比特币的流动性挤压：玻璃节揭开了$ 118K及以后的市场动态

比特币达到了新的高点，但玻璃节数据揭示了较薄的流动性。这是可持续的集会，还是会陷入困境？深入研究链分析。

Yo, crypto fam! Bitcoin just smashed past $118,000, but is this party built on solid ground? Glassnode's on-chain data is throwin' some shade on the liquidity situation, and it's time to break it down. Is this a real breakout or a head fake?

哟，加密货币。比特币刚刚超过了118,000美元，但是这个政党是建立在坚实地的基础上的吗？ GlassNode的链链数据对流动性情况抛出了一些阴影，现在该分解它了。这是一个真正的突破还是伪造的？

Bitcoin's Volume Problem: Are We Running on Fumes?

比特币的音量问题：我们在烟气上运行吗？

Glassnode dropped a bomb: even with Bitcoin hitting all-time highs, trading volume is lookin' kinda anemic. Spot and futures volumes took a nosedive in late June and early July, and while they've perked up a bit with the price surge, they're still nowhere near historical levels.

GlassNode放下了一枚炸弹：即使比特币达到历史最高点，交易量也是贫血的。现货和期货量在6月下旬和7月初进行了鼻子，尽管他们随着价格上涨的速度提高了一点，但它们仍然远不及历史水平。

Why does this matter? Sustainable rallies need fresh blood – new traders jumpin' in and fuelin' the fire. As Glassnode points out, Bitcoin is hittin' ATHs despite this “thin liquidity.” That’s a red flag, ya'll.

为什么这很重要？可持续集会需要新鲜的血液 - 新的交易者跳入并加油。正如GlassNode指出的那样，尽管“流动性稀薄”，比特币还是Hittin'Aths。那是一个危险信号，是的。

Long-Term Holders: Still Chillin', Not Euphoric

长期持有人：仍然很寒意，而不是欣喜

Another interesting tidbit from Glassnode: the Net Unrealized Profit/Loss (NUPL) of long-term holders (LTHs) isn't in full-blown euphoria mode. These are the folks who've been hodlin' for over 155 days, and their NUPL is below the 0.75 threshold that historically signals crazy-high market optimism. This cycle has seen way fewer days above this euphoria level compared to previous ones. Are the OGs stayin' grounded?

玻璃节点的另一个有趣的花絮：长期持有人（LTHS）的净未实现的盈利/损失（NUPL）并不处于成熟的欣快感模式。这些人已经超过155天了，他们的NUPL低于0.75个阈值，历史上标志着疯狂的市场乐观。与以前的周期相比，这个周期比这一欣快的天数少了。 OGS是否扎根？

Bitcoin Hyper: A Layer 2 Solution Stealing the Show?

比特币超级：第2层解决方案窃取节目？

Enter Bitcoin Hyper (HYPER), a Layer 2 solution hopin' to supercharge Bitcoin. These guys raised nearly $2.4 million and are offerin' some pretty sweet staking rewards. They're usin' a non-custodial bridge to bring wrapped BTC to their Layer 2, aimin' to solve Bitcoin's scalability and programmability issues. Sounds ambitious, right?

输入比特币Hyper（Hyper），第2层解决方案旋转到增压比特币。这些家伙筹集了近240万美元，并提供了一些非常甜蜜的放电奖励。它们是一座非监护桥，将包裹的BTC带入其第2层，目的是解决比特币的可伸缩性和可编程性问题。听起来雄心勃勃，对吗？

With spot Bitcoin ETF inflows goin' through the roof and open interest in Bitcoin options pointin' towards $150,000 by the end of August, things are gettin' spicy. Glassnode's accumulation trend score signaled a “moderately strong accumulation regime” since the end of April, suggestin' folks saw Bitcoin as a good deal before the recent price explosion.

到8月底，随着现场比特币ETF的流入流入屋顶，对比特币期权的开放兴趣，到达15万美元，事情变得辛辣了。 GlassNode的累积趋势得分表明自4月底以来“中等强大的积累制度”，建议人们认为比特币在最近的价格爆炸之前是一笔不错的选择。

Plus, long-term holder accumulation is outpacing new coin issuance, which is generally good news for price pressure. And spot ETFs now account for a significant chunk of Bitcoin's market cap, showin' that institutions are gettin' more involved.

另外，长期持有人的积累超过了新的硬币发行，这通常是价格压力的好消息。现在，现场ETF占比特币的市值很大一部分，表明机构更加参与其中。

VeChain's DeFi Leap: Bridging to Bitcoin and Beyond

Vechain的Defi Leap：桥接到比特币及以后

VeChain is gettin' in on the action too, integratin' Wanchain as a cross-chain bridge partner. This move aims to boost liquidity and adoption of VeChain-native assets across DeFi platforms. By connectin' to over 40 blockchains, including Bitcoin and Ethereum, VeChain is lookin' to make it easier to move assets around the DeFi landscape.

Vechain也参与了行动，Integratin'Wanchain是跨链桥的合作伙伴。此举旨在提高在Defi平台上的流动性和采用兽医本地资产。通过连接到40多个区块链（包括比特币和以太坊），Vechain看起来很容易在Defi景观周围移动资产。

The Short-Term Squeeze: $117,000 is the Level to Watch

短期挤压：$ 117,000是值得关注的水平

Glassnode also pointed out that Bitcoin has been tradin' within a short-term band, with the upper level around $117,000. This band is based on the Realized Price of short-term holders (STHs). This level can be seen as the upper band of the short-term price action. Will Bitcoin break through?

GlassNode还指出，比特币一直在短期频段内进行交易，高层约为117,000美元。该乐队基于短期持有人（STH）的实现价格。该水平可以看作是短期价格行动的上限。比特币会突破吗？

Final Thoughts: Buckle Up, It's Gonna Be a Wild Ride

最终想法：系好，这将是一个疯狂的旅程

So, what's the takeaway? Bitcoin's rally is lookin' a bit shaky under the hood, with low liquidity being a major concern. However, institutional interest is growin', Layer 2 solutions are emergining, and VeChain is makin' moves in the DeFi space. It's a complex picture, and nobody knows for sure where things are headed.

那么，收获是什么？比特币的集会在引擎盖下看起来有些动摇，低流动性是一个主要问题。但是，机构的兴趣是增长的，第2层解决方案正在出现，而Vechain正在努力空间中的移动。这是一张复杂的图片，没人能确定事情的发展方向。

But hey, that's crypto for ya! Stay informed, stay vigilant, and don't bet the farm on anything. Peace out, and happy hodlin' (or tradin', if that's your thing)!

但是，嘿，这是您的加密货币！保持告密性，保持警惕，不要在任何事情上打赌农场。和平，快乐的霍德林（如果那是你的话）！