币界网报道：Bitcoin's price surged to $112,000, marking a significant milestone, yet network activity failed to keep pace with the rally. Despite the bullish price action, on-chain metrics showed subdued transaction volumes and slower adoption rates compared to previous peaks. Analysts noted that while institutional interest remains strong, retail participation has been lackluster, possibly due to high transaction fees and scalability concerns. Major exchanges reported increased institutional inflows, but decentralized platforms saw muted activity. Some experts caution that the disconnect between price and network usage could signal overheating, while others argue it reflects a maturing market dominated by long-term holders. Regulatory clarity in key markets like the U.S. and EU continues to influence investor sentiment, with recent policy developments contributing to price volatility. The derivatives market showed heightened activity, with open interest reaching record levels, indicating growing speculative interest. Mining profitability also hit multi-year highs as the hash rate stabilized near all-time peaks. Market observers are divided on whether this rally is sustainable or due for a correction given the tepid on-chain fundamentals.