当比特币保持稳定时，很少有利润 - $ 140k是下一个叫醒电话吗？

根据市场评论员Alphractal的新分析，尽管比特币表现出色和最近的历史最高水平，但投资者并未获得利润。

Bitcoin (BTC) price has recently hit a 10-month high, exceeding $109,400, yet despite this performance and the recent all-time highs, investors aren't in a hurry to take profits, according to market commentator Alphractal.

根据市场评论员Alphractal的说法，比特币（BTC）的价格最近达到了10个月的高点，超过了109,400美元，但是尽管有这种表现和最近的历史最高高价，但投资者并不急于获利。

Both short-term and long-term holders have shown unusual conviction, holding through gains in a pattern that mirrors the behavior seen after July 2021—just before BTC topped out near $69,000.

短期和长期持有人都表现出了异常的信念，它以一种模式以反映了2021年7月以后的行为的模式，这只是在BTC的最高收入接近69,000美元之前。

“This suggests there is still no widespread euphoria in the market,” Alphractal noted.

Alphractal指出：“这表明市场上仍然没有广泛的欣快感。”

Rather than indicating exhaustion, this lack of profit-taking may point to a market still in its early enthusiasm phase, with many investors expecting significantly higher prices.

这种缺乏利润，而不是表明疲惫，可能表明市场仍处于早期热情阶段，许多投资者期望价格明显更高。

According to Alphractal, in order for global sentiment to fully ignite, Bitcoin may need to push well above $110,000, possibly even to $140,000.

根据Alphractal的说法，为了使全球情绪完全点燃，比特币可能需要将其推高超过110,000美元，甚至可能需要提高到140,000美元。

The data shows that the largest waves of profit realization in this cycle occurred during March–April 2024 and again from December 2024 to January 2025. Outside those windows, selling pressure has remained limited, with most holders opting to ride the trend rather than cash out.

数据表明，该周期中最大的利润浪潮发生发生在2024年3月 - 2024年12月至2025年1月。在这些窗户之外，销售压力仍然有限，大多数持有人都选择乘坐趋势而不是现金消失。

Market Still Asleep?

市场还在睡觉吗？

This steady hand among investors implies that the market has yet to reach the typical “euphoria phase” that often signals a local or macro top. In fact, Alphractal suggests that the market has yet to fully “wake up” to the potential of the next phase, hinting at further upside.

投资者之间的稳定手意味着市场尚未达到典型的“ Euphoria阶段”，该阶段通常标志着本地或宏观上衣。实际上，字形表明，市场尚未完全“唤醒”下一阶段的潜力，这暗示了进一步的上升空间。

READ MORE: Bernstein Predicts $330 Billion Corporate Bitcoin Allocation in Next 5 Years

阅读更多：伯恩斯坦预测未来5年的3,300亿美元公司比特币分配

If conviction continues to hold and institutional adoption deepens, Bitcoin could be poised for a second surge—not just in price, but in retail participation and mainstream sentiment.

如果信念继续持有并加剧了机构的收养，那么比特币可能会得到第二次激增，而不仅仅是价格，而是零售参与和主流情绪。

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