比特幣的BTC/USD最近的增長到104,000美元，主要是由於現貨積累而驅動的，顯著降低了賣方壓力

根據GlassNode的市場報告，比特幣的BTC/USD最近漲到104,000美元，主要是由現貨積累和顯著降低賣方壓力驅動的。

Bitcoin's BTC/USD recent surge to $104,000 has been driven mainly by spot accumulation and a reduction in sell-side pressure, according to Glassnode's market report released Thursday.

根據GlassNode的市場報告，比特幣的BTC/USD最近增加到104,000美元，主要是由現貨積累和賣方壓力減輕驅動的。

What Happened: A key short-term support level has emerged around $93,000-$95,000, with both on-chain and exchange data suggesting that recent buyers are defending this cost basis zone.

發生了什麼：關鍵的短期支持水平已出現在93,000-95,000美元左右，鍊和交換數據都表明最近的買家正在捍衛此成本基礎區域。

“A key accumulation zone emerged between $93k and $95k,” the report notes, adding that this range aligns closely with the Short-Term Holder (STH) cost basis, which includes investors who entered the market in the past five months.

該報告指出：“關鍵的累積區域在$ 93K到$ 95K之間。”該報告補充說，該系列與短期持有人（STH）成本基礎緊密一致，其中包括過去五個月進入市場的投資者。

Glassnode analysts highlight that this zone is likely to act as a structural support during pullbacks. "This range… represents a demand zone where investors are likely to see value once again."

GlassNode分析師強調，該區域可能在回調過程中充當結構支持。 “這個範圍……代表了一個需求區，投資者可能再次看到價值。”

Supporting this, net buying pressure has intensified on U.S. exchange Coinbase COIN, while selling on Binance has sharply declined. "Coinbase has experienced a regime of consistent net buying… Binance markets have transitioned from intense net selling… to a milder -$9M daily today."

為此，在美國交易所Coinbase硬幣上加劇了淨購買壓力，而二手售價急劇下降。 “ Coinbase經歷了一致的淨購買量……binance市場已經從緊張的淨銷售過渡到……今天每天900萬美元。”

In derivatives markets, perpetual futures open interest has dropped by 10% from its peak, signaling a short squeeze and cleansing of excessive short-side leverage.

在衍生品市場中，永久期貨的開放興趣從其峰值起下降了10％，表明短暫的短側槓桿率很短。

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WHy It MattersL This positions the market for a more sustainable uptrend.

為什麼它很重要，這使市場定位更可持續的上升趨勢。

"These types of shakeouts are characteristic of healthy resets… often seen during the early phases of a new market trend," the report states.

報告指出：“這些類型的搖動是健康重置的特徵……通常在新市場趨勢的早期階段看到。”

While ETF inflows have slowed from a peak of $389 million/day to around $58 million/day, demand remains strong. Glassnode points out that this institutional participation reflects a longer-term conviction in Bitcoin, echoing inflow patterns from earlier rallies in 2024.

儘管ETF流入量從每天3.89億美元的峰值下降到每天5800萬美元左右，但需求仍然很大。 GlassNode指出，這種機構參與反映了比特幣的長期信念，這與2024年早期集會的流入模式相呼應。

Options market data also shows traders leaning bullish.

期權市場數據還顯示了交易者傾向看漲。

The 1-month 25 Delta Skew stands at -6.1%, indicating traders are paying more for calls than puts, a classic sign of upside speculation.

1個月的25個三角洲偏斜為-6.1％，表明交易者為電話支付的費用超過了Puts，這是上升猜測的經典跡象。

The report further states that Bitcoin's upward momentum is well-supported.

該報告進一步指出，比特幣的向上勢頭得到了很好的支持。

As long as the cost basis support zone holds and derivatives markets continue to stabilize, the rally may remain intact even as the asset approaches its all-time high near $109,000.

只要成本基礎支持區的成本支撐區和衍生品市場繼續穩定，即使資產接近其歷史最高的109,000美元，集會也可能保持完整。

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