尽管长期持有者获利了结，但比特币（BTC）仍呈现上行潜力 – 分析师

正如市场高度波动的预期一样，比特币牛市继续呈现出一些波折。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.

正如市场高度波动所预期的那样，比特币牛市继续出现一些波折，某些网络指标表明价格上涨还远未结束。

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

在过去一周价格大幅上涨后，目前这种加密货币的交易价格已超过 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.

用户名 onchained 的分析师在 CryptoQuant 的 Quicktake 帖子中根据过去两到五年 (2Y-5Y) 的比特币未花费交易输出 (UTXO) 提供了有趣的市场分析。

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 是指接收者尚未花费的加密货币交易的剩余余额。

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 是区块链交易的构建模块，可用于解释持有者的行为、市场情绪和价格周期动态等。

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

2Y-5Y UTXO 代表长期持有者持有的比特币，他们在此期间没有转移资金。

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

2Y-5Y UTXO 的数据显示，当比特币在 11 月初触及 68,000 美元时，这些持有者开始记录利润。

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

然而，onchained 从历史上看，这种利润实现表明新的势头，而不是牛市的结束。

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

这是因为抛售压力被其他参与者（在本例中为短期持有者）的同等需求所抵消。

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 进一步解释说，这种获利回吐会导致长期持有者的实际价格每周出现负变化，这对于健康的市场结构至关重要，并且有可能进一步上涨价格。

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，该 2Y-5Y UTXO 队列的 MVRV 比率始终达到 1，表明之前牛市周期中宏观市场已经触底。

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 衡量市场价值与已实现价值的比值，并用于通过确定资产是否被高估或低估来表明潜在的逆转。

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，这支持了比特币在本次牛市中仍有很大价格上涨空间的观点。

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

Coinbase 指数飙升至 100 点以上，但尚未出现吸筹大战 – CryptoQuant 分析师

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

其他消息方面，比特币 Coinbase 溢价指数现已飙升至 100 以上，表明鲸鱼活动强劲。

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 用户名 Avocado_onchain 的加密货币分析师表示，这种激增还不足以表明鲸鱼之间存在任何积累战。

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 进一步指出，需要正负 Coinbase 溢价指数来表明比特币当前牛市趋势的延续。

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

截至发稿时，比特币交易价格为 103,601 美元，过去 24 小时上涨 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.

在更大的时间范围内，比特币处于稳定盈利状态，过去 7 天和 30 天分别上涨 10.76% 和 2.31|%。