比特幣（BTC）以自2019年以來最差的表現結束Q1

比特幣（BTC）以自2019年以來最糟糕的表現結束第一季度。如果沒有意外的恢復，BTC可能會以25％的速度關閉本季度

Bitcoin (BTC) is on track to post its worst performance in Q1 since 2019. Without an unexpected recovery, BTC could close the quarter with a 25% decline from its all-time high (ATH).

比特幣（BTC）有望在2019年第1季度發布其最差的表現。如果沒有意外的恢復，BTC可能會關閉該季度，而其歷史最高水平（ATH）下降了25％。

However, some analysts have noted that experienced Bitcoin holders are shifting into an accumulation phase, which bodes well for potential price growth in the medium term.

但是，一些分析師指出，經驗豐富的比特幣持有人正在轉移到一個累積階段，這在中期的潛在價格增長良好。

Veteran Investors Are Accumulating Again

資深投資者再次積累

According to AxelAdlerJr, March 2025 marks a transition period where veteran investors move from selling to holding and accumulating. This shift is reflected in the Value Days Destroyed (VDD) metric, which remains low.

根據Axeladlerjr的說法，2025年3月標誌著退伍軍人投資者從銷售轉變為持有和積累的過渡期。這種轉變反映在被破壞的價值天數（VDD）度量中，該度量保持較低。

VDD is an on-chain indicator that tracks investor behavior by measuring the number of days Bitcoin remains unmoved before being transacted. A high VDD suggests that older Bitcoin is being moved, which may indicate selling pressure from whales or long-term holders. A low VDD suggests that most transactions involve short-term holders, who have a smaller impact on the market.

VDD是一個鍊鍊指標，它通過測量比特幣的數量在交易前保持不動，可以跟踪投資者的行為。高VDD表明正在移動較舊的比特幣，這可能表明鯨魚或長期持有人的銷售壓力。低VDD表明，大多數交易都涉及短期持有人，他們對市場的影響較小。

Historically, low VDD periods often precede strong price rallies. These phases suggest that investors are accumulating Bitcoin with expectations of future price increases. AxelAdlerJr concludes that this shift signals Bitcoin’s potential for medium-term growth.

從歷史上看，低VDD時期通常是在強勁的價格集會之前。這些階段表明，隨著未來價格上漲的期望，投資者正在積累比特幣。 Axeladlerjr得出的結論是，這種轉變標誌著比特幣的中期增長潛力。

“The transition of experienced players into a holding (accumulation) phase signals the potential for further BTC growth in the mid-term,” AxelAdlerJr predicted.

Axeladlerjr預測：“經驗豐富的參與者向持有（積累）階段的過渡表明了中期BTC進一步增長的潛力。”

Bitcoin’s Sell-Side Risk Ratio Hits Low

比特幣的賣方風險比率低

At the same time, analyst Ali highlighted another bullish indicator: Bitcoin’s sell-side risk ratio had dropped to 0.086%.

同時，分析師Ali強調了另一個看漲指標：比特幣的賣方風險比率下降到0.086％。

According to Ali, over the past two years, every time this ratio fell below 0.1%, Bitcoin experienced a strong price rebound. For example, in January 2024, Bitcoin surged to a then-all-time high of $73,800 after the sell-side risk ratio dipped below 0.1%.

根據阿里的說法，在過去的兩年中，每次此比率都低於0.1％時，比特幣都會經歷強勁的價格反彈。例如，在2024年1月，比特幣在賣方風險比率下降到0.1％之後的全部時間高達73,800美元。

Similarly, in September 2024, Bitcoin hit a new peak after this metric reached a low level.

同樣，在2024年9月，該度量標準達到低水平之後，比特幣達到了一個新的高峰。

The combination of veteran investors accumulating Bitcoin and a sharp decline in the sell-side risk ratio are positive signals for the market. However, a recent analysis from BeInCrypto warns of concerning technical patterns, with a death cross beginning to form.

累積比特幣的資深投資者和賣方風險比率急劇下降的結合是市場的積極信號。但是，Beincrypto的最新分析警告說，有關技術模式，死亡交叉開始形成。

Additionally, investors remain cautious about potential market volatility in early April. The uncertainty stems from President Trump’s upcoming announcement regarding a major retaliatory tariff.

此外，投資者對4月初潛在的市場波動保持謹慎。不確定性源於特朗普總統即將發布的有關重大報復性關稅的宣布。