鏈上的數據表明，比特幣市場處於中立階段，平衡了看漲和看跌力的力量。在不確定性的情況下，交易者應謹慎行事。

Bitcoin Market Navigates the Neutral Zone: An On-Chain Data Perspective

比特幣市場導航中性區域：鍊鍊數據觀點

Bitcoin, once a mere experiment, now stands as a significant store of value. But beneath the surface, on-chain data reveals a market in a state of equilibrium, a 'neutral zone' where caution is paramount.

比特幣曾經只是一個實驗，現在是一個重要的價值存儲。但是在表面下，鏈上的數據揭示了一個平衡狀態的市場，即謹慎至關重要的“中立區”。

On-Chain Data Points to Neutral Sentiment

鏈上數據指向中性情緒

Recent analysis of on-chain data indicates that Bitcoin is currently in a phase of indecision. According to a June 27th post by crypto analyst Maartunn, the 90-day Futures Taker Cumulative Volume Delta (CVD) is flat, suggesting a balance between buying and selling pressure. This implies that despite recent price recovery, Bitcoin might be heading back into a consolidation range.

對鍊鍊數據的最新分析表明，比特幣目前處於猶豫不決的階段。根據Crypto分析師Maartunn的6月27日帖子，90天的期貨Taker累積量Delta（CVD）是平坦的，這表明買賣壓力之間有平衡。這意味著，儘管最近恢復了價格，但比特幣可能正在恢復合併範圍。

Echoing this sentiment, Alphractal's analysis of the Bitcoin Fear and Greed Index Heatmap shows a reading of 65. This is a stark contrast to the +90 levels seen in late 2024, indicating that extreme greed, which often precedes market tops, is not currently a dominant factor.

在回應這種情緒的情況下，字母對比特幣恐懼和貪婪指數熱圖的分析顯示了65個讀數。這與2024年底看到的+90水平形成了鮮明的對比，這表明極端的貪婪通常是市場頂部，這不是當前的主要因素。

What Does This Mean for Traders?

這對交易者意味著什麼？

This balance suggests that the market is awaiting a catalyst – be it macro news or significant on-chain developments – to trigger a breakout in either direction. Until then, traders are advised to proceed with caution. The market's current uncertainty makes it a tricky landscape to navigate.

這種平衡表明，市場正在等待催化劑（無論是宏觀新聞還是重大的鏈上發展），以觸發任何一個方向的突破。在此之前，建議交易者謹慎行事。市場當前的不確定性使其成為一個棘手的景觀。

The Big Players Still Believe

大球員仍然相信

Despite the short-term uncertainty, some major players are doubling down on Bitcoin. Companies like Metaplanet, influenced by figures such as Michael Saylor, continue to aggressively accumulate BTC. Metaplanet, for example, aims to hold 210,000 BTC by 2027, showcasing their long-term faith in the cryptocurrency.

儘管短期不確定性，但一些主要參與者的比特幣正在加倍。像Metaplanet這樣的公司受到邁克爾·賽勒（Michael Saylor）等數字的影響，繼續積累了BTC。例如，Metaplanet的目標是到2027年持有210,000 BTC，展示了他們對加密貨幣的長期信仰。

A Word of Caution (and a Little Humor)

一個謹慎的話（有點幽默）

While the big players' confidence is encouraging, remember that even the most seasoned investors can get caught off guard. In the current neutral zone, it's wise to tread carefully and do your own research before diving in. After all, nobody wants to be the one holding the bag when the music stops, right?

儘管大型球員的信心令人鼓舞，但請記住，即使是經驗豐富的投資者也可以措手不及。在當前的中立區，明智的做法是明智的，在潛水之前進行自己的研究。畢竟，沒有人願意成為音樂停止時拿著袋子的人，對嗎？

As of press time, Bitcoin is trading around $107,143, experiencing slight fluctuations. Whether it breaks out or dips further remains to be seen. But one thing is certain: the Bitcoin market never fails to keep us on our toes!

截至發稿時，比特幣的交易約為107,143美元，略有波動。無論是爆發還是進一步傾斜仍然有待觀察。但是可以肯定的是：比特幣市場永遠不會讓我們保持腳趾！