比特币（BTC）仍然处于一个由短期持有人控制的技术关键区域，尽管它恢复到近98,000美元

该报告强调了最近的市场行为，指出了资本流入和投资者情绪的改善。此外，它警告说，如果密钥支持水平失败，当前的价格结构仍然很脆弱。

According to a May 7 analysis by Glassnode, despite recovering to nearly $98,000, Bitcoin (BTC) remains in a technically critical zone that is heavily concentrated among short-term holders (STHs).

根据5月7日的玻璃节分析，尽管恢复到近98,000美元，但比特币（BTC）仍处于技术关键区域，该区域大量集中在短期持有人（STH）中。

This period has seen improved capital inflows and investor sentiment, but the current price structure remains vulnerable if key support levels fail.

这一时期的资本流入和投资者的情绪得到了改善，但是如果关键支持水平失败，目前的价格结构仍然很容易受到影响。

Bitcoin price surges to seven-week highs

比特币价格飙升至七周高点

As highlighted by Glassnode, recent price action has seen Bitcoin surge to highs last seen over two months ago, briefly touching $97,900. This move also pushed the bulk of coins out of a loss-making state.

正如GlassNode所强调的那样，最近的价格动作已将比特币激增到两个月前，直到最后一次出现，短暂触及了97,900美元。这一举动还将大部分硬币从损失状态推出。

Specifically, more than 3 million BTC returned to a profitable state following the apex of its correction to a low of roughly $74,000 in April. However, the market remains in a decision phase as it waits to see whether Bitcoin can consolidate above cost-basis levels such as the 111-day moving average and the Short-Term Holder realized price.

具体而言，在4月份，超过300万BTC的校正最高点返回了一个有利可图的状态。但是，市场在等待查看比特币是否可以合并成本基础水平（例如111天移动平均水平）和短期持有人实现的价格等于，市场仍处于决策阶段。

The analysis noted that the recent rally has pushed Bitcoin’s realized cap to an all-time high of $889 billion, up 2.1% over the past month. Realized cap is a metric that measures cumulative capital inflows based on the original acquisition price of coins.

分析指出，最近的集会使比特币的实现上限达到了889亿美元的历史最高点，在过去一个月中增长了2.1％。实现的CAP是一个指标，它根据硬币的原始获取价格来衡量累积资本流入。

This statistic suggests that more value is entering the network, which may indicate that new investors are accumulating coins at higher price ranges compared to the average cost basis.

该统计数据表明，更多的价值正在进入该网络，这可能表明新投资者与平均成本基础相比，新投资者以较高的价格范围积累硬币。

Concurrently, realized profits have exceeded $1 billion per day, showcasing strong demand capable of absorbing profit-taking activity from recent buyers.

同时，实现的利润已经超过每天10亿美元，表明了强劲的需求，能够吸收最近买家的利润活动。

According to CryptoSlate data, Bitcoin was trading at $96,844 at the time of writing, up 2.64% over the past 24 hours.

根据隐板数据，在写作时，比特币的交易价格为96,844美元，在过去的24小时内增长了2.64％。

Short-term holders key as ETF demand recovers

短期持有人的钥匙随着ETF需求恢复

While the number of coins held at a loss has dropped to 1.9 million BTC, recent buyers still represent the bulk of these holdings. Glassnode reported that STHs concentrate 83% of coins in unrealized loss, many of whom entered the market above $96,000.

尽管亏损的硬币数量已降至190万BTC，但最近的买家仍然代表着这些持股中的大部分。 GlassNode报告说，STH将83％的硬币集中在未实现的损失中，其中许多人进入了96,000美元以上的市场。

These investors were previously subject to elevated financial stress, with unrealized losses breaching alarming levels earlier this year. However, that stress has since subsided, with the STH unrealized loss metric returning to neutral territory, suggesting that most of these addresses are closer to breakeven.

这些投资者此前遭受着升高的财务压力，今年早些时候未实现的损失违反了令人震惊的水平。但是，这种压力从那以后就消失了，STH未实现的损失度量返回中性领土，这表明这些地址中的大多数都更接近盈亏平衡。

This transition has also influenced spending behavior, with STHs increasingly realizing gains rather than losses. According to the report, this shift may mark a pivot point, indicating that the cohort is regaining confidence and selectively de-risking.

这种过渡也影响了支出行为，STH越来越多地意识到收益而不是损失。根据该报告，这一转变可能标志着一个枢轴点，表明该队列正在恢复置信度并有选择性地风险。

Overall investor activity has also picked up. Combining realized profit and loss volumes yields a daily figure of over $1 billion, a level only exceeded during 15% of trading sessions in this cycle.

总体投资者的活动也已经兴起。结合实现的利润和损失量的每日数量超过10亿美元，在此周期中15％的交易课程中仅超过了水平。

The uptick indicates renewed market engagement, but the report cautioned that much of this behavior may still be reactive to short-term price moves rather than driven by long-term conviction.

上升的表明是新的市场参与，但该报告警告说，这种行为的大部分可能仍然对短期价格转移，而不是由长期定罪驱动。

Institutional interest, which had waned during recent months, appears to be returning. US spot Bitcoin exchange-traded funds (ETFs) have absorbed over $4.6 billion in inflows across the last two weeks, offsetting the 70,000 BTC in net outflows recorded during the previous drawdown.

近几个月来逐渐减弱的机构利益似乎正在返回。美国现货比特币交易所贸易资金（ETF）在过去两周中吸收了超过46亿美元的流入，从而抵消了上一次缩减期间记录的70,000 BTC。

Total assets under management within US ETFs now stand at 1.171 million BTC, just 11,000 BTC short of the all-time high earlier this year.

现在，美国ETF内部管理的总资产为117.1万BTC，比今年早些时候有史以来高的BTC仅11,000 BTC。

According to the report, the recovery in ETF demand is a constructive signal that institutional allocators are starting to rotate capital into Bitcoin again after a period of caution. The inflows coincide with the broader uptick in market liquidity and capital deployment observed on-chain.

根据该报告，ETF需求的回收是一个建设性的信号，即经过一段时间的谨慎，机构分配者开始再次将资本旋转成比特币。流入与市场流动性和资本部署的更广泛的上升相吻合。

Despite rally, volatility expectations decline

尽管集会，但预期的波动性下降了

Despite the rally and renewed capital movement, volatility expectations in derivatives markets are declining.

尽管集会和更新的资本运动，但衍生品市场的波动期望仍在下降。

One-week and one-month at-the-money implied volatility is now at its lowest since July 2024, while longer-dated contracts show similar compression. Implied volatility premiums on contracts expiring in May through March 2026 have all trended downward.

自2024年7月以来，一个星期和一个月的货币隐含波动率现在处于最低状态，而较长的合同则显示出类似的压缩。默示的波动性保费在5月至2026年3月到期的合同均已下降。

Even long-term options are pricing in relatively low expectations for price swings.

即使是长期选择，价格的定价相对较低，对价格波动的期望也相对较低。

The report viewed this subdued volatility regime as a potential counter-indicator, especially given the market’s proximity to dense cost-basis clusters between $94,000 and $96,000.

该报告将这种柔和的波动性制度视为潜在的反调查者，尤其是考虑到市场靠近密集的成本基础簇在94,000美元至96,000美元之间。

The Realized Supply Density metric, which measures the acquisition volume of BTC near the current price, has increased meaningfully. This concentration implies that even small price fluctuations could have amplified effects on investor behavior, particularly among those who bought during the December–February consolidation range.

实现的供应密度度量标准衡量了当前价格附近的BTC的采集量，有意义地增加了。这种集中度意味着，即使价格很小的波动也可能会放大对投资者行为的影响，尤其是在12月至五月合并范围内购买的人中。

While the recent rally has improved network-wide profitability and market structure, Bitcoin’s position near critical support and resistance levels means further gains are not guaranteed. It will test the current market strength if BTC fails to hold above its short-term cost basis

尽管最近的集会提高了网络范围的盈利能力和市场结构，但比特币在关键支持和阻力水平附近的位置意味着不能保证进一步的收益。如果BTC未能超过其短期成本基础，它将测试当前的市场实力