Odaily星球日报讯 Glassnode 发文表示，受美中关税缓解预期推动，比特币价格一度升至 94,700 美元，短暂突破关键的短期持有者成本基础（STH Cost Basis）92,900 美元。该水平通常被视为市场由熊转牛的临界点。 报告指出，短期持有者的盈亏比（STH P/L Ratio）回升至 1.0，表明近期买入者整体处于盈亏平衡状态，存在获利了结的风险。当前市场中，87.3%的比特币供应处于盈利状态，较上次价格处于类似水平时的 82.7%有所上升，显示近期有约 5%的供应在低位易手。 此外，4 月 22 日，美国比特币现货 ETF 净流入创下 15.4 亿美元的历史新高，显示机构需求强劲。尽管如此，期货市场的资金费率转负，表明做空兴趣上升，市场情绪仍显谨慎。

Odaily星球日报讯 Glassnode 发文表示，受美中关税缓解预期推动，比特币价格一度升至 94,700 美元，短暂突破关键的短期持有者成本基础（STH Cost Basis）92,900 美元。该水平通常被视为市场由熊转牛的临界点。报告指出，短期持有者的盈亏比（STH P/L Ratio）回升至 1.0，表明近期买入者整体处于盈亏平衡状态，存在获利了结的风险。当前市场中，87.3%的比特币供应处于盈利状态，较上次价格处于类似水平时的 82.7%有所上升，显示近期有约 5%的供应在低位易手。此外，4 月 22 日，美国比特币现货 ETF 净流入创下 15.4 亿美元的历史新高，显示机构需求强劲。尽管如此，期货市场的资金费率转负，表明做空兴趣上升，市场情绪仍显谨慎。

Glassnode：BTC现货价格上涨，但期货市场资金费率转负表明做空兴趣上升

<Odaily> Planet Daily News: Glassnode published an article stating that driven by expectations of eased US-China tariffs, Bitcoin price briefly rose to $94,700, temporarily breaking through the key Short-Term Holder (STH) Cost Basis of $92,900. This level is typically viewed as a critical point for market transition from bearish to bullish. The report noted that the Short-Term Holder Profit/Loss Ratio (STH P/L Ratio) rebounded to 1.0, indicating that recent buyers are generally at a break-even point, with risks of profit-taking. Currently, 87.3% of Bitcoin supply is in a profitable state, up from 82.7% when prices were at similar levels, showing that about 5% of supply has changed hands at lower prices. Additionally, on April 22, US Bitcoin spot ETF net inflows hit a historical high of $1.54 billion, demonstrating strong institutional demand. Nevertheless, negative funding rates in the futures market suggest increased short interest, indicating that market sentiment remains cautious.

<Odaily> Planet Daily News: Glassnode reported that driven by expectations of eased US-China tariffs, Bitcoin price briefly rose to $94,700, temporarily breaking through the key Short-Term Holder (STH) Cost Basis of $92,900. This level is typically viewed as a critical point for market transition from bearish to bullish. The report noted that the Short-Term Holder Profit/Loss Ratio rebounded to 1.0, indicating that recent buyers are generally at a break-even point with risks of profit-taking. Currently, 87.3% of Bitcoin supply is in a profitable state, up from 82.7% when prices were at similar levels, suggesting about 5% of supply has changed hands at lower prices. Additionally, on April 22, US Bitcoin spot ETF net inflows hit a historical high of $1.54 billion, demonstrating strong institutional demand. Nevertheless, negative futures funding rates indicate rising short interest, suggesting the market remains cautious.

Glassnode: BTC spot price rises, but futures market funding rates turn negative, indicating rising short interest

<Odaily> reported that U.S.-listed Bitcoin ETFs attracted $381 million in inflows on Monday, marking the largest single-day inflow since January 30. Delta Exchange research analyst Riya Sehgal noted that if Bitcoin price remains stable above $88,800, it could potentially drive further increases to the $92,000-$94,000 range. However, this rally may soon face correction. Stefan von Haenisch, Head of OTC Trading for Bitgo in Asia, warned: "The market's rally in the past few days has been too aggressive, and now feels somewhat overbought." He stated that a Bitcoin pullback to at least $88,000 "would not be surprising". (Bloomberg)

Analyst: The market has risen too sharply recently, and it would not be surprising if it falls back to $88,000

<Odaily> Planet Daily News: <Glassnode> posted on X platform that if <BTC> wants to return to the $100,000 mark, it still needs to clear a large amount of supply above. The cost basis distribution data shows that there is a particularly dense area around $97,000, where investors hold approximately 392,000 <BTC>. Some investors may choose to sell at their break-even point, making this area a critical resistance zone.

Glassnode: $97,000 is the key resistance level for Bitcoin

<Odaily> Planet News: Bitcoin broke through the $90,000 mark for the first time since early March, sparking market optimism that it may finally break free from its long-term correlation with US tech stocks. On Tuesday, Bitcoin rose 6.77%, and on Wednesday morning in Asian trading, it reached $93,883, while the US dollar index slightly rebounded after falling to a three-year low on Monday. Although the Nasdaq 100 index rebounded significantly after a sharp drop on Monday, it remains far below its highs from late February to early March.

Notably, this Bitcoin rally coincides with gold's movement. Gold prices briefly touched $3,500 per ounce on Tuesday before retreating. Richard Galvin, co-founder of Sydney crypto hedge fund DACM, stated that if Bitcoin continues to trade like gold rather than tech stocks, the 'decoupling' logic would be more convincing. (Bloomberg)