儘管努力保持向上的勢頭，但比特幣[BTC]情緒仍然看漲

儘管比特幣[BTC]一直在努力保持向上的勢頭，並繼續在直接的合併渠道下進行交易，但情緒仍然看漲。

Bitcoin [BTC] has struggled to keep an upward momentum and continued to trade within a straight consolidation channel. However, despite this sideways movement, the crypto market is displaying a bullish sentiment.

比特幣[BTC]一直在努力保持向上的動力，並繼續在直接的合併渠道內進行交易。但是，儘管有這種側向運動，但加密貨幣市場仍表現出看漲的情緒。

As the king coin continues to see strong demand from all market participants, it could be setting up for further gains.

隨著國王硬幣繼續看到所有市場參與者的強勁需求，它可能會為進一步的收益而設置。

Call options surge

呼叫選項激增

According to Glassnode, Bitcoin’s 1M 25 Delta Skew has dropped to -6.1%, showing that call options now carry higher implied volatility than puts.

根據GlassNode的說法，比特幣的1m 25 Delta偏斜下降到-6.1％，這表明該呼叫選項現在具有比PUTS更高的隱含波動率。

At present, 205,447.56 BTC are allocated to call options—around 60% of the total. Puts account for just 131,697 BTC, or 39%.

目前，分配了205,447.56 BTC來調用選項，佔總數的60％。將賬戶僅為131,697 BTC，即39％。

That imbalance shows a clear directional bias. When calls like this are used, it typically reflects strong upward conviction among market participants.

這種失衡顯示出明顯的方向偏見。當使用這樣的呼叫時，它通常反映出市場參與者之間的強烈信念。

CoinGlass data confirms this trend. Traders appear willing to pay a premium for upside exposure, positioning for a rally rather than hedging risk. This structure sends a risk-on signal, which could support bullish continuation.

Coinglass數據證實了這一趨勢。貿易商似乎願意為上行敞口支付溢價，定位集會而不是對沖風險。該結構發出了一個風險信號，可以支持看漲的延續。

Moreover, Bitcoin’s spot Netflow has held within the negative territory over the last five days. It sat at -$48.9 million at press time, reflecting a strong accumulation trend.

此外，在過去的五天中，比特幣的現貨Netflow一直在負面領域。它在發稿時坐了-4,890萬美元，反映了強烈的積累趨勢。

Looking further, this demand for Bitcoin is even more aggressive among large holders. Whales have been accumulating BTC over the last 30 days.

進一步看，對比特幣的需求在大型持有人中更具侵略性。在過去的30天中，鯨魚一直在積累BTC。

Thus, institutions are reducing their presence in the market, while large traders are increasing their activity.

因此，機構正在減少他們在市場上的存在，而大型交易者正在增加其活動。

As such, institutions are becoming less interested in Bitcoin.

因此，機構對比特幣的興趣較小。

As seen above, institutions appear to be exiting their positions. This is evident in the decreasing Exchange Inflows.

如上所述，機構似乎正在退出他們的立場。這在減少的交換流入中很明顯。

For instance, on Binance, whale inflow has declined to hit a 6-month low.

例如，在二進制方面，鯨魚流入率降低了6個月的低點。

On top of that, institutions’ Exchange Balance Change hit -49.7K BTC over the last 30 days, while large whales (1K–10K BTC) showed a -26K balance shift.

最重要的是，機構的交換餘額變化在過去30天內達到-49.7K BTC，而大鯨（1K – 10K BTC）顯示出-26k的平衡轉移。

Put simply, whales are not sending coins to exchanges—they’re holding tight.

簡而言之，鯨魚沒有將硬幣送去交換，而是緊緊抓住。

Additionally, Bitcoin’s Large Holders Netflow to Exchange Netflow Ratio dropped from 6.93% to 0.08% over the last 30 days.

此外，在過去30天內，比特幣的大型持有人NetFlow與NetFlow比率的NetFlow從6.93％下降到0.08％。

This confirms reduced exchange inflow from whales, as they are selling less while they are accumulating more.

這證實了減少鯨魚的交換流入，因為它們在積累更多的過程中銷售較少。

What’s next: Breakout or rejection?

接下來是什麼：突破或拒絕？

With call options dominating the Futures market, it suggests that investors are bullish and expect prices to rise even further. Thus, traders are not only confident in BTC, but speculators are aggressively betting on it.

隨著呼叫選項主導期貨市場，這表明投資者是看漲的，並預計價格將進一步上漲。因此，交易者不僅對BTC充滿信心，而且投機者正在積極投注。

This strong demand from both whales and retail investors could propel Bitcoin toward further gains.

鯨魚和散戶投資者的強烈需求都可以推動比特幣進一步提高。

If trends hold, BTC could break out of consolidation and reach $107,225. However, if short-term holders take profits, it may retrace to around $101,530.

如果趨勢持續下去，BTC可能會破壞合併並達到107,225美元。但是，如果短期持有人獲得利潤，則可能會回顧至101,530美元左右。