比特币在最近下降到100,000美元以下后，比特币收回了$ 108,000的水平

根据最近的数据，该加密货币在过去24小时内的增长率为1.7％，达到109,505美元。

Bitcoin (BTC) price returned above the $108,000 level after threatening to drop below $100,000 recently. The cryptocurrency posted a 1.7% gain in the last 24 hours, reaching $109,505 according to recent data.

比特币（BTC）的价格在威胁到最近下跌100,000美元之后，比特币（BTC）的价格返回了108,000美元。根据最近的数据，该加密货币在过去24小时内的增长率为1.7％，达到109,505美元。

This recovery puts Bitcoin within a 2% range of its all-time high of $111,000 set last month. The move represents a 4% increase over the past week.

这种恢复将比特币置于上个月的历史最高点111,000美元的2％范围内。此举在过去一周中增长了4％。

While the recent rally has pushed Bitcoin to new highs, the current market conditions differ significantly from previous price surges. Past rallies were typically fueled by sharp spikes in price and high speculative demand particularly from retail traders.

尽管最近的集会将比特币推向了新的高点，但当前的市场状况与以前的价格飙升有很大差异。过去的集会通常是由于价格上涨和高投机需求而推动的，尤其是零售商人。

However, recent gains have occurred in a relatively quiet trading environment with lower volumes and less frenzied activity compared to past rallies.

但是，与过去的集会相比，在相对安静的贸易环境中，最近的收益发生了，活动较少，活动较少。

Long-Term Holders Show No Urgency To Exit

长期持有人没有任何紧急退出的紧迫性

On-chain indicators provide further insight into the sustainability of current price action and the behavior of different market participants.

链上指标提供了对当前价格行动的可持续性和不同市场参与者的行为的进一步见解。

The Binary Coin Days Destroyed metric, which tracks the spending behavior of long-term holders (LTHs), shows a declining 30-day moving average. This suggests that LTHs are gradually spending their coins and appear to be exiting their positions.

二进制硬币日摧毁了指标，该指标跟踪了长期持有人（LTHS）的支出行为，显示了30天移动平均线的下降。这表明LTH正在逐渐花费硬币，并且似乎正在退出其位置。

However, the rate of spending decrease indicates that LTHs are not yet exiting their coins rapidly and continue to hold onto a significant portion of their coins.

但是，支出降低的速度表明LTH尚未迅速退出其硬币，并继续保持大部分硬币。

This data aligns with the observation that the current rally is unfolding in a measured manner without any panic or urgency.

该数据与观察到目前的集会以测量方式展开的观察结果一致，而没有任何恐慌或紧迫性。

Institutions Drive Buying Pressure

机构驱动购买压力

Institutional demand appears to be a key driver of recent momentum. The Coinbase Premium Index, which compares the price on U.S.-based exchange Coinbase Pro to the average price on global exchanges, has been increasing.

机构需求似乎是最近势头的主要驱动力。 Coinbase Premium指数将基于美国的Exchange Coinbase Pro的价格与全球交易所的平均价格进行了比较。

This premium indicates stronger buying pressure from U.S.-based institutional investors, who prefer trading on Coinbase, compared to selling pressure from global institutions.

该溢价表明，与全球机构的销售压力相比，与美国的机构投资者的购买压力更大，他们更喜欢在Coinbase上进行交易。

The premium is approaching levels observed during Bitcoin’s previous peaks in March and December 2024, suggesting that institutional buying pressure is becoming more pronounced.

溢价正接近比特币在2024年3月和12月之前的高峰期间观察到的水平，这表明机构购买压力变得越来越明显。

The Korea Premium Index, which compares the price on U.S.-based exchange Coinbase Pro to the average price on global exchanges, has been decreasing.

韩国高级指数将总部位于美国的Exchange Coinbase Pro的价格与全球交易所的平均价格进行了比较。

This indicates weaker buying pressure from Asian retail investors, who typically trade on Korean exchanges, compared to selling pressure from global institutions.

这表明，与全球机构的销售压力相比，亚洲散户投资者的购买压力较小，他们通常以朝鲜交流进行交易。

The balance between strong institutional buying pressure and weaker retail buying pressure contributes to the current sideways trading environment.

强大的机构购买压力与零售购买压力较弱之间的平衡有助于当前的侧面交易环境。

Whale Activity Is Picking Up

鲸鱼活动正在拾起

Finally, large-scale market participants, commonly referred to as "whales," have also been engaging in high-volume transactions.

最后，通常称为“鲸鱼”的大规模市场参与者也在从事大批量交易。

One wallet recently opened a 20x leveraged long position at the $106,500 level with a total value of over $50 million.

一个钱包最近以106,500美元的水平开放了20倍杠杆的长位置，总价值超过5000万美元。

This move showcases the significant bullish conviction of these large players and their willingness to allocate substantial capital to amplify potential gains.

这一举动展示了对这些大型参与者的重大信念，以及他们愿意分配大量资本来扩大潜在收益的意愿。

Exchange data also shows 997 Bitcoin flowing out of Kraken in a series of large transactions over the past 24 hours into unidentifiable wallets.

交换数据还显示，在过去24小时内，在一系列大型交易中从Kraken中流出了997个比特币，成为无法识别的钱包。

These transactions are likely executed by entities with high net worth or institutional funds, highlighting a coordinated effort to move a significant amount of capital.

这些交易很可能是由具有高净资产或机构资金的实体执行的，强调了驱动大量资本的协调努力。

The direction of these transactions suggests that the capital is moving into cold storage or another platform for a specific purpose.

这些交易的方向表明，出于特定目的，资本正在进入冷藏或另一个平台。

Overall, the combination of LTH spending behavior, institutional demand, and whale activity provides a comprehensive view of the forces driving Bitcoin’s price action.

总体而言，LTH支出行为，机构需求和鲸鱼活动的结合提供了驱动比特币价格行动的力量的全面观点。

As LTHs gradually spend their coins without panic, and institutions continue to exert buying pressure, the cryptocurrency is holding firm above key technical levels.

随着lths逐渐消耗硬币而不会恐慌，机构继续施加购买压力，加密货币将使公司保持在关键的技术水平以上。