比特幣在最近下降到100,000美元以下後，比特幣收回了$ 108,000的水平

根據最近的數據，該加密貨幣在過去24小時內的增長率為1.7％，達到109,505美元。

Bitcoin (BTC) price returned above the $108,000 level after threatening to drop below $100,000 recently. The cryptocurrency posted a 1.7% gain in the last 24 hours, reaching $109,505 according to recent data.

比特幣（BTC）的價格在威脅到最近下跌100,000美元之後，比特幣（BTC）的價格返回了108,000美元。根據最近的數據，該加密貨幣在過去24小時內的增長率為1.7％，達到109,505美元。

This recovery puts Bitcoin within a 2% range of its all-time high of $111,000 set last month. The move represents a 4% increase over the past week.

這種恢復將比特幣置於上個月的歷史最高點111,000美元的2％範圍內。此舉在過去一周中增長了4％。

While the recent rally has pushed Bitcoin to new highs, the current market conditions differ significantly from previous price surges. Past rallies were typically fueled by sharp spikes in price and high speculative demand particularly from retail traders.

儘管最近的集會將比特幣推向了新的高點，但當前的市場狀況與以前的價格飆升有很大差異。過去的集會通常是由於價格上漲和高投機需求而推動的，尤其是零售商人。

However, recent gains have occurred in a relatively quiet trading environment with lower volumes and less frenzied activity compared to past rallies.

但是，與過去的集會相比，在相對安靜的貿易環境中，最近的收益發生了，活動較少，活動較少。

Long-Term Holders Show No Urgency To Exit

長期持有人沒有任何緊急退出的緊迫性

On-chain indicators provide further insight into the sustainability of current price action and the behavior of different market participants.

鏈上指標提供了對當前價格行動的可持續性和不同市場參與者的行為的進一步見解。

The Binary Coin Days Destroyed metric, which tracks the spending behavior of long-term holders (LTHs), shows a declining 30-day moving average. This suggests that LTHs are gradually spending their coins and appear to be exiting their positions.

二進制硬幣日摧毀了指標，該指標跟踪了長期持有人（LTHS）的支出行為，顯示了30天移動平均線的下降。這表明LTH正在逐漸花費硬幣，並且似乎正在退出其位置。

However, the rate of spending decrease indicates that LTHs are not yet exiting their coins rapidly and continue to hold onto a significant portion of their coins.

但是，支出降低的速度表明LTH尚未迅速退出其硬幣，並繼續保持大部分硬幣。

This data aligns with the observation that the current rally is unfolding in a measured manner without any panic or urgency.

該數據與觀察到目前的集會以測量方式展開的觀察結果一致，而沒有任何恐慌或緊迫性。

Institutions Drive Buying Pressure

機構驅動購買壓力

Institutional demand appears to be a key driver of recent momentum. The Coinbase Premium Index, which compares the price on U.S.-based exchange Coinbase Pro to the average price on global exchanges, has been increasing.

機構需求似乎是最近勢頭的主要驅動力。 Coinbase Premium指數將基於美國的Exchange Coinbase Pro的價格與全球交易所的平均價格進行了比較。

This premium indicates stronger buying pressure from U.S.-based institutional investors, who prefer trading on Coinbase, compared to selling pressure from global institutions.

該溢價表明，與全球機構的銷售壓力相比，與美國的機構投資者的購買壓力更大，他們更喜歡在Coinbase上進行交易。

The premium is approaching levels observed during Bitcoin’s previous peaks in March and December 2024, suggesting that institutional buying pressure is becoming more pronounced.

溢價正接近比特幣在2024年3月和12月之前的高峰期間觀察到的水平，這表明機構購買壓力變得越來越明顯。

The Korea Premium Index, which compares the price on U.S.-based exchange Coinbase Pro to the average price on global exchanges, has been decreasing.

韓國高級指數將總部位於美國的Exchange Coinbase Pro的價格與全球交易所的平均價格進行了比較。

This indicates weaker buying pressure from Asian retail investors, who typically trade on Korean exchanges, compared to selling pressure from global institutions.

這表明，與全球機構的銷售壓力相比，亞洲散戶投資者的購買壓力較小，他們通常以朝鮮交流進行交易。

The balance between strong institutional buying pressure and weaker retail buying pressure contributes to the current sideways trading environment.

強大的機構購買壓力與零售購買壓力較弱之間的平衡有助於當前的側面交易環境。

Whale Activity Is Picking Up

鯨魚活動正在拾起

Finally, large-scale market participants, commonly referred to as "whales," have also been engaging in high-volume transactions.

最後，通常稱為“鯨魚”的大規模市場參與者也在從事大批量交易。

One wallet recently opened a 20x leveraged long position at the $106,500 level with a total value of over $50 million.

一個錢包最近以106,500美元的水平開放了20倍槓桿的長位置，總價值超過5000萬美元。

This move showcases the significant bullish conviction of these large players and their willingness to allocate substantial capital to amplify potential gains.

這一舉動展示了對這些大型參與者的重大信念，以及他們願意分配大量資本來擴大潛在收益的意願。

Exchange data also shows 997 Bitcoin flowing out of Kraken in a series of large transactions over the past 24 hours into unidentifiable wallets.

交換數據還顯示，在過去24小時內，在一系列大型交易中從Kraken中流出了997個比特幣，成為無法識別的錢包。

These transactions are likely executed by entities with high net worth or institutional funds, highlighting a coordinated effort to move a significant amount of capital.

這些交易很可能是由具有高淨資產或機構資金的實體執行的，強調了驅動大量資本的協調努力。

The direction of these transactions suggests that the capital is moving into cold storage or another platform for a specific purpose.

這些交易的方向表明，出於特定目的，資本正在進入冷藏或另一個平台。

Overall, the combination of LTH spending behavior, institutional demand, and whale activity provides a comprehensive view of the forces driving Bitcoin’s price action.

總體而言，LTH支出行為，機構需求和鯨魚活動的結合提供了驅動比特幣價格行動的力量的全面觀點。

As LTHs gradually spend their coins without panic, and institutions continue to exert buying pressure, the cryptocurrency is holding firm above key technical levels.

隨著lths逐漸消耗硬幣而不會恐慌，機構繼續施加購買壓力，加密貨幣將使公司保持在關鍵的技術水平以上。