以106,600美元购买DIP的比特币（BTC）投资者可能是阻力的来源

链上分析公司GlassNode解释了比特币投资者成本基础分布如何突出该水平是重要的。

The on-chain analytics firm Glassnode has explained how the Bitcoin investor Cost Basis Distribution could highlight this level as an important one.

链上分析公司GlassNode解释了比特币投资者成本基础分布如何突出该水平是重要的。

A Notable Amount Of Bitcoin Has Cost Basis At $106,600

明显的比特币的成本基础为106,600美元

In a new post on X, Glassnode has talked about the Bitcoin Cost Basis Distribution for the levels nearby to the current spot price. The “Cost Basis Distribution” (CBD) here refers to an on-chain indicator that tells us about how much of the asset’s supply was purchased at what price levels.

在X上的新帖子中，GlassNode谈到了附近现货价格的比特币成本基础分布。此处的“成本基础分配”（CBD）是指一个链上的指标，该指标告诉我们以什么价格水平购买了多少资产供应。

The firm explained that a large portion of the cryptocurrency’s supply has a cost basis around the $106,600 price level.

该公司解释说，加密货币的很大一部分的成本基础约为106,600美元的价格水平。

"The price action over the last 16 weeks has seen a large portion of BTC's circulating supply accrue cost basis at the $106,600 price level. This particular supply cluster originated on the 16th of December, with around 31k BTC holders last touching this price."

“在过去16周内的价格行动已经看到了BTC循环供应成本基础的很大一部分，价格水平为106,600美元。这个特殊的供应群集起源于12月16日，大约31k BTC持有人最后触及了这个价格。”

Generally, large supply walls that are situated at levels higher than the spot price can act as probable points of resistance in the near future, as underwater investors can be desperate for the asset to return to their break-even level so that they can just exit with all their capital back.

通常，位于比现货价格高的水平的大型供应墙在不久的将来可能是阻力点，因为水下投资者可以迫切希望资产恢复到收支平衡的水平，以便他们可以从全部资本退出。

From the chart, it’s apparent that Bitcoin’s sharp burst of bullish momentum earlier had its price close in on this level and it did find a rejection around there. The source of the resistance wasn’t selling from the underwater holders who purchased at $106,600, however, as the supply cluster is still holding strong.

从图表来看，很明显，比特币早些时候的看涨势头急剧达到了这个水平，并且确实在那儿发现了拒绝。阻力的来源不是从水下持有人那里出售的，这些持有人以106,600美元的价格购买，因为供应群仍然保持强劲。

It would appear that the owners of these tokens may be quite the resolute hands, as they are still waiting patiently even though the cryptocurrency is offering them an opportunity to sell. The analytics firm has noted that this could make the level an important one to watch in the short term.

看来这些令牌的所有者可能是坚决的手，因为即使加密货币为他们提供了出售的机会，他们仍在耐心地等待。这家分析公司指出，这可能使得在短期内要观看的重要水平。

In some other news, cycle analyst Root has shared in an X post how the institutional Bitcoin exchange-traded fund (ETF) holdings have changed this year.

在其他一些新闻中，Cycle Analyst Root已在X帖子中分享了机构比特币交易所贸易基金（ETF）持股如何今年改变。

As displayed in the above chart, the institutional ETF holdings fell during the first quarter of the year. “Institutional Bitcoin holdings dropped 10% in Q1 2025, the impact of de-risking during tariff and trade war uncertainty,” notes the analyst.

如上图中所示，机构ETF持有量在今年第一季度下降。分析师指出：“在2025年第1季度，机构比特币持有量下降了10％，这是关税和贸易战争期间的疾病不确定性的影响。”