普通投资者盈利120%，市场格局下的BTC价格稳定与谁受益？

尽管比特币价格波动剧烈，投资者的盈利能力依然强劲，平均每枚代币的未实现利润约为120%。

Despite the volatility of Bitcoin prices, investors' profitability remains strong, with an average of about 120 per cent of the unrealized profit per coin.

市场表现出横向波动，反映了投资者的冷淡和疲劳情绪，这是当前比特币市场的主要特征。BTC价格处于一个成熟的交易区间内，投资者普遍处于盈利状态，87%以上的流通供应成本低于现货价格。

The market displays horizontal fluctuations, reflecting the apathy and fatigue of investors, which are the main features of the current Bitcoin market. BTC prices are in a mature trading zone, investors are generally profitable, and more than 87 per cent of the flow supply costs are below spot prices.

利用MVRV指标，我们可以评估普通投资者持有的未实现利润规模，目前约为+120%，高于历史年度基线，显示出市场仍处于宏观上升趋势。

Using the MVRV indicator, we can assess the size of the unrealized profits held by ordinary investors, which currently stands at about +120 per cent, higher than the historical annual baseline, indicating that the market is still on the upward trend at the macro level.

尽管投资者盈利能力强劲，比特币网络上的交易量大幅下降，反映出市场投机情绪的降温和观望态度。中心化交易所的现货交易量也同样低迷，显示出链上网络结算活动与交易量之间强烈的相关性。

Despite the strong profitability of investors, the volume of transactions on the Bitcoin network has declined significantly, reflecting a moderate and wait-and-see attitude of market speculation. The volume of spot transactions on a centralized exchange is equally low, indicating a strong correlation between online clearing activities on the chain and the volume of transactions.

长期持有者的交易所流入量显著减少，这表明市场上长期持有者群体的平衡态势，他们需要更高或更低的价格刺激进一步行动。

Exchange inflows to long-term holders have declined significantly, indicating a balance between long-term groups of holders in the market, who need higher or lower prices to stimulate further action.

总体而言，市场结构对于区间交易者和套利策略更为有利，而非方向性和趋势交易策略。需求和卖方压力的平衡使得市场价格相对稳定，但同时也显示出投资者的冷漠和犹豫态度。

In general, market structures are more favourable to inter-district traders and arbitrage strategies than to directional and trend trading strategies. The balance of demand and seller pressure makes market prices relatively stable, but also shows apathy and hesitation on the part of investors.

这些数据表明，尽管市场波动剧烈，但投资者盈利能力强劲。然而，市场走势的停滞可能预示着下一轮市场活动的到来，需要观察投资者决断力的回归，以刺激市场的进一步发展。

These data show that, despite the volatility of the market, investors have strong profitability. However, the stagnation in market trends may portend the next round of market activity, requiring observation of the return of investors'decisive power in order to stimulate further market growth.