比特币（BTC）价格返回向上轨迹，超过了市场的收益1.7％

比特币已经恢复了向上的轨迹，在过去24小时内，资产的增长率为1.7％，达到109,505美元。

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狮子和球员的足球价格有些柔和。每个arcu lorem，超级贵族，ullamcorper足球的仇恨。

Bitcoin price has returned to an upward trajectory, with the asset adding 1.7% in the last 24 hours to reach $109,505 by the time of writing. This marks a 4% increase over the past week, placing BTC less than 2% below its recent all-time high of $111,000.

比特币价格已恢复到一个上升轨迹，在过去24小时内，资产增加了1.7％，到撰写时间达到109,505美元。这比过去一周增长了4％，使BTC比最近有史以来111,000美元的历史高点不到2％。

The move comes after a period of relatively subdued market activity, with recent gains unfolding in a quiet trading volume regime. As such, analysts have turned to on-chain indicators for signals of whether the current price action is sustainable or approaching overheated levels.

此举是在一段相对柔和的市场活动之后进行的，最近在安静的交易量制度中展开了收益。因此，分析师已转向链上指标，以表明当前价格行动是可持续的还是接近过热水平的信号。

Particularly, unlike previous rallies that were driven by sharp price spikes and speculative retail demand, the latest growth appears more measured. This has prompted the assessment of metrics such as Binary Coin Days Destroyed (CDD) , MVRV ratio, and exchange premium indexes to gauge underlying investor behavior and sentiment.

尤其是，与以前的集会不同，这些集会是由价格尖峰和投机性零售需求驱动的，最新的增长似乎更为衡量。这促使评估诸如二进制硬币日（CDD），MVRV比率和交换保费指数等指标，以衡量投资者的行为和情感。

Bitcoin price moves up less than 2% in淡季, analysis shows crypto behemoths are calmly accumulating. Credit: Benzinga

比特币价格在淡季中的上涨不到2％，分析表明，加密庞然大物正在平静地积累。学分：苯金加

According to an analysis published on CryptoQuant’s QuickTake platform by contributor Avocado Onchain, Bitcoin’s current rally is unfolding under relatively stable conditions.

根据撰稿人鳄梨·诺克（Avocado Onchain）在CryptoQuant的Quicktake平台上发表的分析，比特币的当前集会在相对稳定的条件下正在展开。

The analyst highlights a decreasing 30-day moving average of Binary CDD, which measures the spending behavior of long-term holders. This decrease suggests that these holders are not yet exiting the market en masse, signaling a continued confidence in the asset’s potential for further gains.

分析师强调了二进制CDD的30天移动平均值降低，这衡量了长期持有人的支出行为。这种下降表明，这些持有人尚未大规模退出市场，这表明对资产进一步收益的潜力持续信心。

Another notable indicator is the Coinbase Premium Index, which measures the difference between Bitcoin prices on US-based Coinbase and other global exchanges. This premium is increasing and nearing the levels observed during Bitcoin’s prior peaks in March and December 2024.

另一个值得注意的指标是Coinbase Previum指数，该指数衡量了美国基于美国的Coinbase和其他全球交易所的比特币价格之间的差额。该溢价正在增加，并接近2024年3月和12月比特币先前的高峰期间观察到的水平。

While a sustained or rapidly increasing premium can be a potential indication of price overheating or an impending correction, Avocado notes that the Korea Premium Index remains low, implying muted activity from retail traders in Asia. This balance suggests that institutional buying pressure, particularly from US-based investors, could be driving the recent momentum.

尽管持续或迅速增加的溢价可能是价格过热或即将进行的更正的潜在迹象，但鳄梨指出，韩国保费指数仍然很低，这意味着亚洲零售商人的活动繁重。这种平衡表明，机构购买压力，尤其是来自美国投资者的机构购买压力可能会推动最近的势头。

In addition, the MVRV ratio, a comparison of Bitcoin’s market value to its realized value, has been rising gradually without any sharp jumps or reaching extreme levels. This suggests that the market has not entered an extreme greed phase, which could indicate that the current uptrend may have more room to run before encountering strong resistance.

此外，MVRV比比特币的市场价值与其实现价值的比较逐渐上升，而没有任何急剧的跳跃或达到极端水平。这表明市场尚未进入极端的贪婪阶段，这可能表明当前的上升趋势可能在遇到强烈的阻力之前可能有更多的运行空间。

“In summary, rather than indicating an anticipation of an impending correction, the current indicators suggest that Bitcoin may still have some potential for further growth, and it could be a good time to carefully monitor the possibility of continued upside in the market,” Avocado concludes.

鳄梨总结说：“总而言之，目前的指标并没有指出预期即将进行的校正，而是表明比特币仍然有进一步增长的潜力，这可能是仔细监视市场上持续上涨可能性的好时机。”

Coinbase premium surges as US investors pour into Bitcoin

当美国投资者投入比特币时

In a separate post on the same platform, another CryptoQuant contributor, Crypto Dan, highlighted the consistent buying activity from larger market players.

在同一平台上的另一篇文章中，另一个加密贡献者Crypto Dan强调了来自较大市场参与者的持续购买活动。

His report notes that the Coinbase Premium has been increasing steadily since April 21, signaling increased demand from US investors, who have been accumulating BTC in a manner that is heating up the Coinbase exchange.

他的报告指出，自4月21日以来，Coinbase Premium一直在稳步增长，这表明了美国投资者的需求增加，美国投资者的需求一直在积累BTC，以加热Coinbase Exchange的方式。

This trend, observed in the widening differential between Coinbase and other global exchanges, is becoming more apparent with each passing day, as seen in the chart below.

如下图所示，在Coinbase和其他全球交流之间的扩大差异中观察到的这一趋势变得越来越明显。

The analyst further noted that such patterns are characteristic of post-correction recovery phases in Bitcoin’s historical price cycles. So far, the combination of long-term holder conviction, institutional demand, and relative absence of exuberant retail activity suggests the rally may be advancing on more stable footing than prior surges.

分析师进一步指出，这种模式是比特币历史价格周期中校正后恢复阶段的特征。到目前为止，长期持有人定罪，机构需求以及相对缺乏繁荣的零售活动的结合表明，集会可能比以前的激增更稳定。