隨著休眠供應的喚醒，比特幣將出現劇烈波動

休眠比特幣（BTC）供應量顯著增加，達到兩年多來的最高水準。這種活動的激增表明長期持有者開始出售其持有的股票，這可能預示著近期波動加劇和價格飆升。另一方面，鯨魚一直在積極累積比特幣，顯示他們對比特幣長期價格升值的信心。

Is Bitcoin Poised for a Volatile Ride?

比特幣是否準備好波動？

Bitcoin (BTC) has been trading sideways between $64k and $67k this week, but could we be in for some fireworks ahead?

比特幣 (BTC) 本週一直在 64,000 美元至 67,000 美元之間橫盤交易，但未來我們會看到一些煙火嗎？

Dormant Supply on the Move

移動中的休眠供應

Santiment's data shows a surge in dormant BTC supply moving between addresses on March 23rd, the largest spike in over two years. This typically signals a shift from HODLing to active trading, often preceding volatility and price increases.

Santiment 的數據顯示，3 月 23 日，地址之間流動的休眠 BTC 供應量激增，這是兩年多來的最大增幅。這通常標誌著從持有轉向活躍交易的轉變，通常先於波動和價格上漲。

Long-Term Holders Cashing In

長期持有者兌現

As Bitcoin's price hit new highs in 2024, long-term holders have started to take profits, freeing up more BTC for trading. This fall in dormant supply further supports the likelihood of increased volatility.

隨著比特幣價格在 2024 年創下新高，長期持有者開始獲利了結，釋放更多比特幣用於交易。休眠供應的下降進一步加劇了波動性的可能性。

Market Structure Favors Price Rise

市場結構有利於價格上漲

Glassnode's Net Unrealized Profit/Loss metric indicates that most long-term holders are currently in profit. This market phase, known as "belief," has historically led to further price increases. The market top, typically associated with euphoria and greed, is still a ways off.

Glassnode 的未實現淨損益指標顯示大多數長期持有者目前都處於獲利狀態。這個市場階段被稱為“信念”，歷史上曾導致價格進一步上漲。通常與欣快和貪婪聯繫在一起的市場頂部仍然還有很長的路要走。

Whales Accumulating

鯨魚聚集

Whales are seizing the opportunity to add to their Bitcoin exposure, with the number of entities holding at least 1k BTC hitting its highest level since February 2021. Even after Bitcoin's recent correction, accumulation has continued, suggesting a strong belief in its long-term value.

鯨魚正在抓住機會增加比特幣敞口，持有至少 1,000 BTC 的實體數量達到 2021 年 2 月以來的最高水平。即使在比特幣近期回調之後，積累仍在繼續，表明對其長期價值的堅定信念。

Whales Bullish in Derivatives Markets

鯨魚看漲衍生性商品市場

Whales are also showing their optimism in the derivatives markets, with nearly 58% of all whale positions on Binance being long on Bitcoin, according to Hyblock Capital. This suggests that whales are betting on a further rise in Bitcoin's price.

據 Hyblock Capital 稱，鯨魚在衍生性商品市場上也表現出了樂觀態度，幣安上近 58% 的鯨魚部位都做多比特幣。這顯示鯨魚押注比特幣價格進一步上漲。

Conclusion

結論

The surge in dormant supply movement, coupled with the positive market structure and continued whale accumulation, paints a picture of a Bitcoin market poised for potential volatility and price increases. However, it's important to remember that cryptocurrency markets are inherently unpredictable, and caution should always be exercised when investing.

休眠供應運動的激增，加上積極的市場結構和鯨魚的持續積累，描繪了一幅比特幣市場即將出現潛在波動和價格上漲的景象。然而，重要的是要記住，加密貨幣市場本質上是不可預測的，投資時應始終保持謹慎。