吐活動已經發生，創造了局部均衡並暗示了潛在的波動性。

Overall, the surge in Bitcoin price to a new ATH of $109,000 is influenced by reduced sell-side pressure and several tightening volatility indicators. As the market stabilizes above $100,000, investors and analysts are keeping a close eye on these metrics for indications of the next potential market movement.

總體而言，比特幣價格飆升至新的 109,000 美元，是受到賣方壓力減輕和一些波動性指標收緊的影響。隨著市場穩定在 10 萬美元以上，投資者和分析師正在密切關注這些指標，以了解下一個潛在市場走勢的跡象。