比特幣（BTC）保持波動，對宏觀經濟轉變和市場情緒急劇反應

鏈上的數據揭示了比特幣所有權的重大轉變。擁有1000多個BTC的錢包一直在穩步下降，其供應量達到了2019年以來的最低水平。

Bitcoin (BTC) has been highly volatile, reacting sharply to macroeconomic shifts and market sentiment. After facing significant price swings, BTC is currently under downward pressure, experiencing a notable decline.

比特幣（BTC）的波動性高度易變，對宏觀經濟轉變和市場情緒急劇反應。在面對大幅度波動之後，BTC目前正處於向下壓力下，顯著下降。

Several external factors, including regulatory developments, interest rate expectations, and liquidity shifts, continue to shape Bitcoin’s trajectory.

包括監管發展，利率期望和流動性轉移在內的幾個外部因素繼續塑造比特幣的軌跡。

Whale Holdings Hit Multi-Year Lows, But Sharks Are Stacking

鯨魚持有量達到了多年低點，但鯊魚堆積了

On-chain data from Glassnode reveals a significant shift in Bitcoin ownership. Wallets holding over 1,000 BTC have been steadily declining, with their supply hitting the lowest level since 2019. Many of these addresses were once linked to exchanges, and the persistent outflows over the past three years have contributed to this trend.

來自GlassNode的鍊鍊數據揭示了比特幣所有權的重大變化。持有超過1,000 BTC的錢包一直在穩步下降，其供應達到了2019年以來的最低水平。其中許多地址曾經與交流有關，並且在過去三年中持續的外流促成了這一趨勢。

On the other hand, wallets holding between 100 and 1,000 BTC are aggressively accumulating. These entities, often associated with institutional players, miners, and funds, have historically played a critical role in Bitcoin’s price cycles.

另一方面，容納100至1,000 BTC之間的錢包正在積極積累。這些實體通常與機構參與者，礦工和資金有關，歷史上在比特幣的價格週期中發揮了關鍵作用。

Smaller holders, wallets with less than 100 BTC, have historically responded to price fluctuations rather than driving them. Data shows they tend to sell during rallies rather than accumulate. This pattern was evident during the 2021 and 2024 bull markets, where retail investors distributed BTC as prices surged. Currently, these holders remain neutral, with a slight inclination toward accumulation.

較小的持有人，小於100 BTC的錢包，歷史上對價格波動有所反應，而不是駕駛它們。數據表明，它們傾向於在集會期間出售而不是積累。這種模式在2021年和2024年的牛市中很明顯，隨著價格飆升，零售投資者分發了BTC。目前，這些持有人保持中立，略有傾向於積累。

Will BTC Hold Above $81.5K?

BTC會持有超過$ 81.5K嗎？

According to technical analysis by Coin Signals, Bitcoin has revisited the critical $85K–$86K support zone. This level aligns with the 200-day Exponential Moving Average (EMA) and a key trendline support, making it a crucial area to monitor.

根據硬幣信號的技術分析，比特幣重新審視了關鍵的85,000美元 - $ 86K的支持區。該水平與200天的指數移動平均線（EMA）和關鍵趨勢線支持保持一致，這使其成為監測的關鍵領域。

Additionally, the 200-day Simple Moving Average (SMA) sits around $81.5K, which coincides with a previous SBR (Support-Becomes-Resistance) FOMO correction low. If BTC manages to maintain support above these levels, a potential bounce could be on the horizon. However, a breakdown below could signal prolonged consolidation or further downside.

此外，200天簡單的移動平均線（SMA）的價格約為81.5k美元，恰好與先前的SBR（support-Becomes抗性）FOMO校正相吻合。如果BTC設法維持高於這些水平的支撐，則可能會出現潛在的反彈。但是，下面的分解可能會延長整合或進一步的缺點。

As market dynamics continue to shift, all eyes remain on Bitcoin’s ability to defend these critical levels. With whales reducing their holdings and mid-sized investors accumulating, the next major move could be driven by institutional sentiment and broader macroeconomic factors.

隨著市場動態的不斷變化，所有人都關注比特幣捍衛這些關鍵水平的能力。隨著鯨魚減少其持股和中型投資者的積累，下一步的主要舉動可能是由機構情緒和更廣泛的宏觀經濟因素驅動的。