經驗豐富的比特幣（BTC）投資者在潛在的價格上漲之前積累了硬幣

加密貨幣市場在2025年沒有明確的方向，這反映了數字資產行業的不確定狀況。比特幣是全球最大的加密貨幣按市值計算，目前距離其創紀錄的最高價格為108,786美元24％

The cryptocurrency market has not had a clear direction in 2025, reflecting the uncertain condition of the digital asset industry. Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, is currently 24% away from its record-high price of $108,786 reached in January 2025.

加密貨幣市場在2025年沒有明確的方向，這反映了數字資產行業的不確定狀況。比特幣（BTC）是全球最大的市值加密貨幣，目前距離2025年1月的108,786美元的創紀錄的108,786美元相距24％。

With the premier cryptocurrency steadily drifting away from its all-time high, there have been questions about what phase of the cycle the market is currently in. Interestingly, recent on-chain data offers some insight into the current state of the Bitcoin market and the reaction of the participants.

隨著主要的加密貨幣穩步脫離了其歷史最高的高度，人們對市場目前的哪個階段存在疑問。有趣的是，最近的鏈上數據提供了對比特幣市場和參與者反應的當前狀態的深入了解。

Are Seasoned BTC Investors Anticipating A Price Surge?

經驗豐富的BTC投資者是否期望價格上漲？

In a Quicktake post on the CryptoQuant platform, analyst Axel Adler Jr. shared an analysis of the current Bitcoin cycle, offering insight into the behavior of an important group of investors. According to the online pundit, seasoned BTC players are back to accumulating the flagship cryptocurrency.

在加密平台上的QuickTake帖子中，分析師Axel Adler Jr.分析了對當前比特幣週期的分析，從而深入了解了重要的投資者群體的行為。根據在線專家的說法，經驗豐富的BTC玩家又回到了積累旗艦加密貨幣。

Adler Jr. revealed that the experienced BTC investors have been involved in four phases of accumulation (January 2023, October 2023, October 2024, March 2025) in the current cycle. On the flip side, the selling activity of these market participants has reached four distinct peaks, including January 2024, April 2024, July 2024, and January 2025.

小阿德勒（Adler Jr.另一方面，這些市場參與者的銷售活動已達到四個不同的峰值，包括2024年1月，2024年4月，2024年7月和2025年1月。

The relevant on-chain indicator here is the Value Days Destroyed (VDD) metric, which tracks the spending behaviour of long-term investors. The chart below shows that the VDD metric has been steadily declining since the start of 2025.

這里相關的鏈上指標是銷毀的價值天數（VDD），它跟踪了長期投資者的支出行為。下圖顯示，自2025年初以來，VDD指標一直在穩步下降。

Using the chart as a basis, Adler Jr. mentioned that three major features define the current phase of the Bitcoin cycle. Firstly, the seasoned investors, who were actively distributing their BTC at local peaks, have now shifted their strategy toward holding and accumulating their coins.

小阿德勒（Adler Jr.）以圖表為基礎提到，三個主要特徵定義了比特幣週期的當前階段。首先，經驗豐富的投資者正在當地峰積極分配其BTC，現在已經將其戰略轉向了持有和積累硬幣的策略。

Additionally, the Value Days Destroyed metric suggests an absence of significant selling pressure, which means that the experienced traders are skeptical about profit at the current Bitcoin price. Moreover, periods of low VDD values have historically preceded significant upward price movements, as investors accumulate in anticipation of a price surge.

此外，銷毀的價值天數表明缺乏巨大的銷售壓力，這意味著經驗豐富的商人以當前比特幣價格對利潤持懷疑態度。此外，由於投資者在價格上漲時積累，VDD值低的時期歷史上已經出現了重大的上價變動。

Ultimately, this positive shift in the behavior of seasoned Bitcoin holders suggests that there might be room for further price growth for Bitcoin in the medium term.

最終，經驗豐富的比特幣持有人行為的積極轉變表明，中期比特幣可能會有進一步的價格增長的空間。