大型投资者在过去30天内积累了大约41.3k BTC

机构兴趣的激增，再加上关键的链链指标，为比特币提供了看涨的前景。

Large-scale investors have plowed an incredible 41.3K BTC into their treasuries over the last 30 days despite a mixed macroeconomic environment, signaling persistent institutional demand.

尽管宏观经济环境不同，但在过去30天内，大型投资者将令人难以置信的41.3k BTC倾斜到了他们的国库中，这表明了持续的机构需求。

Bitcoin [BTC] price showed strength as it traded at $102,956.07 at press time, showcasing a 3.49% increase in the last 24 hours.

比特币[BTC]的价格显示出截止日期为102,956.07美元的实力，在过去24小时内显示3.49％的增长率为3.49％。

This surge in institutional interest, together with key on-chain metrics, provides a bullish outlook for BTC.

机构兴趣的激增，以及关键的链链指标，为BTC提供看涨的前景。

As large-scale investors keep accumulating, we could see further upward momentum driven by institutional involvement.

随着大规模投资者的不断积累，我们可以看到由机构参与推动的进一步势头。

BTC’s increased market interest

BTC的市场兴趣增加

At the time of writing, Social Dominance spiked to 26.6%, accompanied by a surge in Social Volume to 5395 mentions.

在撰写本文时，社会主导地位飙升至26.6％，伴随着社会数量的激增至5395。

This increase in social engagement reflected growing interest in Bitcoin.

社会参与度的增加反映了对比特币的日益增长的兴趣。

As Social Dominance rises, market sentiment shifts, and liquidity tends to increase. Retail investors often follow institutional movements, amplifying market momentum.

随着社会主导地位的上升，市场情绪的转变和流动性往往会增加。散户投资者经常遵循机构运动，扩大市场势头。

Image: Santiment

图片：santiment

The above chart highlights the spike in Social Dominance, suggesting increased attention and engagement with Bitcoin in the market.

以上图表突出了社会统治地位的激增，这表明在市场上关注和与比特币的参与度增加。

This could be driven by news events, price volatility, or other factors that spark conversation and activity related to BTC.

这可能是由新闻事件，价格波动或引发与BTC相关的对话和活动的其他因素驱动的。

The chart also shows a surge in Social Volume, indicating a high volume of mentions and conversations about Bitcoin across various social media platforms.

该图表还显示了社交量的激增，表明各种社交媒体平台上有关比特币的提及和对话很大。

This increased chatter and engagement reflect growing interest in the cryptocurrency.

这种增加的聊天和参与反映了对加密货币的兴趣日益增长。

This signals that market sentiment is turning more positive, and we could see more liquidity flowing into the market.

这种信号表明市场情绪正在变得更加积极，我们可以看到更多流入市场的流动性。

Interestingly, Miner Outflows decreased by 54.83%, suggesting miners are holding onto their Bitcoin rather than selling. This reduced selling pressure from miners could help sustain the upward price trend.

有趣的是，矿工流出减少了54.83％，这表明矿工正在坚持自己的比特币而不是销售。矿工的销售压力减轻可以帮助维持上升价格趋势。

Miners’ decision to hold positions them for higher prices, showing confidence in future Bitcoin valuations.

矿工决定以更高的价格担任职位，表现出对未来比特币估值的信心。

On top of that, less sell-side activity helps reduce available supply, adding fuel to the current price strength.

最重要的是，较少的卖方活动有助于减少可用的供应，从而为当前的价格强度增加了燃料。

Disconnect between network activity and market value

网络活动和市场价值之间的连接

Bitcoin’s NVT Ratio stood at 174, signaling a disconnect between Bitcoin’s market value and its network transaction activity.

比特币的NVT比率为174，这表明比特币的市场价值与其网络交易活动之间存在断开连接。

Image: Santiment

图片：santiment

The NVT Ratio compares the total dollar volume of Bitcoin transactions on-chain to Bitcoin’s market cap. Essentially, it measures the efficiency with which the blockchain is being used to move value.

NVT比将比特币交易的总美元交易与比特币的市值进行了比较。本质上，它衡量了使用区块链用于移动价值的效率。

Often, such high levels appear when speculation runs hot-when prices rise faster than utility justifies.

通常，当投机速度高于公用事业的速度快时，这种高水平出现时就会出现。

While institutional demand is contributing to the price increase, the high NVT ratio warns that the market may be overvalued, indicating a potential correction if network activity does not align.

尽管机构需求有助于价格上涨，但高NVT比率警告说，市场可能会被高估，这表明如果网络活动不一致，则可能进行校正。

Long-term holder confidence

长期持有人的信心

Bitcoin’s Realized Cap HODL Waves stood at 0.537, indicating strong confidence among long-term holders. These investors show little interest in selling, adding stability to BTC’s price structure.

比特币实现的帽hodl波为0.537，表明长期持有人的信心很强。这些投资者对销售几乎没有兴趣，从而增加了BTC的价格结构的稳定性。

This sustained holding behavior provides confidence that Bitcoin’s price may not face substantial downside pressure. As long-term holders resist selling during price fluctuations, they help reduce market volatility.

这种持续的持有行为使比特币的价格可能不会面临重大下行压力的信心。随着长期持有人在价格波动期间抵制销售，它们有助于减少市场波动。

Image: Santiment

图片：santiment

The Stock-to-Flow Ratio for BTC was 267, signaling increasing scarcity. As the circulating supply tightens and demand continues to climb, the value proposition for BTC strengthens.

BTC的股票与流量比为267，信号增加了稀缺性。随着循环供应的收紧和需求继续攀升，BTC的价值主张得到了加强。

Naturally, this drives investor confidence, especially among institutions eyeing scarce digital assets with long-term upside.

自然，这使投资者充满信心，尤其是在关注稀缺数字资产的机构中。

Conclusion

结论

With 41.3K BTC accumulated by institutional investors, rising social dominance, and decreased Miner Outflows, Bitcoin’s market sentiment remains bullish.

由于机构投资者积累了41.3k BTC，社会统治地位的上升以及矿工流出减少，比特币的市场情绪仍然是看好的。

Although the high NVT ratio signals potential speculation, long-term holder confidence and a strong Stock-to-Flow Ratio support further price growth.

尽管高NVT比率标志着潜在的猜测，长期持有人的信心和强大的股票与流量比支持进一步的价格增长。

As institutional demand continues, Bitcoin’s scarcity and sustained support indicate strong potential for continued appreciation.

随着机构需求的继续，比特币的稀缺性和持续的支持表明，持续升值的潜力很大。