CryptoQuant 執行長表示，加密鯨魚的表現「優於」普通散戶投資者，但比特幣市場並未面臨形成「泡沫」的危險

全球最受推崇的區塊鏈分析公司之一 Crypto Quant 的執行長 Ki Young Ju 最近在 Twitter 上發表了自己的看法

Ki Young Ju, the CEO of one of the best-regarded blockchain analytics firms in the world, recently took to Twitter to share his thoughts on the current state of the cryptocurrency market. In a post made on December 26, Ju analyzed the Bitcoin market, sharing one potentially alarming concern, and one piece of positive news for investors.

世界上最受尊敬的區塊鏈分析公司之一的執行長 Ki Young Ju 最近在 Twitter 上分享了他對加密貨幣市場現狀的看法。在 12 月 26 日發布的一篇文章中，Ju 分析了比特幣市場，分享了一個潛在的令人擔憂的擔憂，以及對投資者來說的積極消息。

In the post, the Korean executive spoke about how whale investors accumulating digital assets has become ordinary, a direct contrast to a couple of years back when such market movements were seen as breaking news hinting that something about a specific asset was bound to happen.

在貼文中，這位韓國高層談到鯨魚投資者累積數位資產如何變得司空見慣，這與幾年前形成鮮明對比，當時此類市場走勢被視為暗示特定資產必然會發生的突發新聞。

One interesting aspect that Young Ju highlights in his publication is that crypto whales are “outperforming” regular retail investors, and could be on their way to dominating the market. In truth, whale accumulation has been at an all-time high status since October, with large investors accumulating up to $40 billion in BTC this year alone.

Young Ju 在其出版物中強調的一個有趣的方面是，加密鯨魚的表現「優於」普通散戶投資者，並且可能正在主宰市場。事實上，自 10 月以來，鯨魚的累積一直處於歷史最高水平，光是今年，大型投資者就累積了 400 億美元的 BTC。

Amidst the rapid whale accumulation, there are concerns about Bitcoin’s bull run forming a “bubble.” However, Ki Young Ju disagrees, explaining that despite the inflow of capital, the market is not in danger of a bubble forming.

在鯨魚的快速累積中，人們擔心比特幣的牛市會形成「泡沫」。然而，Ki Young Ju 不同意，他解釋說，儘管有資本流入，但市場並未面臨泡沫形成的危險。

“I define a bubble as a period when the market price significantly exceeds the capital flowing in, as measured on-chain. Right now, we’re clearly in a bull market, with on-chain data showing $7 billion in weekly capital entering the market.”

「我將泡沫定義為市場價格顯著超過鏈上資本流入的時期。目前，我們顯然正處於牛市，鏈上數據顯示每周有 70 億美元的資金進入市場。

Bitcoin Down 5% in The DayThe world’s largest currency by market capitalization began the day on a down note. After retesting the $100,000 zone yesterday, BTC plunged by almost $5,000 over the past 24 hours.

比特幣當日下跌 5% 全球市值最大的貨幣當天開盤下跌。在昨天重新測試 10 萬美元區域後，BTC 在過去 24 小時內暴跌近 5,000 美元。

At this time of writing the currency is at $95,601—down 3.28% from yesterday. The larger picture shows signs of a stagnating market with Bitcoin losing about 1% in value over the week, and gaining 3.26% over the last 30 days.

截至撰寫本文時，該貨幣價格為 95,601 美元，較昨天下跌 3.28%。整體情況顯示出市場停滯的跡象，比特幣的價值在一周內下跌了約 1%，但在過去 30 天上漲了 3.26%。

Ki Young Ju Claims Bull Cyicle is Not OverAmidst these stagnating signs, investors grow weary of the market turning bearish as 2025 arrives.

Ki Young Ju 聲稱牛市週期尚未結束 在這些停滯跡像中，隨著 2025 年到來，投資者對市場轉為看跌感到厭倦。

However, the CryptoQuant CEO doesn’t believe that Bitcoin’s bull cycle is over, claiming that he doesn’t believe in major market reversals. The Korean developer and blockchain analyst also mentioned that we’re more than likely not seeing Bitcoin drop by over 30% in value, and even if it does he believes the market would quickly regain those losses.

然而，CryptoQuant 執行長並不認為比特幣的牛市週期已經結束，聲稱他不相信市場會發生重大逆轉。這位韓國開發人員和區塊鏈分析師也提到，我們很可能不會看到比特幣價值下跌超過 30%，即使確實如此，他相信市場很快就會收復這些損失。

“For now, it’s obviously not a bubble. Sure, corrections can happen, but amid a bull cycle, it’s very unlikely we’ll see more than a 30% drop. Even if such a drop happens, it would likely be short-lived, with prices potentially going up more than 30% after the correction.”

「目前來看，這顯然不是泡沫。當然，調整可能會發生，但在牛市週期中，我們不太可能看到跌幅超過 30%。即使出現這種下跌，也可能是短暫的，調整後價格可能會上漲 30% 以上。

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