<p>比特币的价格自 10 月第一周达到 126,198 美元的历史最高点以来，已经下跌超过 15,000 美元。由于更广泛的加密货币清算引发的剧烈价格下跌，导致了大规模的抛售。然而，最近的链上数据暗示未来几天可能会出现看涨反弹。</p>
<p><strong>比特币卖压正在减弱</strong></p>
<p>正如链上分析师 Axel Adler 在 X 上强调的，比特币的盈利供应百分比正在显著下降。为了更清楚，这指的是所有投资者持有的比特币中，按当前市场价值能够获利的比例。</p>
<p>值得注意的是，在过去 30 天中，以低于今天价格购买的比特币的交易量大幅下降。这被视为一个看涨信号，因为愿意以亏损出售资产的投资者可能减少。这一发展可能会减轻卖压。</p>
<p>这解释了尽管价格波动，市场参与者愿意抛售其币的数量减少的原因。尽管市场尚未完全恢复到清算前的水平，但目前的下降幅度已小于一个月前。</p>
<blockquote>
<p>比特币盈利供应百分比（30 天变化）从−12% 上升至−6%，卖家正在减弱，回调正在被买入。实际上，盈利币的比例仍低于一个月前，但下降幅度现在变得更浅——负动能已减弱。 pic.twitter.com/IXyg9KQeSl</p>
<p>2025 年 10 月 25 日</p>
</blockquote>
<p>这一发展表明，最糟糕的下行阶段可能已经结束，旗舰加密资产正在趋于稳定。如果这一趋势持续，比特币可能会出现向上的反转，因为卖压已失去动能。</p>
<p>比特币市场可能会重新出现买入兴趣，资产找到新的价格底部。比特币持有者可能正在利用这一波动期来积累比特币，因为历史先例表明，交易量的上升可能会引发价格飙升。</p>
<p><strong>机构对比特币的兴趣激增</strong></p>
<p>截至目前，比特币的交易价格为 111,616.94 美元，过去 24 小时上涨了 0.32%。该币的开盘价为 109,770.15 美元，最高攀升至 111,850.31 美元，随后在低交易量中回落了一些涨幅。</p>
<p>当前交易量下降了 20.9%，为 404.3 亿美元。随着盈利供应比例的降低，该资产可能会出现供应紧缩，从而对价格前景产生积极影响。</p>
<p>此外，摩根大通近期对比特币的转变信号着机构对该币的吸引力增加。这家知名银行巨头计划在 2025 年底允许机构客户将比特币持有作为贷款的抵押品。</p>
<p>这一发展可能会引发对比特币的更高需求，并在长期内推动该资产的价格上涨。</p>

GBTC

<p>比特币的价格自 10 月初的历史高点 126,198 美元以来已下跌超过 15,000 美元，但最近的链上数据表明可能出现看涨反弹。比特币盈利供应比例的下降表明卖压减轻，愿意以亏损出售的投资者减少。目前比特币的交易价格为 111,616.94 美元，随着机构投资兴趣的增加，市场可能会重新出现买入兴趣，特别是摩根大通计划允许比特币作为贷款的抵押品。这可能在长期内导致价格上涨</p>

<p>Bitcoin's  price has shed over $15,000 since hitting an all-time high (ATH) of $126,198 in the first week of October. The sharp price drop triggered by the broader crypto liquidation caused a massive sell-off. However, recent on-chain data hints at a bullish rally in the coming days.</p>
<div class="lb-trans"><p>比特币的价格自 10 月第一周达到 126,198 美元的历史最高点以来，已经下跌超过 15,000 美元。由于更广泛的加密货币清算引发的剧烈价格下跌，导致了大规模的抛售。然而，最近的链上数据暗示未来几天可能会出现看涨反弹。</p>
</div><p><strong>Bitcoin seeing declining sell pressure</strong></p>
<div class="lb-trans"><p><strong>比特币卖压正在减弱</strong></p>
</div><p>As highlighted by an on-chain analyst Axel Adler on X, Bitcoin’s percent supply in profit is declining significantly. For clarity, this refers to the percentage of all BTC held by investors that could yield profit at the current market value.</p>
<div class="lb-trans"><p>正如链上分析师 Axel Adler 在 X 上强调的，比特币的盈利供应百分比正在显著下降。为了更清楚，这指的是所有投资者持有的比特币中，按当前市场价值能够获利的比例。</p>
</div><p>Notably, in the last 30 days, the volume of Bitcoin bought at a lower price than today’s price has dropped considerably. This is considered a bullish signal as fewer investors might be willing to sell off their assets at a loss. A development that could reduce selling pressure.</p>
<div class="lb-trans"><p>值得注意的是，在过去 30 天中，以低于今天价格购买的比特币的交易量大幅下降。这被视为一个看涨信号，因为愿意以亏损出售资产的投资者可能减少。这一发展可能会减轻卖压。</p>
</div><p>It explains the reason fewer market participants are willing to dump their coins despite price fluctuations. Although the market has not fully recovered to the pre-liquidation era, the decline is now smaller than about one month ago.</p>
<div class="lb-trans"><p>这解释了尽管价格波动，市场参与者愿意抛售其币的数量减少的原因。尽管市场尚未完全恢复到清算前的水平，但目前的下降幅度已小于一个月前。</p>
</div><blockquote>
<p>Bitcoin Percent Supply in Profit (30D change) rose from −12% -&gt; −6% sellers are weakening, the dip is being bought. In fact, the share of coins in profit is still lower than a month ago, but the decline is now shallower - the negative momentum has eased. pic.twitter.com/IXyg9KQeSl</p>
<p>Oct 25, 2025</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>比特币盈利供应百分比（30 天变化）从−12% 上升至−6%，卖家正在减弱，回调正在被买入。实际上，盈利币的比例仍低于一个月前，但下降幅度现在变得更浅——负动能已减弱。 pic.twitter.com/IXyg9KQeSl</p>
<p>2025 年 10 月 25 日</p>
</blockquote>
</div><p>The development suggests that the worst part of the downturn might be over, and stabilization is setting in for the flagship crypto asset. If this trend continues, Bitcoin is likely to see an upward reversal as the selling pressure has lost momentum.</p>
<div class="lb-trans"><p>这一发展表明，最糟糕的下行阶段可能已经结束，旗舰加密资产正在趋于稳定。如果这一趋势持续，比特币可能会出现向上的反转，因为卖压已失去动能。</p>
</div><p>The BTC market is likely to witness renewed buying interest with the asset finding a new price bottom. Bitcoin holders are possibly using this period of volatility to accumulate the coin, as historical precedence suggests a rise in volume could trigger a price spike.</p>
<div class="lb-trans"><p>比特币市场可能会重新出现买入兴趣，资产找到新的价格底部。比特币持有者可能正在利用这一波动期来积累比特币，因为历史先例表明，交易量的上升可能会引发价格飙升。</p>
</div><p><strong>Institutional interest in Bitcoin is soaring</strong></p>
<div class="lb-trans"><p><strong>机构对比特币的兴趣激增</strong></p>
</div><p>As of this writing, Bitcoin is trading at $111,616.94, representing a 0.32% increase over the last 24 hours. The coin opened trading at $109,770.15 and climbed to a peak of $111,850.31 before shedding some gains amid low volume.</p>
<div class="lb-trans"><p>截至目前，比特币的交易价格为 111,616.94 美元，过去 24 小时上涨了 0.32%。该币的开盘价为 109,770.15 美元，最高攀升至 111,850.31 美元，随后在低交易量中回落了一些涨幅。</p>
</div><p>The trading volume is currently down by 20.9% at $40.43 billion. With a lower percentage supply in profit, the asset could record a supply squeeze that would positively impact the price outlook.</p>
<div class="lb-trans"><p>当前交易量下降了 20.9%，为 404.3 亿美元。随着盈利供应比例的降低，该资产可能会出现供应紧缩，从而对价格前景产生积极影响。</p>
</div><p>Additionally, the recent U-turn by JPMorgan toward Bitcoin signals increased institutional attraction toward the coin. The renowned banking giant is looking at allowing institutional clients to use BTC holdings as collateral for loans as of the end of 2025.</p>
<div class="lb-trans"><p>此外，摩根大通近期对比特币的转变信号着机构对该币的吸引力增加。这家知名银行巨头计划在 2025 年底允许机构客户将比特币持有作为贷款的抵押品。</p>
</div><p>This development could trigger higher demand for Bitcoin and boost the price in the long term for the asset.</p>
<div class="lb-trans"><p>这一发展可能会引发对比特币的更高需求，并在长期内推动该资产的价格上涨。</p>
</div>

比特币价格会涨到 12 万美元吗？链上数据显示负面动能有所缓解