在卖方压力下降的情况下，比特币（BTC）飙升至新的ATH

经过几个月的盘整，比特币达到 10.9 万美元的历史新高。 Glassnode 表示，分析显示卖方压力正在减弱，并发出潜在市场波动的信号。

Bitcoin (BTC) price hit a new all-time high (ATH) of $109,000 on January 21, continuing its relentless rally. The surge comes after two months of consolidation in the $90,000 range.

1 月 21 日，比特币 (BTC) 价格创下 109,000 美元的历史新高 (ATH)，继续强劲上涨。此次飙升是在两个月的 90,000 美元区间盘整之后出现的。

However, analysis by on-chain data provider Glassnode reveals diminishing sell-side pressure and several indicators suggesting the potential for market volatility.

然而，链上数据提供商 Glassnode 的分析显示，卖方压力正在减弱，多项指标表明市场可能出现波动。

As BTC rallied past the $100,000 milestone, net capital inflows spiked, indicating large-scale profit-taking by investors. But these inflows have since leveled off, suggesting the market is stabilizing as it adjusts to the new price level.

随着比特币突破 10 万美元大关，净资本流入激增，表明投资者大规模获利了结。但此后这些资金流入已趋于平稳，表明市场在适应新的价格水平时正在趋于稳定。

The Realized Cap, which represents the total value ever stored in Bitcoin, reached a new ATH of $832 billion, adding $38.6 billion per month.

已实现上限（代表比特币有史以来存储的总价值）达到了新的 8320 亿美元，每月增加 386 亿美元。

The Net Realized Profit/Loss metric, which tracks the magnitude of net capital flows in USD on-chain, reveals a drastic decline in profit-taking volumes.

净实现利润/损失指标追踪链上美元净资本流动的规模，显示获利了结量急剧下降。

At its peak in December 2024, the metric indicated a net capital inflow of $4.5 billion. However, this figure has now plummeted to $316.7 million, indicating a 93% reduction in profit-taking activity.

该指标显示，在 2024 年 12 月达到峰值时，资本净流入为 45 亿美元。然而，这一数字现已暴跌至 3.167 亿美元，表明获利了结活动减少了 93%。

Several metrics, including Coinday Destruction and exchange inflow volumes, suggest a decrease in sell-side pressure. The Binary CDD metric, which measures the expenditure of "holding time," indicates that a large portion of investors have already realized profits within the current price range.

包括 Coinday Destruction 和交易所流入量在内的多项指标表明卖方压力有所减轻。二元CDD指标衡量“持有时间”的支出，表明很大一部分投资者已经在当前价格范围内实现了利润。

Long-term holders (LTH) have also shown reduced activity in sending BTC to exchanges. Inflow volumes from LTHs, which indicate distribution, dropped from a December peak of $526.9 million to $92.3 million. This shift suggests a preference for accumulation over distribution, with LTH supply continuing to grow.

长期持有者（LTH）向交易所发送比特币的活动也有所减少。 LTH 的流入量（表明分配情况）从 12 月份峰值 5.269 亿美元下降至 9230 万美元。这种转变表明人们更倾向于积累而不是分配，LTH 供应持续增长。

Multiple measures of volatility are also showing signs of tightening. The 60-day price range, which is historically narrow, suggests the market may be preparing for another substantial move.

多项波动性指标也显示出收紧迹象。 60 天的价格区间在历史上很窄，表明市场可能正在为另一次大幅波动做准备。

The Realized Supply Density metric indicates that 20% of the Bitcoin supply is concentrated within ±15% of the current spot price, increasing potential volatility.

已实现供应密度指标表明，20% 的比特币供应集中在当前现货价格的 ±15% 范围内，从而增加了潜在的波动性。

The Sell-Side Risk Ratio, which evaluates the volume of realized profit and loss relative to the Realized Cap, has declined sharply.

评估已实现盈亏量相对于已实现上限的卖方风险比率已大幅下降。

The metric suggests that the majority of profit-taking activities have already occurred, creating a local equilibrium and hinting at the potential for volatility.

该指标表明大多数获利回吐活动已经发生，创造了局部均衡并暗示了潜在的波动性。

Overall, the surge in Bitcoin price to a new ATH of $109,000 is influenced by reduced sell-side pressure and several tightening volatility indicators. As the market stabilizes above $100,000, investors and analysts are keeping a close eye on these metrics for indications of the next potential market movement.

总体而言，比特币价格飙升至新的 109,000 美元，是受到卖方压力减轻和一些波动性指标收紧的影响。随着市场稳定在 100,000 美元以上，投资者和分析师正在密切关注这些指标，以了解下一个潜在市场走势的迹象。