比特币的颠簸骑行：获利的速度减慢了动力，接下来是什么？

比特币的拉力赛面临逆风，因为获利的价格为$ 650B，动量减慢了。新鲜的催化剂会出现，还是将范围结合的新常态交易？

Bitcoin's Bumpy Ride: Profit-Taking Slows Momentum, What's Next?

比特币的颠簸骑行：获利的速度减慢了动力，接下来是什么？

Bitcoin's surge to new heights hit a snag. Profit-taking by long-term holders has led to a slowdown in momentum. Is this a temporary breather, or a sign of things to come?

比特币的新高度涌入陷入困境。长期持有人的盈利导致势头放缓。这是暂时的呼吸器还是即将发生的事情的迹象？

Long-Term Holders Cashing Out

长期持有人兑现

On-chain data reveals that long-term Bitcoin holders are realizing substantial profits. Glassnode reports over $650 billion in profits realized this cycle, surpassing the last bull run. These profit-taking waves are hindering Bitcoin's upward trajectory, keeping it in a tighter range.

链上数据表明，长期比特币持有人正在实现大量利润。 GlassNode报告说，超过650亿美元的利润实现了这一周期，超过了最后一次公牛。这些利润的波浪阻碍了比特币的向上轨迹，使其处于更严格的范围。

Bitcoin analyst James Check confirms that much of the selling pressure comes from holders who've held their Bitcoin for three years or more. Charles Edwards of Capriole Funds notes that Bitcoin's stagnation around $100,000 since January is largely due to long-term holders selling post-ETF launch.

比特币分析师James Check确认，销售压力的大部分来自持有比特币三年或更长时间的持有人。 Capriole Funds的查尔斯·爱德华兹（Charles Edwards）指出，比特币自1月以来的停滞量约为100,000美元，这在很大程度上是由于长期持有人出售了ETF发布后。

Weakening Market Momentum

弱化的市场势头

Besides profit-taking, Bitcoin's on-chain volume has decreased by roughly 32% in recent weeks. The move to $111,000 didn't spark a surge in trading activity. Spot volume is significantly below previous cycle peaks, signaling a lack of speculative intensity and reinforcing the consolidation narrative.

除了获利外，最近几周比特币的链链量减少了约32％。搬到111,000美元的转移并没有激发交易活动的激增。斑点体积显着低于先前的周期峰，这表明缺乏投机强度并加强了整合叙事。

Futures markets also show signs of fatigue. While leveraged traders were active during the recent price surge, their appetite for risk appears to be waning. Decreasing annualized funding rates and 3-month rolling basis suggest a shift toward defensive strategies rather than aggressive long bets.

期货市场还显示出疲劳的迹象。尽管杠杆交易者在最近的价格飙升期间活跃起来，但他们对风险的需求似乎正在减弱。降低年度资金率和3个月的滚动基础，这表明向防守策略转移，而不是积极的长下注。

ETF Inflows Provide Support

ETF流入提供支持

Despite the headwinds, U.S.-listed spot Bitcoin ETFs have seen strong inflows. Between June 23 and 27, the 12 spot Bitcoin ETFs recorded a combined $2.22 billion in net inflows. BlackRock's IBIT led the way, pulling in $1.3 billion. These inflows have boosted investor confidence and helped Bitcoin hold steady.

尽管受到逆风，但在美国上市的比特币ETF仍然有强烈的流入。在6月23日至27日之间，12个比特币ETF的净流入量为22.2亿美元。贝莱德（Blackrock）的伊比特（Ibit）带领，赚了13亿美元。这些流入增强了投资者的信心，并帮助比特币保持稳定。

Institutional accumulation is also accelerating among ETF issuers. BlackRock has been on a weeks-long buying spree, pushing its total holdings to a record $77.7 billion. Combined, the U.S. spot Bitcoin ETFs now hold $133.17 billion in net assets, representing roughly 6.25% of Bitcoin's total market capitalization.

ETF发行人之间的机构积累也正在加速。贝莱德（Blackrock）已经进行了长达数周的狂欢，将其总持股推向创纪录的777亿美元。美国现货比特币ETF现在持有1331.7亿美元的净资产，约占比特币总市值的6.25％。

What's Next for Bitcoin?

比特币的下一步是什么？

Bitcoin's price may remain range-bound due to reduced speculative pressure and weaker trading signals until a fresh catalyst emerges. Keep an eye on institutional activity, regulatory developments, and macroeconomic factors. The market is in a cool-down phase, but the long-term outlook remains positive.

由于投机压力降低和交易信号较弱，直到新鲜的催化剂出现，比特币的价格可能会保持范围限制。密切关注机构活动，监管发展和宏观经济因素。市场处于冷静阶段，但长期前景仍然积极。

So, is Bitcoin taking a breather, or is this the start of something bigger? Only time will tell, but one thing's for sure: the Bitcoin rollercoaster never gets boring! Buckle up, crypto enthusiasts, it's going to be a wild ride!

因此，比特币是喘息的，还是这是更大的开始的开始？只有时间会说明，但是可以肯定的是：比特币过山车永远不会感到无聊！搭扣，加密爱好者，这将是一次疯狂的旅程！