比特幣鯨和散戶投資者：誰將在下一階段主導？

加密貨幣浪潮下方的波紋電流揭示了一個戲劇性的故事。比特幣的Leviathans（通常稱為“鯨魚”）陷入了市場

The rippling current beneath the cryptocurrency surface is weaving a dramatic tale. As the leviathans of Bitcoin, commonly known as “whales,” silently lurk in the market's depths, they're quietly amassing staggering amounts of the digital currency amid turbulent market tides.

加密貨幣表面下方的波紋電流正在編織一個戲劇性的故事。作為比特幣的利維亞人，通常被稱為“鯨魚”，在市場深處潛伏著，他們在動蕩的市場潮流中悄悄地積累了驚人的數字貨幣。

This silent revolution is unfolding rapidly. In a mere three days, these crypto whales have plunged into the market, accumulating over 22,000 BTC. This brings their total holdings to a breathtaking 3.44 million BTC.

這場沉默的革命正在迅速發展。在短短三天的時間裡，這些加密鯨已經投市場，積累了22,000多個BTC。這使他們的總持有量為344萬BTC。

This astronomical figure showcases the magnitude of these whales' activity and its potential to influence market trends. Smaller investors, known as retail traders, are also playing a crucial role in this market symphony.

這個天文數字展示了這些鯨魚活動的幅度及其影響市場趨勢的潛力。較小的投資者（被稱為零售商人）也在該市場交響曲中發揮了關鍵作用。

Bitcoin: A Comparative Analysis

比特幣：比較分析

The stellar performance of Bitcoin (BTC) has been a subject of interest throughout 2024. As the premier cryptocurrency continues to climb to new highs, recent data from ChainMind offers a unique perspective on the changing dynamics between Bitcoin whales and retail investors.

比特幣（BTC）的出色表現一直是2024年的關注主題。隨著總理加密貨幣繼續攀升至新的高點，ChainMind的最新數據為比特幣鯨魚和零售投資者之間不斷變化的動態提供了獨特的觀點。

In a recent analysis, ChainMind's analysts have highlighted a shift in the behavior of major Bitcoin holders, also known as whales, who control 1,000 BTC or more. Their analysis indicates a slight decline in the number of these large holders, with a total of 1,683 whales at the beginning of April, compared to 1,720 in January.

在最近的分析中，ChainMind的分析師強調了主要比特幣持有人的行為（也稱為鯨魚）的行為發生了變化，他們控制了1,000 BTC或更多。他們的分析表明，這些大型持有人的數量略有下降，4月初總共鯨魚總計1,683顆鯨魚，而1月份為1,720。

This decrease may suggest activities like profit-taking or asset redistribution among these large investors. Notably, the period from February to March saw the most assertive accumulation by whales, with over 60,000 BTC acquired.

這種減少可能表明這些大型投資者的活動諸如獲利或資產再分配之類的活動。值得注意的是，從2月到3月的時期，鯨魚的積累最為自信，收購了60,000多個BTC。

However, in the three months following January's peak price of $106,159 for Bitcoin, these large holders have been incrementally reducing their presence.

但是，在比特幣1月的高峰價格106,159美元之後的三個月中，這些大型持有人在逐步降低了它們的存在。

Conversely, the analysis shows a surge in retail demand, pushing it to a historic zenith. With the number of accumulators reaching 320,000, it marks an unprecedented count. This wave of smaller investors is largely responsible for sustaining Bitcoin's price despite the recent sell-off signaled by smaller movements in the broader market.

相反，分析表明零售需求激增，將其推向歷史悠久的頂峰。隨著蓄能器數量達到320,000，它標誌著前所未有的計數。儘管最近在更廣闊的市場中，較小的機芯表明了最近的拋售信號，但這浪較小的投資者在很大程度上負責維持比特幣的價格。

Earlier in March, as Bitcoin slipped from $84,197 to $80,795, ChainMind's data indicated a conspicuous net sell-off. Nonetheless, throughout this adjustment, retail hands carried the banner of bullish faith—continually accumulating even as the market encountered tremors.

3月初，隨著比特幣從84,197美元下滑至80,795美元，ChainMind的數據表明淨售出了明顯的淨售出。儘管如此，在整個調整期間，零售手仍然帶有看漲信仰的旗幟，即使市場遇到了震顫，也可以積累。

This unfolding drama closely resembles a classic accumulation-distribution cycle: whales stepping back post-rally, and retail and smaller investors stepping up. Despite a drastic seven-day netflow contraction of 27.69%, showcasing a large-scale selling pressure, the broader picture reveals a one-year netflow increase of 714.19%. This signals an enduring confidence among those steadfast in the market.

這部不斷發展的戲劇與經典的積累分配週期非常相似：鯨魚後恢復後，零售業和較小的投資者加緊。儘管7天的Netflow收縮率為27.69％，但顯示了大規模的銷售壓力，但更廣泛的情況顯示，淨流量增長了714.19％。這表明市場上堅定不移的人信心。

In this ever-shifting arena of digital gold, whales are the key drivers of short-term movements. Their recent actions suggest a strategic retreat, perhaps to pause and gauge the cryptocurrency ecosystem's pulse more deeply.

在這個數字黃金的不斷變化的領域，鯨魚是短期運動的關鍵動力。他們最近的行動暗示了戰略性的撤退，也許是為了暫停並更深入地評估加密貨幣生態系統的脈搏。

But as Bitcoin's price reflects their rhythm, the question remains: Will the remaining giants unleash another wave of accumulation, or is the rally's heart still beating among the ranks of persistent retailers who continue to collect smaller amounts of the cryptocurrency?

但是，由於比特幣的價格反映了他們的節奏，問題仍然存在：其餘的巨人會釋放另一波積累，還是拉力賽的心仍然在持續收集較少數量的加密貨幣的持續零售商中跳動？

Only time will tell what the next chapter holds in this unfolding story of Bitcoin, its leviathans, and the collective strength of smaller investors.

只有時間才能說明下一章在這個不斷發展的比特幣，其Leviathans和較小投資者的集體實力的故事中。