比特币（BTC）价格正越来越接近潜在的分销区，但是没有立即销售信号的迹象。

比特币（BTC）越来越接近潜在的分销区，但是没有立即销售信号的迹象。

The price of Bitcoin (BTC) recently hit multi-month highs of about $105,600. While some skeptics are sure that the local peak is in, and the Short Term Output Profit Ratio (STH-SOPR) indicator by CryptoQuant says we should get ready for higher prices.

比特币（BTC）的价格最近达到了105,600美元的多个月高点。尽管某些怀疑论者确定当地的峰值已经存在，而CryptoQuant的短期产出利润率（STH-SOPR）指标表示，我们应该为更高的价格做好准备。

The cohort of short-term holders is looking at bigger BTC prices as a possible local peak, the Short Term Output Profit Ratio (STH-SOPR) indicator says. As the indicator rises into the red zone, it might be a good time to start selling and taking profits, according to an expert at CryptoQuant.

短期产出利润率（STH-SOPR）指标表示，短期持有人的队列将更大的BTC价格视为可能的当地高峰。据CryptoQuant的专家说，随着指标升入红色区域，这可能是开始销售和获利的好时机。

The Smart Way to Sell Without Missing the Rally

明智的出售方式而不会错过集会

“You can see that when the STH-SOPR reaches the red zone, it’s usually a good time to start selling and taking profits.” – By @cryptometugce Read more 🔗 https://t.co/uQeKXXQ823#cryptoquant #btc pic.twitter.com/PLeqqRWewV

“您可以看到，当STH-Sopr到达红色区域时，通常是开始销售和获利的好时机。” - @cryptomentogce阅读更多🔗https://t.co/uqekxxq823#cryptoquant #btc pic.twitter.com/pleqqrwewv

Such observations were shared by pseudonymous CryptoQuant community analyst in his Quicktake.

这些观察是由他的Quicktake中的伪隐秘社区分析师分享的。

He shared the charts with accumulation (“buy”) and distribution (“sell”) zones displayed and demonstrated that, at current prices, Bitcoin (BTC) has not touch the latest one yet.

他与累积（“买入”）和分销（“卖出”）区域分享了图表，并证明，以目前的价格，比特币（BTC）尚未触及最新的比特币。

The expert highlighted that the indicator should be utilized with caution and with limited portion of deposit, as it was heavily stressed tested throughout years of bear and bull markets.

这位专家强调，该指标应谨慎使用，并且有限的押金，因为它在多年的熊和牛市中都经过了严重的压力。

These signals don’t always mark the exact top of the market, but in the bigger picture, those red circles represent reasonable and satisfying areas to distribute. And please note that we’re not going to sell everything at once. Just like we accumulated gradually, we’ll also distribute gradually.

这些信号并不总是标志着市场的确切顶部，但是在更大的情况下，这些红色圆圈代表了合理且令人满意的区域。并请注意，我们不会一次出售所有东西。就像我们逐渐积累一样，我们也会逐步分发。

The last time the market was close to red zone was on May 1, when Bitcoin (BTC) showed first signs of recovery from the spring 2024 crypto crash.

5月1日，当比特币（BTC）展示了2024年春季Crypto Crash的首次恢复迹象时，该市场上次接近红色区域。

However, its price still has to go up to mark a proper distribution season start.

但是，它的价格仍然必须上涨，以标志着适当的分销季节开始。

The expert also recommended to consider hedging spot positions by derivative ones, while seeing BTC in either red or green zones.

该专家还建议考虑通过衍生品的位置来考虑对冲位置，同时在红色或绿色区域看到BTC。

Meanwhile, the liquidity is still coming to Bitcoin (BTC). The aggregated AUM metric for Bitcoin Spot ETFs in the U.S. crossed $124 billion in equivalent for the first time since February 4, 2025.

同时，流动性仍在进行比特币（BTC）。自2025年2月4日以来，美国比特币现场ETF的AUM指标首次超过了1,240亿美元。

As demonstrated by CoinGlass, over the last month, Bitcoin (BTC) only registered three days in red. As a result, Bitcoin (BTC) Spot ETFs AUM grew by 50% in less than one month.

正如Coinglass所证明的那样，在上个月，比特币（BTC）仅以红色注册了三天。结果，比特币（BTC）斑点AUM在不到一个月的时间内增长了50％。