CryptoQuant 執行長表示比特幣（BTC）牛市尚未結束，週期頂部仍有一段路要走

市場情報平台 CryptoQuant 的執行長表示，比特幣 (BTC) 在達到週期頂部之前還有很長的路要走。

A CryptoQuant executive claims that Bitcoin (BTC) is still far from reaching its cycle peak.

CryptoQuant 的一位高層聲稱，比特幣 (BTC) 距離達到週期高峰還很遠。

In a recent thread on X, CryptoQuant CEO Ki Young Ju argues that those predicting an imminent bear market for BTC are likely overlooking on-chain data, which shows that the crypto king has been in a bull market for the past two years.

在 X 最近的一篇貼文中，CryptoQuant 執行長 Ki Young Ju 認為，預測 BTC 即將到來的熊市的人可能忽略了鏈上數據，這些數據表明加密之王在過去兩年一直處於牛市。

According to Ju, crypto whales accumulating large amounts of the top crypto asset by market cap has transformed from a noteworthy event to a routine occurrence, indicating that the bull market is still ongoing.

Ju表示，加密鯨魚大量囤積市值排名第一的加密資產，已經從值得注意的事件變成了常態，表明牛市仍在持續。

“The narrative of whale accumulation on Bitcoin has become so common that it’s now daily chatter. Just 2-3 years ago, news of whales accumulating would send shockwaves through the market. Today, it’s no longer breaking news – it’s just expected, routine information…

「鯨魚在比特幣上累積的故事已經變得如此普遍，以至於現在已經成為日常話題。就在兩、三年前，鯨魚囤積的消息還曾經為市場帶來衝擊。今天，它不再是突發新聞——它只是預期的、常規的訊息…

Right now, we’re clearly in a bull market, with on-chain data showing $7 billion in weekly capital entering the market…

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…

News of whale accumulation no longer moves people – maybe because analysts, including me, have been calling it a bull market for the last two years. But the bull market isn’t over. If Bitcoin enters a bubble, all the analysts would be screaming about the cyclical top.”

鯨魚聚集的消息不再讓人感動——也許是因為包括我在內的分析師在過去兩年一直稱之為牛市。但牛市還沒結束。如果比特幣進入泡沫，所有分析師都會尖叫週期性頂部。

Ju further notes that BTC is not in a “bubble,” which he defines as a situation where an asset’s market price significantly outpaces the capital flowing into it, and that the cycle peak is not close.

Ju進一步指出，BTC並非處於「泡沫」中，他將「泡沫」定義為一種資產的市場價格顯著超過流入該資產的資本的情況，且週期峰值尚未接近。

“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。

The peak of this Bitcoin cycle still seems far off. For those predicting the start of a bear market, I’d like to hear their reasoning.”

本次比特幣週期的頂峰似乎還很遙遠。對於那些預測熊市開始的人，我想聽聽他們的推理。

At the time of writing, Bitcoin is trading at $96,387, down 1.9% over the past 24 hours.

截至撰寫本文時，比特幣交易價格為 96,387 美元，在過去 24 小時內下跌 1.9%。