比特币（BTC）的价格达到了新的历史最高高点111,814美元，但公牛的运行会继续吗？

比特币在2025年到目前为止进行了有趣的跑步，开始了令人兴奋的上升集会，并在几个月的时间内忍受了深刻的校正

Bitcoin has had an interesting run so far in 2025, embarking on exciting upside rallies and enduring deep corrections in the space of a few months. The latest upward movement suggests the return of interest and confidence in the world’s largest cryptocurrency.

到目前为止，比特币在2025年到目前为止进行了有趣的跑步，开始了令人兴奋的上升集会，并在几个月的时间内进行了深入的校正。最新的向上运动表明，对世界上最大的加密货币的兴趣和信心回归。

After surpassing its previous all-time high price this week, the Bitcoin price has printed a new high of $111,814 — reached on Thursday, May 22. A fresh all-time-high price is often followed by a major correction, as investors are typically inclined to take profits.

在本周超过了先前的高价之后，比特币价格印刷了111,814美元的新高价，于5月22日星期四达到。新鲜的最高价格经常进行重大更正，因为投资者通常倾向于获取利润。

However, recent on-chain revelation suggests this Bitcoin bull run might be here to stay — and maybe for a longer period than expected.

但是，最近的链上的启示表明，这种比特币牛的运行可能会留在这里 - 也许比预期的更长。

Analyst Says Realized Profits Yet To Signal Market Top

分析师说，已经意识到利润尚未信号市场

In a May 23 post on social media platform X, on-chain crypto analyst Darkfost revealed that the realized profits by Bitcoin investors remain normal for a bull phase. The relevant indicator backing this assertion is the Net Realized Profit/Loss metric, which measures the net profit or loss (in USD) of all coins spent on the network over a specific timeframe.

在5月23日的社交媒体平台X上的帖子中，链上加密分析师Darkfost透露，比特币投资者实现的利润在公牛阶段仍然是正常的。支持此断言的相关指标是实现的净利润/损失指标，该指标衡量了在特定时间范围内花费在网络上所有硬币的净利润或损失（以美元为单位）。

This on-chain metric is calculated by finding the difference between the realized profit and realized loss of crypto investors. Positive values from the metric indicate that coins are being spent at a higher price than they were acquired, resulting in a net profit.

通过找到实现的利润与已实现的加密投资者损失之间的差异来计算此链度量。度量标准的正值表明，硬币的价格比获得的价格高，从而获得净利润。

On the other hand, negative values indicate that coins are being spent at prices lower than they were bought, resulting in a net loss. Neutral values simply suggest that coins are being spent close to their acquisition price.

另一方面，负值表明硬币的价格低于购买的价格，从而导致净损失。中立的价值只是表明硬币是在收购价格附近花费的。

According to on-chain data shared by Darkfoot, realized profits are currently at a high level of about 104,000 BTC (a rough equivalent of $11 billion). The analyst, however, pointed out that while this figure is substantial, it still falls short of the 350,000 BTC threshold level (a level which has historically signaled potential tops and preceded major correctional movements of Bitcoin).

根据Darkfoot共享的链链数据，目前实现的利润为104,000 BTC（相当于110亿美元）。然而，分析师指出，尽管这个数字很大，但仍未达到350,000 BTC阈值水平（这种水平在历史上表明了潜在的顶部，并且先于比特币的主要矫正运动之前）。

Darkfost inferred from the highlighted data that the net realized profit for a Bitcoin bull phase is currently at a normal level. The analyst noted the necessity of profit-taking in a bull market, implicitly preaching against fear amongst investors.

从突出显示的数据中推断出的DarkFost，目前，净实现了比特币牛阶段的利润，目前处于正常水平。分析师指出，有必要在牛市中获利，这隐含地反对投资者中的恐惧。

Darkfost said about profit-taking:

Darkfost谈到获利：

It’s what keeps investors engaged in the market and helps sustain the bullish momentum.

这就是使投资者参与市场并有助于维持看涨势头的原因。

Bitcoin Price At A Glance

比特币价格一目了然

As of this writing, Bitcoin is valued at around $108,360, reflecting a more than 2% decline in the past 24 hours.

截至撰写本文时，比特币的价值约为108,360美元，反映了过去24小时的下降2％以上。