99％的比特幣UTXO正在獲利，引發了有關潛在利潤的討論

5月27日，領先的鏈分析提供商CryptoQuant透露，比特幣的UTXO中有99％正在獲利。

CryptoQuant, a leading on-chain analytics provider, has revealed that 99% of Bitcoin’s (BTC) UTXOs are currently in profit. This metric, often associated with peak bullish sentiment, has triggered discussions among analysts about potential profit-taking and investor behaviour.

CryptoQuant是一家領先的鏈分析提供商，他透露，比特幣（BTC）的UTXO中有99％正在獲利。這個通常與看漲峰值情緒有關的指標，引發了分析師之間有關潛在利潤和投資者行為的討論。

As Bitcoin trades close to record highs, key on-chain data signals a possible market euphoria phase. While momentum remains strong, some experts advise caution due to external macroeconomic pressures and technical indicators.

隨著比特幣交易接近記錄高點，關鍵的鍊鍊數據信號標誌著可能的市場欣快感階段。儘管動力仍然很強，但一些專家建議由於外部宏觀經濟壓力和技術指標而謹慎。

99% UTXOs In Profit Raise Euphoria Concerns

99％的UTXO盈利引起了欣快的關注

The 99% UTXO profit signal suggests that nearly all Bitcoin holders are sitting on gains. UTXOs, or Unspent Transaction Outputs, represent Bitcoin that hasn’t been moved since it was last received. They help measure the share of BTC that is in unrealized profit.

99％的UTXO利潤信號表明，幾乎所有比特幣持有人都坐在上面。 UTXOS或未解決的交易輸出代表了自上次收到以來就沒有移動的比特幣。它們有助於衡量未實現利潤的BTC的份額。

According to CryptoQuant contributor Darkfost, this level has historically coincided with market tops or euphoric phases. “When this 99% signal drops, unrealized profits shrink and can trigger more profit-taking,” said Darkfost.

根據CryptoQuant貢獻者Darkfost的說法，此水平歷史上與市場頂部或欣快階段相吻合。 Darkfost說：“當這個99％的信號下降時，未實現的利潤會萎縮，並可能引發更多的利潤。”

This often causes latecomers to exit at a loss. Although the signal points to growing confidence, it also flags the risk of sharp sell-offs if sentiment shifts. High levels of unrealized gains may tempt traders to lock in profits, increasing volatility.

這通常會導致後來者退出。儘管信號表明信心越來越大，但如果情緒轉移，它也會標誌著急劇拋售的風險。高水平的未實現收益可能會吸引交易者鎖定利潤，從而增加波動。

Bitcoin Trades Strongly Above Key Technical Levels

比特幣的交易高於關鍵技術水平

Bitcoin is trading around $109,679, close to its all-time high. The price recently rebounded off the 100-SMA support near $105,586. It now floats above the 34-EMA at $108,280, reinforcing bullish momentum.

比特幣的交易約為109,679美元，接近其歷史最高水平。最近的價格反彈了100-SM​​A的支撐，接近$ 105,586。現在，它以108,280美元的價格漂浮在34-EMA上方，增強了看漲的勢頭。

Technical indicators show a strong uptrend. All major moving averages align to the upside. The $103,600 level, once major resistance, now serves as a stable support zone. As long as BTC trades above this level, the broader uptrend stays intact.

技術指標顯示出強大的上升趨勢。所有主要的移動平均值都與上升空間保持一致。售價103,600美元（一旦主要阻力）現在是一個穩定的支撐區。只要BTC的交易高於此級別，更廣泛的上升趨勢就保持不變。

Immediate resistance sits between $110,200 and $112,000. A break above this zone could push BTC toward the $120,000 mark. Analysts view this range as critical for confirming the next upward leg.

立即電阻位於110,200美元至112,000美元之間。超過該區域的突破可以將BTC推向$ 120,000的大關。分析師認為這一範圍對於確認下一個向上的腿至關重要。

Market Momentum Grows Amid Uncertain Macro Landscape

市場動量在不確定的宏觀景觀中增長

While technical signals remain bullish, broader market sentiment appears mixed. The macroeconomic backdrop, including policy uncertainty from the Trump administration, may hold back full risk-on behaviour.

儘管技術信號仍然看漲，但更廣泛的市場情緒似乎混雜著。宏觀經濟背景，包括特朗普政府的政策不確定性，可能會阻止全面風險行為。

Investors are closely monitoring inflation data, interest rate forecasts, and geopolitical tensions. These factors could influence whether the market transitions from optimism to full-blown euphoria.

投資者正在密切監視通貨膨脹數據，利率預測和地緣政治緊張局勢。這些因素可能會影響市場從樂觀到全面欣快感的轉變。

Even with 99% of UTXOs in profit, historical data suggests caution. Past cycles show that euphoric signals often precede heightened volatility and sudden corrections.

即使有99％的UTXO盈利，歷史數據也謹慎行事。過去的周期表明，欣快信號通常是在波動性的提高和突然校正之前。

What To Watch: Key Levels And Behaviour Triggers

觀看什麼：關鍵級別和行為觸發器

Bitcoin traders are eyeing $110,200 as the next breakout zone. Sustained trading above $108,000 could strengthen bullish momentum. A rally above resistance may trigger fresh inflows and renewed investor confidence.

比特幣交易者將$ 110,200視為下一個突破區。超過108,000美元的持續交易可以增強看漲的勢頭。高於抵抗力的集會可能會引發新的流入和更新的投資者信心。

Also, watch for changes in UTXO metrics. A dip from the 99% profit level may signal shifting sentiment and increased risk of profit-taking. This often pressures weaker hands to capitulate, leading to temporary corrections.

另外，請注意UTXO指標的變化。從99％的利潤水平下降可能會表明情緒轉移並增加獲利風險。這通常會壓力較弱的手屈服，從而導致暫時的校正。

Technical patterns and moving averages will also shape the short-term outlook. The 100-SMA and 34-EMA remain critical support markers. As long as BTC holds above these, the bullish structure remains intact.

技術模式和移動平均也將影響短期前景。 100-SM​​A和34-EMA仍然是關鍵的支持標記。只要BTC超過它們，看漲的結構就完好無損。

Also, monitor activity related to DeFi sectors where capital flow may reflect wider market appetite. Behaviour in altcoin sectors often mirrors or anticipates shifts in Bitcoin sentiment.

此外，監視活動與資本流有關的偏見部門有關的活動可能反映出更廣泛的市場食慾。 AltCoin部門的行為通常反映或預期比特幣情緒的轉變。

Bitcoin maintains bullish momentum, backed by strong technical and on-chain signals. The 99% UTXO profit reading adds a historic level of unrealized gains, underscoring market strength.

比特幣保持看漲的勢頭，並在強大的技術和鏈上信號的支持下。 99％的UTXO利潤閱讀增加了歷史性的未實現的收益，強調了市場實力。

However, such signals also warrant caution. Analysts urge watching for behavioural shifts that could trigger sell-offs. If Bitcoin breaks above $112,000, a move toward $120,000 appears likely. The coming sessions will test whether momentum turns into euphoria or prompts the next wave of volatility.

但是，此類信號也需要謹慎。分析師敦促觀察可能觸發拋售的行為轉變。如果比特幣在112,000美元以上中斷了，則可能會向$ 120,000的轉移。即將到來的會議將測試動量是否變成欣快或提示下一波波動。