比特币 (BTC) 突破 100,000 美元，积极的资本流动和不断下降的卖方压力为未来潜在的波动奠定了基础

经过两个月的盘整，比特币已突破区间限制，并飙升至 109,000 美元的历史新高

Bitcoin price reached a new all-time high of $109,000 on Friday, continuing a remarkable rally that began two months ago.

周五，比特币价格达到 109,000 美元的历史新高，延续了两个月前开始的显着上涨。

The world’s largest cryptocurrency soared to a new peak of $109,000 on Friday morning, as fresh capital inflows and declining sell-side pressure pushed the coin to reach new highs.

周五上午，全球最大的加密货币飙升至 109,000 美元的新高，新的资本流入和不断下降的卖方压力推动该货币创下新高。

Bitcoin price crossed the $100,000 threshold for the first time on December 24, following a rapid surge in price that began in early November.

继 11 月初开始价格快速飙升之后，比特币价格于 12 月 24 日首次突破 10 万美元大关。

Capital Flows into BTC Remained Positive, Slowed Down after Hitting $100,000

流入 BTC 的资金仍保持积极状态，但在触及 10 万美元后放缓

According to on-chain data, capital flows into Bitcoin remained positive, though the magnitude of capital inflows appeared to have slowed down after initially reaching the $100,000 mark.

根据链上数据，流入比特币的资金仍保持正值，尽管资金流入规模在最初达到 10 万美元大关后似乎有所放缓。

This signaled a period of declining sell-side pressure as the market approached a near-term equilibrium.

这标志着随着市场接近近期均衡，卖方压力将出现一段时期的下降。

The Realized Cap, a measure of the total value of all coins in circulation, was trading at an all-time high of $832 billion, with an increase of $38.6 billion per month.

已实现上限（衡量所有流通代币总价值的指标）的交易价格达到历史新高，达到 8,320 亿美元，每月增加 386 亿美元。

Several on-chain metrics pointed towards a decline in sell-side pressure. The Net Realized Profit/Loss metric, which highlighted the magnitude of net capital flows on-chain, showed a drastic reduction in profit-taking volumes.

一些链上指标表明卖方压力有所下降。净实现损益指标强调了链上净资本流动的规模，显示获利了结量大幅减少。

These volumes peaked at $4.5 billion in December 2024, and as of Friday, they stood at $316.7 million—a 93% decrease from December.

这些交易量在 2024 年 12 月达到峰值 45 亿美元，截至周五，交易量为 3.167 亿美元，比 12 月减少了 93%。

Meanwhile, the realized loss volumes also declined to all-time lows of $16.4 million.

与此同时，已实现的损失额也降至 1640 万美元的历史低点。

On the other hand, the Net Realized Profit أيام metric reached a new ATH of 1.1 أيام, indicating the fast pace at which these capital flows occurred on-chain.

另一方面，净实现利润指标达到了 1.1 的新 ATH，表明这些资本流动在链上发生的速度很快。

Supply Side of the Market Slowed Down

市场供应面放缓

On the supply side of the market, several metrics also signaled a slowdown.

在市场供应方面，多项指标也显示出放缓的迹象。

Coinday Destruction and exchange inflow volumes highlighted a reduction in investor distribution pressure. Notably, the Long-Term Holder Binary Spending Indicator showed a significant decline in the total LTH supply as the market approached $100,000 in December.

Coinday 销毁和交易所流入量凸显了投资者分配压力的减轻。值得注意的是，长期持有者二元支出指标显示，随着 12 月份市场接近 100,000 美元，LTH 总供应量显着下降。

However, the rate of decrease in LTH supply has since slowed down drastically, suggesting a softening of distribution pressure in recent weeks.

然而，LTH 供应量的下降速度此后大幅放缓，表明最近几周的分销压力有所缓解。

Several on-chain volatility measures also tightened up, with the market trading within a historically narrow 60-day price range, which usually signaled that the market is set to make another move.

多项链上波动率指标也收紧，市场交易处于历史狭窄的 60 天价格区间内，这通常表明市场将采取另一波行动。

The Realized Supply Density metric quantified the supply concentration around the current spot price, indicating that small movements in price could drastically affect investor profitability and amplify market volatility.

已实现供应密度指标量化了当前现货价格周围的供应集中度，表明价格的小幅波动可能会极大地影响投资者的盈利能力并放大市场波动。

Bitcoin price experienced strong intraday movements on Friday, surging to a new all-time high before largely stabilizing above the $100,000 level.

周五，比特币价格经历了强劲的盘中走势，飙升至历史新高，然后基本稳定在 100,000 美元以上。

The positive capital inflows and declining sell-side pressure signaled that the market was approaching a near-term equilibrium, setting the stage for potential future volatility.

积极的资本流入和不断下降的卖方压力表明市场正在接近近期均衡，为未来潜在的波动奠定了基础。