比特币（BTC）在二手车上赚了一个新的ATH

昨天，比特币（BTC）在几个月的下行行动后，在Binance Crypto Exchange上获得了新鲜的历史最高（ATH），$ 111,880

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Yesterday, Bitcoin (BTC) hit a new all-time high (ATH) of $111,880 on Binance crypto exchange. The world's leading cryptocurrency has now rebounded more than 45% from its April 6 low of around $76,000, and recent whale activity suggests that long-term holders see further upside potential.

昨天，比特币（BTC）在Binance Crypto Exchange上赢得了111,880美元的新历史最高（ATH）。现在，全球领先的加密货币从4月6日低约76,000美元的低点反弹了45％以上，最近的鲸鱼活动表明，长期持有人看到了进一步的上升潜力。

Bitcoin ATH Sees Mixed Reaction From Whales

比特币ATH看到鲸鱼的混合反应

According to a recent CryptoQuant post by contributor Crazzyblockk, new whales, defined as wallets that have held substantial Bitcoin amounts for less than 30 days, have been aggressively taking profits during the current price rally, applying constant selling pressure.

根据贡献者Crazzyblockk最近的一篇隐秘帖子，新鲸鱼被定义为在当前价格集会期间积极地占据利润，并施加了持续的销售压力。

This aligns with previous observations that new and mid-term holders, having joined the market during the 2024 bull run, are realizing their gains as Bitcoin approaches new highs. In contrast, old whales, who have held significant Bitcoin for over six months, have shown minimal selling activity.

这与以前的观察结果相吻合，即在2024年公牛奔跑期间加入市场的新和中期持有人正在意识到自己的收益，因为比特币接近新的高点。相比之下，拥有大量比特币超过六个月的旧鲸鱼显示出最少的销售活动。

This signals long-term confidence in Bitcoin and expectations of continued price appreciation.

这表明对比特币的长期信心以及对持续价格升值的期望。

However, whales active 7 to 30 days ago have engaged in moderate profit-taking, suggesting cautious participation in the ongoing rally.

但是，7至30天前活跃的鲸鱼已经从事中等利润，这表明谨慎地参加了正在进行的集会。

While the restrained activity from old whales is a positive sign, some indicators point to caution regarding the rally's strength.

虽然旧鲸鱼的约束活动是一个积极的迹象，但一些指标表明谨慎地对拉力赛的力量进行谨慎。

For instance, the Net Realized Profit/Loss (NRPL) during the current price surge is significantly lower than levels observed during previous market tops in 2024-2025. This indicates weaker overall profit-taking momentum among investors.

例如，当前价格涨幅期间，净实现的损益（NRPL）明显低于2024 - 2025年以前的市场顶部观察到的水平。这表明投资者的总体利润势头较弱。

For the uninitiated, NRPL measures the net profit or loss investors are locking in when they sell their Bitcoin, based on the price difference between acquisition and sale. A high NRPL indicates strong profit-taking behavior, while a low or negative NRPL suggests reduced enthusiasm or capitulation.

对于初学者，NRPL衡量了投资者在出售比特币时锁定的净利润或损失，这是根据收购和销售之间的价格差异。高NRPL表示强大的利润行为，而低或负的NRPL表明热情或投降降低。

Is The Market Headed Further Up?

市场进一步发展吗？

Although a low NRPL may imply that the market is not yet euphoric, which could be a healthy sign, it also raises concerns about the strength and sustainability of the ongoing rally. These dynamics could influence Bitcoin's price trajectory across different timeframes.

尽管低NRPL可能意味着市场尚未欣喜，这可能是一个健康的迹象，但它也引起了人们对正在进行的集会的实力和可持续性的担忧。这些动态可能会影响比特币在不同时间范围内的价格轨迹。

In the short-term, continued profit-taking by new whales may trigger a price correction to neutralize overheated market conditions. A drop in price could send Bitcoin back to the $100,000-$105,000 support zone.

在短期内，新鲸鱼的持续获利可能会触发价格纠正，以中和过热的市场状况。价格下跌可能会使比特币回到$ 100,000- $ 105,000的支持区。

In the mid-term, the ongoing inactivity of old whales and low NRPL levels could support a bullish continuation after a consolidation phase. Investors may view pullbacks as opportunities to accumulate more Bitcoin.

在中期，旧鲸鱼和低NRPL水平的持续不活跃可以支持整合阶段后的看涨延续。投资者可能会将回调视为积累更多比特币的机会。

To conclude, while a short-term price correction remains possible, the mid-term outlook for Bitcoin is largely optimistic, assuming old whales maintain their positions and NRPL remains low. This aligns with recent on-chain analyses showing that many new Bitcoin investors are sitting on solid unrealized gains and are not showing signs of panic selling, even as Bitcoin trades close to all-time highs.

总而言之，尽管短期价格纠正仍然是可能的，但假设旧鲸鱼保持其位置并且NRPL仍然很低，则比特币的中期前景在很大程度上是乐观的。这与最近的链上分析相吻合，表明许多新的比特币投资者都坐在坚实的未实现的收益上，并且没有显示出恐慌销售的迹象，即使比特币交易接近历史高潮。