比特幣的流動性擠壓：玻璃節揭開了$ 118K及以後的市場動態

比特幣達到了新的高點，但玻璃節數據揭示了較薄的流動性。這是可持續的集會，還是會陷入困境？深入研究鏈分析。

Yo, crypto fam! Bitcoin just smashed past $118,000, but is this party built on solid ground? Glassnode's on-chain data is throwin' some shade on the liquidity situation, and it's time to break it down. Is this a real breakout or a head fake?

喲，加密貨幣。比特幣剛剛超過了118,000美元，但是這個政黨是建立在堅實地的基礎上的嗎？ GlassNode的鍊鍊數據對流動性情況拋出了一些陰影，現在該分解它了。這是一個真正的突破還是偽造的？

Bitcoin's Volume Problem: Are We Running on Fumes?

比特幣的音量問題：我們在煙氣上運行嗎？

Glassnode dropped a bomb: even with Bitcoin hitting all-time highs, trading volume is lookin' kinda anemic. Spot and futures volumes took a nosedive in late June and early July, and while they've perked up a bit with the price surge, they're still nowhere near historical levels.

GlassNode放下了一枚炸彈：即使比特幣達到歷史最高點，交易量也是貧血的。現貨和期貨量在6月下旬和7月初進行了鼻子，儘管他們隨著價格上漲的速度提高了一點，但它們仍然遠不及歷史水平。

Why does this matter? Sustainable rallies need fresh blood – new traders jumpin' in and fuelin' the fire. As Glassnode points out, Bitcoin is hittin' ATHs despite this “thin liquidity.” That’s a red flag, ya'll.

為什麼這很重要？可持續集會需要新鮮的血液 - 新的交易者跳入並加油。正如GlassNode指出的那樣，儘管“流動性稀薄”，比特幣還是Hittin'Aths。那是一個危險信號，是的。

Long-Term Holders: Still Chillin', Not Euphoric

長期持有人：仍然很寒意，而不是欣喜

Another interesting tidbit from Glassnode: the Net Unrealized Profit/Loss (NUPL) of long-term holders (LTHs) isn't in full-blown euphoria mode. These are the folks who've been hodlin' for over 155 days, and their NUPL is below the 0.75 threshold that historically signals crazy-high market optimism. This cycle has seen way fewer days above this euphoria level compared to previous ones. Are the OGs stayin' grounded?

玻璃節點的另一個有趣的花絮：長期持有人（LTHS）的淨未實現的盈利/損失（NUPL）並不處於成熟的欣快感模式。這些人已經超過155天了，他們的NUPL低於0.75個閾值，歷史上標誌著瘋狂的市場樂觀。與以前的周期相比，這個週期比這一欣快的天數少了。 OGS是否紮根？

Bitcoin Hyper: A Layer 2 Solution Stealing the Show?

比特幣超級：第2層解決方案竊取節目？

Enter Bitcoin Hyper (HYPER), a Layer 2 solution hopin' to supercharge Bitcoin. These guys raised nearly $2.4 million and are offerin' some pretty sweet staking rewards. They're usin' a non-custodial bridge to bring wrapped BTC to their Layer 2, aimin' to solve Bitcoin's scalability and programmability issues. Sounds ambitious, right?

輸入比特幣Hyper（Hyper），第2層解決方案旋轉到增壓比特幣。這些傢伙籌集了近240萬美元，並提供了一些非常甜蜜的放電獎勵。它們是一座非監護橋，將包裹的BTC帶入其第2層，目的是解決比特幣的可伸縮性和可編程性問題。聽起來雄心勃勃，對嗎？

With spot Bitcoin ETF inflows goin' through the roof and open interest in Bitcoin options pointin' towards $150,000 by the end of August, things are gettin' spicy. Glassnode's accumulation trend score signaled a “moderately strong accumulation regime” since the end of April, suggestin' folks saw Bitcoin as a good deal before the recent price explosion.

到8月底，隨著現場比特幣ETF的流入流入屋頂，對比特幣期權的開放興趣，到達15萬美元，事情變得辛辣了。 GlassNode的累積趨勢得分錶明自4月底以來“中等強大的積累制度”，建議人們認為比特幣在最近的價格爆炸之前是一筆不錯的選擇。

Plus, long-term holder accumulation is outpacing new coin issuance, which is generally good news for price pressure. And spot ETFs now account for a significant chunk of Bitcoin's market cap, showin' that institutions are gettin' more involved.

另外，長期持有人的積累超過了新的硬幣發行，這通常是價格壓力的好消息。現在，現場ETF佔比特幣的市值很大一部分，表明機構更加參與其中。

VeChain's DeFi Leap: Bridging to Bitcoin and Beyond

Vechain的Defi Leap：橋接到比特幣及以後

VeChain is gettin' in on the action too, integratin' Wanchain as a cross-chain bridge partner. This move aims to boost liquidity and adoption of VeChain-native assets across DeFi platforms. By connectin' to over 40 blockchains, including Bitcoin and Ethereum, VeChain is lookin' to make it easier to move assets around the DeFi landscape.

Vechain也參與了行動，Integratin'Wanchain是跨鏈橋的合作夥伴。此舉旨在提高在Defi平台上的流動性和採用獸醫本地資產。通過連接到40多個區塊鏈（包括比特幣和以太坊），Vechain看起來很容易在Defi景觀周圍移動資產。

The Short-Term Squeeze: $117,000 is the Level to Watch

短期擠壓：$ 117,000是值得關注的水平

Glassnode also pointed out that Bitcoin has been tradin' within a short-term band, with the upper level around $117,000. This band is based on the Realized Price of short-term holders (STHs). This level can be seen as the upper band of the short-term price action. Will Bitcoin break through?

GlassNode還指出，比特幣一直在短期頻段內進行交易，高層約為117,000美元。該樂隊基於短期持有人（STH）的實現價格。該水平可以看作是短期價格行動的上限。比特幣會突破嗎？

Final Thoughts: Buckle Up, It's Gonna Be a Wild Ride

最終想法：係好，這將是一個瘋狂的旅程

So, what's the takeaway? Bitcoin's rally is lookin' a bit shaky under the hood, with low liquidity being a major concern. However, institutional interest is growin', Layer 2 solutions are emergining, and VeChain is makin' moves in the DeFi space. It's a complex picture, and nobody knows for sure where things are headed.

那麼，收穫是什麼？比特幣的集會在引擎蓋下看起來有些動搖，低流動性是一個主要問題。但是，機構的興趣是增長的，第2層解決方案正在出現，而Vechain正在努力空間中的移動。這是一張復雜的圖片，沒人能確定事情的發展方向。

But hey, that's crypto for ya! Stay informed, stay vigilant, and don't bet the farm on anything. Peace out, and happy hodlin' (or tradin', if that's your thing)!

但是，嘿，這是您的加密貨幣！保持告密性，保持警惕，不要在任何事情上打賭農場。和平，快樂的霍德林（如果那是你的話）！