比特幣鯨仍在購買 - 這裡是玻璃節數據所揭示的

根據GlassNode的最新數據，比特幣鯨（持有超過10,000 BTC）的WALLES可以在正在進行的市場下降期間積累。

According to the latest data from Glassnode, Bitcoin whales—wallets holding over 10,000 BTC—have continued their accumulation activity during the ongoing market downturn.

根據GlassNode的最新數據，比特幣鯨（持有超過10,000 BTC）在正在進行的市場低迷期間繼續積累活動。

This behavior is evident even as broader market sentiment remains mixed, and smaller investors have become more cautious in response to Bitcoin’s recent price correction.

即使更廣泛的市場情緒仍然好壞參半，這種行為也很明顯，並且對於比特幣最近的價格校正，較小的投資者變得越來越謹慎。

However, the latest figures from blockchain analytics firm Glassnode suggest that the largest players in the ecosystem are maintaining a long-term view despite the short-term volatility.

但是，區塊鏈分析公司玻璃節的最新數據表明，儘管短期波動性，生態系統中最大的參與者仍保持長期視野。

Bitcoin Whales Maintain Long-Term Vision As Smaller Holders Slow Down Selling

比特幣鯨保持長期視力，因為較小的持有人放慢了銷售

As seen in the latest edition of Glassnode’s "The Week On-Chain," the top 1% of Bitcoin wallets, commonly known as whales, have been steadily accumulating BTC throughout the year. This period has seen a significant downturn in crypto prices from the 2021 highs.

正如GlassNode的最新版本“ The Week On-Chain”中可以看出的那樣，全年通常被稱為鯨魚的比特幣錢包中的前1％一直在穩步積累BTC。這一時期已經從2021年的高點開始了加密貨幣價格下降。

Despite the narrative of a "bottom," which many smaller investors are discussing, data shows that mid- and small-sized investors have begun to slow down their selling activity. This shift may indicate a change in sentiment as retail and small institutional investors await further market clarity.

儘管許多較小的投資者正在討論“底部”的敘述，但數據表明，中型和中小型投資者已經開始減慢其銷售活動。隨著零售和小型機構投資者在等待進一步的市場清晰度，這種轉變可能表明情緒發生了變化。

Specifically, mid-sized investors, defined by those holding 10–100 BTC, appear to be transitioning from a selling to a buying regime. This shift could signal a strategic re-entry into the market or growing optimism about a potential recovery.

具體而言，由持有10-100 BTC的人定義的中型投資者似乎正在從銷售到購買制度過渡。這種轉變可能表明戰略重新進入市場，或者對潛在恢復的樂觀情緒。

Chart of Bitcoin investor types and their realized P&L. Source: Glassnode's "The Week On-Chain"

比特幣投資者類型及其實現的損益表的圖表。資料來源：GlassNode的“一周鏈”

Meanwhile, smaller investors, those holding 1–100 BTC, have reduced their selling pressure. In contrast, investors with less than 1 BTC have continued to sell actively throughout the year, indicating a different approach by those with a smaller capital commitment.

同時，較小的投資者，持有1-100 BTC的投資者減輕了銷售壓力。相比之下，全年不到1 BTC的投資者繼續積極銷售，表明那些具有較小資本承諾的人的方法不同。

Short-Term Pain As STHs Still in Loss, LTHs Back in Profit

短期疼痛隨著STH仍處於損失狀態，Lths恢復了利潤

Moreover, Glassnode's report delves into unrealized losses across investor classes. It finds that Short-Term Holders (STHs) are currently bearing the brunt of unrealized losses, with levels not far from those seen in early-stage bear markets.

此外，GlassNode的報告深入研究了投資者班級之間未實現的損失。它發現，短期持有人（STH）目前正受到未實現的損失的首當其衝，距離早期熊市的水平不遠。

This stands in contrast to the status of Long-Term Holders (LTHs), who remain largely in profit. However, the report cautions that as more former peak buyers age into long-term status, the network may see its capacity to absorb losses increase. Historically, this shift often marks late bear market phases, but Glassnode notes that current conditions have yet to confirm a full regime change.

這與長期持有人（LTHS）的地位形成鮮明對比，後者主要是盈利。但是，該報告稱，隨著越來越多的前高峰買家的長期狀態，該網絡可能會看到其吸收損失的能力增加。從歷史上看，這種轉變通常標誌著晚期的熊市階段，但玻璃節指出，當前狀況尚未確認政權的改變。

Overall, the continued accumulation by whales and the slowing in sell pressure among smaller investors could be early signs of a bottoming process. While short-term pain is evident, the alignment of large-holder confidence with decreasing selling activity may support a more stable BTC price floor in the coming weeks. Otherwise, the narrative of a complete bottom may remain elusive.

總體而言，鯨魚的持續積累以及小型投資者之間的銷售壓力放緩可能是底部過程的早期跡象。儘管短期疼痛是顯而易見的，但大型持有人信心與銷售活動減少的一致性可能會在接下來的幾週內支持更穩定的BTC價格平台。否則，完整底部的敘述可能仍然難以捉摸。