鏈上數據顯示，比特幣（BTC）價格調整並不代表多頭市場結束

比特幣突破108,000美元關卡後，經歷了明顯的價格反轉；這引發了人們對牛市能否持續成長的懷疑。

Bitcoin price underwent a distinct reversal after breaking through the $108,000 level. This has instilled doubts regarding the continued growth of the bull market. However, major on-chain data suggests that the market is still in the bulls’ territory.

比特幣價格在突破 108,000 美元水平後出現明顯逆轉。這讓人們對牛市的持續成長產生了懷疑。然而，主要鏈上數據顯示市場仍處於多頭區域。

A recent analysis by CryptoQuant highlights the key on-chain metrics that indicate a cooling-off period rather than a peak in the bull cycle. One crucial metric is the Adjusted SOPR (Spent Output Profit Ratio).

CryptoQuant 最近的一項分析強調了關鍵的鏈上指標，這些指標表明牛市週期處於冷靜期而不是高峰期。一項關鍵指標是調整後的 SOPR（支出產出利潤率）。

This metric considers only those transactions that last longer than one hour, filtering out the noise of short-term transactions. It also applies a 7-day SMA for better visualization.

此指標僅考慮那些持續時間超過一小時的交易，過濾掉短期交易的噪音。它還應用 7 天 SMA 以實現更好的可視化。

Bitcoin SOPR Indicator Decline

比特幣 SOPR 指標下降

The SOPR (7-SMA) is currently above 1 but seems to be decreasing, which may indicate falling profits for those in the market. In the past, when the SOPR went below 1, Bitcoin has usually seen a bounce-back. This is because selling at a loss often leads to market reversals, which are quite common in bull markets.

SOPR (7-SMA) 目前高於 1，但似乎正在下降，這可能表明市場利潤下降。過去，當 SOPR 跌破 1 時，比特幣通常會反彈。這是因為虧本賣出往往會導致市場逆轉，這在牛市中很常見。

Another important measure is the Miner Position Index (MPI), which highlights the activity of miners, particularly in terms of disposing of their Bitcoin. Traditionally, miners have been known to sell before halving occasions or at the top of market cycles.

另一個重要指標是礦工頭寸指數（MPI），它突出了礦工的活動，特別是在處置比特幣方面。傳統上，礦商會在減半之前或市場週期頂部出售股票。

The MPI indicates that the biggest mining companies appear to be not selling their Bitcoin, possibly due to their belief in the currency. However, sales to meet operating expenses may still be occurring and could be influencing short-term pricing trends.

MPI 表明，最大的礦業公司似乎沒有出售其比特幣，可能是因為他們對貨幣的信心。然而，用於滿足營運費用的銷售可能仍在發生，並可能影響短期定價趨勢。

Bull Market Potential Continues

牛市潛力持續

A second indicator of the market slowing down is a decrease in total network fees. This occurs because the transaction volumes have dropped, indicating that the market is slowly coming back to normal and the overheating is coming to an end.

市場放緩的第二個指標是網路費用總額的下降。這是因為交易量下降，顯示市場正在慢慢恢復正常，過熱即將結束。

It is only in the inactive period that the market gains stability as volatility decreases and the size of transactions declines.

只有在非活躍期，市場才會穩定，波動性降低，交易規模下降。

Finally, funding rates have also been declining, which can be a sign of market sentiment changing. After previous extreme drops in funding rates, particularly during negative funding, the funding rates for Bitcoin have tended to recover. It could be that things will turn around and there will be a comeback in the future. However, short term price action is still somewhat unpredictable and the overall direction of the market in the future cannot be confirmed.

最後，融資利率也在下降，這可能是市場情緒改變的跡象。在先前資金費率大幅下降之後，特別是在負資金期間，比特幣的資金費率趨於恢復。也許事情會出現逆轉，未來會捲土重來。然而，短期價格走勢仍存在一定程度的不可預測性，未來市場的整體走向尚無法確定。

The CryptoQuant data suggests that this bull market is not fully over, even if it may seem like it is cooling off right now. Investors should ignore short term movements and concentrate on the prospects beyond one year. The on-chain signals point to the idea that once the current downward trend is over, Bitcoin may well rise again and give investors a chance for a significant profit.

CryptoQuant 的數據表明，本次牛市尚未完全結束，儘管目前看起來正在降溫。投資人應忽略短期走勢，並專注於一年後的前景。鏈上訊號表明，一旦當前的下跌趨勢結束，比特幣很可能會再次上漲，並為投資者帶來大幅獲利的機會。