新研究表明

比特幣的糾正階段將3月11日的四個月低點定為76,600美元。儘管有這種下降，長期持有人仍繼續持有大量BTC

Bitcoin’s corrective phase set a four-month low of $76,600 on March 11.

比特幣的糾正階段將3月11日的四個月低點定為76,600美元。

Despite this, Long-Term Holders have continued to hold large amounts of BTC, suggesting a “unique market dynamic moving forward,” new research says.

儘管如此，長期持有人仍繼續擁有大量的BTC，這表明“獨特的市場動態發展”。

“Long-Term Holder activity remains largely subdued, with a notable decline in their sell-side pressure,” Glassnode said in a March 18 markets report.

格拉斯諾德在3月18日的市場報告中說：“長期持有人的活動在很大程度上仍然柔和，其賣方壓力顯著下降。”

Bitcoin’s recovery comes as selling pressure among Long-Term Holders (LTHs) — wallets that have held Bitcoin for at least 155 days — begins to wane.

比特幣的恢復是因為長期持有人（LTHS）的銷售壓力至少持有比特幣至少155天 - 開始減弱。

The Binary Spending Indicator, a metric used to determine when LTHs are spending a significant proportion of their holdings in a sustained manner, shows a slowdown (see chart below) while the LTH supply is also beginning to rebound after several months of decline.”This suggests that there is a greater willingness to hold than to spend coins among this cohort,” Glassnode noted.

二進制支出指標是一種用於確定LTH何時以持續方式支出其持有的大部分的度量，顯示了放緩（請參見下圖），而LTH供應也開始反彈，幾個月後，這表明比在該隊列中花費更大的持有意願，” GlassNodeDode。

Bitcoin: LTH spending binary indicator. Source: Glassnode

比特幣：LTH支出二進制指標。來源：玻璃節

Now, often at the top of a bull market, there is usually an immense level of sell-side pressure and profit-taking activity from LTHs, which signals a complete shift to bearish behavior.

現在，通常在牛市的頂部，通常會有巨大的賣方壓力和LTHS的利潤活動，這標誌著向看跌行為的完全轉變。

However, despite Bitcoin’s drawdown in recent weeks, this investor cohort continues to hold a large portion of their realized profits, especially for this later stage of the cycle, Glassnode said.

然而，儘管比特幣最近幾週被縮減，但該投資者隊列仍在持有其已實現的很大一部分利潤，尤其是在周期的後期階段。

This could suggest that long-term holders may still be expecting more BTC price upside later in the year.

這可能表明，長期持有人可能仍然期望今年晚些時候會有更多的BTC價格上漲。

Bitcoin: Cumulative LTH realized profit. Source: Glassnode

比特幣：累積LTH實現了利潤。來源：玻璃節

New Bitcoin ‘whales’ are rapidly accumulating

新的比特幣“鯨魚”正在迅速積累

Another interesting development is the rapid accumulation by New Bitcoin Whales—addresses holding 1,000 BTC or more, where each coin has an average acquisition age of less than six months. This signals strong conviction in Bitcoin’s long-term outlook among these large investors.

另一個有趣的發展是新的比特幣鯨的迅速積累 - 持有1,000 BTC或更多的地址，每個硬幣的平均收購年齡少於六個月。這標誌著比特幣在這些大型投資者中長期前景的堅定信念。

According to CryptoQuant data, these large investors have collectively acquired over 1 million BTC since November 2024, positioning them as one of the most influential market participants.

根據CryptoQuant的數據，這些大型投資者自2024年11月以來已集體收購了超過100萬BTC，將其定位為最有影響力的市場參與者之一。

This pace of accumulation has accelerated in recent weeks, with these new Bitcoin whales accumulating more than 200,000 BTC just this month.

最近幾週，這種積累速度加速了，這些新的比特幣鯨在本月就積累了200,000多個BTC。

Bitcoin supply held by new whales. Source: CryptoQuant

新鯨魚持有的比特幣供應。資料來源：加密

Recently, several crypto executives told Cointelegraph that Bitcoin’s recent price drop was a normal correction, with the market just waiting for a new narrative and a cycle top yet to come.

最近，幾位加密高管告訴Cointelegraph，比特幣最近的價格下跌是一種正常的糾正，市場只是在等待新的敘述和循環頂級。

However, CryptoQuant founder and CEO Ki Young Ju previously stated that the Bitcoin bull cycle has ended.

然而，加密的創始人兼首席執行官Ki Young Ju先前表示，比特幣牛週期已經結束。