比特幣繼續攀升，在過去一周中增長了10％以上

比特幣繼續攀升，在過去一周中增長了10％以上。然而，在表面上，加密貨幣市場正在進行更深入的轉變。

The crypto market continues to undergo a transformation. While Bitcoin has experienced a remarkable recovery, gaining over 10% in the past week alone, a deeper shift in investment behavior is unfolding.

加密市場繼續進行轉型。儘管比特幣經歷了顯著的康復，僅在過去一周中就獲得了10％以上，但投資行為的更深變化正在發展。

Ki-Young Ju, CEO of CryptoQuant, observes that the era of value-driven investment seems to have faded. Since 2018, many original long-term crypto believers have either left the market or shifted to seeking short-term profits.

CryptoQuant首席執行官Ki-Young Ju指出，價值驅動的投資時代似乎已經消失。自2018年以來，許多原始的長期加密信徒已經離開了市場，要么轉向尋求短期利潤。

Instead, the focus now involves fast, speculative capital chasing quick returns across a volatile landscape, with potentially less commitment to the long-term vision for many projects beyond Bitcoin itself.

取而代之的是，現在的重點涉及快速，投機性的資本追逐在波動性景觀中的快速回報，對比特幣本身以外的許多項目的長期願景的承諾可能較少。

Ki-Young Ju: Has Crypto Investing Shifted From Conviction to Speculation?

Ki-Young JU：加密投資是否從信念轉變為投機？

Over the years, Web3 projects have struggled to achieve meaningful adoption. Consequently, both builders and investors face increasing pressure. Most projects no longer attract dedicated backers, and even the strongest believers are showing signs of fatigue.

多年來，Web3項目一直在努力實現有意義的採用。因此，建築商和投資者都面臨著越來越多的壓力。大多數項目不再吸引專門的支持者，甚至最堅強的信徒也表現出疲勞的跡象。

With the flow of capital moving rapidly between assets, often with little fundamental support, the nature of crypto investing has become transactional. Ki-Young Ju notes that today’s environment rewards speed over conviction, creating an atmosphere that leaves little room for patient innovation.

隨著資本在資產之間迅速移動的流動，通常幾乎沒有基本支持，加密投資的性質已成為交易。 Ki-Young Ju指出，當今的環境獎勵定罪的速度，營造了一種氛圍，幾乎沒有耐心的創新空間。

Additionally, the cyclical nature of Bitcoin’s (BTC) supply and demand further complicates things. Historical analysis of Bitcoin’s price versus its 365-day moving average signal reveals a predictable rhythm. Peaks near the 0.6–0.8 signal range have consistently marked overbought phases.

此外，比特幣（BTC）供應的周期性性質進一步使事情變得複雜。比特幣價格與365天移動平均信號的歷史分析揭示了可預測的節奏。在0.6–0.8信號範圍附近的峰值始終標記了過度定位的階段。

Conversely, troughs around -1.2 tend to precede major rallies, marking accumulation zones. The current upward trajectory in this signal suggests increasing demand. However, it has yet to reach historically significant peaks, hinting that Bitcoin could still have room to grow, possibly toward the $100,000 level.

相反，大約-1.2的槽傾向於在主要集會之前，標誌著積累區。該信號中的當前向上軌跡表明需求不斷增加。但是，它尚未達到歷史上重要的山峰，暗示比特幣仍然有生長的空間，可能是$ 100,000的水平。

Bitcoin Consolidation Hints at Upward Breakout

比特幣合併提示向上突破

According to analyst Ali Martinez, Bitcoin is currently trading within a horizontal channel. The price recently bounced off the key support level of $83,200. This reaction suggests strong buying interest and may lead to a retest of resistance near $84,500.

根據分析師阿里·馬丁內斯（Ali Martinez）的說法，比特幣目前正在水平渠道內進行交易。該價格最近從83,200美元的關鍵支持水平彈起。這一反應表明購買興趣很強，可能會導致抵抗的重新測試，接近$ 84,500。

Should momentum continue, Bitcoin could break toward the upper boundary near $85,800. A confirmed move beyond that level would indicate a bullish trend continuation.

如果要繼續勢頭，比特幣可能會朝上邊界靠近$ 85,800。超出該水平的確認舉動將表明看漲趨勢的延續。

As of press time, Bitcoin trades at $84,830.17 with a daily volume exceeding $23 billion. The current trend shows resilience, even as broader investor behavior shifts.

截至發稿時，比特幣的交易價格為84,830.17美元，每日交易超過230億美元。當前的趨勢顯示出彈性，即使更廣泛的投資者行為發生了變化。