比特幣被鎖定了：下一步是突破嗎？

比特幣的流動性供應飆升，但持續的銷售壓力造成了拔河。收緊流動性會推出突破，還是賣方統治？

Bitcoin Locked Away: Is the Next Move a Breakout?

比特幣被鎖定了：下一步是突破嗎？

Bitcoin's got everyone talking, especially with the latest buzz around 'Bitcoin, locked away, next move'. Bitcoin's illiquid supply has hit a record high, but a battle's brewing between those holding on tight and those eager to sell. What does it all mean for Bitcoin's next move?

比特幣讓每個人都在談論，尤其是在“比特幣，被鎖定，下一步”的最新嗡嗡聲中。比特幣的流動性供應量很高，但在緊張的人和渴望出售的人之間進行了戰鬥的釀造。這對比特幣的下一步意味著什麼？

Bitcoin's Supply Squeeze: HODLers Gonna HODL

比特幣的供應擠壓：霍德爾會霍德爾

Over 72% of all circulating Bitcoin, a whopping 14.3 million BTC, is now considered illiquid, meaning it's locked away in wallets and not actively traded. This includes a recent accumulation of 20,000 BTC. Long-term holders are clearly feeling bullish, shrugging off recent market dips and doubling down. Strategy, for instance, isn't just talking the talk, they're walking the walk, scooping up Bitcoin like it's going out of style. Their latest purchase of 1,955 BTC at an average of $111,196 per coin is just another Tuesday for them. They're sitting on a mountain of unrealized gains and continue to buy.

現在，超過72％的循環比特幣，高達1430萬BTC的比特幣，現在被認為是流動性的，這意味著它已被鎖定在錢包中，而不是積極交易。這包括最近的20,000 BTC積累。長期持有人顯然感到看漲，聳了聳肩，最近的市場下降並加倍。例如，策略不僅在談論演講，而且在走路，像過時的時尚一樣挖出比特幣。他們最新購買1,955 BTC，平均每枚硬幣為111,196美元，這只是他們的另一個星期二。他們坐在一個未實現的收益上，繼續購買。

Miners Cooling Off, But Sellers Still in Control?

礦工冷卻，但是賣家仍處於控制之中？

The Miners' Position Index (MPI) is down, suggesting miners are easing up on selling. Historically, this has been a good sign, aligning with accumulation phases. However, Spot Taker CVD data tells a different story, revealing persistent sell-side dominance. Short-term players seem more interested in taking profits or hedging, creating an imbalance that could cap Bitcoin's upside potential.

礦工的位置指數（MPI）下降，這表明礦工正在減輕銷售。從歷史上看，這是一個好兆頭，與積累階段保持一致。但是，現場攻擊者CVD數據講述了一個不同的故事，揭示了持續的賣方優勢。短期玩家似乎對獲得利潤或套期保值更感興趣，這會造成可能限制比特幣上漲潛力的失衡。

Network Strength: A Glimmer of Hope?

網絡實力：一線希望？

The NVT Golden Cross is surging, hinting at an improving network valuation compared to transaction volumes. This indicator has historically preceded accumulation or recovery phases. While near-term momentum is still facing headwinds from selling pressure, the NVT trend offers a more constructive long-term outlook.

NVT黃金十字架正在激增，暗示與交易量相比，網絡估值提高。該指標歷史上已經累積或恢復階段。儘管近期勢頭仍面臨銷售壓力的逆風，但NVT趨勢提供了更具建設性的長期前景。

The Million Dollar Question: Breakout or Breakdown?

百萬美元的問題：突破還是崩潰？

Bitcoin is at a critical juncture. The record illiquid supply and declining miner outflows signal strong conviction among long-term holders. However, the spot market's sell-side dominance is tempering bullish enthusiasm. The NVT Golden Cross suggests stronger valuation conditions, but ultimately, it boils down to buying activity. If buyers step up, Bitcoin's tightened liquidity could amplify the next breakout. But without that, sellers may continue to suppress any short-term gains.

比特幣處於關鍵時刻。創紀錄的流動性供應和下降的礦工流出了長期持有人的堅定信念。但是，現貨市場的賣方主導地位是對看漲的熱情。 NVT Golden Cross提出了更強的估值條件，但最終歸結為購買活動。如果買家加緊努力，比特幣的收緊流動性可以擴大下一個突破。但是沒有這些，賣方可能會繼續壓制任何短期收益。

My Take: Patience is a Virtue (and a Potential Fortune)

我的看法：耐心是一種美德（也是潛在的財富）

Personally, I think the long-term outlook for Bitcoin remains bright. The increasing institutional interest, exemplified by companies like Strategy and the growing Bitcoin ETF market, is a powerful force. Yes, there will be volatility, and yes, short-term traders will try to shake things up. But the fundamental story of Bitcoin – a decentralized, scarce digital asset – remains compelling. Just look at Strategy; they're not sweating the dips, they're buying them. They're betting big on a post-dollar world where Bitcoin plays a central role.

就我個人而言，我認為比特幣的長期前景仍然明亮。諸如戰略和不斷增長的比特幣ETF市場之類的公司舉例說明的機構興趣不斷增長，是一項強大的力量。是的，將會有波動性，是的，短期交易者將試圖振作起來。但是，比特幣的基本故事 - 一個分散的，稀缺的數字資產 - 仍然令人信服。只看策略；他們不會流汗蘸醬，他們正在購買。他們在一個毛線後的世界上大放異彩，比特幣扮演著核心角色。

While everyone's focused on Bitcoin, it's worth noting that XRP is also making waves, with potential ETF approvals on the horizon. But Bitcoin remains the king, and its next move will likely set the tone for the entire crypto market.

雖然每個人都專注於比特幣，但值得注意的是，XRP也在浪潮，並具有潛在的ETF批准。但是比特幣仍然是國王，其下一步行動可能會為整個加密市場定下基調。

The Bottom Line

底線

So, what's the next move for Bitcoin? Nobody knows for sure. But one thing's clear: the stage is set for a potentially explosive move. Whether it's up or down depends on who wins this tug-of-war between buyers and sellers. Buckle up, folks, it's gonna be a wild ride! And hey, maybe it's time to lock away some Bitcoin of your own. You never know, it might just be the best investment you ever make.

那麼，比特幣的下一步行動是什麼？沒有人知道。但是一件事很明確：舞台是為了進行爆炸性的舉動。是向上還是向下取決於誰贏得了買賣雙方之間的拔河比賽。搭扣，伙計們，這將是一個瘋狂的旅程！嘿，也許是時候鎖定自己的比特幣了。您永遠不會知道，這可能只是您做出的最好的投資。