虽然比特币保持在100000美元以上，但有针对性的积累阶段正在悄悄出现

这种明确的投资者定位揭示了现在由最有纪律的参与者主导的市场环境。

Bitcoin’s recent recovery, which saw the cryptocurrency rise above $100,000, is part of a targeted accumulation phase that is emerging.

比特币最近的恢复，加密货币上升到100,000美元以上，是正在出现的目标累积阶段的一部分。

According to analysis by Glassnode, bitcoin’s recovery above $105,787 fits within a movement based on organic demand, driven by spot markets and Bitcoin ETFs, and not by speculative bets on derivatives products.

根据GlassNode的分析，比特币的回收率超过了105,787美元，该机芯基于有机需求，这是由现货市场和比特币ETF驱动的，而不是通过投机性赌注对衍生产品产品的推测。

This dynamic is confirmed by several consistent signals observed in on-chain and off-chain data:

在链上和链数据中观察到的几个一致信号证实了这种动态：

This clear positioning of investors reveals a market environment now dominated by the most disciplined actors. The bullish impulse was not caused by leverage or speculative frenzy, but by buyers returning at key technical points.

这种明确的投资者定位揭示了现在由最有纪律的参与者主导的市场环境。看涨的冲动不是由杠杆或投机性狂热引起的，而是由购买者以关键技术返回的买家引起的。

A short squeeze nonetheless reinforced this dynamic, leading to the cascading liquidation of many traders who had bet against the market. This enhanced the movement, although it was not the triggering element. The main driver remains the same: solid, visible, and measurable demand in spot flows.

尽管如此，短暂的挤压还是加强了这种动态，导致许多赌注对市场的交易者的级联清算。这增强了运动，尽管它不是触发因素。主要驱动器保持不变：固体，可见且可测量的需求在点流量中。

Bitcoin Between Consolidation And Strategic Accumulation

合并和战略积累之间的比特币

Beyond the flows visible in the markets, it is on-chain data that today outlines the contours of a strategic accumulation zone. According to Glassnode, “a key accumulation zone has appeared between $93,000 and $95,000” in the last 30 days.

除了市场上可见的流量之外，今天概述了战略积累区的轮廓。根据GlassNode的说法，在过去30天内，“关键积累区的出现在93,000至95,000美元之间”。

Such a price range precisely corresponds to the average acquisition cost of short-term holders, i.e., investors who bought bitcoin within the last 155 days. It is in this zone that “significant volumes of coins have changed hands,” making it a robust technical support level in the event of a market pullback.

这样的价格范围与短期持有人（即投资者）在过去155天内购买比特币的平均收购成本相对应。正是在这个区域中，“大量硬币已经易手了”，这使其成为市场回落的强大技术支持水平。

Moreover, this accumulation phase fits into a lateral configuration that bitcoin has experienced since May 9, with price consolidation between $100,703 and $105,787. This lateral movement follows a rapid rise and seems to indicate that the market is pausing before a potential new move.

此外，此积累阶段适合比特币自5月9日以来经历的横向配置，价格合并在100,703美元至105,787美元之间。这种横向运动迅速上升，似乎表明市场在潜在的新举动之前暂停。

The buyers’ positioning in the $93,000-$95,000 zone suggests a shared reading of bitcoin’s medium-term value. Unlike past euphoric bull phases, investors today appear more disciplined, integrating risk management logic and technical thresholds for their entry points.

买家在$ 93,000- $ 95,000的区域中的位置表明，对比特币中期价值的共同阅读。与过去的欣快牛阶段不同，今天的投资者看起来更加纪律处分，将风险管理逻辑和技术阈值整合在一起。