比特幣 (BTC) 跌至 9.4 萬美元，累積趨勢得分跌至 0.21，投資者情緒複雜

由於加密貨幣市場正在努力應對近期的損失，比特幣 (BTC) 週三下跌 2%。鏈上數據顯示發生了轉變

Bitcoin (BTC) price experienced a 2% sell-off on Wednesday as the cryptocurrency market grappled with recent losses. However, on-chain data suggested a shift in the accumulation of the leading cryptocurrency, indicating that holders are increasingly selling their assets.

由於加密貨幣市場正在努力應對近期的損失，比特幣 (BTC) 價格週三下跌 2%。然而，鏈上數據顯示領先的加密貨幣的累積發生了變化，表明持有者越來越多地出售其資產。

Despite this shift towards distribution, Bitcoin's Market Value to Realized Value (MVRV) ratio suggested that the current market cycle has not yet reached its peak.

儘管出現了這種向分配的轉變，但比特幣的市值與已實現價值（MVRV）比率表明當前的市場週期尚未達到頂峰。

Bitcoin price fell to $94K, sparking mixed reactions among investors

比特幣價格跌至 9.4 萬美元，引發投資者不同反應

Bitcoin extended its decline into Wednesday, falling toward $94,000 and triggering over $134 million in liquidations, according to Coinglass data.

根據 Coinglass 的數據，比特幣的跌勢延續至週三，跌至 94,000 美元，並引發了超過 1.34 億美元的清算。

On-chain data from Glassnode revealed that Bitcoin's Accumulation Trend Score dropped to near 0, indicating a shift in the market toward a distribution phase.

Glassnode的鏈上數據顯示，比特幣的累積趨勢分數降至接近0，顯示市場已轉向分配階段。

The metric approached a score close to 1 across most cohorts of holders during the rally between November and December, signaling steady accumulation. However, investors across all cohorts have slowly increased distribution in the past few days, with ultra-large holders leading the charge.

在 11 月至 12 月的漲勢期間，大多數持有者群體的該指標得分接近 1，顯示累積穩定。然而，過去幾天，所有類別的投資者都在緩慢增加分配，其中超大型持有者引領潮流。

Bitcoin Trend Accumulation Score by Cohort. Source: Glassnode

按群組劃分的比特幣趨勢累積分數。來源：Glassnode

The selling pressure may have been fueled by stronger-than-expected US ISM Services Purchasing Managers Index (PMI) and job openings data reported by the US Bureau of Labor Statistics for November 2024.

強於預期的美國 ISM 服務業採購經理指數 (PMI) 和美國勞工統計局報告的 2024 年 11 月職缺數據可能加劇了拋售壓力。

In a recent memo, crypto analyst Markus Thielen stated that global liquidity shifts could threaten Bitcoin's bullish momentum.

在最近的備忘錄中，加密貨幣分析師 Markus Thielen 表示，全球流動性變化可能會威脅比特幣的看漲勢頭。

"Following the Trump re-election, the strengthening US dollar has tightened dollar-denominated liquidity, signaling the potential for a consolidation phase in the near term," wrote Thielen.

蒂倫寫道：“川普連任後，美元走強，導致以美元計價的流動性收緊，預示著短期內可能出現盤整階段。”

He noted that Bitcoin and risk assets may experience a temporary consolidation caused by the appreciation of the US dollar. This is also visible in the decline across the US stock market, signaling its growing correlation with Bitcoin.

他指出，由於美元升值，比特幣和風險資產可能會經歷暫時的盤整。這在美國股市的下跌中也可見一斑，顯示其與比特幣的相關性日益增強。

Despite the recent sell-side pressure after Bitcoin reached an all-time high above $108,000, the top crypto may still have potential for higher price appreciation before the cycle ends.

儘管在比特幣觸及 108,000 美元以上的歷史高點後，近期賣方面臨壓力，但頂級加密貨幣在周期結束之前仍有可能實現更高的價格升值。

Bitcoin's Market Value to Realized Value (MVRV) ratio, which indicates the average profit or loss for all investors, has not yet reached the level of 3.2, which signifies "extreme euphoria," according to Glassnode data. For Bitcoin (BTC) to enter this state of extreme euphoria in the current cycle, it would need to reach a price of $132,000.

根據 Glassnode 的數據，比特幣的市值與已實現價值 (MVRV) 比率（表示所有投資者的平均盈虧）尚未達到 3.2 的水平，這意味著「極度興奮」。比特幣 (BTC) 要在當前週期進入這種極度興奮的狀態，其價格需要達到 132,000 美元。

Bitcoin MVRV Pricing Bands. Source: Glassnode

比特幣 MVRV 定價範圍。來源：Glassnode

"BTC price has historically spent only ~5% of trading days above the 3.2 MVRV level," wrote Glassnode analysts. "This highlights how rare such peaks are and reinforces why it's often considered an 'extreme euphoria' zone."

Glassnode 分析師寫道：“從歷史上看，比特幣價格只有約 5% 的交易日高於 3.2 MVRV 水平。” “這凸顯了這樣的峰值是多麼罕見，並強化了為什麼它經常被認為是‘極度興奮’區域。”