比特币（BTC）价格飙升触发了长期持有人的盈利

比特币（BTC）价格的最新增长导致投资者行为发生了重大变化。长期持有人已经开始获利

The recent surge in Bitcoin's (BTC) price has led to a significant change in investor behavior, according to Glassnode data.

根据GlassNode的数据，比特币（BTC）价格最近的增长导致了投资者行为的重大变化。

Long-term holders have begun taking profits, pushing the market's realized value to a new all-time high.

长期持有人已经开始获利，将市场的实现价值推向了新的历史最高水平。

Bitcoin realized cap has surpassed $900 billion for the first time

比特币意识到CAP首次超过了9000亿美元

Data from on-chain analytics firm Glassnode shows that BTC's realized cap has now risen above $900 billion. This peak value occurs as investors are locking in gains after holding onto their assets for many months. With many long-term holders in a strong profit position following the latest BTC price rally, it appears that they are beginning to take some of their gains.

来自链分析公司玻璃节的数据表明，BTC的CAP现在已经上涨了9000亿美元。当投资者持有其资产数月之后，投资者锁定了收益，因此发生了高峰价值。在最新的BTC价格集会之后，许多长期持有人处于强大的利润地位，看来他们开始赢得一些收益。

Also, the market value to realized value (MVRV) ratio has entered what analysts call the "euphoria zone." The ratio measures whether investors are sitting on unrealized gains, while this zone is a phase where investor profit-taking reaches extreme levels.

此外，实现价值（MVRV）比率的市场价值已经输入了分析师所说的“ Euphoria区”。该比率衡量了投资者是否坐在未实现的收益上，而该区域是投资者获利达到极端水平的阶段。

This ratio is over 3.2 for long-term Bitcoin holders, like Michael Saylor's Strategy, which just bought 4,020 BTC, signaling that, on average, their coins are worth more than triple the purchase price. Such levels are usually a sign that a market top is approaching, and investors are reducing their risk by selling a large percentage of their holdings.

对于长期比特币持有人来说，这个比率超过3.2，例如迈克尔·塞勒（Michael Saylor）的策略，该战略刚刚购买了4,020 BTC，表明他们的硬币平均价值高于购买价格三倍。这样的水平通常表明市场顶级正在接近，投资者通过出售很大一部分持股来降低风险。

In addition, the MVRV ratio for those who bought BTC within the last five months (short-term holders) is over 2.0. This finding indicates that these investors are also realizing substantial profits.

此外，在过去五个月内购买BTC的人的MVRV比率（短期持有人）超过2.0。这一发现表明这些投资者也正在实现大量利润。

Source: Glassnode

来源：玻璃节

The data shows that the last time the MVRV ratio reached such high levels was during the 2021 bull market. Back then, BTC experienced a sharp correction after the MREVR ratio crossed the euphoria zone.

数据表明，MVRV比率上次达到如此高的时间是在2021年牛市。当时，BTC在MREVR比越过欣快感区后进行了急剧的校正。

However, despite the potential for volatility, the latest data from Glassnode suggests that the crypto market may be entering a more volatile period.

但是，尽管有潜力的波动性，但GlassNode的最新数据表明，加密货币市场可能会进入一个更加动荡的时期。

The legend price, which refers to historical support and resistance levels, has displayed slight gains, in contrast to the BTC price's massive rally. This difference highlights how BTC dominates investor attention, especially through institutional demand with spot Bitcoin ETFs.

传说价格是指历史支持和抵抗水平，与BTC价格的大规模集会相反，它显示出略有收益。这种差异强调了BTC如何在投资者的关注中占主导地位，尤其是通过与现货比特币ETF的机构需求。

This market phase displays the classic cycle of a massive price increase, which causes long-term investors to start securing profits. While the metrics don't indicate that a crash will happen soon, they suggest that the market may be entering a more volatile period.

这个市场阶段显示出大量价格上涨的经典周期，这导致长期投资者开始获得利润。虽然指标并没有表明很快就会发生崩溃，但他们建议市场可能会进入更加动荡的时期。

The bear market for altcoins isn't over yet

Altcoins的熊市还没有结束

Popular crypto analyst Michael Van de Poppe has stated that the bear market for altcoins isn't over yet. However, Van de Poppe noted that there's a strong bearish divergence in BTC's dominance.

受欢迎的加密分析师迈克尔·范·德·波普（Michael van de Poppe）表示，altcoins的熊市尚未结束。但是，范德·波普（Van de Poppe）指出，BTC的统治地位存在强烈的看跌差异。

This means there's a gradual weakening of Bitcoin's share of the total cryptocurrency market. Hence, the analyst predicts that a shift could be imminent, with altcoins rising in value. Van de Poppe also notes that the dip (circled in red) marks the end of the bear market previously, and a similar turnaround could be near.

这意味着比特币在总加密货币市场中的份额逐渐减弱。因此，分析师预测，随着山寨币价值的上升，山寨币可能会发生变化。范德·波普（Van de Poppe）还指出，倾角（以红色盘旋）标志着熊市的末端，并且可能会发生类似的周转。