链上数据显示，比特币（BTC）价格调整并不意味着牛市结束

比特币突破108,000美元关口后，经历了明显的价格反转；这引发了人们对牛市能否持续增长的怀疑。

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.

比特币价格在突破 108,000 美元水平后出现明显逆转。这让人们对牛市的持续增长产生了怀疑。然而，主要链上数据表明市场仍处于多头区域。

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 最近的一项分析强调了关键的链上指标，这些指标表明牛市周期处于冷静期而不是高峰期。一项关键指标是调整后的 SOPR（支出产出利润率）。

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.

该指标仅考虑那些持续时间超过一小时的交易，过滤掉短期交易的噪音。它还应用 7 天 SMA 以实现更好的可视化。

Bitcoin SOPR Indicator Decline

比特币 SOPR 指标下降

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) 目前高于 1，但似乎正在下降，这可能表明市场利润下降。过去，当 SOPR 跌破 1 时，比特币通常会出现反弹。这是因为亏本卖出往往会导致市场逆转，这在牛市中很常见。

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.

另一个重要指标是矿工头寸指数（MPI），它突出了矿工的活动，特别是在处置比特币方面。传统上，矿商会在减半之前或市场周期顶部出售股票。

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，最大的矿业公司似乎没有出售其比特币，可能是因为他们对这种货币的信心。然而，用于满足运营费用的销售可能仍在发生，并可能影响短期定价趋势。

Bull Market Potential Continues

牛市潜力持续

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.

市场放缓的第二个指标是网络费用总额的下降。这是因为交易量下降，表明市场正在慢慢恢复正常，过热即将结束。

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

只有在非活跃期，市场才会稳定，波动性降低，交易规模下降。

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.

最后，融资利率也在下降，这可能是市场情绪发生变化的迹象。在之前资金费率大幅下降之后，特别是在负资金期间，比特币的资金费率趋于恢复。也许事情会出现逆转，未来会卷土重来。然而，短期价格走势仍存在一定程度的不可预测性，未来市场的整体走向尚无法确定。

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 的数据表明，本次牛市尚未完全结束，尽管目前看起来正在降温。投资者应忽略短期走势，关注一年后的前景。链上信号表明，一旦当前的下跌趋势结束，比特币很可能会再次上涨，并为投资者带来大幅获利的机会。