比特币[BTC]持有人拒绝出售顶部，尽管达到了新的历史新高

就在几天前，比特币[BTC]集会达到了新历史最高的112,000美元。

Just a couple of days ago, Bitcoin [BTC] rallied to reach a new all-time high of $112k. Usually, when the value rises, holders and investors tend to sell and take profits. For instance, when BTC reached $100k for the first time in 2024, profit taking surged, with the amount realized hitting $2.1 billion.

就在几天前，比特币[BTC]集会达到了新历史最高的112,000美元。通常，当价值上升时，持有人和投资者倾向于出售和获利。例如，当BTC在2024年首次达到$ 10万美元时，利润飙升，其金额达到了21亿美元。

This time, however, the behavior has shifted.

但是，这次行为发生了变化。

Investors hold tight, even with billions in unrealized gains

投资者保持紧张，即使有数十亿美元的收益

Despite the recent price rally, holders and investors are not profit-taking as much as in previous cycles. In fact, both whales and retailers are showing less appetite for profit realization.

尽管最近举行了价格集会，但持有人和投资者并没有像以前的周期那样赚钱。实际上，鲸鱼和零售商对实现利润的需求较少。

Source: CryptoQuant

资料来源：加密

According to a CryptoQuant analyst, realized profits stood at 104,000 BTC (~$11B).

根据一位隐秘分析师的说法，实现的利润为104,000 BTC（〜$ 11B）。

Although this looks like a significant amount, the previous cycles have recorded a significantly higher amount. The current levels remain considerably far from the critical threshold of 350,000 BTC.

尽管这看起来很大，但以前的周期的记录量明显更高。目前的水平距离350,000 BTC的临界阈值还很遥远。

In fact, BTC has another 246,000 BTC of realized profit headroom before flashing a historical red flag.

实际上，BTC在闪烁历史危险信号之前，还有另外246,000 BTC已实现的利润净空。

Naturally, this gap suggests investors are holding onto their coins instead of selling into strength.

自然，这一差距表明投资者坚持自己的硬币，而不是卖给力量。

SOPR decline confirms a shift in BTC sentiment

SOPR下降证实了BTC情绪的转变

Source: CryptoQuant

资料来源：加密

Backing this thesis is the Spent Output Profit Ratio (SOPR).

支持这一论文是支出的产出利润率（SOPR）。

This metric has declined for five consecutive days despite prices reaching $112k.

尽管价格达到112K美元，但该指标连续五天下降。

Even when the price reached another all-time high, the SOPR dropped, suggesting that holders, although in profit, are refusing to sell.

即使价格达到了另一个历史最高的高度，Sopr也下降了，这表明持有人虽然盈利，但仍在拒绝出售。

The drop in profit-taking is observed among whales and retail traders in equal measures.

在鲸鱼和零售商人之间，以同等的措施观察到利润下降。

As per CryptoQuant data, whales are still HODLing with their activity remaining within the neutral zone.

根据密码数据，鲸鱼的活性仍在中性区域内。

During the previous rally, whale inflows to exchanges exceeded $1 billion. Today? Just $300 million.

在上一次集会期间，鲸鱼向交易所的流入超过10亿美元。今天？只有3亿美元。

Source: CryptoQuant

资料来源：加密

This is a significant low level since BTC is experiencing favorable conditions and has entered the discovery phase. Thus, large holders are holding their positions, waiting for more upside before ramping up their selling.

这是一个显着的低水平，因为BTC经历了有利的条件并进入了发现阶段。因此，大型持有人正在担任自己的职位，等待更多上升空间，然后再增加销售。

Spent volume and exchange flows reinforce the picture

花费和交换流量加强了图片

While a price surge means higher profit-taking activity, things have changed significantly.

虽然价格飙升意味着更高的利润活动，但情况已经发生了重大变化。

Investors are behaving differently this cycle by not selling to take profits, indicating increased confidence. As a result, the total Volume Spent by Age has decreased by $1.1 billion during this price rally compared to the last cycle.

投资者的行为方式不同，因为不卖利润，表明信心提高了。结果，与上一个周期相比，在此价格集会期间，按年龄花费的总数减少了11亿美元。

Source: Glassnode

来源：玻璃节

At the same time, Exchange Netflow remains largely negative.

同时，Exchange NetFlow在很大程度上仍然是负面的。

Investors are withdrawing more BTC than they’re depositing, a signal that accumulation is outweighing distribution.

投资者撤回BTC的存入比存入更多的BTC，这表明积累大于分销。

Source: CryptoQuant

资料来源：加密

What comes next for Bitcoin?

比特币接下来会发生什么？

Simply put, participants across the markets remain bullish and anticipate prices to rise even further. Therefore, the prevailing market conditions position BTC for more gains.

简而言之，市场上的参与者仍然看涨，预计价格将进一步上涨。因此，盛行的市场条件将BTC定位为BTC。

A continuation of these sentiments will see BTC reclaim $100k again.

这些情绪的延续将使BTC再次获得100,000美元。

However, if the tariff talk continues, which has seen BTC drop to a low of $106k, we could see another consolidation with a low of $104k.

但是，如果关税谈判继续（将BTC降至106K $ 106K的低点），我们可以看到另一种合并，低于$ 104K。