比特幣（BTC）的交易低於其歷史最高的2.5％，信號增長了勢頭

比特幣的交易價格低於其歷史最高$ 112,000的2.5％，這標誌著增長的勢頭以及價格發現新衝動階段的潛在開始。

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Bitcoin is trading less than 2.5% below its all-time high near $112,000, signaling growing momentum and the potential start of a new impulsive phase in price discovery. After weeks of steady gains and strong consolidation above the $100K level, BTC appears ready to break higher and extend its macro uptrend. The market is watching closely, as a clean move above $112K could trigger a wave of bullish continuation and renewed institutional interest.

比特幣的交易價格低於其歷史最高$ 112,000的2.5％，這標誌著增長的勢頭以及價格發現新衝動階段的潛在開始。經過數週的穩定增長和高於$ 10萬美元的水平的強勁合併後，BTC似乎準備好打破更高並擴大其宏觀上升趨勢。市場正在密切關注，因為一項清潔的舉動超過$ 112K，可能會引發看漲的延續浪潮和重新引起的機構利益。

On-chain insights from CryptoQuant add important context to this moment. Specifically, the analysis of UTXOs—Unspent Transaction Outputs—provides a deeper understanding of the state of unrealized profits across the network. UTXOs are the core technical structure that ensures a single bitcoin can only be spent once. But beyond that, they offer critical insight into the profitability of held coins.

加密素養的鍊鍊見解為這一刻增加了重要背景。具體而言，對UTXOS的分析（無史地交易輸出）提供了對整個網絡中未實現的利潤狀態的更深入的理解。 UTXOS是確保只能花費一次比特幣的核心技術結構。但是除此之外，他們還對持有硬幣的盈利能力提供了重要的見解。

Currently, the market is nearing the 99% threshold, meaning 99% of all BTC holdings are in profit. This level historically aligns with periods of market euphoria and strong uptrend, but can also signal potential overheating if sustained too long. As Bitcoin inches toward new highs, this metric reinforces the strength of the rally while reminding investors that such high profitability often comes with increased volatility.

目前，市場接近99％的門檻，這意味著所有BTC持有的99％是有利可圖的。歷史上，這一水平與市場欣快感和強勁上升趨勢保持一致，但如果持續時間太長，也可能表明潛在的過熱。隨著比特幣朝著新高點的英寸，該度量標準增強了拉力賽的實力，同時提醒投資者，這種高利潤率通常會增加波動性。

Bitcoin is showing remarkable strength as it flirts with new highs this week, trading just below $112,000. While global markets react to rising U.S. Treasury yields and persistent inflation, Bitcoin appears to be thriving in the chaos, solidifying its role as both a risk asset and a macro hedge. As traditional markets face pressure, BTC continues to lead with resilience, even as geopolitical and policy-related uncertainty clouds investor sentiment.

比特幣在本週的新高點調情時表現出色，交易價格低於112,000美元。儘管全球市場對美國財政收益率上升和持續通貨膨脹做出反應，但比特幣似乎在混亂中蓬勃發展，鞏固了其作為風險資產和宏觀對沖的作用。隨著傳統市場面臨壓力，即使在地緣政治和政策相關的不確定性雲投資者的情緒上，BTC仍會繼續以韌性為導致。

Top analyst Darkfost shared fresh insights on Bitcoin’s on-chain condition, focusing on the utility of UTXOs (Unspent Transaction Outputs). UTXOs are the technical mechanism that ensures a single BTC can only be spent once on the blockchain. But beyond that, they serve as a powerful tool for assessing unrealized profits across all held BTC.

Top Analyst DarkFost分享了對比特幣的鏈條件的新見解，重點是UTXOS的效用（未實用的交易輸出）。 UTXOS是確保單個BTC只能在區塊鏈上花費一次的技術機制。但是除此之外，它們是評估所有持有BTC的未實現利潤的強大工具。

One key metric derived from UTXOs is the percentage of BTC supply in profit. Currently, Bitcoin is approaching the critical 99% threshold, meaning nearly all coins are in unrealized gain territory. Historically, this level is associated with periods of market euphoria and sustained uptrends, but it also comes with a warning: elevated unrealized profits often precede spikes in profit-taking.

來自UTXO的一個關鍵指標是BTC供應利潤的百分比。目前，比特幣正在接近關鍵的99％閾值，這意味著幾乎所有硬幣都處於未實現的收益領域。從歷史上看，該水平與市場欣快感和持續上升趨勢有關，但它也帶有警告：提高未實現的利潤通常是在獲利中的峰值之前。

While BTC’s structure remains bullish, macro uncertainty—especially around the Trump administration’s policy direction—keeps risk-on conviction muted. As Darkfost notes, “We’re not fully euphoric yet, but we’re entering a zone where late buyers should be cautious.”

儘管BTC的結構仍然看漲，但宏觀不確定性（尤其是在特朗普政府的政策方向上）仍保留風險的定罪。正如Darkfost所指出的那樣：“我們還沒有完全欣喜，但是我們進入了一個晚期買家應該謹慎的區域。”

If the 99% profit signal drops, it may trigger a wave of selling as gains shrink and weaker hands capitulate. For now, though, Bitcoin remains strong, and the uptrend is intact. The market is watching closely because in times like these, BTC tends to move first.

如果99％的利潤信號下降，它可能會觸發銷售浪潮，隨著增益收縮和較弱的手屈曲。不過，就目前而言，比特幣仍然很強，並且上升趨勢是完整的。市場之所以要密切關注，是因為在這樣的時期，BTC傾向於先移動。