比特幣[BTC]進入了合併階段，顯示了冷卻的跡象，而無需觸發廣泛的銷售

比特幣[BTC]進入了合併階段，顯示了冷卻的跡象，而不會觸發廣泛的銷售。

Bitcoin price has been consolidating, showing signs of cooling without triggering widespread selling or panic.

比特幣價格一直在鞏固，顯示出冷卻的跡象，而不會引發廣泛的銷售或恐慌。

On-chain data from Glassnode sheds light on this shift in market positioning.

玻璃節的鍊鍊數據闡明了市場定位的這種轉變。

Holders Unloading High Profits, Mid-Range Builds

持有者卸下高利潤，中檔建造

According to Glassnode, there has been a shift in the share of Bitcoin held at different unrealized profit/loss ranges in 2025.

根據GlassNode的說法，在2025年以不同的未實現的利潤/損失範圍內，比特幣的份額發生了變化。

Those holding BTC at a -23.6% to -10% loss saw an increase of 7.75% in their share this year. This aligns with the narrative of more holders being "underwater."

那些以-23.6％至-10％的持有BTC的人今年股份增加了7.75％。這與更多持有人在“水下”的敘述相吻合。

On the other hand, those with high-profit holdings, specifically in the 40–60% range, saw a decrease of 3.57%, while those with mid-profit positions (20–40%) saw an increase of 3.45%.

另一方面，擁有高利潤的持股量，特別是在40-60％的範圍內的人減少了3.57％，而中低營養的人（20–40％）的人則增加了3.45％。

This suggests that coins are migrating from the high-profit bands to more mid-range levels. It aligns with a market in cooldown mode but not showing panic behavior or large-scale selling.

這表明硬幣正在從高利潤的頻段遷移到更高的中距離水平。它與以冷卻模式的市場保持一致，但沒有顯示出恐慌行為或大規模銷售。

Pressure Builds on Short-Term Holders

壓力基於短期持有人

Further analysis shows significant pressure on short-term holders, those who acquired Bitcoin within the past 155 days.

進一步的分析表明，在過去155天內獲得比特幣的人對短期持有人的壓力很大。

A substantial portion, over 2.8 million BTC from this group, is currently "underwater," presenting large unrealized losses.

目前“水下”造成了大量未實現的損失，這是該組的大量超過280萬BTC。

However, it’s crucial to note that most investors are engaging in holding strategies rather than selling at a loss.

但是，至關重要的是要注意，大多數投資者都在製定策略，而不是虧損。

The average acquisition price for short-term holders stands at $92,500, placing Bitcoin (BTC) just below this critical threshold.

短期持有人的平均獲取價格為92,500美元，比特幣（BTC）低於此關鍵門檻。

This price range, according to CryptoVizArt, a senior analyst at Glassnode, identifies a supply zone.

GlassNode的高級分析師Cryptovizart表示，這個價格範圍確定了一個供應區。

Investors who bought in this zone, which is $90K-$93K, might sell if the price returns to this area.

在此區域購買的投資者，即$ 90,000美元，如果價格回到該地區，則可能會出售。

But, for the price to move higher from here, it needs to break out of this zone to continue the bull market journey.

但是，要使價格從這裡提高，它需要突破這個區域，以繼續牛市旅程。

An Interesting Twist: Bitcoin’s Mean Dollar Invested Age

一個有趣的轉折：比特幣的平均美元投資年齡

Focusing on another aspect, Bitcoin’s Mean Dollar Invested Age (MDIA) by Santiment has seen an increase from 418 days on the 4th of February to 432 days on the 26th of March.

在另一個方面，比特幣的平均美元投資年齡（MDIA）從santiment開始，從2月4日的418天增加到3月26日的432天。

This shift showcases a greater presence of older coins remaining dormant, suggesting a preference for accumulation over distribution.

這種轉移展示了較大的較舊硬幣的存在，這表明偏愛積累而不是分佈。

During this period, Bitcoin’s price decreased from $101,403 to $84,330. Despite the price variation, the MDIA indicator consistently showed an upward trend.

在此期間，比特幣的價格從101,403美元降至84,330美元。儘管價格差異，MDIA指標仍表現出向上的趨勢。

This divergence suggests that long-term holders are maintaining their composure and are less likely to be easily swayed by price fluctuations.

這種差異表明，長期持有人保持鎮定狀態，並且很容易被價格波動搖動。

It hints at a more subtle and patient accumulation phase, as investors appear content to hold through the volatility.

它暗示了一個更加微妙和更細微的累積階段，因為投資者似乎滿足了波動性。

MVRV Long/Short Difference Drops

MVRV長/短差掉落

Another key metric to watch is the MVRV Long/Short Difference, which measures the profitability of long-term holders (LTH) against short-term holders (STH).

要觀看的另一個關鍵指標是MVRV長/短差異，它可以衡量長期持有人（LTH）對短期持有人（STH）的盈利能力。

This indicator tracks the difference in unrealized profit or loss relative to the last time these two holder groups sold.

該指標跟踪了這兩個持有人群體出售的最後一次未實現的利潤或損失的差異。

According to Santiment data, the MVRV Long/Short Difference dropped from 22.12% on the 3rd of February to 6.59% on the 26th of March.

根據Santiment數據，MVRV長/短差從2月3日的22.12％下降到3月26日的6.59％。

This signals a significant reduction in LTH's profitability edge, although it seems to be impacting sentiment to a lesser degree.

這表明LTH的盈利能力邊緣大大降低，儘管這似乎在較小程度上影響了情感。

A Final Note

最終音符

March saw the Exchange Whale Ratio, tracked by CryptoQuant, remaining above the 0.50 mark throughout the month.

三月看到了由CryptoQuant跟踪的交換鯨比，整個月保持在0.50分。

This suggests a sustained presence of large traders on exchanges, despite the potential for them to move their coins quickly due to their significant holdings.

這表明大型交易員在交流中持續存在，儘管由於他們的持股量很大，他們有可能迅速移動硬幣。

The peaks in the ratio on the 14th of March and the 20th of March coincided with periods of price stabilization, such as the brief stabilization around $84,000 and the subsequent recovery to $88,200.

3月14日和3月20日的峰值與價格穩定時期相吻合，例如短暫穩定量約為84,000美元，隨後的回收率為88,200美元。

This pattern hints at heightened whale activity during phases of low volatility, without necessarily triggering major selloffs or buy-side pressure that would lead to substantial price movements.

這種模式暗示了在低波動率的階段中增加的鯨魚活動，而不必觸發重大拋售或買入側壓力，這將導致大量價格變動。