大型投資者在過去30天內積累了大約41.3k BTC

機構興趣的激增，再加上關鍵的鍊鍊指標，為比特幣提供了看漲的前景。

Large-scale investors have plowed an incredible 41.3K BTC into their treasuries over the last 30 days despite a mixed macroeconomic environment, signaling persistent institutional demand.

儘管宏觀經濟環境不同，但在過去30天內，大型投資者將令人難以置信的41.3k BTC傾斜到了他們的國庫中，這表明了持續的機構需求。

Bitcoin [BTC] price showed strength as it traded at $102,956.07 at press time, showcasing a 3.49% increase in the last 24 hours.

比特幣[BTC]的價格顯示出截止日期為102,956.07美元的實力，在過去24小時內顯示3.49％的增長率為3.49％。

This surge in institutional interest, together with key on-chain metrics, provides a bullish outlook for BTC.

機構興趣的激增，以及關鍵的鍊鍊指標，為BTC提供看漲的前景。

As large-scale investors keep accumulating, we could see further upward momentum driven by institutional involvement.

隨著大規模投資者的不斷積累，我們可以看到由機構參與推動的進一步勢頭。

BTC’s increased market interest

BTC的市場興趣增加

At the time of writing, Social Dominance spiked to 26.6%, accompanied by a surge in Social Volume to 5395 mentions.

在撰寫本文時，社會主導地位飆升至26.6％，伴隨著社會數量的激增至5395。

This increase in social engagement reflected growing interest in Bitcoin.

社會參與度的增加反映了對比特幣的日益增長的興趣。

As Social Dominance rises, market sentiment shifts, and liquidity tends to increase. Retail investors often follow institutional movements, amplifying market momentum.

隨著社會主導地位的上升，市場情緒的轉變和流動性往往會增加。散戶投資者經常遵循機構運動，擴大市場勢頭。

Image: Santiment

圖片：santiment

The above chart highlights the spike in Social Dominance, suggesting increased attention and engagement with Bitcoin in the market.

以上圖表突出了社會統治地位的激增，這表明在市場上關注和與比特幣的參與度增加。

This could be driven by news events, price volatility, or other factors that spark conversation and activity related to BTC.

這可能是由新聞事件，價格波動或引發與BTC相關的對話和活動的其他因素驅動的。

The chart also shows a surge in Social Volume, indicating a high volume of mentions and conversations about Bitcoin across various social media platforms.

該圖表還顯示了社交量的激增，表明各種社交媒體平台上有關比特幣的提及和對話很大。

This increased chatter and engagement reflect growing interest in the cryptocurrency.

這種增加的聊天和參與反映了對加密貨幣的興趣日益增長。

This signals that market sentiment is turning more positive, and we could see more liquidity flowing into the market.

這種信號表明市場情緒正在變得更加積極，我們可以看到更多流入市場的流動性。

Interestingly, Miner Outflows decreased by 54.83%, suggesting miners are holding onto their Bitcoin rather than selling. This reduced selling pressure from miners could help sustain the upward price trend.

有趣的是，礦工流出減少了54.83％，這表明礦工正在堅持自己的比特幣而不是銷售。礦工的銷售壓力減輕可以幫助維持上升價格趨勢。

Miners’ decision to hold positions them for higher prices, showing confidence in future Bitcoin valuations.

礦工決定以更高的價格擔任職位，表現出對未來比特幣估值的信心。

On top of that, less sell-side activity helps reduce available supply, adding fuel to the current price strength.

最重要的是，較少的賣方活動有助於減少可用的供應，從而為當前的價格強度增加了燃料。

Disconnect between network activity and market value

網絡活動和市場價值之間的連接

Bitcoin’s NVT Ratio stood at 174, signaling a disconnect between Bitcoin’s market value and its network transaction activity.

比特幣的NVT比率為174，這表明比特幣的市場價值與其網絡交易活動之間存在斷開連接。

Image: Santiment

圖片：santiment

The NVT Ratio compares the total dollar volume of Bitcoin transactions on-chain to Bitcoin’s market cap. Essentially, it measures the efficiency with which the blockchain is being used to move value.

NVT比將比特幣交易的總美元交易與比特幣的市值進行了比較。本質上，它衡量了使用區塊鏈用於移動價值的效率。

Often, such high levels appear when speculation runs hot-when prices rise faster than utility justifies.

通常，當投機速度高於公用事業的速度快時，這種高水平出現時就會出現。

While institutional demand is contributing to the price increase, the high NVT ratio warns that the market may be overvalued, indicating a potential correction if network activity does not align.

儘管機構需求有助於價格上漲，但高NVT比率警告說，市場可能會被高估，這表明如果網絡活動不一致，則可能進行校正。

Long-term holder confidence

長期持有人的信心

Bitcoin’s Realized Cap HODL Waves stood at 0.537, indicating strong confidence among long-term holders. These investors show little interest in selling, adding stability to BTC’s price structure.

比特幣實現的帽hodl波為0.537，表明長期持有人的信心很強。這些投資者對銷售幾乎沒有興趣，從而增加了BTC的價格結構的穩定性。

This sustained holding behavior provides confidence that Bitcoin’s price may not face substantial downside pressure. As long-term holders resist selling during price fluctuations, they help reduce market volatility.

這種持續的持有行為使比特幣的價格可能不會面臨重大下行壓力的信心。隨著長期持有人在價格波動期間抵制銷售，它們有助於減少市場波動。

Image: Santiment

圖片：santiment

The Stock-to-Flow Ratio for BTC was 267, signaling increasing scarcity. As the circulating supply tightens and demand continues to climb, the value proposition for BTC strengthens.

BTC的股票與流量比為267，信號增加了稀缺性。隨著循環供應的收緊和需求繼續攀升，BTC的價值主張得到了加強。

Naturally, this drives investor confidence, especially among institutions eyeing scarce digital assets with long-term upside.

自然，這使投資者充滿信心，尤其是在關注稀缺數字資產的機構中。

Conclusion

結論

With 41.3K BTC accumulated by institutional investors, rising social dominance, and decreased Miner Outflows, Bitcoin’s market sentiment remains bullish.

由於機構投資者積累了41.3k BTC，社會統治地位的上升以及礦工流出減少，比特幣的市場情緒仍然是看好的。

Although the high NVT ratio signals potential speculation, long-term holder confidence and a strong Stock-to-Flow Ratio support further price growth.

儘管高NVT比率標誌著潛在的猜測，長期持有人的信心和強大的股票與流量比支持進一步的價格增長。

As institutional demand continues, Bitcoin’s scarcity and sustained support indicate strong potential for continued appreciation.

隨著機構需求的繼續，比特幣的稀缺性和持續的支持表明，持續升值的潛力很大。