隨著鯨魚的積累，比特幣（BTC）所有權動態變化，較小的持有人卸載

來自加密分析公司玻璃節的數據揭示了比特幣（BTC）所有權動態的重大變化。

Data from crypto analytics firm Glassnode reveals a significant shift in Bitcoin (BTC) ownership dynamics, with large holders—or “whales”—continuing to accumulate, while smaller holders are increasingly offloading their assets.

來自加密分析公司玻璃節的數據表明，比特幣（BTC）所有權動態發生了重大變化，大型持有人或“鯨魚”（鯨魚”都在積累，而較小的持有人越來越多地卸載其資產。

Whales Pushed Bitcoin Accumulation Close to 0.6

鯨魚將比特幣的積累接近0.6

As of today, on-chain market intelligence firm Glassnode reports that whales holding over 10,000 BTC have pushed their accumulation score close to 0.6, signaling strong buying activity.

截至今天，鏈上市場情報公司GlassNode報告說，持有10,000多個BTC的鯨魚已將其積累得分接近0.6提高，這表明了強大的購買活動。

The accumulation score ranges from 0 to 1, with a higher value indicating stronger accumulation.

累積評分範圍為0到1，較高的值表明累積更強。

This trend suggests that whales are becoming more dominant in the market and are capable of influencing price trends more easily.

這種趨勢表明，鯨魚在市場上越來越占主導地位，並且能夠更容易影響價格趨勢。

The accumulation trend among whales (>10K $BTC) continues to strengthen, with their score now nearing 0.6. In contrast, <1 $BTC holders have dropped below 0.2, deepening their distribution. The divergence between large and small holders is becoming more pronounced. https://t.co/LMH2TKEF48 pic.twitter.com/516IiMfVMF

鯨魚（> 10k $ btc）之間的積累趨勢繼續增強，其得分接近0.6。相比之下，<1 $ BTC持有人已降至0.2以下，加深了它們的分佈。大型和小持有人之間的差異變得越來越明顯。 https://t.co/lmh2tkef48 pic.twitter.com/516iimfvmf

A score above 0.5 usually signals sustained interest from big investors, which is generally considered a bullish signal for Bitcoin, especially amid broader market volatility.

超過0.5的分數通常信號持有大型投資者的興趣，這通常被認為是比特幣的看漲信號，尤其是在更廣泛的市場波動中。

This means whales now control a larger portion of the Bitcoin supply, and their ongoing accumulation can be seen as a bullish signal for the crypto.

這意味著鯨魚現在控制著比特幣供應的較大部分，它們持續的積累可以看作是加密貨幣的看漲信號。

In contrast, Bitcoin holders with less than 1 BTC have seen their accumulation scores fall sharply, dropping below 0.2.

相反，BTC少於1 BTC的比特幣持有人的積累得分急劇下降，下降到0.2以下。

This suggests a marked shift in behavior, with smaller holders moving towards distribution rather than accumulation. It seems that smaller investors are more likely to be taking profits or reducing exposure as the market remains uncertain.

這表明行為發生了明顯的轉變，較小的持有人朝著分佈而不是積累邁進。由於市場仍然不確定，似乎較小的投資者更有可能獲得利潤或降低曝光率。

The Growing Divergence Between Large and Small Holders

大型和小持有人之間的差異越來越大

The widening gap between whale accumulation and retail distribution highlights a two-tiered Bitcoin market. Institutional players continue to accumulate, while smaller holders appear to be rotating out.

鯨魚積累和零售分配之間的差距擴大突出了兩層比特幣市場。機構球員繼續積累，而較小的持有人似乎正在旋轉。

Historically, such trends have preceded significant price movements, depending on how accumulation and sell pressure balance out.

從歷史上看，此類趨勢在價格上的重大變動之前，具體取決於積累和出售壓力平衡的方式。

Big Players Boosted Bitcoin Holdings in March

大玩家在三月份增加了比特幣持有

Institutional acquisitions surged in March, with major players like Strategy (formerly MicroStrategy) adding nearly 30K Bitcoins for $2.5 billion, bringing its holdings to 528,185 BTC.

機構收購在3月飆升，主要參與者（以前是MicroStrategy）以25億美元的價格增加了近3萬比特幣，其持股量達到528,185 BTC。

GameStop also confirmed Bitcoin as a treasury reserve asset, diversifying its holdings. Even the U.S. government entered the fray, with an executive order to establish a Strategic Bitcoin Reserve.

GameStop還確認比特幣是國庫券的資產，使其持股多樣化。甚至美國政府也進入了競爭，並通過行政命令建立戰略性比特幣儲備。

Who’s Selling Bitcoin?

誰在賣比特幣？

A deeper dive and Glassnode’s data reveal that more than two-thirds of Bitcoin holders from the 2017 bull run fully exited by the December 2024 peak.

更深層次的潛水和玻璃節數據表明，超過三分之二的比特幣持有者來自2024年12月峰的2017年公牛奔跑。

Although the share of wealth held by investors who bought $BTC 3–5 years ago has declined by 3 percentage points since its November 2024 peak, it remains at historically elevated levels.

儘管自2024年11月峰值以來，3 - 5年前購買BTC $ BTC的投資者所佔據的財富份額下降了3個百分點，但它的水平仍然高於歷史。

Meanwhile, those who entered between 2020 and 2022—often considered newer but more informed investors—have mostly held onto their BTC, despite a slight 3 percentage point decline in their wealth share since November.

同時，儘管自11月以來，他們的財富份額下降了3個百分點，但在2020年至2022年之間進入的人（通常被認為是新的但更知名的投資者）。

This suggests that short-term profit-takers are driving the current sell pressure, while seasoned players and institutional buyers take advantage of the dip.

這表明短期利潤者正在驅動當前的賣出壓力，而經驗豐富的參與者和機構買家則利用了蘸料。

Why This Matters

為什麼這很重要

The growing divide between institutional accumulation and retail selling underscores the shifting landscape of Bitcoin ownership. As larger players strengthen their positions, retail selling could contribute to increased volatility, but whale dominance could push Bitcoin towards a more stable upward trend.

機構積累與零售銷售之間的鴻溝不斷增長，這突顯了比特幣所有權的不斷變化的景觀。隨著較大的玩家加強自己的位置，零售銷售可能會導致波動的增加，但是鯨魚的優勢可以將比特幣推向更穩定的上升趨勢。