99％的比特币UTXO正在获利，引发了有关潜在利润的讨论

5月27日，领先的链分析提供商CryptoQuant透露，比特币的UTXO中有99％正在获利。

CryptoQuant, a leading on-chain analytics provider, has revealed that 99% of Bitcoin’s (BTC) UTXOs are currently in profit. This metric, often associated with peak bullish sentiment, has triggered discussions among analysts about potential profit-taking and investor behaviour.

CryptoQuant是一家领先的链分析提供商，他透露，比特币（BTC）的UTXO中有99％正在获利。这个通常与看涨峰值情绪有关的指标，引发了分析师在潜在的获利和投资者行为之间的讨论。

As Bitcoin trades close to record highs, key on-chain data signals a possible market euphoria phase. While momentum remains strong, some experts advise caution due to external macroeconomic pressures and technical indicators.

随着比特币交易接近记录高点，关键的链链数据信号标志着可能的市场欣快感阶段。尽管动力仍然很强，但一些专家建议由于外部宏观经济压力和技术指标而谨慎。

99% UTXOs In Profit Raise Euphoria Concerns

99％的UTXO盈利引起了欣快的关注

The 99% UTXO profit signal suggests that nearly all Bitcoin holders are sitting on gains. UTXOs, or Unspent Transaction Outputs, represent Bitcoin that hasn’t been moved since it was last received. They help measure the share of BTC that is in unrealized profit.

99％的UTXO利润信号表明，几乎所有比特币持有人都坐在上面。 UTXOS或未解决的交易输出代表了自上次收到以来就没有移动的比特币。它们有助于衡量未实现利润的BTC的份额。

According to CryptoQuant contributor Darkfost, this level has historically coincided with market tops or euphoric phases. “When this 99% signal drops, unrealized profits shrink and can trigger more profit-taking,” said Darkfost.

根据CryptoQuant贡献者Darkfost的说法，此水平历史上与市场顶部或欣快阶段相吻合。 Darkfost说：“当这个99％的信号下降时，未实现的利润会萎缩，并可能引发更多的利润。”

This often causes latecomers to exit at a loss. Although the signal points to growing confidence, it also flags the risk of sharp sell-offs if sentiment shifts. High levels of unrealized gains may tempt traders to lock in profits, increasing volatility.

这通常会导致后来者退出。尽管信号表明信心越来越大，但如果情绪转移，它也会标志着急剧抛售的风险。高水平的未实现收益可能会吸引交易者锁定利润，从而增加波动。

Bitcoin Trades Strongly Above Key Technical Levels

比特币的交易高于关键技术水平

Bitcoin is trading around $109,679, close to its all-time high. The price recently rebounded off the 100-SMA support near $105,586. It now floats above the 34-EMA at $108,280, reinforcing bullish momentum.

比特币的交易约为109,679美元，接近其历史最高水平。最近的价格反弹了100-SM​​A的支撑，接近$ 105,586。现在，它以108,280美元的价格漂浮在34-EMA上方，增强了看涨的势头。

Technical indicators show a strong uptrend. All major moving averages align to the upside. The $103,600 level, once major resistance, now serves as a stable support zone. As long as BTC trades above this level, the broader uptrend stays intact.

技术指标显示出强大的上升趋势。所有主要的移动平均值都与上升空间保持一致。售价103,600美元（一旦主要阻力）现在是一个稳定的支撑区。只要BTC的交易高于此级别，更广泛的上升趋势就保持不变。

Immediate resistance sits between $110,200 and $112,000. A break above this zone could push BTC toward the $120,000 mark. Analysts view this range as critical for confirming the next upward leg.

立即电阻位于110,200美元至112,000美元之间。超过该区域的突破可以将BTC推向$ 120,000的大关。分析师认为这一范围对于确认下一个向上的腿至关重要。

Market Momentum Grows Amid Uncertain Macro Landscape

市场动量在不确定的宏观景观中增长

While technical signals remain bullish, broader market sentiment appears mixed. The macroeconomic backdrop, including policy uncertainty from the Trump administration, may hold back full risk-on behaviour.

尽管技术信号仍然看涨，但更广泛的市场情绪似乎混杂着。宏观经济背景，包括特朗普政府的政策不确定性，可能会阻止全面风险行为。

Investors are closely monitoring inflation data, interest rate forecasts, and geopolitical tensions. These factors could influence whether the market transitions from optimism to full-blown euphoria.

投资者正在密切监视通货膨胀数据，利率预测和地缘政治紧张局势。这些因素可能会影响市场从乐观到全面欣快感的转变。

Even with 99% of UTXOs in profit, historical data suggests caution. Past cycles show that euphoric signals often precede heightened volatility and sudden corrections.

即使有99％的UTXO盈利，历史数据也谨慎行事。过去的周期表明，欣快信号通常是在波动性的提高和突然校正之前。

What To Watch: Key Levels And Behaviour Triggers

观看什么：关键级别和行为触发器

Bitcoin traders are eyeing $110,200 as the next breakout zone. Sustained trading above $108,000 could strengthen bullish momentum. A rally above resistance may trigger fresh inflows and renewed investor confidence.

比特币交易者将$ 110,200视为下一个突破区。超过108,000美元的持续交易可以增强看涨的势头。高于抵抗力的集会可能会引发新的流入和更新的投资者信心。

Also, watch for changes in UTXO metrics. A dip from the 99% profit level may signal shifting sentiment and increased risk of profit-taking. This often pressures weaker hands to capitulate, leading to temporary corrections.

另外，请注意UTXO指标的变化。从99％的利润水平下降可能会表明情绪转移并增加获利风险。这通常会压力较弱的手屈服，从而导致暂时的校正。

Technical patterns and moving averages will also shape the short-term outlook. The 100-SMA and 34-EMA remain critical support markers. As long as BTC holds above these, the bullish structure remains intact.

技术模式和移动平均也将影响短期前景。 100-SM​​A和34-EMA仍然是关键的支持标记。只要BTC超过它们，看涨的结构就完好无损。

Also, monitor activity related to DeFi sectors where capital flow may reflect wider market appetite. Behaviour in altcoin sectors often mirrors or anticipates shifts in Bitcoin sentiment.

此外，监视活动与资本流有关的偏见部门有关的活动可能反映出更广泛的市场食欲。 AltCoin部门的行为通常反映或预期比特币情绪的转变。

Bitcoin maintains bullish momentum, backed by strong technical and on-chain signals. The 99% UTXO profit reading adds a historic level of unrealized gains, underscoring market strength.

比特币保持看涨的势头，并在强大的技术和链上信号的支持下。 99％的UTXO利润阅读增加了历史性的未实现的收益，强调了市场实力。

However, such signals also warrant caution. Analysts urge watching for behavioural shifts that could trigger sell-offs. If Bitcoin breaks above $112,000, a move toward $120,000 appears likely. The coming sessions will test whether momentum turns into euphoria or prompts the next wave of volatility.

但是，此类信号也需要谨慎。分析师敦促观察可能触发抛售的行为转变。如果比特币在112,000美元以上中断了，则可能会向$ 120,000的转移。即将到来的会议将测试动量是否变成欣快或提示下一波波动。