Foresight News 消息，glassnode 分析师 Chris 发文表示，BTC 卖方风险比率已回落至自 2023 年 10 月以来未最低点。这表明已实现利润和亏损是在相对较低的倍数（指价格与成本基差的倍数）下发生的，显示出在当前价格水平下，抛售行为背后的市场信心较为疲弱。

<p>Foresight News 消息，glassnode 分析师 Chris 发文表示，BTC 卖方风险比率已回落至自 2023 年 10 月以来未最低点。这表明已实现利润和亏损是在相对较低的倍数（指价格与成本基差的倍数）下发生的，显示出在当前价格水平下，抛售行为背后的市场信心较为疲弱。</p>

glassnode 分析师：BTC 卖方风险比率已回落至自 2023 年 10 月最低点

According to Foresight News , Glassnode analyst Chris stated that the BTC seller risk ratio has fallen to its lowest point since October 2023. This indicates that realized profits and losses are occurring at relatively low multiples (the multiple of the price-to-cost basis), suggesting weak market confidence behind the selling at current price levels.

<p>According to Foresight News , Glassnode analyst Chris stated that the BTC seller risk ratio has fallen to its lowest point since October 2023. This indicates that realized profits and losses are occurring at relatively low multiples (the multiple of the price-to-cost basis), suggesting weak market confidence behind the selling at current price levels.</p>

Glassnode analyst: BTC sell-side risk ratio has fallen back to its lowest point since October 2023.

The real demand for Monero has consistently been far higher than its price reflects.

The hidden selling pressure on Monero is disappearing.

PancakeSwap recently announced a significant proposal regarding the economic mechanism of the CAKE Token , in which the development team proposes reducing the Max Supply supply of CAKE from 450 million Token to 400 million...

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Author: Dovey Wan, Founding Partner, Primitive Ventures

Translator: Dayu

2025 saw the cryptocurrency industry achieve almost everything it expected. Structurally, it should have been a stellar year.

But why does it feel...so lifeless?

It's not that "the price didn't rise" means it's all over. Bitcoin hit new highs. But the atmosphere, sentiment, internal confirmation, other cryptocurrencies following suit, and retail investor enthusiasm have all changed. Perhaps most worryingly, this once "hot money-driving asset" is now... (The sentence is incomplete and ends abruptly.)