隨著經驗豐富的市場參與者的轉變，比特幣[BTC]可能是另一個戰略積累

這種不斷發展的趨勢在最新的鏈上數據中很明顯，尤其是被破壞的價值日（VDD）度量標準，該趨勢現已達到與未來價格飆升有關的階段。

Bitcoin [BTC] may be amid another strategic buildup as seasoned market participants shift gears from profit-taking to accumulation.

比特幣[BTC]可能是另一個戰略性的積累，因為經驗豐富的市場參與者將齒輪從獲利轉移到積累。

This evolving trend is evident in the latest on-chain data, particularly the Value Days Destroyed (VDD) metric, which has now reached a phase historically associated with future price surges.

這種不斷發展的趨勢在最新的鏈上數據中很明顯，尤其是被破壞的價值日（VDD）度量標準，該趨勢現已達到與未來價格飆升有關的階段。

Bitcoin long-term holders re-emerge as accumulators

比特幣長期持有人重新出現為累加器

The Bitcoin VDD chart reveals four significant accumulation phases: January and October 2023, October 2024, and now March 2025. Each phase is marked by a sharp drop in VDD, signaling reduced coin movement and increased conviction among long-term holders. The current reading, highlighted by the fourth blue circle on the chart, is the lowest since mid-2024.

比特幣VDD圖表顯示了四個重要的積累階段：2023年1月和2024年10月和2025年3月。每個階段都以VDD的急劇下降標記，信號減少了硬幣運動和長期持有人的信念增加。當前的讀數是圖表上的第四個藍色圓圈突出顯示，是自2024年中期以來的最低讀數。

For instance, VDD dropped to around 15.6 on 15 January, paving the way for Bitcoin to rally from $70,000 to $80,000 in the following weeks. Similarly, VDD fell to 14.7 by October 2023, paving the stage for another rally to $70,000.

例如，VDD在1月15日下降到15.6左右，在接下來的幾週內，比特幣從70,000美元升至80,000美元。同樣，VDD到2023年10月跌至14.7，鋪平了舞台，再撥打70,000美元。

At press time, VDD stands at 13.4, the lightest level observed in the past 10 months. Historically, such low VDD values have preceded strong bullish moves. In each previous accumulation phase, Bitcoin registered a new leg up shortly after.

在發稿時，VDD處於13.4的狀態，這是過去10個月中最輕的水平。從歷史上看，如此低的VDD價值觀先於強烈的看漲行動。在以前的每個累積階段，比特幣不久之後就註冊了一條新腿。

The behavior of these seasoned participants, buying low and exiting near local tops, offers a reliable gauge for broader market sentiment. Their current stance suggests they do not see present price levels as opportune for distribution.

這些經驗豐富的參與者的行為，在當地上衣附近購買低價和退出，為更廣泛的市場情緒提供了可靠的規格。他們目前的立場表明，他們沒有將目前的價格水平視為分配的機會。

No signs of profit-taking from smart money

沒有智能貨幣獲利的跡象

Red circles on the Bitcoin VDD chart point to four distinct selling spikes—January, April, July, and March 2025. Each surge in value destruction corresponded to local tops, underscoring how strategic these entities are in capturing profits. But as of now, there’s no such spike. The absence of realized value destruction supports the theory that smart money is staying put. Their conviction adds credence to a price floor forming near the $82K level, discouraging aggressive short-selling in the current structure.

比特幣VDD圖表上的紅色圈子指向四個不同的銷售尖峰 - 1月，4月，7月和2025年3月。價值破壞的每次飆升都與本地上衣相對應，強調了這些實體在捕獲利潤方面的戰略性。但是到目前為止，還沒有這樣的尖峰。缺乏實現價值的破壞支持了智能資金一直保持著的理論。他們的信念增加了價值82,000美元水平的價格平台的信譽，這阻止了當前結構的積極賣空。

Bitcoin price action aligns with on-chain calm

比特幣價格動作與鏈上平靜一致

Bitcoin traded at $82,011 at press time, below both the 50-day and 200-day Moving Averages at $84,455 and $93,712, respectively. Despite the bearish short-term structure, the Accumulation/Distribution Line is stable at 4.93M, indicating that distribution pressure hasn't intensified. This divergence, price weakness vs. steady A/D levels, could point to a hidden bullish divergence forming. It could confirm this thesis if the price stabilizes and breaks above the $ 84K-$ 85K resistance zone.

發稿時，比特幣的交易價格分別為82,011美元，低於50天和200天的移動平均值，分別為84,455美元和93,712美元。儘管看跌短期結構，但累積/分佈線仍為493萬，表明分佈壓力尚未加劇。這種分歧，價格弱點與穩定的A/D水平，可能表明隱藏的看漲差異形成。如果價格穩定並超過8.4 k- $ 85K的電阻區，它可以證實這一論文。

What next?

接下來是什麼？

Bitcoin's low VDD environment, combined with the long-term holders's accumulation behavior and muted distribution metrics, signals a potential bottoming phase. If historical patterns repeat, BTC may be setting up for its next bullish impulse.

比特幣的低VDD環境，結合了長期持有人的積累行為和靜音分佈指標，標誌著潛在的底部階段。如果歷史模式重複，BTC可能會為其下一個看漲衝動設置。