比特币标志着比特币披萨日的新历史最高点111,861美元

比特币在比特币披萨日的历史新高111,861美元中标记为111,861美元，但除了标题之外，数据表明，这次集会仍在蒸蒸日上，而不是冷静下来。

Bitcoin hit a new all-time high of $111,861 on Bitcoin Pizza Day, but beyond the headline, data suggests this rally is still gaining steam — not cooling off.

比特币在比特币披萨日的新历史最高点数$ 111,861，但除了标题之外，数据表明，这次集会仍在蒸蒸日上，而不是冷静下来。

Trading volume has nearly doubled in recent days, but market indicators remain steady. Funding rates, which typically spike during overheated conditions, are relatively low. This suggests eBitcoin hit a new all-time high of $111,861 on Bitcoin Pizza Day, but beyond the headline, data suggests this rally is still gaining steam — not cooling off.

最近几天的交易量几乎翻了一番，但市场指标保持稳定。通常在过热条件下通常峰值的资金率相对较低。这表明Ebitcoin在比特币比萨饼的历史上达到了111,861美元的新高点，但除了标题之外，数据表明，这次集会仍在增加，而不是冷静下来。

Trading volume has nearly doubled in recent days, but market indicators remain steady. Funding rates, which typically spike during overheated conditions, are relatively low. This suggests emerging from overheated conditions and capital is entering the market in a disciplined manner.

最近几天的交易量几乎翻了一番，但市场指标保持稳定。通常在过热条件下通常峰值的资金率相对较低。这表明从过热的条件中出现，资本以纪律处分的方式进入市场。

Short-term capital flow — a measure of speculative trading — remains low despite the price surge. This indicates that the current momentum isn’t driven by traders rapidly chasing profits and pivoting their positions quickly.

短期资本流量（用于投机交易的衡量标准）仍然很低。这表明当前的势头并非由交易者迅速追逐利润并迅速旋转其头寸。

Meanwhile, large holders are showing patience, with profit-taking significantly lower than in previous rallies.

同时，大型持有人表现出耐心，利润率明显低于以前的集会。

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Institutional interest continues to climb as well. Spot Bitcoin ETFs have reached record-high holdings, underscoring a shift in how major investors view BTC—as a long-term asset rather than a speculative play. This sustained demand from institutions adds structural support to the price and lessens the likelihood of a rapid correction.

机构利益也在继续攀升。现货比特币ETF达到了创纪录的持股量，强调了主要投资者将BTC视为长期资产而不是投机性游戏的转变。机构的持续需求为价格增加了结构性支持，并降低了快速纠正的可能性。

With technicals remaining stable, investor behavior calm, and new capital entering the market, Bitcoin may still be in the early stages of a larger breakout. The interplay of disciplined positioning and increasing demand could propel BTC to new highs in the coming weeks.

由于技术保持稳定，投资者的行为平静以及进入市场的新资本，比特币可能仍处于较大突破的早期阶段。在未来几周内，纪律定位和需求增加的相互作用可能会使BTC提升到新的高点。