比特币（BTC）目前正在浏览陷入困境的水域。在符号$ 90,000大关下方

比特币目前正在导航陷入困境的水域。低于象征性$ 90,000的大关，景观饰有红色

Bitcoin is currently trading below the symbolic mark of $90,000. While recent buyers are seen to be sitting in unrealized losses, crypto veterans appear to be staying the course amid the market's technical corrections. As institutions are quietly accumulating the asset, the cryptocurrency market is drawing a complex map with a fragile balance between latent losses and steadfast confidence.

比特币目前的交易低于$ 90,000的象征意义。虽然最近的买家被认为陷入未实现的损失，但在市场的技术纠正中，加密退伍军人似乎一直在继续课程。随着机构正在悄悄地积累资产，加密货币市场正在绘制一个复杂的地图，在潜在损失和坚定的信心之间具有脆弱的平衡。

This article delves into the intricacies of an asset that refuses to succumb to fatalism despite the storms that it has encountered.

本文研究了尽管遇到的风暴，但拒绝屈服于宿命论的资产的复杂性。

Unrealized losses are a revealing indicator of underlying tensions. These losses, calculated between the average acquisition price and the current valuation, reflect the market’s psychological state.

未实现的损失是潜在紧张局势的揭示指标。这些损失在平均获取价格和当前估值之间计算出来，反映了市场的心理状态。

Short-term holders, who bought at recent peaks, are still in a slump, with an average entry cost above $80,000 exposing them directly to the current volatility. However, this phase does not resemble historical crashes.

在最近的山峰上购买的短期持有人仍处于低迷状态，平均入场费超过80,000美元，直接暴露于当前的波动率。但是，此阶段不类似于历史崩溃。

Recent corrections, though repeated, lack the brutality of previous cycles. In 2018 or 2021, declines regularly exceeded 50%, sweeping away even the strongest portfolios. Today, the drawdown remains contained, oscillating around 20%, raising questions about whether it is a technical pause or the start of a deeper reversal.

最近的更正虽然重复，但缺乏以前的周期的残酷性。在2018年或2021年，定期下降超过50％，即使是最强大的投资组合也席卷了。如今，缩水仍然包含，振荡左右约20％，引发了有关它是技术停顿还是更深层次逆转的开始问题。

On the other hand, long-term holders, who bought BTC at lower prices, are still breathing easily. Their average cost, often below $30,000, offers protection from turbulence. But if bitcoin were to test $60,000, even the toughest would see their gains evaporate.

另一方面，以较低价格购买BTC的长期持有人仍然容易呼吸。他们的平均成本通常低于30,000美元，可保护免受湍流的保护。但是，如果比特币要测试60,000美元，即使是最艰难的收益也会蒸发。

This highlights a precarious balance, where every price move resonates like a warning.

这突出了一个不稳定的平衡，每个价格的转移都像警告一样引起共鸣。

Despite appearances, bitcoin has not lost its shine. Nearly 75% of holding addresses still show profits, according to Glassnode, highlighting a reality often overlooked: the majority of investors remain profitable over time.

尽管出现了，比特币并没有失去光芒。根据GlassNode的说法，将近75％的持有地址仍显示出利润，突出了一个经常被忽视的现实：随着时间的推移，大多数投资者仍然有利可图。

The “HODLers,” those steadfast accumulators over the years, embody this resilience, ignoring media noise and betting on historical cycles.

多年来，那些坚定的积累者的“霍德尔人”体现了这种韧性，忽略了媒体的噪音和对历史周期的押注。

Institutions also play the troublemaker. While retail investors panic, BlackRock (NYSE:BLK) and others are scooping up BTC at discounted prices. Their logic is ruthless: every dip becomes an opportunity.

机构还扮演麻烦制造者。零售投资者惊慌失措，贝莱德（NYSE：BLK）和其他人以折扣价sc起BTC。他们的逻辑是无情的：每次下降都成为机会。

In April, Bitcoin ETFs recorded net inflows of $420 million, despite sales by some competitors, a divergence that recalls a golden rule: in the crypto space, the “smart money” buys when others doubt.

4月，尽管一些竞争对手的销售销售，但比特币ETF记录了4.2亿美元的净流入，但这种差异让人回想起黄金法则：在加密货币领域，当其他人怀疑时，“聪明的钱”会购买。

Even whales, holding over 1,000 BTC, refuse to yield. Their network activity, up 18% since January, signals aggressive accumulation, typical behavior of consolidation phases, where influential actors prepare the ground for the next ascent.

甚至持有1000多个BTC的鲸鱼，也拒绝屈服。他们的网络活动自1月以来增长了18％，标志着积极积累，巩固阶段的典型行为，在这种情况下，有影响力的参与者为下一次上升做准备。

The emblematic block 666,666, recently mined, almost symbolizes this stubbornness: a wink to enthusiasts, convinced that bitcoin transcends cycles.

象征性的666,666最近被开采，几乎象征着这种固执：对爱好者的眨眼，说服了比特币超越周期。

Here lies the paradox: bitcoin rewards patience but penalizes recklessness. Newcomers, attracted by promises of quick gains, bear the brunt of adjustments. Their mistake? Underestimating the asset’s structural volatility.

这是悖论：比特币奖励耐心，但会受到鲁ck的惩罚。新移民受到快速收益的承诺的吸引，首当其冲。他们的错误？低估了资产的结构波动。

Short-term losses, though painful, fall within historical normality. Since 2010, bitcoin has experienced 15 corrections exceeding 30%… before always reaching new highs.

短期损失虽然很痛苦，但属于历史正常。自2010年以来，比特币经历了15个校正，超过30％……在始终达到新的高点之前。

Experienced holders have understood: time is their ally. By extending their investment horizon, they neutralize shocks. The key? Iron discipline. Selling at lows means crystallizing losses; waiting, despite discomfort, allows capturing major trends.

经验丰富的持有人已经理解：时间是他们的盟友。通过扩展其投资视野，它们可以中和冲击。钥匙？铁学科。在低点出售意味着结晶损失；尽管不舒服，等待允许捕捉主要趋势。

This philosophy explains why 62% of the supply hasn’t moved for more than a year—a record.

这种理念解释了为什么有62％的供应在一年以上没有转移的原因。

Below $90,000, bitcoin embodies a fascinating duality. On one side, latent losses weigh on minds; on the other, unshakeable faith in its secular trajectory.

比特币低于$ 90,000，体现了引人入胜的双重性。一方面，潜在损失在心中；另一方面，对世俗轨迹不可动摇的信念。

Past cycles have seen the asset rise from its ashes. For investors, the lesson is clear: in this dance between fears and opportunities, time remains the best ally.

过去的周期已经使资产从其骨灰上升。对于投资者而言，课程很明确：在恐惧和机遇之间的这种舞蹈中，时间仍然是最好的盟友。

The current bear market may be just a breath— a step towards new summits. And if, in this calm, bitcoin’s dominance dropped to 40%? Such a scenario would likely open a new chapter, potentially favorable to altcoins.

当前的熊市可能只是呼吸，这是迈向新峰会的一步。如果在这种平静的情况下，比特币的统治地位降至40％？这种情况可能会打开一个新的章节，有可能对altcoins有利。