比特币被锁定了：下一步是突破吗？

比特币的流动性供应飙升，但持续的销售压力造成了拔河。收紧流动性会推出突破，还是卖方统治？

Bitcoin Locked Away: Is the Next Move a Breakout?

比特币被锁定了：下一步是突破吗？

Bitcoin's got everyone talking, especially with the latest buzz around 'Bitcoin, locked away, next move'. Bitcoin's illiquid supply has hit a record high, but a battle's brewing between those holding on tight and those eager to sell. What does it all mean for Bitcoin's next move?

比特币让每个人都在谈论，尤其是在“比特币，被锁定，下一步”的最新嗡嗡声中。比特币的流动性供应量很高，但在紧张的人和渴望出售的人之间进行了战斗的酿造。这对比特币的下一步意味着什么？

Bitcoin's Supply Squeeze: HODLers Gonna HODL

比特币的供应挤压：霍德尔会霍德尔

Over 72% of all circulating Bitcoin, a whopping 14.3 million BTC, is now considered illiquid, meaning it's locked away in wallets and not actively traded. This includes a recent accumulation of 20,000 BTC. Long-term holders are clearly feeling bullish, shrugging off recent market dips and doubling down. Strategy, for instance, isn't just talking the talk, they're walking the walk, scooping up Bitcoin like it's going out of style. Their latest purchase of 1,955 BTC at an average of $111,196 per coin is just another Tuesday for them. They're sitting on a mountain of unrealized gains and continue to buy.

现在，超过72％的循环比特币，高达1430万BTC的比特币，现在被认为是流动性的，这意味着它已被锁定在钱包中，而不是积极交易。这包括最近的20,000 BTC积累。长期持有人显然感到看涨，耸了耸肩，最近的市场下降并加倍。例如，策略不仅在谈论演讲，而且在走路，像过时的时尚一样挖出比特币。他们最新购买1,955 BTC，平均每枚硬币为111,196美元，这只是他们的另一个星期二。他们坐在一个未实现的收益上，继续购买。

Miners Cooling Off, But Sellers Still in Control?

矿工冷却，但是卖家仍处于控制之中？

The Miners' Position Index (MPI) is down, suggesting miners are easing up on selling. Historically, this has been a good sign, aligning with accumulation phases. However, Spot Taker CVD data tells a different story, revealing persistent sell-side dominance. Short-term players seem more interested in taking profits or hedging, creating an imbalance that could cap Bitcoin's upside potential.

矿工的位置指数（MPI）下降，这表明矿工正在减轻销售。从历史上看，这是一个好兆头，与积累阶段保持一致。但是，现场攻击者CVD数据讲述了一个不同的故事，揭示了持续的卖方优势。短期玩家似乎对获得利润或套期保值更感兴趣，这会造成可能限制比特币上涨潜力的失衡。

Network Strength: A Glimmer of Hope?

网络实力：一线希望？

The NVT Golden Cross is surging, hinting at an improving network valuation compared to transaction volumes. This indicator has historically preceded accumulation or recovery phases. While near-term momentum is still facing headwinds from selling pressure, the NVT trend offers a more constructive long-term outlook.

NVT黄金十字架正在激增，暗示与交易量相比，网络估值提高。该指标历史上已经累积或恢复阶段。尽管近期势头仍面临销售压力的逆风，但NVT趋势提供了更具建设性的长期前景。

The Million Dollar Question: Breakout or Breakdown?

百万美元的问题：突破还是崩溃？

Bitcoin is at a critical juncture. The record illiquid supply and declining miner outflows signal strong conviction among long-term holders. However, the spot market's sell-side dominance is tempering bullish enthusiasm. The NVT Golden Cross suggests stronger valuation conditions, but ultimately, it boils down to buying activity. If buyers step up, Bitcoin's tightened liquidity could amplify the next breakout. But without that, sellers may continue to suppress any short-term gains.

比特币处于关键时刻。创纪录的流动性供应和下降的矿工流出了长期持有人的坚定信念。但是，现货市场的卖方主导地位是对看涨的热情。 NVT Golden Cross提出了更强的估值条件，但最终归结为购买活动。如果买家加紧努力，比特币的收紧流动性可以扩大下一个突破。但是没有这些，卖方可能会继续压制任何短期收益。

My Take: Patience is a Virtue (and a Potential Fortune)

我的看法：耐心是一种美德（也是潜在的财富）

Personally, I think the long-term outlook for Bitcoin remains bright. The increasing institutional interest, exemplified by companies like Strategy and the growing Bitcoin ETF market, is a powerful force. Yes, there will be volatility, and yes, short-term traders will try to shake things up. But the fundamental story of Bitcoin – a decentralized, scarce digital asset – remains compelling. Just look at Strategy; they're not sweating the dips, they're buying them. They're betting big on a post-dollar world where Bitcoin plays a central role.

就我个人而言，我认为比特币的长期前景仍然明亮。诸如战略和不断增长的比特币ETF市场之类的公司举例说明的机构兴趣不断增长，是一项强大的力量。是的，将会有波动性，是的，短期交易者将试图振作起来。但是，比特币的基本故事 - 一个分散的，稀缺的数字资产 - 仍然令人信服。只看策略；他们不会流汗蘸酱，他们正在购买。他们在一个毛线后的世界上大放异彩，比特币扮演着核心角色。

While everyone's focused on Bitcoin, it's worth noting that XRP is also making waves, with potential ETF approvals on the horizon. But Bitcoin remains the king, and its next move will likely set the tone for the entire crypto market.

虽然每个人都专注于比特币，但值得注意的是，XRP也在浪潮，并具有潜在的ETF批准。但是比特币仍然是国王，其下一步行动可能会为整个加密市场定下基调。

The Bottom Line

底线

So, what's the next move for Bitcoin? Nobody knows for sure. But one thing's clear: the stage is set for a potentially explosive move. Whether it's up or down depends on who wins this tug-of-war between buyers and sellers. Buckle up, folks, it's gonna be a wild ride! And hey, maybe it's time to lock away some Bitcoin of your own. You never know, it might just be the best investment you ever make.

那么，比特币的下一步行动是什么？没有人知道。但是一件事很明确：舞台是为了进行爆炸性的举动。是向上还是向下取决于谁赢得了买卖双方之间的拔河比赛。搭扣，伙计们，这将是一个疯狂的旅程！嘿，也许是时候锁定自己的比特币了。您永远不会知道，这可能只是您做出的最好的投资。