比特币的BTC/USD最近的增长到104,000美元，主要是由于现货积累而驱动的，显着降低了卖方压力

根据GlassNode的市场报告，比特币的BTC/USD最近涨到104,000美元，主要是由现货积累和显着降低卖方压力驱动的。

Bitcoin's BTC/USD recent surge to $104,000 has been driven mainly by spot accumulation and a reduction in sell-side pressure, according to Glassnode's market report released Thursday.

根据GlassNode的市场报告，比特币的BTC/USD最近增加到104,000美元，主要是由现货积累和卖方压力减轻驱动的。

What Happened: A key short-term support level has emerged around $93,000-$95,000, with both on-chain and exchange data suggesting that recent buyers are defending this cost basis zone.

发生了什么：关键的短期支持水平已出现在93,000-95,000美元左右，链和交换数据都表明最近的买家正在捍卫此成本基础区域。

“A key accumulation zone emerged between $93k and $95k,” the report notes, adding that this range aligns closely with the Short-Term Holder (STH) cost basis, which includes investors who entered the market in the past five months.

该报告指出：“关键的累积区域在$ 93K到$ 95K之间。”该报告补充说，该系列与短期持有人（STH）成本基础紧密一致，其中包括过去五个月进入市场的投资者。

Glassnode analysts highlight that this zone is likely to act as a structural support during pullbacks. "This range… represents a demand zone where investors are likely to see value once again."

GlassNode分析师强调，该区域可能在回调过程中充当结构支持。 “这个范围……代表了一个需求区，投资者可能再次看到价值。”

Supporting this, net buying pressure has intensified on U.S. exchange Coinbase COIN, while selling on Binance has sharply declined. "Coinbase has experienced a regime of consistent net buying… Binance markets have transitioned from intense net selling… to a milder -$9M daily today."

为此，在美国交易所Coinbase硬币上加剧了净购买压力，而二手售价急剧下降。 “ Coinbase经历了一致的净购买量……binance市场已经从紧张的净销售过渡到……今天每天900万美元。”

In derivatives markets, perpetual futures open interest has dropped by 10% from its peak, signaling a short squeeze and cleansing of excessive short-side leverage.

在衍生品市场中，永久期货的开放兴趣从其峰值起下降了10％，表明短暂的短侧杠杆率很短。

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WHy It MattersL This positions the market for a more sustainable uptrend.

为什么它很重要，这使市场定位更可持续的上升趋势。

"These types of shakeouts are characteristic of healthy resets… often seen during the early phases of a new market trend," the report states.

报告指出：“这些类型的摇动是健康重置的特征……通常在新市场趋势的早期阶段看到。”

While ETF inflows have slowed from a peak of $389 million/day to around $58 million/day, demand remains strong. Glassnode points out that this institutional participation reflects a longer-term conviction in Bitcoin, echoing inflow patterns from earlier rallies in 2024.

尽管ETF流入量从每天3.89亿美元的峰值下降到每天5800万美元左右，但需求仍然很大。 GlassNode指出，这种机构参与反映了比特币的长期信念，这与2024年早期集会的流入模式相呼应。

Options market data also shows traders leaning bullish.

期权市场数据还显示了交易者倾向看涨。

The 1-month 25 Delta Skew stands at -6.1%, indicating traders are paying more for calls than puts, a classic sign of upside speculation.

1个月的25个三角洲偏斜为-6.1％，表明交易者为电话支付的费用超过了Puts，这是上升猜测的经典迹象。

The report further states that Bitcoin's upward momentum is well-supported.

该报告进一步指出，比特币的向上势头得到了很好的支持。

As long as the cost basis support zone holds and derivatives markets continue to stabilize, the rally may remain intact even as the asset approaches its all-time high near $109,000.

只要成本基础支持区的成本支撑区和衍生品市场继续稳定，即使资产接近其历史最高的109,000美元，集会也可能保持完整。

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