最新报道:Bitcoin is at a critical inflection point, with the Short-Term Holder Realized Price (STH-RP) serving as a key psychological and technical support level. Currently trading near this break-even point for short-term investors, Bitcoin's resilience above STH-RP could prevent panic selling and support a rebound. On-chain metrics show a healthy bull market setup: NVT Ratio at 1.51 indicates balanced valuation, while MVRV Z-Score of 0.72 suggests mid-cycle consolidation. Institutional flows reveal a $444.3 million net inflow into Bitcoin ETFs in September 2025, contrasting with $908.4 million outflows from Ethereum ETFs. With ETFs holding 7% of Bitcoin's supply and macro uncertainties weighing, the market awaits Fed policy cues for its next directional move.