比特幣正在經歷空前的平靜階段

比特幣正在經歷空前的平靜階段。每週交易流量剛剛達到了兩年來的最低水平

Bitcoin is currently experiencing an unprecedented calm phase, with weekly trading flows just reaching their lowest level in two years, a new report by CryptoQuant has revealed.

CryptoQuant的一份新報告顯示，比特幣目前正處於前所未有的平靜階段，每週的交易流量在兩年內達到了最低水平。

This observation sparks questions regarding whether we are facing a prolonged stagnation or a pause before a new bullish momentum. For seasoned investors, this slowdown could also conceal a strategic opportunity to capitalize on an upcoming price surge.

這種觀察引發了有關我們是在新的看漲勢頭之前面臨長時間停滯還是停頓的問題。對於經驗豐富的投資者而言，這種放緩還可以掩蓋一個戰略機會，以利用即將到來的價格上漲。

Bitcoin (BTC) price calm

比特幣（BTC）價格平靜

Since November, bitcoin inflows onto exchange platforms have melted by 64%, an eloquent figure highlighted by Axel Adler Jr, a seasoned cryptocurrency analyst.

自11月以來，比特幣流入交換平台的流入已融化了64％，這是一位經驗豐富的加密貨幣分析師Axel Adler JR的雄辯。

The daily selling pressure has dropped from 81,000 to 29,000 bitcoins, drawing a curve that evokes less panic than exhaustion, a rare phenomenon in a market used to jolts. Sellers seem to have thrown in the towel.

每日銷售壓力從81,000下降到29,000個比特幣，繪製了一條曲線，令人震驚的是恐慌症而不是精疲力盡，這是一個用來震動的市場，這是一種罕見的現象。賣家似乎已經扔進了毛巾。

In parallel, current prices—around $84,000—float well above the $30,000 observed during the previous low of flows in May 2023. This divergence is intriguing.

同時，目前的價格（84,000美元）略高於2023年5月在前面的流量中觀察到的30,000美元。這種差異令人著迷。

The market has digested the profit-taking post-$100,000 without succumbing to frenzy, emphasizes Adler. Current buyers, calm, seem to believe that the current price already reflects a “fair” value.

Adler強調，市場已經消化了100,000美元的盈利後100,000美元。當前的買家平靜，似乎相信當前的價格已經反映出“公平”的價值。

Result: an asymmetry of forces is emerging. The available supply is dwindling, while demand, albeit discreet, remains firm. A structural shortage looms, analysts warn.

結果：力量的不對稱性正在出現。可用的供應量正在減少，而需求（儘管謹慎）仍然堅定。分析師警告說，結構性短缺迫在眉睫。

April and May could thus form a technical plateau, a buffer zone where bitcoin would consolidate its gains before once again gearing up.

因此，四月和五月可能形成一個技術高原，這是一個緩衝區，比特幣將在該區域鞏固其收益，然後再進行準備。

BTC price calm and neutrality: the calm before the storm?

BTC價格平靜和中立：暴風雨前的平靜？

But this scarcity of sales tells only part of the story. On the sentiment indicators side, the market displays a surprising neutrality.

但是，這種銷售的稀缺僅講述了故事的一部分。在情感指標方面，市場表現出令人驚訝的中立性。

The Coinbase Premium, reflecting the appetite of American institutional investors, hovers around zero, a fragile balance after weeks in negative territory.

Coinbase Premium反映了美國機構投資者的胃口，徘徊在零左右，這是在負面的數週之後的脆弱平衡。

Even more revealing: the behavior of traders on Binance. Incoming flows there are four times less than on other platforms, a tactical neutrality according to Joao Wedson from Alphractal.

更揭示的是：交易者對二手股的行為。傳入流量是其他平台上的四倍，這是一種戰術中立性，根據Alphractal的Joao Wedson。

Short-term holders send 6,300 bitcoins per day there compared to 24,700 bitcoins on other platforms. Proof that some players prefer to keep their tokens off exchanges, anticipating a future rise rather than an immediate sale.

短期持有人每天在那裡發送6,300個比特幣，而其他平台上有24,700個比特幣。證明有些玩家更喜歡保持令牌交流，預計未來的增長而不是立即出售。

This collective caution does not equate to inaction. Bitcoin, like a feline observing its prey, seems to be waiting for the right moment to pounce. With fewer available liquidities, any spark—favorable regulation, institutional adoption—could trigger explosive volatility. Perhaps this is why Metaplanet continues its purchases.

這種集體的謹慎並不等於無所作為。比特幣就像貓科動物觀察獵物一樣，似乎正在等待正確的時機。隨著可用的液體的較少，任何火花（有利的法規，機構採用）都會引發爆炸性波動。也許這就是為什麼Metaplanet繼續購買的原因。