比特币的新ATH：上升潜力仍然存在吗？

比特币达到了新的历史最高水平，但缺乏零售炒作表明仍然有增长的空间。上升潜力仍然是真实的吗？

Bitcoin's New ATH: Is Upside Potential Still on the Table?

比特币的新ATH：上升潜力仍然存在吗？

Bitcoin's been making headlines, hitting new all-time highs (ATH). But is the party over, or is there still upside potential? Let's dive into what the experts are saying.

比特币一直在成为头条新闻，达到了新的历史高峰（ATH）。但是聚会是结束的，还是仍然有上行的潜力？让我们深入了解专家在说什么。

Bitcoin's Record-Breaking Run

比特币的破纪录

Bitcoin recently soared to a new ATH of around $118,000 in early July 2025, driven by significant institutional inflows. BlackRock and other major players have been instrumental in channeling funds into Bitcoin ETFs, signaling renewed market confidence. But here's the interesting part: this rally isn't fueled by the usual retail frenzy.

在2025年7月初，比特币最近飙升至一个大约118,000美元的新ATH，这是由大量机构流入驱动的。贝莱德（Blackrock）和其他主要参与者在将资金转移到比特币ETF中发挥了作用，这表明了新的市场信心。但这是有趣的部分：通常的零售疯狂并没有助长这一集会。

The Absence of Hype: A Good Sign?

没有炒作：一个好兆头？

According to CryptoQuant, the current Bitcoin rally is notable for the absence of retail investors. Historically, retail trading tends to surge as BTC approaches or exceeds ATH levels. The fact that it's not happening now suggests that the cycle top might still be ahead. Instead, institutions and ETFs are driving the bus.

据CryptoQuant称，目前的比特币集会因缺乏零售投资者而着称。从历史上看，随着BTC接近或超过ATH水平，零售交易往往会激增。现在没有发生的事实表明，周期顶部可能仍在前进。相反，机构和ETF正在驾驶公共汽车。

Key Indicators Pointing Upward

指向上向上的关键指标

Several on-chain indicators suggest that Bitcoin's current rally isn't overheating. For example, the Miner Position Index has been declining, implying reduced selling pressure from miners. The Market Value to Realized Value (MVRV) ratio is also holding steady, below levels observed during previous ATHs. This indicates a sustainable climb, not just hype.

几个链上的指标表明，比特币的当前集会不会过热。例如，矿工位置指数一直在下降，这意味着矿工的销售压力降低。实现价值（MVRV）比率的市场价值也保持稳定，低于以前的ATHS的水平。这表明可持续的攀登，而不仅仅是炒作。

Jeff Park's Perspective: A Catalyst Away

杰夫·帕克（Jeff Park）的观点：催化剂

Jeff Park, head of alpha strategies at Bitwise, recently shared his perspective on Bitcoin’s market standing. Despite the new ATH, Park highlighted low open interest, low implied volatility, and low liquidity. He succinctly summarized his analysis, stating, “All you need is a catalyst. No promises, but the probability is [Bitcoin goes] higher now than at any point this year.”

Bitwise Alpha Strategies的负责人Jeff Park最近分享了他对比特币市场地位的看法。尽管有新的ATH，但Park强调了开放率低，隐含波动率低和流动性低。他简要地总结了他的分析，并指出：“您所需要的只是催化剂。没有承诺，但现在的概率比今年的任何时候都高。”

Park's perspective offers a glimpse into how sophisticated players conduct their institutional crypto analysis. For institutional investors, risk management and understanding market structure are paramount. The observations of low open interest, implied volatility, and liquidity are not just technical points; they are crucial signals for deployment of large capital.

帕克（Park）的观点瞥见了成熟玩家如何进行机构加密分析。对于机构投资者，风险管理和理解市场结构至关重要。对低开放兴趣，隐含波动和流动性低的观察不仅是技术要点。它们是部署大型资本的关键信号。

Altcoins Riding the Wave

骑浪潮

Bitcoin's breakout is also reigniting momentum across the altcoin market. Coins like Qubic (QUBIC), Hyperliquid (HYPE), and Sui (SUI) have seen significant gains, fueled by renewed investor interest. Even meme coins like Coq Inu (COQ) are back in the spotlight.

比特币的突破也在整个Altcoin市场中重点启发。 Qubic（Qubic），超流动性（HYPE）和SUI（SUI）之类的硬币已经获得了重大收益，这是由于新的投资者的利益所推动的。甚至包括Coq INU（COQ）等模因硬币也又重新亮相了。

Potential Challenges and Considerations

潜在的挑战和考虑因素

Of course, it's not all sunshine and roses. The crypto market is inherently unpredictable. Unforeseen macroeconomic events, regulatory crackdowns, or security breaches could impact price action. Low liquidity, while amplifying upside, can also amplify downside. But the overall bullish momentum remains strong, with Bitcoin eyeing the $120,000 milestone.

当然，这并不是所有的阳光和玫瑰。加密市场本质上是不可预测的。无法预见的宏观经济事件，监管镇压或安全漏洞可能会影响价格行动。低流动性虽然扩大上升空间，但也可以放大下跌。但是总体看涨的势头仍然很强大，比特币盯着120,000美元的里程碑。

Final Thoughts

最后的想法

So, is there still upside potential for Bitcoin? The indicators suggest yes. The absence of retail hype, coupled with strong institutional inflows and favorable market conditions, paints a picture of a market that is consolidating healthily and preparing for its next major move. Keep your eyes peeled!

那么，比特币仍有上升潜力吗？指标建议是。缺乏零售炒作，再加上强烈的机构流入和有利的市场状况，描绘了一个正在健康巩固的市场的图片，并为下一个重大行动做准备。睁大眼睛！