加密量子說，比特幣鯨沒有逃跑。

比特幣的最後一次下跌並沒有使市場最大的球員感到震驚，至少不是根據CryptoQuant的全新報告。

The recent Bitcoin (BTC) price dip, which took the flagship cryptocurrency below the $20,000 mark, isn't causing the market's largest players any alarm, according to a new report by CryptoQuant.

根據CryptoFeate的一份新報告，最近的比特幣（BTC）價格下跌將旗艦加密貨幣低於20,000美元以下，並沒有引起市場最大的參與者。

The cryptocurrency analytics firm, known for its on-chain analysis, says major holders of BTC, often referred to as whales, are holding steady, signaling that the broader uptrend remains intact despite the recent volatility.

這家以其鏈分析而聞名的加密貨幣分析公司說，BTC的主要持有人（通常稱為鯨魚）一直保持穩定，表明儘管最近波動率，但更廣泛的上升趨勢仍然完好無損。

CryptoQuant's research, which focuses on a specific set of wallets that aren't linked to mining pools, exchanges, or custodians, aims to isolate the activity of major market participants, asserts this is not a sign of exit or distribution among large investors. Instead, the data shows a pattern resembling a quiet phase of reaccumulation—something similar to the consolidation observed last August and September.

CryptoQuant的研究重點是一套與採礦池，交易所或保管人無關的特定錢包，旨在隔離主要市場參與者的活動，並認為這不是大型投資者退出或分發的標誌。取而代之的是，數據顯示了類似於重新匯總階段的模式，這與去年八月和9月觀察到的合併相似。

According to their findings, which exclude wallets associated with mining pools, exchanges, or custodians to concentrate on those that denote actual market participants, major holders are quietly accumulating in the background as the price pulls back.

根據他們的發現，這些發現排除了與採礦池，交流或保管人相關的錢包，以專注於表示實際市場參與者的錢包，當價格退回時，主要持有人會悄悄地積累在後台。

The analysts add that if whales were looking to cash out, we would have seen sustained sell pressure and profit-taking capping price rallies, something which isn't evident in their analysis.

分析人士補充說，如果鯨魚希望兌現，我們將看到持續的賣出壓力和盈利的封蓋價格集會，這在他們的分析中並不明顯。

"The behavior of major holders during this correction stands in stark contrast to the 2020 COVID bear market, where we observed a panic-driven distribution of coins by large investors as the price crashed," CryptoQuant's report highlights.

CryptoQuant的報告強調說：“在此更正期間，主要持有人的行為與2020年的Covid Bear Market形成鮮明對比，在那裡，隨著價格崩潰，我們觀察到大型投資者對硬幣的恐慌驅動分配。”

"This time, however, despite the sharp price decline, we're not detecting any such panic or a desire to dump coins at lower highs."

“但是，儘管價格下降了巨大，但我們並沒有發現任何這樣的恐慌或渴望在較低高點傾倒硬幣的願望。”

The firm continues by suggesting that the current pullback might be part of a broader and anticipated market movement, rather than a genuine crisis. In that context, whale behavior makes sense—they’re staying put because the fundamentals haven’t changed.

該公司繼續表明，當前的回調可能是更廣泛，預期的市場運動的一部分，而不是真正的危機。在這種情況下，鯨魚的行為是有道理的，因為基本面沒有改變，所以他們呆了。

"If anything, we believe this correction might be unfolding according to a script that has been written and anticipated by market participants for a significant period of time," the report concludes.

報告總結說：“如果有的話，我們認為這種更正可能會根據市場參與者在很長一段時間內編寫和預期的腳本進行。”

"This anticipation is also evident in the actions of major holders, who, despite the price correction, appear to be calmly holding onto their coins, suggesting an underlying confidence in the ongoing bull cycle."

“這一期望在主要持有人的行動中也很明顯，儘管價格糾正了，但他們似乎仍在冷靜地堅持自己的硬幣，這表明對正在進行的公牛循環具有根本的信心。”