比特幣[BTC]遵循了這種模式，在此期間為3.22％的集會。這似乎表明市場信心正在增長。

隨著加密貨幣市場的發展，比特幣[BTC]遵循了這種模式，在此期間的集會為3.22％。這似乎表明市場信心正在增長。

As the cryptocurrency market shows signs of a potential bottom and a return to bullishness, Bitcoin [BTC] price has risen by 3.22% in the past 24 hours. This rally seems to be indicating that market confidence is growing. However, several concurrent developments hint at a rally that may be brewing as signs of seller fatigue begin to surface.

由於加密貨幣市場表現出潛在的底部跡象和回歸的跡象，在過去的24小時內，比特幣[BTC]的價格上漲了3.22％。這次集會似乎表明市場信心正在增長。但是，幾個並發的發展暗示了一場拉力賽可能正在釀造，因為賣方疲勞的跡像開始浮出水面。

When comparing the prevailing market performance to past episodes of turbulence, the setup feels eerily familiar.

當將現行的市場表現與過去的動盪情節進行比較時，該設置感到非常熟悉。

Seller exhaustion is nearing

賣方疲憊正在臨近

During the latest market drawdown – one of the largest in crypto market history – investors recorded major losses of upto $240 million. Such episodes typically invite aggressive selling pressure. In this particular case, the realized profits have continued to shrink.

在最新的市場逐漸減少措施（加密市場歷史上最大的市場之一）中，投資者的重大損失高達2.4億美元。這些事件通常會引起侵略性銷售壓力。在這種特殊情況下，實現的利潤繼續縮水。

This contraction could be a sign that sellers may be evidently running low on ammunition.

這種收縮可能表明賣方可能顯然在彈藥上運轉較低。

Indeed, it pointed to exhaustion setting in among market participants – A condition that often precedes a rebound.

確實，它指出了市場參與者之間的疲憊，這種情況通常是反彈之前的。

Source: Glassnode

來源：玻璃節

When we juxtapose the current setup with previous capitulation phases, like the U.S. tariff-triggered slide, the Covid-19 crash, the Terra-Luna and FTX meltdowns, or even the SVB banking scare, the resemblance is striking.

當我們將當前的設置與以前的投降階段並列時，例如美國關稅觸發的幻燈片，COVID-19崩潰，Terra-Luna和FTX崩潰，甚至是SVB銀行的恐慌，相似之處是震驚。

All of them were followed by periods of renewed buying energy.

所有這些之後都有新的購買能源的期限。

Source: CryptoQuant

資料來源：加密

To provide clearer guidance on potential market movements, AMBCrypto examined additional metrics to understand the actions of major investors. We discovered that a significant rebound may soon be approaching.

為了提供有關潛在市場變動的更清晰的指導，Ambcrypto檢查了其他指標，以了解主要投資者的行動。我們發現可能很快就會發生重大反彈。

A major rebound could be closer

重大反彈可能會更近

On top of that, the Binary Coin Days Destroyed (CDD) metric tells us a story of its own.

最重要的是，二進制硬幣日被摧毀（CDD）指標告訴我們一個自己的故事。

At the time of writing, it was flashing a reading of 1 – Indicative of the fact that long-term holders, often the stoic believers in Bitcoin, have joined the selling cohort.

在撰寫本文時，它閃爍了1讀，這表明長期持有人（通常是比特幣的堅忍信徒）加入了銷售同類。

That’s a potent signal. When long-term holders offload post-drop, it’s either to lock in gains or cut losses. These are both signs of capitulation.

那是一個有效的信號。當長期持有人卸載後，要么要鎖定收益或削減損失。這些都是投降的跡象。

Now, even though the market sentiment may be skewed towards selling, the tempo has been slowing down.

現在，即使市場情緒可能偏向銷售，節奏也在放慢速度。

This blend of metrics—shrinking realized profits, a Binary CDD reading of 1, and historical parallels—all converge towards a familiar narrative. It is – Seller fatigue is here and a relief rally could very well be the next chapter.

這種指標的融合（旋轉實現的利潤，二進制CDD讀數為1和歷史相似之處）都融合了一個熟悉的敘述。它是 - 賣方疲勞就在這裡，下一章很可能是救濟集會。

Source: CryptoQuant

資料來源：加密

In fact, building on signs of seller exhaustion, long-term holders may now be nearing their final phase of selling.

實際上，基於賣方疲憊的跡象，長期持有人現在可能正在接近其最後階段的銷售階段。

They could soon hold onto the rest. That’s especially true for institutions, who are shifting gears too.

他們很快就可以堅持其餘的。對於也正在轉移齒輪的機構尤其如此。

For example – Institutional netflows have dried up. Only $1 million in Bitcoin was sold recently, down from a $176.72 million four-day average.

例如 - 機構Netfrows已經乾燥。最近僅出售了100萬美元的比特幣，低於1.7672億美元的四天平均值。

Source: CoinGlass

資料來源：小店

That’s a massive drop. Naturally, this means confidence is creeping back into the hands of big-money players. These institutions don’t trade lightly. Their actions often shape Bitcoin’s next major move.

那是一個大量的下降。自然，這意味著信心正在回到大型球員的手中。這些機構不會輕易交易。他們的行動通常會塑造比特幣的下一個重大舉措。

In the spot market, CryptoQuant’s data highlighted a new trend. Netflows flipped negative – Always a bullish signal. That suggested that accumulation is on and that Bitcoin is being moved into private wallets and away from exchanges.

在現貨市場，CryptoQuant的數據強調了新趨勢。 Netflows翻轉負 - 總是看漲信號。這表明積累正在啟動，比特幣被移至私人錢包，並遠離交換。

In this phase, 1,959 BTC have been scooped up – Worth around $162 million. Average buy price? $83,000. If this pace holds, Bitcoin could continue soaking up the remaining sell pressure. A breakout may be closer than expected.

在此階段，已將1,959 BTC搶購一空 - 價值約1.62億美元。平均買價？ $ 83,000。如果這種速度成立，比特幣可以繼續增加剩餘的賣出壓力。突破可能比預期的要近。

According to a report by the U.S. Commodity Futures Trading Commission (CFTC), over-the-counter (OTC) derivatives transactions in digital assets reached a record high of $15.1 billion in the first quarter of 2024, more than doubling from the previous quarter.

根據美國商品期貨交易委員會（CFTC）的一份報告，在2024年第一季度，數字資產的非處方（OTC）衍生品交易達到了151億美元的創紀錄，比上一季度的一倍以上。

The report, which was released on Wednesday, also showed that futures trading volume in digital assets on U.S. derivatives exchanges fell to $1.3 billion in the first quarter, down from $2.4 billion in the fourth quarter of 2023.

該報告於週三發布，還顯示，美國衍生品交易所數字資產的期貨交易量下降到第一季度的13億美元，低於2023年第四季度的24億美元。

The CFTC said that the increase in OTC derivatives transactions was driven by several factors, including the growing popularity of digital assets, the low interest rate environment, and the increasing sophistication of financial institutions.

CFTC表示，OTC衍生品交易的增加是由幾個因素驅動的，包括數字資產的日益普及，低利率環境以及金融機構的複雜性的日益增長。

“The CFTC is committed to overseeing the derivatives markets in a way that promotes innovation and efficiency, while also protecting market integrity and investors,” said CFTC Chairman Robert R. (Bob)

CFTC主席Robert R.（Bob）說：“ CFTC致力於以促進創新和效率的方式監督衍生品市場，同時也保護市場完整性和投資者。”