由于冷却美国通货膨胀可能会导致美食降低，比特币（BTC）价格徘徊在历史高峰附近

比特币的价格一直保持稳定，徘徊在其历史最高点111,800美元以下。

Bitcoin (CRYPTO: BTC) price has remained nearly unchanged in recent hours, hovering just below the $112,000 mark. As the cryptocurrency market continues to display strong momentum, questions arise regarding whether Bitcoin will break through to reach new all-time highs. This speculation is amplified by the recent reports of cooling inflation in the U.S. and the ongoing U.S.-China trade talks, both of which could play crucial roles in shaping market behavior.

最近几个小时，比特币（加密：BTC）价格几乎保持不变，徘徊在112,000美元以下。随着加密货币市场继续表现出强劲的动力，关于比特币是否会突破以达到新的历史高点的问题。最近关于美国和正在进行的美国 - 中国贸易谈判的冷却通货膨胀的报道扩大了这种猜测，这两者在塑造市场行为中都起着至关重要的作用。

According to data from blockchain analytics firm Glassnode, Bitcoin price is currently trading at $109,535, a few percent below its all-time high of $111,800. As the market approaches the later stages of a bull run, Long-term Holders (LTHs) continue to dominate the wealth distribution, a trend observed in previous cycles.

根据区块链分析公司GlassNode的数据，比特币价格目前的交易价格为109,535美元，比其历史最高点111,800美元低几％。随着市场的临近，牛的后期阶段，长期持有人（LTHS）继续主导着财富分配，这是以前的周期中观察到的趋势。

At this stage of a bull market cycle, one would typically expect to see more profit-taking among LTHs, defined as those who have held onto their Bitcoin for over 155 days. However, a unique dynamic is unfolding. Despite realizing massive profits, LTHs are not selling in significant quantities. Instead, they are continuing to accumulate more coins throughout the later stages of the cycle.

在牛市周期的这个阶段，人们通常会期望在LTH中看到更多的利润，这被定义为那些在比特币上持续了155天以上的人。但是，独特的动态正在展开。尽管意识到了巨额利润，但LTH并未大量销售。取而代之的是，他们在整个周期的后期阶段继续积聚更多的硬币。

The chart above showcases the increasing supply of Bitcoin held by LTHs, which ultimately leads to less selling pressure. This trend can be attributed, in part, to the entry of institutional investors and the growing influence of U.S. Bitcoin ETFs, which are designed for long-term holding strategies.

上图展示了LTHS持有的比特币供应量的增加，这最终导致销售压力较小。这种趋势可以部分地归因于机构投资者的进入以及美国比特币ETF的日益增长的影响，这些趋势是为长期持有策略而设计的。

Despite the rising supply held by LTHs, the realized profit/loss ratio stands at 9.4, which signals that the majority of coins are being spent at a substantial profit.

尽管LTHS持有的供应量增加，但已实现的利润/损失比率为9.4，这表明大多数硬币都以可观的利润来花费。

Historically, such a high ratio has coincided with market euphoria, which is usually followed by a local or cycle top. However, if demand remains strong, there is also a possibility that the rally could continue for months.

从历史上看，如此高的比例与市场欣快感相吻合，这通常是本地或周期顶部。但是，如果需求仍然很强劲，也有可能持续数月的集会。

The recent report on the U.S. Consumer Price Index (CPI) for May showed that inflation rose 2.4% year-over-year, lower than the economists’ expectations of 2.5%. Core CPI, which excludes volatile items like food and energy, held steady at 2.8%.

最近关于美国消费者价格指数（CPI）的报告显示，通货膨胀率同比增长2.4％，低于经济学家的预期2.5％。核心CPI不包括挥发性物品，例如食品和能源，保持稳定为2.8％。

This lower-than-expected inflation could encourage the Federal Reserve to adopt a more dovish stance. With inflation contained, the Fed may be less likely to raise interest rates and could even consider reducing them, which would appeal to risk assets like Bitcoin.

这种超过预期的通货膨胀可以鼓励美联储采取更艰难的立场。随着通货膨胀，美联储可能不太可能提高利率，甚至可以考虑降低利率，这将吸引像比特币这样的风险资产。

“Falling inflation and the possibility of a rate cut could push Bitcoin into the final leg of its rally,” said Nic Puckrin, founder of Coin Bureau, in a recent analysis. This scenario would involve increased investment in Bitcoin, potentially driving its price toward new all-time highs.

Coin Bureau的创始人Nic Puckrin在最近的分析中说：“通货膨胀率下降和削减税率可能会将比特币推向其集会的最后一层。”这种情况将涉及增加对比特币的投资，并有可能将其价格推向新的历史高潮。

In addition to inflation data, another factor that could influence Bitcoin’s trajectory is the outcome of the U.S.-China trade talks. The progress of these discussions will be crucial for determining the fate of equities and, consequently, cryptocurrencies.

除通货膨胀数据外，可能影响比特币轨迹的另一个因素是美中贸易谈判的结果。这些讨论的进展对于确定股票的命运以及因此，加密货币的命运至关重要。

According to Nansen Principal Research Analyst, Aurelie Barthere, "The narrative around U.S.-China relations is becoming increasingly important for risk assets in general, and that includes Bitcoin."

Nansen首席研究分析师Aurelie Barthere表示：“我们与中国关系的叙述对总体上的风险资产越来越重要，其中包括比特币。”

Following President Trump’s announcement of a finalized tariff deal with China, we might see less uncertainty in the global market as the U.S.-China trade talks reach a critical juncture. The outcome of these talks, along with other diplomatic developments, could create a more stable economic environment.

在特朗普总统宣布与中国达成最终关税协议之后，随着美中贸易谈判达到关键的关键，我们可能会发现全球市场的不确定性更少。这些谈判的结果以及其他外交发展可能会创造更稳定的经济环境。

This stability would be beneficial for cryptocurrencies, which are often viewed by investors as a hedge against geopolitical risks and inflationary concerns.

这种稳定性将对加密货币有益，这通常被投资者视为对冲地缘政治风险和通货膨胀问题的对冲。

As the trade talks progress and yield further agreements, it could have a positive impact on Bitcoin’s price. If these talks continue to be successful, leading to increased confidence in the market, we might see a rally in Bitcoin and other risk assets.

随着贸易谈话的进展并产生进一步的协议，它可能会对比特币的价格产生积极影响。如果这些谈判继续取得成功，从而提高了对市场的信心，我们可能会看到比特币和其他风险资产的集会。

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