最新报道:Bitcoin exchange reserves hit a six-year low as investors shift to self-custody, signaling long-term accumulation and tightening supply. The MVRV Z-Score rose above 2.6, reflecting strong unrealized gains and mid-cycle optimism, while elevated NVT Ratio suggests valuation may outpace transaction activity. Funding rates remain positive, confirming bullish derivatives sentiment, but high leverage and overextended metrics indicate potential volatility ahead. Sustained accumulation supports long-term growth, yet near-term corrections could precede further gains if on-chain usage and leverage stabilize.