隨著長期持有者轉移資產，比特幣市場出現反彈

在資金大量流出後，加密貨幣市場出現復甦跡象，比特幣(BTC)經歷了多次大規模退出。鏈上數據顯示，在當前的市場狀況下，長期比特幣持有者越來越多地轉移資產。 CryptoQuant 的分析師強調了長期持有者 BTC 供應率的變化，這表明這些大型投資者認為當前市場是賣出的好時機。

Bitcoin Market Shows Signs of Recovery Amidst Long-Term Holder Asset Movement

比特幣市場在長期持有者資產變動中顯示出復甦跡象

The cryptocurrency market has exhibited signs of resurgence following a period of outflows, with Bitcoin (BTC) experiencing notable large-scale exits. On-chain data indicates an increasing number of long-term Bitcoin holders transferring assets in response to current market conditions.

在經歷了一段時間的資金外流之後，加密貨幣市場出現了復甦的跡象，其中比特幣（BTC）經歷了顯著的大規模退出。鏈上數據表明，越來越多的比特幣長期持有者根據當前的市場狀況轉移資產。

Analysts at the crypto data analytics firm, CryptoQuant, have highlighted a shift in the BTC supply rate from long-holders, providing insights into the sentiment of these major investors amidst the present market landscape. Currently, this cohort of holders is actively selling their assets, contributing to the recent price decline of Bitcoin.

加密數據分析公司 CryptoQuant 的分析師強調了長期持有者的 BTC 供應率的變化，為了解這些主要投資者在當前市場格局中的情緒提供了見解。目前，這群持有者正在積極出售其資產，導致近期比特幣價格下跌。

Bitcoin's Bullish Run and Subsequent Retracement

比特幣的看漲運行和隨後的回調

Bitcoin experienced significant gains in the latter half of 2021, primarily driven by anticipation surrounding the approval of a spot exchange-traded fund (ETF) in the United States. This development opened a new investment avenue, enabling traditional investors to increase their exposure to the cryptocurrency market. The subsequent approval by the Securities and Exchange Commission on January 11th, 2022, propelled the price of Bitcoin to over $72,000, establishing a new all-time high.

比特幣在 2021 年下半年經歷了大幅上漲，主要是由美國批准現貨交易所交易基金 (ETF) 的預期推動。這一發展開闢了新的投資途徑，使傳統投資者能夠增加對加密貨幣市場的投資。隨後於 2022 年 1 月 11 日獲得美國證券交易委員會的批准，將比特幣的價格推至 72,000 美元以上，創下歷史新高。

However, recent liquidations and macroeconomic factors have triggered a price correction, resulting in diminished investor sentiment in the market. Analysts have expressed varying perspectives on the impact and potential implications of the ongoing sell-off of crypto assets by long-term holders.

然而，近期的清算和宏觀經濟因素引發了價格調整，導致市場投資者情緒減弱。對於長期持有者持續拋售加密資產的影響和潛在影響，分析師表達了不同的觀點。

Profit-Taking by Long-Term Holders

長期持有者獲利了結

One primary reason for the accelerated sale of assets by long-term holders is profit-taking following a bullish run. Emerging from the 2022 bear market, BTC had lost approximately 55% of its value. The subsequent rise above $70,000 represented a significant profit margin for some holders seeking to realize gains amidst the market's reversal.

長期持有者加速出售資產的主要原因之一是看漲後的獲利了結。從 2022 年的熊市走出來後，BTC 的價值已損失了約 55%。隨後上漲至 7 萬美元以上，對於一些尋求在市場反轉中實現收益的持有者來說，這是一個可觀的利潤空間。

"Long-term holders may be taking profits after a substantial run-up in prices, similar to what occurred during the early stages of the 2021 bull market when Bitcoin surpassed its 2018 all-time high," noted CryptoQuant analysts. "Profit-taking is a common strategy among investors, particularly after witnessing substantial gains in the value of their investments."

CryptoQuant 分析師指出：“長期持有者可能會在價格大幅上漲後獲利了結，類似於 2021 年牛市早期階段比特幣超過 2018 年曆史高點時發生的情況。” “獲利了結是投資者的常見策略，尤其是在目睹投資價值大幅上漲之後。”

Future Market Outlook and Potential Drivers

未來市場展望與潛在驅動因素

Industry commentators perceive the current price decline as a favorable entry point ahead of potentially bullish events, such as the upcoming Bitcoin halving, which is expected to reduce the supply of new Bitcoins entering the market. The decrease in supply, coupled with increased demand, could potentially drive the asset to new highs. Long-term Bitcoin holders may be rebalancing their positions in anticipation of the halving, leading to the observed outflows.

產業評論員認為，當前的價格下跌是潛在看漲事件發生之前的有利切入點，例如即將到來的比特幣減半，預計將減少進入市場的新比特幣供應。供應減少，加上需求增加，可能會推動該資產創下新高。比特幣的長期持有者可能會因預期減半而重新平衡其頭寸，從而導致觀察到的資金外流。

Sustained demand for Bitcoin could bolster its price in the long term. Additionally, analysts also suggest that some holders may be selling to repurchase accumulated profits at discounted prices. This strategy is evident in the recent movement of Bitcoin from miners' reserves to centralized exchanges.

從長遠來看，對比特幣的持續需求可能會提振其價格。此外，分析師也表示，部分持有者可能會出售，以折扣價回購累積利潤。這種策略在最近比特幣從礦工儲備轉移到中心化交易所的過程中得到了體現。

In conclusion, the recent rebound in the cryptocurrency market indicates renewed positive sentiment, with Bitcoin showing signs of recovery amidst ongoing asset movements by long-term holders. While profit-taking and macroeconomic factors have contributed to a price correction, analysts remain optimistic about the long-term prospects of Bitcoin and other cryptocurrencies, citing potential bullish catalysts in the future.

總之，加密貨幣市場最近的反彈表明了積極的情緒重新出現，比特幣在長期持有者持續的資產變動中顯示出復甦的跡象。儘管獲利回吐和宏觀經濟因素導致價格調整，但分析師仍對比特幣和其他加密貨幣的長期前景持樂觀態度，並指出未來潛在的看漲催化劑。