儘管長期持有者獲利了結，但比特幣（BTC）仍呈現上行潛力 – 分析師

正如人們對市場高度波動的預期一樣，比特幣牛市繼續呈現出一些曲折。符合更高的希望

As the Bitcoin bull season continues to present several twists and turns as expected of a highly volatile market, certain network metrics indicate the price gains are far from over.

正如市場高度波動所預期的那樣，比特幣牛市繼續出現一些波折，某些網路指標表明價格上漲還遠未結束。

Currently, the maiden cryptocurrency trades above $104,400 following a significant price surge in the past week.

在過去一周價格大幅上漲後，目前這種加密貨幣的交易價格已超過 104,400 美元。

An analyst with username onchained provides an intriguing market analysis based on the Bitcoin Unspent Transaction Outputs (UTXOs) over the past two to five years (2Y-5Y) in a Quicktake post on CryptoQuant.

用戶名 onchained 的分析師在 CryptoQuant 的 Quicktake 帖子中根據過去兩到五年 (2Y-5Y) 的比特幣未花費交易輸出 (UTXO) 提供了有趣的市場分析。

For context, UTXO refers to the remaining balance of a cryptocurrency transaction that has not yet been spent by the recipient.

就上下文而言，UTXO 是指接收者尚未花費的加密貨幣交易的剩餘餘額。

UTXOs are the building blocks of blockchain transactions and can be used to interpret holders’ behavior, market sentiment, and price cycle dynamics among other things.

UTXO 是區塊鏈交易的建構模組，可用於解釋持有者的行為、市場情緒和價格週期動態等。

The 2Y-5Y UTXOs represent Bitcoin held by long-term holders who have not moved their funds during this time.

2Y-5Y UTXO 代表長期持有者持有的比特幣，他們在此期間沒有轉移資金。

Data from the 2Y-5Y UTXOs showed that these holders started recording profits when Bitcoin hit $68,000 in early November.

2Y-5Y UTXO 的數據顯示，當 11 月初比特幣觸及 68,000 美元時，這些持有者開始記錄利潤。

However, onchained stated historically such profit realization suggests renewed momentum rather than the end of the bull market.

然而，onchained 從歷史上看，這種利潤實現表明新的勢頭，而不是牛市的結束。

This is because the selling pressure is neutralized by an equal demand from other participants and in this case short-term holders.

這是因為拋售壓力被其他參與者（在本例中為短期持有者）的同等需求所抵銷。

Onchained further explains that this profit-taking produces a negative weekly change in the realized price of long-term holders which is vital for a healthy market structure with the potential for further price gains.

Onchained 進一步解釋說，這種獲利了結會導致長期持有者的實際價格每週出現負變化，這對於健康的市場結構至關重要，並有可能進一步上漲價格。

In addition, the MVRV ratio for this 2Y-5Y UTXO cohort has consistently reached 1 to signal any macro market bottom in previous bull cycles.

此外，該 2Y-5Y UTXO 隊列的 MVRV 比率始終達到 1，表明先前牛市週期中宏觀市場已經觸底。

The MVRV measures the market value to realized value and is used to indicate potential reversals by determining if an asset is overvalued or undervalued.

MVRV 衡量市場價值與已實現價值的比值，並用於透過確定資產是否被高估或低估來表明潛在的逆轉。

Currently, the MVRV ratio is nearing 4 supporting the notion that Bitcoin still has much room for price growth in this bull run.

目前，MVRV 比率已接近 4，這支持了比特幣在本次多頭市場中仍有很大價格上漲空間的觀點。

Coinbase Index Surges Past 100, But Not Yet Accumulation Battle – CryptoQuant Analyst

Coinbase 指數飆升至 100 點以上，但尚未出現吸籌大戰 – CryptoQuant 分析師

In other news, the Bitcoin Coinbase Premium Index has now surged above 100 indicating strong whale activity.

其他消息方面，比特幣 Coinbase 溢價指數現已飆升至 100 以上，顯示鯨魚活動強勁。

However, crypto analyst with CryptoQuant username Avocado_onchain stated this surge is not significant enough to suggest any accumulation battles among whales.

然而，CryptoQuant 用戶名 Avocado_onchain 的加密貨幣分析師表示，這種激增還不足以表明鯨魚之間存在任何累積戰鬥。

Avocado_onchain further states that both positive and negative Coinbase Premium Index are needed to signal a continuation of Bitcoin’s current bull trend.

Avocado_onchain 進一步指出，需要正負 Coinbase 溢價指數來顯示比特幣當前牛市趨勢的延續。

At press time, Bitcoin trades at $103,601 after a 2.44% gain in the past 24 hours.

截至發稿時，比特幣交易價格為 103,601 美元，過去 24 小時上漲 2.44%。

On bigger timeframes, Bitcoin is in stable profit as Indicated by gains of 10.76% and 2.31|% in the past seven and 30 days respectively.

在更大的時間範圍內，比特幣處於穩定獲利狀態，過去 7 天和 30 天分別上漲 10.76% 和 2.31|%。