比特幣（BTC）價格調整：長期持有者佔據中心舞台

比特幣 (BTC) 最近的價格下跌至 92,000 美元，這歸因於長期持有者 (hodlers)，而不是機構投資者或交易所交易基金 (ETF)

Bitcoin (BTC) price experienced a brief dip to $92,000 on November 26, a decline of over 5.6% in 24 hours, according to data from Binance. The price had earlier soared to a record high of $99,000 during the week.

幣安的數據顯示，11 月 26 日，比特幣 (BTC) 價格短暫下跌至 9.2 萬美元，24 小時內跌幅超過 5.6%。本週早些時候，價格曾飆升至 99,000 美元的歷史新高。

However, a closer examination of on-chain data suggests that the recent correction may be largely driven by long-term Bitcoin (BTC) holders, rather than institutional investors or exchange-traded funds (ETFs).

然而，對鏈上數據的仔細檢查表明，最近的調整可能主要是由長期比特幣（BTC）持有者推動的，而不是機構投資者或交易所交易基金（ETF）。

According to Eric Balchunas, a senior ETF analyst at Bloomberg, the sell-off appears to be coming from hodlers rather than the flow of funds into ETFs. In a post on X on November 25, Balchunas stated:

彭博社資深 ETF 分析師 Eric Balchunas 表示，拋售似乎來自持有者，而不是流入 ETF 的資金。 Balchunas 在 11 月 25 日的 X 貼文中表示：

“The call is coming from inside the house, it’s long-term hodlers.”

“電話來自房子內部，是長期持有者。”

The price decline comes as Bitcoin燭台圖 closed its largest monthly candle in history, highlighting increased activity among hodlers.

在價格下跌之際，比特幣蠟燭台圖創下了史上最大的月度蠟燭圖，凸顯了持有者活動的增加。

Meanwhile, crypto trader and technical analyst Kyle du Plessis pointed out that U.S. spot ETFs absorbed 90% of the selling pressure as hodlers sold 128,000 BTC.

同時，加密貨幣交易員和技術分析師 Kyle du Plessis 指出，美國現貨 ETF 吸收了 90% 的拋售壓力，因為持有者出售了 128,000 BTC。

“Strong institutional demand is fueling BTC's rally, bringing it closer to the $100K milestone,” du Plessis added.

du Plessis 補充道：“強勁的機構需求正在推動 BTC 的上漲，使其更接近 10 萬美元的里程碑。”

The following chart shows the relationship between long-term holder selling and ETF balances during the recent market activity:

下圖顯示了近期市場活動中長期持有者拋售與ETF餘額之間的關係：

(Insert Chart: Long-term holders and ETF balances position change.)

（插入圖表：長期持有者和 ETF 餘額部位變動。）

It's worth noting that the market leverage, as indicated by CryptoQuant data, remains high with an estimated leverage ratio of 0.24 across all exchanges. This is the highest level of leverage seen since August 2023.

值得注意的是，根據 CryptoQuant 數據顯示，市場槓桿率仍然很高，所有交易所的槓桿率預計為 0.24。這是自 2023 年 8 月以來的最高槓桿水準。

Several market participants have expressed concerns about the sustainability of Bitcoin's rally amid high leverage. For instance, Kris Marszalek, co-founder and CEO of Crypto.com, stated on November 12 that “The crypto market will need deleveraging before BTC can breach $100,000.”

多位市場人士對高槓桿下比特幣漲勢的可持續性表示擔憂。例如，Crypto.com 聯合創始人兼首席執行官 Kris Marszalek 於 11 月 12 日表示，“在 BTC 突破 10 萬美元之前，加密市場需要去槓桿化。”

However, as highlighted by Cointelegraph, the role of hodlers and the management of leverage will continue to be crucial in shaping Bitcoin's future trajectory.

然而，正如 Cointelegraph 所強調的那樣，持有者的角色和槓桿管理將繼續對塑造比特幣的未來軌跡至關重要。