比特幣鯨魚正在獲利，但市場仍然喜憂參半

比特幣年初表現強勁，確認了 92,000 美元以上的關鍵需求，價格上漲了 6% 以上。

Bitcoin began the year with a strong performance, showing crucial demand above $92K and gaining over 6% in price appreciation. This move has renewed investor optimism, reinforcing Bitcoin’s position as the market leader amid a broader crypto market recovery. However, selling pressure continues to cap the price below the psychologically significant $100K level, leaving many investors questioning who could be offloading BTC at such a critical time in the cycle.

比特幣年初表現強勁，關鍵需求超過 9.2 萬美元，價格上漲超過 6%。此舉重燃了投資者的樂觀情緒，鞏固了比特幣在更廣泛的加密貨幣市場復甦中作為市場領導者的地位。然而，拋售壓力繼續將價格限制在 10 萬美元的心理關口以下，這讓許多投資者質疑誰可以在周期的如此關鍵時刻拋售 BTC。

According to CryptoQuant CEO Ki Young Ju, the answer lies with old whales. In a recent analysis, Ki revealed that veteran BTC holders have been offloading significant amounts of BTC, with over-the-counter (OTC) transactions playing a major role in the recent selling pressure. This suggests a strategic redistribution of holdings, which could impact short-term price movements while potentially setting the stage for new market participants to enter.

CryptoQuant 執行長 Ki Young Ju 表示，答案在於老鯨魚。 Ki 在最近的分析中透露，資深的 BTC 持有者一直在拋售大量 BTC，其中場外交易（OTC）交易在最近的拋售壓力中發揮了重要作用。這表明資產的策略性重新分配，可能會影響短期價格趨勢，同時可能為新的市場參與者進入奠定基礎。

As Bitcoin struggles to breach the $100K barrier, market sentiment remains mixed. On one hand, long-term demand and institutional interest signal continued strength. On the other hand, short-term selling by influential whales highlights the challenges that BTC faces in maintaining its upward trajectory. The coming days will reveal whether BTC can overcome this resistance and start the year with a historic rally.

隨著比特幣努力突破 10 萬美元大關，市場情緒仍然喜憂參半。一方面，長期需求和機構興趣訊號持續走強。另一方面，有影響力的鯨魚的短期拋售凸顯了比特幣在維持其上漲軌跡方面所面臨的挑戰。未來幾天將揭曉 BTC 能否克服這一阻力並以歷史性反彈開啟新的一年。

Bitcoin Whales Are Taking Profits

比特幣鯨魚正在獲利了結

As Bitcoin embarks on what investors hope will be another strong year, a closer look at market dynamics reveals old whales taking profits amidst periods of uncertainty. Over the past few weeks, the market sentiment has shifted dramatically — from extreme bullishness and soaring prices to concerns about a possible significant correction, and now back to an optimistic outlook.

隨著比特幣迎來投資者希望的另一個強勁的一年，仔細觀察市場動態就會發現，老鯨魚在不確定時期獲利了結。過去幾週，市場情緒發生了巨大變化——從極度看漲和價格飆升，到對可能出現重大調整的擔憂，現在又回到了樂觀的前景。

Amid this turbulence, CryptoQuant CEO Ki Young Ju has shed light on the forces driving the market. Sharing key insights on X, Ju revealed that old whales are actively selling BTC at current levels. Despite their actions, he notes that high over-the-counter (OTC) transaction volumes and exchange deposits aren’t causing market crashes. This controlled selling strategy indicates a calculated approach by seasoned investors, balancing profit-taking with market stability.

在這場動盪中，CryptoQuant 執行長 Ki Young Ju 揭示了推動市場的力量。 Ju 分享了對 X 的重要見解，透露老鯨魚正在以當前水平積極出售 BTC。儘管他們採取了這些行動，但他指出，較高的場外交易量和交易所存款並沒有導致市場崩盤。這種受控賣出策略顯示了經驗豐富的投資者在獲利回吐與市場穩定之間取得平衡的深思熟慮的方法。

Ju further highlights that buying pressure is primarily coming from U.S. institutions, especially on Coinbase. However, there’s a caveat — Coinbase’s daily premium, a key indicator of institutional demand, is at a two-year low. This suggests that while institutional players are involved, their activity isn’t as robust as it needs to be to propel Bitcoin toward its next major rally.

Ju進一步強調，購買壓力主要來自美國機構，尤其是Coinbase。然而，有一個警告——Coinbase 的每日溢價（機構需求的關鍵指標）正處於兩年來的低點。這表明，雖然機構參與者參與其中，但他們的活動並不像推動比特幣下一次大幅上漲所需的那樣強勁。

For Bitcoin to sustain its upward momentum, Ju emphasizes the need for a recovery in institutional demand. A renewed surge in buying pressure could pave the way for BTC to break through resistance levels and continue its ascent. Until then, the market may remain in a delicate balance.

Ju強調，為了讓比特幣維持上漲勢頭，機構需求需要復甦。購買壓力的重新激增可能為比特幣突破阻力位並繼續上漲鋪平道路。在那之前，市場可能會保持微妙的平衡。

Technical Set Up: BTC On The Rise?

技術設定：比特幣正在上漲？

Bitcoin is currently trading above the $95K mark, signaling short-term strength and instilling cautious optimism among investors. This level is seen as a pivotal point in the ongoing price action, as every hour that BTC holds above it strengthens expectations of a potential push toward the critical $100K level. A breakout above $100K is essential if bulls want to regain control and ignite a decisive upward move that could set the stage for new all-time highs.

比特幣目前交易價格高於 9.5 萬美元大關，顯示短期走強，並給投資者帶來了謹慎樂觀的情緒。該水平被視為當前價格走勢的關鍵點，因為 BTC 保持在該水平之上的每一個小時都會增強人們對可能推動 10 萬美元關鍵水平的預期。如果多頭想要重新獲得控制權並引發決定性的上漲趨勢，從而為新的歷史高點奠定基礎，那麼突破 10 萬美元是至關重要的。

Despite this, the market continues to reflect significant uncertainty. While holding above $95K offers a glimmer of hope, bulls are yet to gather the necessary momentum to overcome prevailing selling pressure. This suggests that a breakout might require more time, as the market evaluates its next direction.

儘管如此，市場仍反映出巨大的不確定性。雖然保持在 95,000 美元上方帶來了一線希望，但多頭尚未聚集必要的動力來克服普遍的拋售壓力。這表明突破可能需要更多時間，因為市場正在評估其下一個方向。

On the other hand, the importance of the $92K level cannot be overstated. As a key demand zone, holding above this mark is critical to maintaining Bitcoin’s long-term bullish structure. A breach below it could trigger a deeper correction, testing investor confidence.

另一方面，92K 美元水準的重要性怎麼強調也不為過。作為一個關鍵的需求區域，保持在這一水平之上對於維持比特幣的長期看漲結構至關重要。跌破該水準可能引發更深層的調整，考驗投資人的信心。

As Bitcoin navigates this range-bound phase, market participants remain watchful, with the focus on maintaining these crucial levels to signal strength and readiness for the next leg up in the bull cycle.

隨著比特幣進入這個區間震盪階段，市場參與者仍保持警惕，重點是維持這些關鍵水平，以表明牛市週期下一輪上漲的實力和準備情況。