Odaily星球日报讯 数据显示，比特币实现市值（Realized Cap）达 8720 亿美元，创历史新高。但 Glassnode 数据显示，投资者对当前比特币价格水平的热情依然不足。表示尽管实现市值创下历史新高，但该指标的月增长率已降至 0.9%，显示出市场处于“规避风险”情绪之中。 实现市值衡量的是所有比特币按其上一次转账时的价格计算的总价值，反映了实际投入的资本规模，可用于观察比特币的经济活跃度。其增长放缓说明资金流入仍为正值，但已明显减少，暗示新投资者数量下降，或现有持有者的活跃度减弱。 此外，Glassnode 的实现盈亏（Realized Profit and Loss）图表近期出现了 40%的大幅下跌，这表明市场出现了大量获利了结或止损行为。比特币短期持有者的市场价值与实际价值之比仍低于 1，这一水平在历史上与买入机会相关，进一步证明短期持有者处于亏损状态。（Cointelegraph）

Odaily星球日报讯 数据显示，比特币实现市值（Realized Cap）达 8720 亿美元，创历史新高。但 Glassnode 数据显示，投资者对当前比特币价格水平的热情依然不足。表示尽管实现市值创下历史新高，但该指标的月增长率已降至 0.9%，显示出市场处于“规避风险”情绪之中。实现市值衡量的是所有比特币按其上一次转账时的价格计算的总价值，反映了实际投入的资本规模，可用于观察比特币的经济活跃度。其增长放缓说明资金流入仍为正值，但已明显减少，暗示新投资者数量下降，或现有持有者的活跃度减弱。此外，Glassnode 的实现盈亏（Realized Profit and Loss）图表近期出现了 40%的大幅下跌，这表明市场出现了大量获利了结或止损行为。比特币短期持有者的市场价值与实际价值之比仍低于 1，这一水平在历史上与买入机会相关，进一步证明短期持有者处于亏损状态。（Cointelegraph）

比特币实现市值创新高，但比特币短期持有者仍处于亏损状态，避险情绪主导市场

<Odaily> News: Data shows that Bitcoin's Realized Market Cap has reached $87.2 billion, hitting a new historical high. However, glassnode data indicates that investors' enthusiasm for the current Bitcoin price level remains insufficient. Despite the realized market cap reaching a new high, the monthly growth rate has dropped to 0.9%, suggesting a "risk-averse" market sentiment. 

The realized market cap measures the total value of all Bitcoin calculated at their last transfer price, reflecting the actual invested capital scale and can be used to observe Bitcoin's economic activity. Its slowing growth indicates that capital inflow remains positive but has significantly decreased, suggesting a decline in new investors or reduced activity among existing holders.

Additionally, glassnode's Realized Profit and Loss chart recently experienced a significant 40% drop, indicating widespread profit-taking or stop-loss behaviors in the market. The ratio of market value to realized value for short-term Bitcoin holders remains below 1, a level historically associated with buying opportunities, further confirming that short-term holders are in a loss position. (Cointelegraph)

<Odaily> News: Data shows that Bitcoin's Realized Cap has reached $87.2 billion, hitting a new historical high. However, glassnode data indicates that investors' enthusiasm for the current Bitcoin price level remains insufficient. Although the Realized Cap has reached a new historical high, its monthly growth rate has dropped to 0.9%, showing a "risk-averse" market sentiment. The Realized Cap measures the total value of all Bitcoins calculated at their last transfer price, reflecting the actual invested capital scale and can be used to observe Bitcoin's economic activity. The slowdown in growth indicates that capital inflow remains positive but has significantly decreased, suggesting a decline in new investors or reduced activity among existing holders. Additionally, glassnode's Realized Profit and Loss chart recently experienced a significant 40% drop, indicating widespread profit-taking or stop-loss behaviors. The ratio of market value to realized value for short-term Bitcoin holders remains below 1, a level historically associated with buying opportunities, further proving that short-term holders are in a loss-making state. (Cointelegraph)

Bitcoin reaches new high in market value, but short-term Bitcoin holders are still losing money, and risk aversion dominates the market

Source: glassnode; Compiled by: AIMan@Jinse Finance
Abstract:
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As global trade relations continue to be restructured, the macroeconomic environment remains filled with uncertainty. This uncertainty has intensified volatility in the U.S. Treasury and stock markets.
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Facing a severe economic situation, Bitcoin has experienced its largest decline in this market cycle. Nevertheless, this still falls within the typical range of pullbacks during previous bull markets. Moreover, the median decline in this cycle remains an order of magnitude lower than in previous cycles, highlighting its more resilient demand conditions.
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Liquidity across the entire digital asset ecosystem continues to tighten, manifesting as...

Re-examination of fundamentals: Is the current BTC market a typical correction or is it about to go into a bear market?

<Odaily> Planet Daily News: The market generally believes that any bearish trend caused by the Federal Reserve's unchanged interest rates has already been reflected in Bitcoin's price. Onchain analyst James Check points out that Bitcoin's true bottom is located at its real market average, which is the average cost basis of active investors - approximately $65,000. Bears will attempt to defend the resistance level at $86,000, which increases the possibility of the price breaking below $80,000 and creating a new low. James Check added: "The area around $75,000 is where Bitcoin bulls are currently defending, and if they fail to defend successfully, the next step will be to return to the liquidation consolidation zone to see how far it can ultimately go." (Cointelegraph)

Analyst: $75,000 may be the current defense area for Bitcoin bulls

<Odaily>Planet Daily News</Odaily> - CryptoQuant analyst DarkFost pointed out that the BTC Taker Buy/Sell Ratio on Binance has rebounded to a neutral zone, currently at 1.008, indicating that buying power is regaining market dominance, with signs of bullish sentiment for BTC recovering. When Bitcoin was trading above $86,000 on April 14, the ratio once exceeded 1.1. Currently, BTC is priced at $83,810, down 1.47% over the past 7 days. If the price returns to $85,000, CoinGlass data shows nearly $637 million in short positions will face liquidation risk. BTC's market dominance has risen to 63.81%, increasing nearly 10% this year, and CoinMarketCap's Altcoin Season Index still indicates a "Bitcoin season". Despite overall market sentiment remaining cautious (fear index at 29), analysts generally believe BTC demand is in a recovery phase. Real Vision analyst Jamie Coutts thinks the market may be underestimating BTC's potential to reach new highs in the second quarter. AnchorWatch CEO Rob Hamilton suggests that current price volatility stems from the "tug-of-war between tax and tax refund funds in the market". (Cointelegraph)