比特币（BTC）的交易低于其历史最高的2.5％，信号增长了势头

比特币的交易价格低于其历史最高$ 112,000的2.5％，这标志着增长的势头以及价格发现新冲动阶段的潜在开始。

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Bitcoin is trading less than 2.5% below its all-time high near $112,000, signaling growing momentum and the potential start of a new impulsive phase in price discovery. After weeks of steady gains and strong consolidation above the $100K level, BTC appears ready to break higher and extend its macro uptrend. The market is watching closely, as a clean move above $112K could trigger a wave of bullish continuation and renewed institutional interest.

比特币的交易价格低于其历史最高$ 112,000的2.5％，这标志着增长的势头以及价格发现新冲动阶段的潜在开始。经过数周的稳定增长和高于$ 10万美元的水平的强劲合并后，BTC似乎准备好打破更高并扩大其宏观上升趋势。市场正在密切关注，因为一项清洁的举动超过$ 112K，可能会引发看涨的延续浪潮和重新引起的机构利益。

On-chain insights from CryptoQuant add important context to this moment. Specifically, the analysis of UTXOs—Unspent Transaction Outputs—provides a deeper understanding of the state of unrealized profits across the network. UTXOs are the core technical structure that ensures a single bitcoin can only be spent once. But beyond that, they offer critical insight into the profitability of held coins.

加密素养的链链见解为这一刻增加了重要背景。具体而言，对UTXOS的分析（无史地交易输出）提供了对整个网络中未实现的利润状态的更深入的理解。 UTXOS是确保只能花费一次比特币的核心技术结构。但是除此之外，他们还对持有硬币的盈利能力提供了重要的见解。

Currently, the market is nearing the 99% threshold, meaning 99% of all BTC holdings are in profit. This level historically aligns with periods of market euphoria and strong uptrend, but can also signal potential overheating if sustained too long. As Bitcoin inches toward new highs, this metric reinforces the strength of the rally while reminding investors that such high profitability often comes with increased volatility.

目前，市场接近99％的门槛，这意味着所有BTC持有的99％是有利可图的。历史上，这一水平与市场欣快感和强劲上升趋势保持一致，但如果持续时间太长，也可能表明潜在的过热。随着比特币朝着新高点的英寸，该度量标准增强了拉力赛的实力，同时提醒投资者，这种高利润率通常会增加波动性。

Bitcoin is showing remarkable strength as it flirts with new highs this week, trading just below $112,000. While global markets react to rising U.S. Treasury yields and persistent inflation, Bitcoin appears to be thriving in the chaos, solidifying its role as both a risk asset and a macro hedge. As traditional markets face pressure, BTC continues to lead with resilience, even as geopolitical and policy-related uncertainty clouds investor sentiment.

比特币在本周的新高点调情时表现出色，交易价格低于112,000美元。尽管全球市场对美国财政收益率上升和持续通货膨胀做出反应，但比特币似乎在混乱中蓬勃发展，巩固了其作为风险资产和宏观对冲的作用。随着传统市场面临压力，即使在地缘政治和政策相关的不确定性云投资者的情绪上，BTC仍会继续以韧性为导致。

Top analyst Darkfost shared fresh insights on Bitcoin’s on-chain condition, focusing on the utility of UTXOs (Unspent Transaction Outputs). UTXOs are the technical mechanism that ensures a single BTC can only be spent once on the blockchain. But beyond that, they serve as a powerful tool for assessing unrealized profits across all held BTC.

Top Analyst DarkFost分享了对比特币的链条件的新见解，重点是UTXOS的效用（未实用的交易输出）。 UTXOS是确保单个BTC只能在区块链上花费一次的技术机制。但是除此之外，它们是评估所有持有BTC的未实现利润的强大工具。

One key metric derived from UTXOs is the percentage of BTC supply in profit. Currently, Bitcoin is approaching the critical 99% threshold, meaning nearly all coins are in unrealized gain territory. Historically, this level is associated with periods of market euphoria and sustained uptrends, but it also comes with a warning: elevated unrealized profits often precede spikes in profit-taking.

来自UTXO的一个关键指标是BTC供应利润的百分比。目前，比特币正在接近关键的99％阈值，这意味着几乎所有硬币都处于未实现的收益领域。从历史上看，该水平与市场欣快感和持续上升趋势有关，但它也带有警告：提高未实现的利润通常是在获利中的峰值之前。

While BTC’s structure remains bullish, macro uncertainty—especially around the Trump administration’s policy direction—keeps risk-on conviction muted. As Darkfost notes, “We’re not fully euphoric yet, but we’re entering a zone where late buyers should be cautious.”

尽管BTC的结构仍然看涨，但宏观不确定性（尤其是在特朗普政府的政策方向上）仍保留风险的定罪。正如Darkfost所指出的那样：“我们还没有完全欣喜，但是我们进入了一个晚期买家应该谨慎的区域。”

If the 99% profit signal drops, it may trigger a wave of selling as gains shrink and weaker hands capitulate. For now, though, Bitcoin remains strong, and the uptrend is intact. The market is watching closely because in times like these, BTC tends to move first.

如果99％的利润信号下降，它可能会触发销售浪潮，随着增益收缩和较弱的手屈曲。不过，就目前而言，比特币仍然很强，并且上升趋势是完整的。市场之所以要密切关注，是因为在这样的时期，BTC倾向于先移动。