比特币（BTC）中断了100,000美元，表明最近的集会是由强劲的购买而驱动的

格拉斯诺德（Glassnode）在5月20日的报告中说，比特币（BTC）超过了100,00美元的门槛，表明最近的集会是由强劲的购买驱动的。

Bitcoin’s (BTC) break above the $107,000 threshold shows that the recent rally is driven by robust buying amid a consolidation just below its all-time high, Glassnode said in a May 20 report.

Glassnode在5月20日的报告中说，比特币（BTC）超过了107,000美元的门槛，这表明，最近的集会是由于在其历史最高水平以下的合并中强劲的购买而驱动的。

Despite trading around 40% higher than six weeks ago and setting a new record with the latest weekly close at $106,500, Bitcoin was stuck between $102,000 and $105,000 for the past two weeks.

尽管交易比六周前高出约40％，并创造了新的记录，最新的每周收盘价为106,500美元，但在过去的两周中，比特币仍在102,000美元至105,000美元之间。

The report noted that increased investor profitability and robust capital inflows indicate strength in the market.

该报告指出，提高投资者的盈利能力和强劲的资本流入表明市场上的实力。

Investor profitability improves

投资者的盈利能力有所提高

Short-Term Holders (STHs) have experienced financial recovery, with 71% more of their supply in profit compared to the previous month. This shift marks the second-largest profitability uptick for this cohort on record.

短期持有人（STH）经历了财务回收，与上个月相比，其利润供应量的71％。这种转变标志着该队列的第二大盈利能力提高。

Glassnode’s MVRV (Market Value to Realized Value) ratios show a similar rebound. The overall Bitcoin MVRV ratio rose from 1.74 to 2.33, equating to an increase in unrealized gains from 74% to 133%.

GlassNode的MVRV（市场价值与已实现的价值）比率显示出类似的反弹。总比特币MVRV比率从1.74增至2.33，相当于未实现的增长从74％增加到133％。

The STH MVRV shifted from 0.82 to 1.13, moving from an unrealized loss of 18% to a 13% gain. Long-term holders (LTHs) saw their MVRV increase from 2.91 to 3.30, changing from 191% to 230% in unrealized gains.

STH MVRV从0.82转移到1.13，从未实现的损失18％转移到13％的增益。长期持有人（LTHS）的MVRV从2.91增加到3.30，在未实现的收益中从191％变为230％。

These metrics signal widespread portfolio improvements, which Glassnode associated with elevated investor confidence.

这些指标信号表明了广泛的投资组合改进，玻璃节与提高投资者的信心相关。

Realized profits and market balance

实现利润和市场平衡

As portfolios recover, many investors are securing gains. Over the past 30 days, STHs realized $11.4 billion in profit, up from $1.2 billion in the previous 30-day period.

随着投资组合的恢复，许多投资者正在获得收益。在过去的30天中，STHS实现了114亿美元的利润，高于前30天的12亿美元。

Daily realized profits peaked at $747 million as Bitcoin decisively surpassed the STH cost basis of $93,000.

随着比特币果断地超过了93,000美元的STH成本基础，每日的利润达到了7.47亿美元的峰值。

The report noted a spike in the STH Realized Profit/Loss Ratio, now exceeding levels seen on 92% of prior trading days.

该报告指出，STH实现的利润/损失率激增，现在超过了上前交易日的92％的水平。

Historically, elevated readings occur during bullish market phases or as rallies approach exhaustion. However, the current Sell-Side Risk Ratio remains well below peak levels, indicating that profit-taking is not yet overwhelming new demand. This metric measures whether holders are locking in significant gains or losses.

从历史上看，在看涨的市场阶段或集会疲惫的过程中，读数升高。但是，当前的卖方风险比率远低于峰值水平，这表明获利尚未压倒新需求。该指标衡量持有人是锁定巨大的收益还是损失。

These indicators complement Bitcoin’s Realized Cap, which has reached a record high of over $900 billion, with a 4.2% increase over the past month. The metric aggregates the total capital stored in the network based on the price at which investors moved each coin last.

这些指标补充了比特币的实现上限，该帽子的上限超过9000亿美元，比过去一个月增长了4.2％。该指标将根据投资者最后移动的价格汇总在网络中存储的总资本。

This steady accumulation signals that the market is absorbing profit-taking without major dislocation.

这种稳定的积累信号表明，市场正在吸收盈利而没有重大脱位。

Glassnode concludes that Bitcoin is experiencing improved investor conditions, with meaningful capital inflows, reduced unrealized losses, and profit-taking activity indicative of a healthy bull market phase.

GlassNode得出的结论是，比特币正在经历改善的投资者条件，具有有意义的资本流入，未实现的损失减少以及盈利活动，这表明了健康的牛市阶段。

Bitcoin Market Data

比特币市场数据

At the time of press 10:21 pm UTC on May. 20, 2025, Bitcoin is ranked #1 by market cap and the price is up 1.17% over the past 24 hours. Bitcoin has a market capitalization of $2.12 trillion with a 24-hour trading volume of $55.2 billion. Learn more about Bitcoin ».

在五月下午10:21 PM的出版社。 20，2025，比特币按市值排名第一，在过去的24小时内，比特币的价格上涨了1.17％。比特币的市值为21.2万亿美元，交易量为552亿美元。了解有关比特币»的更多信息。