隨著比特幣[BTC]鯨魚開始銷售，市場需求仍然很高

隨著比特幣[BTC]在其價格表上掙扎，似乎鯨魚也開始出售。根據intotheblock的最新數據，比特幣的供應

Bitcoin [BTC] price has been struggling to break out to new all-time highs despite the anticipation in the market. However, new data from IntoTheBlock suggests that the supply held by whales has been steadily decreasing in recent months.

儘管市場上有期待，但比特幣[BTC]價格一直在努力爆發新的歷史最高點。但是，來自Intotheblock的新數據表明，最近幾個月，鯨魚持有的供應一直在穩步下降。

As the chart above shows, the aggregate amount of BTC held by large holders (defined as entities controlling 1,000 to 10,000 coins) has declined to its lowest levels since 2019. This decline, highlighted in purple, marks a six-year low in whale supply.

如上圖所示，大型持有人持有的BTC總數（定義為控制1,000至10,000枚硬幣的實體）自2019年以來的水平下降到最低水平。這種下降以紫色突出顯示，標誌著鯨魚供應六年低點。

When supply held by whales hits such lows, it suggests a significant shift in market dynamics. This implies that whales, key institutions and large investors, are actively participating in the market by selling their BTC holdings.

當鯨魚持有的供應量達到這樣的低點時，這表明市場動態發生了重大變化。這意味著鯨魚，主要機構和大型投資者通過出售其BTC持有量積極參與市場。

This could be explained by institutions needing liquidity to cover operational costs as the price of BTC declines or large holders, such as the founders of Bitcoin, completely closing out their positions after a long period of holding.

這可以通過需要流動性來支付運營成本的機構可以解釋這一點，因為BTC的價格下降或大型持有人（例如比特幣的創始人），在長期持有後完全結束了其職位。

Notably, this change in supply dynamics could imply several things. First, it suggests that whales are redistributing to retail investors, which might result in more decentralization, reducing whale-induced market trends.

值得注意的是，供應動態的這種變化可能意味著幾件事。首先，它表明鯨魚正在重新分配給零售投資者，這可能會導致更多的權力下放，從而減少了鯨魚引起的市場趨勢。

As such, if whales are selling, while the market demand still remains relatively high, it suggests that supply is getting to the broader base of investors.

因此，如果鯨魚銷售，雖然市場需求仍然相對較高，但表明供應量正在進入更廣泛的投資者基礎。

Looking at Bitcoin’s exchange netflow, it suggests that the market demand remains relatively high. As such, the market is experiencing more outflows than inflows.

查看比特幣的交換網絡，這表明市場需求保持相對較高。因此，市場經歷的流出量多於流入。

This suggests that while whales have sold, the rest of the market still has a high demand for the asset, which is critical for price stability and prevent a sharp downturn.

這表明雖然鯨魚已經出售，但市場的其餘部分仍然對資產有很高的需求，這對於價格穩定至關重要並防止急劇下滑。

However, with whale supply hitting multi-year lows and the market experiencing more outflows, it begs the question: What’s next for BTC?

但是，隨著鯨魚的供應達到多年低點，市場經歷了更多的流出，它引出了一個問題：BTC的下一步是什麼？

For starters, although whale supply has declined, Bitcoin is not experiencing high selling pressure. We can see this as the fund flow ratio to exchanges has also been declining over the past week.

對於初學者來說，儘管鯨魚的供應有所下降，但比特幣並未承受高銷售壓力。我們可以將其視為在過去一周中的基金流量比也一直在下降。

When the fund flow ratio declines, it suggests that there are fewer exchange deposits, thus current holders are not planning to sell. This signals long-term holding behavior as investors continue to accumulate their BTC.

當基金流量比下降時，它表明匯款存款較少，因此當前的持有人不打算出售。隨著投資者繼續積累BTC，這表明長期保持行為。

Therefore, since whale supply is declining meaning they are selling while other investors continue to hold, it suggests that markets will continue to consolidate as buyers absorb selling pressure without driving prices up.

因此，由於鯨魚的供應正在下降，這意味著他們正在銷售，而其他投資者則繼續持有，這表明市場將繼續鞏固，因為買家會吸收銷售壓力而不會推動價格上漲。

Consolidation here is most probable, as buyers are not strong enough to fully absorb the selling pressure and still push prices to higher resistance.

這裡最有可能的合併，因為買家不足以完全吸收銷售壓力，並且仍然將價格推向更高的抵抗力。

If consolidation is positioned to continue, BTC must consolidate above $84,640 as per Alphractal.

如果將合併定位為繼續，則BTC必須按照字母固定在$ 84,640以上。

If the price consolidates above this level, it is likely to form a local bottom before pushing to new all-time highs in the near future.

如果價格鞏固高於此水平，則很可能在不久的將來升至新的歷史最高點之前會形成本地底部。

However, if Bitcoin stays below $84K for several days, the next target on the CVDD Channel is $64,700, which coincides with the April 2021 all-time high.

但是，如果比特幣在幾天內保持在8.4萬美元以下，則CVDD頻道的下一個目標為64,700美元，這與2021年4月的歷史最高點相吻合。