比特币的售价高达$ 97.9k，从损失中恢复了超过300万的短期硬币

比特币表现出强劲的恢复，达到了97.9k美元，这是两个月内的最高水平。这种反弹已经超过300万BTC恢复了盈利

Bitcoin (BTC) price has shot up to $97.9K, and over 3 million coins came back into profit, according to Glassnode.

根据GlassNode的说法，比特币（BTC）的价格上涨了97.9万美元，超过300万硬币又赚钱了。

Sharp Recovery in Short-Term Holder Metrics

短期持有人指标的急剧恢复

Bitcoin has shown strong recovery, reaching its highest level in over two months at $97.9K.

比特币表现出强劲的恢复，在两个月内达到了最高水平，为97.9k美元。

This rebound saw over 3 million BTC return to profit, according to data from Glassnode. Short-Term Holders (STHs), who tend to respond quickly to price swings, now hold fewer unrealized losses.

根据GlassNode的数据，这种反弹使超过300万BTC恢复了盈利。短期持有人（STHS）倾向于快速回应价格波动，现在持有更少的未实现损失。

The chart measuring STH Relative Unrealized Loss indicates a sharp drop from above the +2 standard deviation level to nearly zero. This shift signals that many previously underwater coins are now profitable.

测量STH相对未实现的损失的图表表明，从+2标准偏差水平急剧下降到几乎为零。这种转变信号表明，许多以前的水下硬币现在都是有利可图的。

The shrinking orange area in the chart reflects a rapid improvement in sentiment, coinciding with Bitcoin’s price recovery above $90K.

图表中的橙色区域收缩反映了情绪的快速改善，与比特币的价格回收率高于90,000美元的价格相吻合。

Meanwhile, Bitcoin’s options market is also evolving. The implied volatility (IV) term structure chart shows a decline in both short- and medium-term expectations. IV reflects what traders anticipate for future price swings.

同时，比特币的期权市场也在不断发展。隐含的波动率（IV）术语结构图显示了短期和中期期望的下降。 IV反映了交易者对未来价格波动的预期。

Two weeks ago, IV for May 2025 contracts was close to 45%. It has since dropped to around 35%. Longer-dated IV, such as for Dec. 2025 or Mar. 2026, remains stable between 50–55%. This implies reduced near-term risk expectations and greater confidence in price stability.

两周前，2025年5月的IV合同接近45％。此后，它降至35％左右。更长的IV，例如2025年12月或2026年3月，保持稳定在50–55％之间。这意味着减少了近期风险期望和对价格稳定的信心。

Lower implied volatility often aligns with rising prices. It indicates less fear and a lower likelihood of abrupt corrections.

较低的隐含波动率通常与价格上涨一致。它表明恐惧较少，突然校正的可能性较低。

ETF Inflows Return After Net Outflows

净流出后ETF流入返回

US spot Bitcoin ETFs are again experiencing positive inflows after several weeks of net outflows. According to a recent report by Glassnode, inflows have come back strongly following a March and early April drop in ETF demand since mid-April. This change corresponds to Bitcoin’s rise from under $70K to almost $98K.

经过数周的净流出后，美国现货比特币ETF再次出现积极的流入。根据GlassNode最近的一份报告，自4月中旬以来的ETF需求下降了ETF需求后，流入量大大恢复了。这种变化对应于比特币从$ 70K的上升到近9.8k美元。

The change is indicated by the end of the pink “Net Outflow Regime” section and the beginning of a blue area that is labeled “Substantial ETF Inflows”.

粉红色的“净流出”部分的末尾和标记为“大量ETF流入”的蓝色区域的开始表示了变化。

Many leading ETF providers, such as BlackRock, Fidelity, and Ark/21 Shares, saw large buying activity during this inflow period. Inflows shot over 10K BTC on some days.

在此流入期间，许多领先的ETF提供商，例如BlackRock，Fidelity和ARK/21股票，都有大量购买活动。流入在几天的时间内射击超过10K BTC。

Demand for ETFs fuels spot price growth. Increased buying of ETFs means more Bitcoins are taken from exchanges and put in custody, thereby reducing supply.

对ETF的需求燃料现货价格增长。 ETF的购买增加意味着更多的比特币是从交易所中获取的，并将其拘留，从而减少了供应。

Adding to the above, Bitcoin ETFs attracted more than double the inflows of investment than gold ETFs, as the bar graph’s hypothetical units indicate. Bitcoin ETFs attracted 100 units, while gold ETFs only got 40.

除上述外，比特币ETF吸引了比黄金ETF的两倍以上，因为条形图的假设单位表明。比特币ETF吸引了100个单元，而黄金ETF只有40个单位。

This change implies that more investors are regarding Bitcoin as a store of value. While gold has played that role for a long time, recent market activity indicates that digital assets may be taking the lead.

这一变化意味着，越来越多的投资者将比特币作为价值存储。尽管黄金已经发挥了很长时间的发挥作用，但最近的市场活动表明数字资产可能正在带头。

Higher inflows to BTC funds may also be indicative of macro changes or expectations of better long-term performance.

BTC基金的流入较高也可能表明宏观变化或对更好的长期绩效的期望。

Macro Environment Remains Stable as Fed Holds Rates

宏观环境保持稳定，因为美联储持有费率

The Federal Reserve has decided to keep interest rates at the same level. According to Santiment, Jerome Powell’s confirmation was what most expected. The crypto market responded mildly to the news, with a small pullback but no sharp moves.

美联储已决定将利率保持在同一水平。根据Santiment的说法，杰罗姆·鲍威尔（Jerome Powell）的确认是最期望的。加密货币市场对新闻的反应很温和，但却很小，但没有急剧的动作。

Interest rates play an important role in financial markets. Higher rates can make riskier assets such as crypto less appealing, while stable or lower rates favor growth in such markets. For the time being, the Fed’s decision provides investors with a stable working environment.

利率在金融市场中起着重要作用。较高的利率可以使更风险的资产（例如加密货币）降低吸引力，而稳定或较低的利率有利于此类市场的增长。目前，美联储的决定为投资者提供了稳定的工作环境。

The Fed’s “wait and see” position implies that no immediate rate cuts are in the offing, and inflation continues to be an issue. The crypto market participants were closely monitoring it, especially with the recent price hike and robust ETF demand. Although there was no rate cut, the lack of surprise enabled BTC to hold around $98K.

美联储的“等待和看待”立场意味着未立即削减税率，通货膨胀仍然是一个问题。加密市场参与者正在密切监视它，尤其是最近价格上涨和强劲的ETF需求。尽管没有削减速度，但缺乏惊喜使BTC持有约9.8万美元。