比特幣的售價高達$ 97.9k，從損失中恢復了超過300萬的短期硬幣

比特幣表現出強勁的恢復，達到了97.9k美元，這是兩個月內的最高水平。這種反彈已經超過300萬BTC恢復了盈利

Bitcoin (BTC) price has shot up to $97.9K, and over 3 million coins came back into profit, according to Glassnode.

根據GlassNode的說法，比特幣（BTC）的價格上漲了97.9萬美元，超過300萬硬幣又賺錢了。

Sharp Recovery in Short-Term Holder Metrics

短期持有人指標的急劇恢復

Bitcoin has shown strong recovery, reaching its highest level in over two months at $97.9K.

比特幣表現出強勁的恢復，在兩個月內達到了最高水平，為97.9k美元。

This rebound saw over 3 million BTC return to profit, according to data from Glassnode. Short-Term Holders (STHs), who tend to respond quickly to price swings, now hold fewer unrealized losses.

根據GlassNode的數據，這種反彈使超過300萬BTC恢復了盈利。短期持有人（STHS）傾向於快速回應價格波動，現在持有更少的未實現損失。

The chart measuring STH Relative Unrealized Loss indicates a sharp drop from above the +2 standard deviation level to nearly zero. This shift signals that many previously underwater coins are now profitable.

測量STH相對未實現的損失的圖表表明，從+2標準偏差水平急劇下降到幾乎為零。這種轉變信號表明，許多以前的水下硬幣現在都是有利可圖的。

The shrinking orange area in the chart reflects a rapid improvement in sentiment, coinciding with Bitcoin’s price recovery above $90K.

圖表中的橙色區域收縮反映了情緒的快速改善，與比特幣的價格回收率高於90,000美元的價格相吻合。

Meanwhile, Bitcoin’s options market is also evolving. The implied volatility (IV) term structure chart shows a decline in both short- and medium-term expectations. IV reflects what traders anticipate for future price swings.

同時，比特幣的期權市場也在不斷發展。隱含的波動率（IV）術語結構圖顯示了短期和中期期望的下降。 IV反映了交易者對未來價格波動的預期。

Two weeks ago, IV for May 2025 contracts was close to 45%. It has since dropped to around 35%. Longer-dated IV, such as for Dec. 2025 or Mar. 2026, remains stable between 50–55%. This implies reduced near-term risk expectations and greater confidence in price stability.

兩週前，2025年5月的IV合同接近45％。此後，它降至35％左右。更長的IV，例如2025年12月或2026年3月，保持穩定在50–55％之間。這意味著減少了近期風險期望和對價格穩定的信心。

Lower implied volatility often aligns with rising prices. It indicates less fear and a lower likelihood of abrupt corrections.

較低的隱含波動率通常與價格上漲一致。它表明恐懼較少，突然校正的可能性較低。

ETF Inflows Return After Net Outflows

淨流出後ETF流入返回

US spot Bitcoin ETFs are again experiencing positive inflows after several weeks of net outflows. According to a recent report by Glassnode, inflows have come back strongly following a March and early April drop in ETF demand since mid-April. This change corresponds to Bitcoin’s rise from under $70K to almost $98K.

經過數週的淨流出後，美國現貨比特幣ETF再次出現積極的流入。根據GlassNode最近的一份報告，自4月中旬以來的ETF需求下降了ETF需求後，流入量大大恢復了。這種變化對應於比特幣從$ 70K的上升到近9.8k美元。

The change is indicated by the end of the pink “Net Outflow Regime” section and the beginning of a blue area that is labeled “Substantial ETF Inflows”.

粉紅色的“淨流出”部分的末尾和標記為“大量ETF流入”的藍色區域的開始表示了變化。

Many leading ETF providers, such as BlackRock, Fidelity, and Ark/21 Shares, saw large buying activity during this inflow period. Inflows shot over 10K BTC on some days.

在此流入期間，許多領先的ETF提供商，例如BlackRock，Fidelity和ARK/21股票，都有大量購買活動。流入在幾天的時間內射擊超過10K BTC。

Demand for ETFs fuels spot price growth. Increased buying of ETFs means more Bitcoins are taken from exchanges and put in custody, thereby reducing supply.

對ETF的需求燃料現貨價格增長。 ETF的購買增加意味著更多的比特幣是從交易所中獲取的，並將其拘留，從而減少了供應。

Adding to the above, Bitcoin ETFs attracted more than double the inflows of investment than gold ETFs, as the bar graph’s hypothetical units indicate. Bitcoin ETFs attracted 100 units, while gold ETFs only got 40.

除上述外，比特幣ETF吸引了比黃金ETF的兩倍以上，因為條形圖的假設單位表明。比特幣ETF吸引了100個單元，而黃金ETF只有40個單位。

This change implies that more investors are regarding Bitcoin as a store of value. While gold has played that role for a long time, recent market activity indicates that digital assets may be taking the lead.

這一變化意味著，越來越多的投資者將比特幣作為價值存儲。儘管黃金已經發揮了很長時間的發揮作用，但最近的市場活動表明數字資產可能正在帶頭。

Higher inflows to BTC funds may also be indicative of macro changes or expectations of better long-term performance.

BTC基金的流入較高也可能表明宏觀變化或對更好的長期績效的期望。

Macro Environment Remains Stable as Fed Holds Rates

宏觀環境保持穩定，因為美聯儲持有費率

The Federal Reserve has decided to keep interest rates at the same level. According to Santiment, Jerome Powell’s confirmation was what most expected. The crypto market responded mildly to the news, with a small pullback but no sharp moves.

美聯儲已決定將利率保持在同一水平。根據Santiment的說法，杰羅姆·鮑威爾（Jerome Powell）的確認是最期望的。加密貨幣市場對新聞的反應很溫和，但卻很小，但沒有急劇的動作。

Interest rates play an important role in financial markets. Higher rates can make riskier assets such as crypto less appealing, while stable or lower rates favor growth in such markets. For the time being, the Fed’s decision provides investors with a stable working environment.

利率在金融市場中起著重要作用。較高的利率可以使更風險的資產（例如加密貨幣）降低吸引力，而穩定或較低的利率有利於此類市場的增長。目前，美聯儲的決定為投資者提供了穩定的工作環境。

The Fed’s “wait and see” position implies that no immediate rate cuts are in the offing, and inflation continues to be an issue. The crypto market participants were closely monitoring it, especially with the recent price hike and robust ETF demand. Although there was no rate cut, the lack of surprise enabled BTC to hold around $98K.

美聯儲的“等待和看待”立場意味著未立即削減稅率，通貨膨脹仍然是一個問題。加密市場參與者正在密切監視它，尤其是最近價格上漲和強勁的ETF需求。儘管沒有削減速度，但缺乏驚喜使BTC持有約9.8萬美元。