雖然比特幣保持在100000美元以上，但有針對性的積累階段正在悄悄出現

這種明確的投資者定位揭示了現在由最有紀律的參與者主導的市場環境。

Bitcoin’s recent recovery, which saw the cryptocurrency rise above $100,000, is part of a targeted accumulation phase that is emerging.

比特幣最近的恢復，加密貨幣上升到100,000美元以上，是正在出現的目標累積階段的一部分。

According to analysis by Glassnode, bitcoin’s recovery above $105,787 fits within a movement based on organic demand, driven by spot markets and Bitcoin ETFs, and not by speculative bets on derivatives products.

根據GlassNode的分析，比特幣的回收率超過了105,787美元，該機芯基於有機需求，這是由現貨市場和比特幣ETF驅動的，而不是通過投機性賭注對衍生產品產品的推測。

This dynamic is confirmed by several consistent signals observed in on-chain and off-chain data:

在鏈上和鏈數據中觀察到的幾個一致信號證實了這種動態：

This clear positioning of investors reveals a market environment now dominated by the most disciplined actors. The bullish impulse was not caused by leverage or speculative frenzy, but by buyers returning at key technical points.

這種明確的投資者定位揭示了現在由最有紀律的參與者主導的市場環境。看漲的衝動不是由槓桿或投機性狂熱引起的，而是由購買者以關鍵技術返回的買家引起的。

A short squeeze nonetheless reinforced this dynamic, leading to the cascading liquidation of many traders who had bet against the market. This enhanced the movement, although it was not the triggering element. The main driver remains the same: solid, visible, and measurable demand in spot flows.

儘管如此，短暫的擠壓還是加強了這種動態，導致許多賭注對市場的交易者的級聯清算。這增強了運動，儘管它不是觸發因素。主要驅動器保持不變：固體，可見且可測量的需求在點流量中。

Bitcoin Between Consolidation And Strategic Accumulation

合併和戰略積累之間的比特幣

Beyond the flows visible in the markets, it is on-chain data that today outlines the contours of a strategic accumulation zone. According to Glassnode, “a key accumulation zone has appeared between $93,000 and $95,000” in the last 30 days.

除了市場上可見的流量之外，今天概述了戰略積累區的輪廓。根據GlassNode的說法，在過去30天內，“關鍵積累區的出現在93,000至95,000美元之間”。

Such a price range precisely corresponds to the average acquisition cost of short-term holders, i.e., investors who bought bitcoin within the last 155 days. It is in this zone that “significant volumes of coins have changed hands,” making it a robust technical support level in the event of a market pullback.

這樣的價格範圍與短期持有人（即投資者）在過去155天內購買比特幣的平均收購成本相對應。正是在這個區域中，“大量硬幣已經易手了”，這使其成為市場回落的強大技術支持水平。

Moreover, this accumulation phase fits into a lateral configuration that bitcoin has experienced since May 9, with price consolidation between $100,703 and $105,787. This lateral movement follows a rapid rise and seems to indicate that the market is pausing before a potential new move.

此外，此積累階段適合比特幣自5月9日以來經歷的橫向配置，價格合併在100,703美元至105,787美元之間。這種橫向運動迅速上升，似乎表明市場在潛在的新舉動之前暫停。

The buyers’ positioning in the $93,000-$95,000 zone suggests a shared reading of bitcoin’s medium-term value. Unlike past euphoric bull phases, investors today appear more disciplined, integrating risk management logic and technical thresholds for their entry points.

買家在$ 93,000- $ 95,000的區域中的位置表明，對比特幣中期價值的共同閱讀。與過去的欣快牛階段不同，今天的投資者看起來更加紀律處分，將風險管理邏輯和技術閾值整合在一起。