比特幣的顛簸騎行：獲利的速度減慢了動力，接下來是什麼？

比特幣的拉力賽面臨逆風，因為獲利的價格為$ 650B，動量減慢了。新鮮的催化劑會出現，還是將範圍結合的新常態交易？

Bitcoin's Bumpy Ride: Profit-Taking Slows Momentum, What's Next?

比特幣的顛簸騎行：獲利的速度減慢了動力，接下來是什麼？

Bitcoin's surge to new heights hit a snag. Profit-taking by long-term holders has led to a slowdown in momentum. Is this a temporary breather, or a sign of things to come?

比特幣的新高度湧入陷入困境。長期持有人的盈利導致勢頭放緩。這是暫時的呼吸器還是即將發生的事情的跡象？

Long-Term Holders Cashing Out

長期持有人兌現

On-chain data reveals that long-term Bitcoin holders are realizing substantial profits. Glassnode reports over $650 billion in profits realized this cycle, surpassing the last bull run. These profit-taking waves are hindering Bitcoin's upward trajectory, keeping it in a tighter range.

鏈上數據表明，長期比特幣持有人正在實現大量利潤。 GlassNode報告說，超過650億美元的利潤實現了這一周期，超過了最後一次公牛。這些利潤的波浪阻礙了比特幣的向上軌跡，使其處於更嚴格的範圍。

Bitcoin analyst James Check confirms that much of the selling pressure comes from holders who've held their Bitcoin for three years or more. Charles Edwards of Capriole Funds notes that Bitcoin's stagnation around $100,000 since January is largely due to long-term holders selling post-ETF launch.

比特幣分析師James Check確認，銷售壓力的大部分來自持有比特幣三年或更長時間的持有人。 Capriole Funds的查爾斯·愛德華茲（Charles Edwards）指出，比特幣自1月以來的停滯量約為100,000美元，這在很大程度上是由於長期持有人出售了ETF發布後。

Weakening Market Momentum

弱化的市場勢頭

Besides profit-taking, Bitcoin's on-chain volume has decreased by roughly 32% in recent weeks. The move to $111,000 didn't spark a surge in trading activity. Spot volume is significantly below previous cycle peaks, signaling a lack of speculative intensity and reinforcing the consolidation narrative.

除了獲利外，最近幾週比特幣的鍊鍊量減少了約32％。搬到111,000美元的轉移並沒有激發交易活動的激增。斑點體積顯著低於先前的周期峰，這表明缺乏投機強度並加強了整合敘事。

Futures markets also show signs of fatigue. While leveraged traders were active during the recent price surge, their appetite for risk appears to be waning. Decreasing annualized funding rates and 3-month rolling basis suggest a shift toward defensive strategies rather than aggressive long bets.

期貨市場還顯示出疲勞的跡象。儘管槓桿交易者在最近的價格飆升期間活躍起來，但他們對風險的需求似乎正在減弱。降低年度資金率和3個月的滾動基礎，這表明向防守策略轉移，而不是積極的長下注。

ETF Inflows Provide Support

ETF流入提供支持

Despite the headwinds, U.S.-listed spot Bitcoin ETFs have seen strong inflows. Between June 23 and 27, the 12 spot Bitcoin ETFs recorded a combined $2.22 billion in net inflows. BlackRock's IBIT led the way, pulling in $1.3 billion. These inflows have boosted investor confidence and helped Bitcoin hold steady.

儘管受到逆風，但在美國上市的比特幣ETF仍然有強烈的流入。在6月23日至27日之間，12個比特幣ETF的淨流入量為22.2億美元。貝萊德（Blackrock）的伊比特（Ibit）帶領，賺了13億美元。這些流入增強了投資者的信心，並幫助比特幣保持穩定。

Institutional accumulation is also accelerating among ETF issuers. BlackRock has been on a weeks-long buying spree, pushing its total holdings to a record $77.7 billion. Combined, the U.S. spot Bitcoin ETFs now hold $133.17 billion in net assets, representing roughly 6.25% of Bitcoin's total market capitalization.

ETF發行人之間的機構積累也正在加速。貝萊德（Blackrock）已經進行了長達數週的狂歡，將其總持股推向創紀錄的777億美元。美國現貨比特幣ETF現在持有1331.7億美元的淨資產，約佔比特幣總市值的6.25％。

What's Next for Bitcoin?

比特幣的下一步是什麼？

Bitcoin's price may remain range-bound due to reduced speculative pressure and weaker trading signals until a fresh catalyst emerges. Keep an eye on institutional activity, regulatory developments, and macroeconomic factors. The market is in a cool-down phase, but the long-term outlook remains positive.

由於投機壓力降低和交易信號較弱，直到新鮮的催化劑出現，比特幣的價格可能會保持範圍限制。密切關注機構活動，監管發展和宏觀經濟因素。市場處於冷靜階段，但長期前景仍然積極。

So, is Bitcoin taking a breather, or is this the start of something bigger? Only time will tell, but one thing's for sure: the Bitcoin rollercoaster never gets boring! Buckle up, crypto enthusiasts, it's going to be a wild ride!

因此，比特幣是喘息的，還是這是更大的開始的開始？只有時間會說明，但是可以肯定的是：比特幣過山車永遠不會感到無聊！搭扣，加密愛好者，這將是一次瘋狂的旅程！