最新报道:Bitcoin's market dynamics in 2025 are increasingly influenced by long-term holders (LTHs), whose profit-taking activities are easing without triggering panic. The Spent Output Profit Ratio (SOPR) for LTHs reached a record 2.5 but remains below the 4.0 threshold associated with bull market peaks, indicating controlled selling. On September 1, LTHs spent 97,000 BTC in a single day—the largest move of the year—yet this is considered normal within the cycle. The UTXO Realized Price Distribution (URPD) shows the $108k–$116k "air gap" being filled by dip-buying, reinforcing stability. With $1.2 trillion in unrealized profits and minimal losses, LTH resilience supports market consolidation between $104k and $114k, suggesting a foundation for future appreciation.