隨著減半臨近，比特幣鯨魚利潤豐厚

CryptoQuant 執行長 Ki Young Ju 報告稱，隨著即將到來的比特幣減半，長期比特幣持有者（「古鯨」）的獲利能力激增了 223%。雖然這種獲利能力可能會刺激拋售，但由於未實現收益減少，短期持有者面臨更大的風險，從而進一步減少拋售壓力。值得注意的是，古代鯨魚的大幅收益和對比特幣價值堅定不移的信念可能會抵消潛在的拋售壓力。

Ancient Bitcoin Whales Reap Windfall Profits Amid Halving Event

古代比特幣鯨魚在減半事件中獲得暴利

As Bitcoin inches towards its highly anticipated halving event, a recent report by CryptoQuant CEO Ki Young Ju has unveiled a remarkable surge in profitability for long-standing Bitcoin holders, known as "ancient whales." These seasoned investors have witnessed a staggering 223% increase in their returns, setting the stage for a pivotal moment in the cryptocurrency's market dynamics.

隨著比特幣即將迎來備受期待的減半事件，CryptoQuant 執行長Ki Young Ju 最近的一份報告揭示了長期比特幣持有者（被稱為「古鯨」）的盈利能力顯著飆升。這些經驗豐富的投資者見證了他們的回報驚人地增長了 223%，為加密貨幣市場動態的關鍵時刻奠定了基礎。

This surge in profitability coincides with a crucial juncture in Bitcoin's trajectory, with the halving event expected to occur within the next 24 hours. The halving, a pre-programmed reduction in Bitcoin's block reward for miners, has historically been associated with significant price volatility and shifts in investor sentiment.

獲利能力的飆升恰逢比特幣發展軌蹟的關鍵時刻，預計減半事件將在未來 24 小時內發生。減半是比特幣對礦工的區塊獎勵的預先設定的減少，歷史上一直與價格的大幅波動和投資者情緒的變化有關。

However, amidst this backdrop of uncertainty, ancient whales have remained steadfast in their conviction, prioritizing long-term holding strategies over short-term gains. Their unwavering belief in Bitcoin's underlying value proposition has shielded them from concerns over the immediate price impact of the halving.

然而，在這種不確定性的背景下，古代鯨魚仍然堅定自己的信念，優先考慮長期持有策略而不是短期利益。他們對比特幣潛在價值主張的堅定信念使他們不必擔心減半對價格的直接影響。

In contrast to the ancient whales, short-term holders face a starkly different scenario. Their unrealized gains on short-term BTC holdings have plummeted to near zero, diminishing their incentive for continued selling. This has effectively reduced the likelihood of a significant sell-off that could derail Bitcoin's upward trajectory.

與古代鯨魚相比，短期持有者面臨著截然不同的情況。他們短期持有比特幣的未實現收益已驟降至接近零，從而削弱了他們繼續拋售的動力。這有效地降低了可能破壞比特幣上漲軌蹟的大幅拋售的可能性。

Ju's report sheds light on the contrasting profitability profiles of different on-chain cohorts:

Ju 的報告揭示了不同鏈上群體的獲利能力對比：

• Ancient whales: +223%
• New whales (TradFi/ETFs): +1.6%
• Small miners: +131%
• Big miners (mining companies): +81%

The disparity in profitability suggests that long-term holders are well-positioned to weather the halving event and potentially reap further rewards in the future.

古代鯨魚：+223% 新鯨魚（TradFi/ETF）：+1.6% 小型礦商：+131% 大型礦商（礦業公司）：+81% 盈利能力的差異表明，長期持有者處於有利地位，可以渡過難關減半事件並可能在未來獲得進一步的回報。

Experts believe that the most favorable scenario for market clearing leading up to and during the halving would be a further decline in BTC price, triggering panic selling at a loss among short-term holders. Simultaneously, long-term holders would continue to hold strong, buoyed by their substantial gains.

專家認為，減半前和減半期間市場出清的最有利情況將是比特幣價格進一步下跌，引發短期持有者虧損的恐慌性拋售。同時，長期持有者將在大幅收益的提振下繼續保持強勢。

As the countdown to the halving reaches its end, a sense of anticipation and uncertainty permeates the crypto space. Ancient whales, with their formidable profits and unwavering commitment to long-term holding, will play a pivotal role in shaping Bitcoin's trajectory in the aftermath of this major event.

隨著減半倒數結束，加密貨幣領域瀰漫著期待和不確定的感覺。憑藉其巨大的利潤和堅定不移的長期持有承諾，古老的鯨魚將在這一重大事件之後塑造比特幣的軌跡方面發揮關鍵作用。

Their actions will determine whether they choose to capitalize on their gains, potentially triggering market turbulence, or maintain their long-term holding strategies, anchoring Bitcoin amid the volatility and ushering in a new era of growth.

他們的行動將決定他們是選擇利用收益，可能引發市場動盪，還是維持長期持有策略，在波動中錨定比特幣並迎來新的成長時代。