尽管努力保持向上的势头，但比特币[BTC]情绪仍然看涨

尽管比特币[BTC]一直在努力保持向上的势头，并继续在直接的合并渠道下进行交易，但情绪仍然看涨。

Bitcoin [BTC] has struggled to keep an upward momentum and continued to trade within a straight consolidation channel. However, despite this sideways movement, the crypto market is displaying a bullish sentiment.

比特币[BTC]一直在努力保持向上的动力，并继续在直接的合并渠道内进行交易。但是，尽管有这种侧向运动，但加密货币市场仍表现出看涨的情绪。

As the king coin continues to see strong demand from all market participants, it could be setting up for further gains.

随着国王硬币继续看到所有市场参与者的强劲需求，它可能会为进一步的收益而设置。

Call options surge

呼叫选项激增

According to Glassnode, Bitcoin’s 1M 25 Delta Skew has dropped to -6.1%, showing that call options now carry higher implied volatility than puts.

根据GlassNode的说法，比特币的1m 25 Delta偏斜下降到-6.1％，这表明该呼叫选项现在具有比PUTS更高的隐含波动率。

At present, 205,447.56 BTC are allocated to call options—around 60% of the total. Puts account for just 131,697 BTC, or 39%.

目前，分配了205,447.56 BTC来调用选项，占总数的60％。将账户仅为131,697 BTC，即39％。

That imbalance shows a clear directional bias. When calls like this are used, it typically reflects strong upward conviction among market participants.

这种失衡显示出明显的方向偏见。当使用这样的呼叫时，它通常反映出市场参与者之间的强烈信念。

CoinGlass data confirms this trend. Traders appear willing to pay a premium for upside exposure, positioning for a rally rather than hedging risk. This structure sends a risk-on signal, which could support bullish continuation.

Coinglass数据证实了这一趋势。贸易商似乎愿意为上行敞口支付溢价，定位集会而不是对冲风险。该结构发出了一个风险信号，可以支持看涨的延续。

Moreover, Bitcoin’s spot Netflow has held within the negative territory over the last five days. It sat at -$48.9 million at press time, reflecting a strong accumulation trend.

此外，在过去的五天中，比特币的现货Netflow一直在负面领域。它在发稿时坐了-4,890万美元，反映了强烈的积累趋势。

Looking further, this demand for Bitcoin is even more aggressive among large holders. Whales have been accumulating BTC over the last 30 days.

进一步看，对比特币的需求在大型持有人中更具侵略性。在过去的30天中，鲸鱼一直在积累BTC。

Thus, institutions are reducing their presence in the market, while large traders are increasing their activity.

因此，机构正在减少他们在市场上的存在，而大型交易者正在增加其活动。

As such, institutions are becoming less interested in Bitcoin.

因此，机构对比特币的兴趣较小。

As seen above, institutions appear to be exiting their positions. This is evident in the decreasing Exchange Inflows.

如上所述，机构似乎正在退出他们的立场。这在减少的交换流入中很明显。

For instance, on Binance, whale inflow has declined to hit a 6-month low.

例如，在二进制方面，鲸鱼流入率降低了6个月的低点。

On top of that, institutions’ Exchange Balance Change hit -49.7K BTC over the last 30 days, while large whales (1K–10K BTC) showed a -26K balance shift.

最重要的是，机构的交换余额变化在过去30天内达到-49.7K BTC，而大鲸（1K – 10K BTC）显示出-26k的平衡转移。

Put simply, whales are not sending coins to exchanges—they’re holding tight.

简而言之，鲸鱼没有将硬币送去交换，而是紧紧抓住。

Additionally, Bitcoin’s Large Holders Netflow to Exchange Netflow Ratio dropped from 6.93% to 0.08% over the last 30 days.

此外，在过去30天内，比特币的大型持有人NetFlow与NetFlow比率的NetFlow从6.93％下降到0.08％。

This confirms reduced exchange inflow from whales, as they are selling less while they are accumulating more.

这证实了减少鲸鱼的交换流入，因为它们在积累更多的过程中销售较少。

What’s next: Breakout or rejection?

接下来是什么：突破或拒绝？

With call options dominating the Futures market, it suggests that investors are bullish and expect prices to rise even further. Thus, traders are not only confident in BTC, but speculators are aggressively betting on it.

随着呼叫选项主导期货市场，这表明投资者是看涨的，并预计价格将进一步上涨。因此，交易者不仅对BTC充满信心，而且投机者正在积极投注。

This strong demand from both whales and retail investors could propel Bitcoin toward further gains.

鲸鱼和散户投资者的强烈需求都可以推动比特币进一步提高。

If trends hold, BTC could break out of consolidation and reach $107,225. However, if short-term holders take profits, it may retrace to around $101,530.

如果趋势持续下去，BTC可能会破坏合并并达到107,225美元。但是，如果短期持有人获得利润，则可能会回顾至101,530美元左右。