“比特币（BTC）的价格已达到每年的新高点接近$ 111k”

比特币的[BTC]价格已达到每年的新高点，接近11.1万美元，但持有少于1 BTC的小型投资者的地址急剧下降

Bitcoin [BTC] has now reached new yearly highs of around $111K. However, the number of small investor addresses holding less than 1 BTC has dropped sharply.

比特币[BTC]现在已经达到了每年$ 11.1万美元的新高点。但是，持有少于1 BTC的小型投资者的地址急剧下降。

It fell from 590,000 in 2021 to just 260,000 today. This lack of excitement among everyday investors is striking, especially as price action strengthens.

它从2021年的590,000下降到今天的260,000。日常投资者中缺乏兴奋令人震惊，尤其是随着价格行动的加强。

Large investors and long-term holders are driving this rally, not retail buyers. Of course, the breakout’s reach remains limited unless smaller traders return to the market.

大型投资者和长期持有人正在推动这次集会，而不是零售买家。当然，除非较小的贸易商返回市场，否则突破的影响力仍然有限。

Is Bitcoin’s breakout above $110K truly sustainable?Bitcoin has now fully cleared the high-congestion supply zone between $105K and $110K.

比特币的突破是否超过$ 110K？现在，比特币已经完全清除了高层供应区，在$ 105K到11万美元之间。

At the time of writing, BTC is trading at $110,510. This marks a major technical breakout, pushing the price above a strong resistance level that previously triggered several pullbacks.

在撰写本文时，BTC的交易价格为110,510美元。这标志着重大的技术突破，将价格推高了强大的阻力水平，以前触发了几次回调。

However, the RSI on the daily chart has climbed above 77, indicating overbought conditions. Typically, such RSI readings often warrant a cool-down in price.

但是，每日图表上的RSI攀升到77以上，表明条件过高。通常，这样的RSI读数通常值得降低价格。

But bullish trends can remain in this range during strong uptrends. Hence, the breakout may hold if demand remains strong, especially if profit-taking pressure stays minimal.

但是，在强大的上升趋势期间，看涨的趋势可以保持在这一范围内。因此，如果需求仍然强劲，突破可能会成立，尤其是如果利润压力保持最小。

Has BTC cooled off enough as the NVT Golden Cross dips?The NVT Golden Cross dropped by 49.46%, resting at 0.79.

NVT金十字倾角是否有足够的冷却？NVT Golden Cross下降了49.46％，休息为0.79。

This signals that Bitcoin’s price is no longer outpacing on-chain transaction value as aggressively as before. In previous cycles, such a drop in the NVT Golden Cross reduced the likelihood of encountering short-term price tops.

这表明比特币的价格不再像以前那样积极地超过链交易价值。在以前的周期中，NVT Golden Cross的这种下降降低了遇到短期价格上涨的可能性。

Therefore, this signals a lower risk of overheating and supports a healthier rally.

因此，这表明过热的风险较低，并支持更健康的集会。

Meanwhile, Weighted Sentiment spiked to 5.15—a high level, reflecting crowd euphoria.

同时，加权情绪飙升至5.15，这是高水平的，反映了人群欣喜。

Historically, such a high level of sentiment often precedes periods of consolidation or reversals, especially if it’s not supported by retail traders.

从历史上看，如此高的情感通常在整合或逆转期之前，尤其是在零售商人不支持的情况下。

Without sufficient retail traction, these sentiment spikes tend to unwind. Traders should be prepared for short-term corrections if momentum slows down.

没有足够的零售牵引力，这些情绪尖峰往往会放松。如果动量减慢，则应为短期更正做准备。

Is BTC becoming overvalued as the NVT ratio skyrockets?The NVT ratio surged to 374.17, which indicates a growing disconnect between Bitcoin’s Market Cap and its Transaction Volume.

BTC是否被高估了NVT比率Skyocket？NVT比率飙升至374.17，这表明比特币的市值与交易量之间的脱节越来越大。

Generally, high NVT levels can sometimes suggest overvaluation, especially when not accompanied by a rise in network activity.

通常，高NVT水平有时会表明高估，尤其是在不伴随网络活动增加的情况下。

Therefore, this metric warrants caution. If transaction volume fails to pick up, the market might experience valuation-based pullbacks.

因此，该指标需要谨慎。如果交易量未能达到，市场可能会遇到基于估值的回调。

However, it’s worth noting that in bull markets, the NVT Ratio can remain elevated for extended periods. It’s more of a caution flag than a complete indicator to halt the rally.

但是，值得注意的是，在牛市中，NVT比率可以长期升高。它更多的是一个警告标志，而不是完全指标来阻止拉力赛。

Are holders signaling long-term belief as short-term speculation drops off?Realized Cap HODL Waves (0–1 day) dropped to just 0.33, indicating that recent activity is not driven by short-term flippers. This metric shows minimal movement from new buyers.

持有人是否会发出长期信念，因为短期投机下降了？实现的帽hodl波（0-1天）降至仅0.33，这表明最近的活动不是由短期肢体驱动的。该度量表明，新买家的移动最少。

This statistic highlights the presence of long-term holders in the current market.

该统计数据强调了当前市场中长期持有人的存在。

Historically, low wave activity correlates with strong hands and supports sustained uptrends.

从历史上看，低波活动与强大的手和支撑持续上升趋势相关。

This suggests that the rally has a stable foundation, at least for now.

这表明至少目前，集会具有稳定的基础。

Combined with the reduced NVT Golden Cross, the conviction of holders strengthens the bullish case despite other mixed signals.

加上减少的NVT金十字架，尽管其他混合信号也是持有人的定罪，也加强了看涨案件。

Bitcoin’s breakout and strong on-chain support present promising signs. However, the lack of retail participant

比特币的突破和强大的链链支持表现出令人鼓舞的迹象。但是，缺乏零售参与者