隨著長期持有者（LTH）積極增持，比特幣（BTC）閃現出可能反彈的跡象

比特幣（BTC）顯示出可能上漲的跡象，因為其價格受益於關鍵指標的積極趨勢，引發了投資者的樂觀情緒。

Bitcoin (BTC) price showed signs of a possible rally as its price stood to benefit from positive trends in critical metrics, sparking optimism among investors.

比特幣（BTC）價格顯示出可能上漲的跡象，因為其價格將受益於關鍵指標的正面趨勢，引發投資者的樂觀情緒。

The recent rise in the Bitcoin Puell Multiple above 1.00 marked an important shift. This is historically in alignment with new all-time highs for BTC following previous post-halving cool-off periods.

最近比特幣普埃爾倍數升至 1.00 以上標誌著一個重要轉變。從歷史上看，這與先前減半後冷靜期後比特幣的歷史新高一致。

This metric, which measures miner revenue compared to historical norms, has often preceded strong price movements.

此指標衡量礦商收入與歷史標準的比較，通常出現在價格劇烈波動之前。

With Bitcoin now exhibiting a similar breakout, some market watchers believed this tool could signal another surge toward new highs. The Puell Multiple measures when miner earnings in USD significantly exceed or fall below the annual average.

隨著比特幣現在表現出類似的突破，一些市場觀察家認為，該工具可能預示著比特幣再次飆升至新高。普埃爾多重衡量礦工以美元計算的收入何時顯著超過或低於年度平均值。

When this indicator enters its upper red zone, it often suggests BTC may be reaching a peak. The green zone indicates potential for growth. The current position of the Puell Multiple suggests Bitcoin may have room for further gains if history repeats itself.

當該指標進入紅色上方區域時，通常表示 BTC 可能已達到頂峰。綠色區域表示成長潛力。普埃爾倍數目前的狀況表明，如果歷史重演，比特幣可能還有進一步上漲的空間。

Long-Term Bitcoin Holders Aggressively Stacking Up

長期比特幣持有者積極增持

Long-term holders (LTHs) have also shown growing interest in Bitcoin (BTC), with many continuing to accumulate, although there has been a slight dip in net position change.

長期持有者（LTH）也對比特幣（BTC）表現出了越來越大的興趣，儘管淨頭寸變化略有下降，但許多人仍在繼續增持。

This steady buying pattern suggests confidence among experienced investors, who appeared to be positioning for potential short-term gains.

這種穩定的購買模式表明經驗豐富的投資者充滿信心，他們似乎正在為潛在的短期收益做好準備。

In comparison to previous peaks, this cautious accumulation indicated a more disciplined approach by LTHs, avoiding the kind of rapid sell-offs seen in past bull runs.

與先前的高峰相比，這種謹慎的累積表明 LTH 採取了更嚴格的做法，避免了過去牛市中出現的那種快速拋售。

Long Accounts and Liquidity Heatmap

多頭帳戶和流動性熱圖

The cautious yet consistent accumulation may support price stability in the short term, reducing the likelihood of a major correction.

謹慎而持續的增持可能會在短期內支撐價格穩定，降低大幅調整的可能性。

The current landscape also showed a substantial unwinding of long positions, adding potential volatility to the BTC market.

目前的情況也顯示多頭部位大幅平倉，增加了比特幣市場的潛在波動性。

Over $500 million in open interest disappeared following just a 2% price dip, highlighting the market’s sensitivity to sudden changes.

價格僅下跌 2%，超過 5 億美元的未平倉合約就消失了，凸顯了市場對突然變化的敏感度。

Such unwinding suggested traders were either reacting to recent inflation data or adjusting positions ahead of potential market-moving events.

這種平倉表明交易者要么對最近的通膨數據做出反應，要么在潛在的市場波動事件發生之前調整頭寸。

This reduction in open interest could mean increased volatility in the coming weeks, so investors may want to monitor BTC’s movements closely. Despite BTC’s recent upward trend, the broader liquidity environment remained a concern.

未平倉合約的減少可能意味著未來幾週的波動性增加，因此投資者可能需要密切關注比特幣的走勢。儘管比特幣近期呈上升趨勢，但更廣泛的流動性環境仍然令人擔憂。

Bitcoin’s Liquidity Heatmap, a tool used to gauge buying and selling activity in the market, pointed to a negative liquidity setting, even as BTC prices rose.

比特幣的流動性熱圖（一種用於衡量市場買賣活動的工具）指出，即使比特幣價格上漲，流動性仍為負值。

With the Federal Reserve’s quantitative tightening (QT) program expected to taper off and the Reverse Repo Program balance nearing zero, some analysts anticipated a shift in liquidity conditions.

隨著聯準會的量化緊縮（QT）計畫預計將逐漸減少且逆回購計畫餘額接近零，一些分析師預計流動性狀況將會改變。

Such changes could positively impact risk assets like Bitcoin if the Fed decided to end QT, potentially boosting BTC’s price.

如果聯準會決定結束 QT，這些變化可能會對比特幣等風險資產產生正面影響，從而可能推高比特幣的價格。

The Treasury’s Quarterly Refunding Statement also highlighted liquidity changes, with plans to reach a year-end cash balance of $700 billion. As the debt ceiling deadline approaches in January, historical patterns suggest a drawdown in the Treasury General Account, which could affect market liquidity.

財政部的季度退款聲明也強調了流動性變化，計劃年底現金餘額達到7000億美元。隨著一月份債務上限最後期限的臨近，歷史模式顯示財政部普通帳戶的縮減，這可能會影響市場流動性。

With these potential changes on the horizon, many analysts anticipated a liquidity boost, which could create favorable conditions for BTC.

隨著這些潛在變化的出現，許多分析師預計流動性將會增加，這可能為比特幣創造有利的條件。

Bitcoin’s recent price activity has garnered significant attention, driven by positive signals from the Puell Multiple, strong accumulation from long-term holders, and the potential for increased liquidity. If these trends persist, Bitcoin could be on the path to retesting its previous highs.

在普埃爾倍數的正面訊號、長期持有者的強勁累積以及流動性增加的潛力的推動下，比特幣近期的價格活動引起了廣泛關注。如果這些趨勢持續下去，比特幣可能會重新測試先前的高點。