就像地震儀錄製了第一震顫一樣，加密量聽起來很警報：比特幣正在準備重大改動。

根據該平台，持有三到六個月的170,000 BTC已經開始搬家

Like a seismograph detecting the first tremors, CryptoQuant is signaling a major shift in the Bitcoin landscape. According to the platform, 170,000 BTC, held for three to six months, are now on the move on-chain. This is a historic volume, usually observed only during periods of intense market instability.

就像地震儀檢測第一個震顫一樣，加密量信號表明比特幣景觀發生了重大變化。根據該平台的說法，持有三到六個月的170,000 BTC現在正在鏈上移動。這是一個歷史悠久的捲，通常僅在市場不穩定時期觀察到。

As the market flits between fleeting panic and the anchoring strategies of long-term holders, the scene could not be more different.

隨著短暫的恐慌和長期持有人的錨定策略之​​間的市場飛漲，現場並沒有什麼不同。

Short-term Bitcoin holders: Catalysts of forecasted turbulence

短期比特幣持有人：預測湍流的催化劑

Speculators are often seen as harbingers of bad news. CryptoQuant confirms this observation: short-term holders (STH), defined as those who bought Bitcoin less than six months ago, are making a massive shift of their assets.

投機者通常被視為壞消息的前提。加密量證實了這一觀察結果：短期持有人（STH）被定義為不到六個月前購買比特幣的人，他們的資產正在大規模轉移。

CryptoQuant's data reveals that nearly 170,000 BTC are now in motion, a volume not seen since late 2021. This number is significant because every time this cohort moved their assets in such large quantities, it was followed by a violent jolt in the market.

CryptoQuant的數據表明，現在有近170,000 BTC正在運動，這是自2021年底以來未見的。這一數字很重要，因為每次該隊列以如此大量的數量移動其資產時，都會在市場上發生暴力震動。

These holders are known for their extreme responsiveness to market narratives. The recent Bitcoin correction below $75,000 was sufficient to trigger rushed sales from STH. On average, 930 bitcoins are leaving their wallets daily to go to exchanges. This frenzy is driven by fear of losses or the pursuit of quick gains. Their psychology weakens the market: they have a low tolerance for fluctuations, and their decisions are more impulsive.

這些持有人以對市場敘事的極端反應而聞名。最近的比特幣更正低於$ 75,000，足以觸發STH的衝刺銷售。平均而言，930個比特幣每天將錢包離開去交流。這種狂熱是由於擔心損失或追求快速收益的驅動。他們的心理削弱了市場：他們對波動的容忍度較低，他們的決定更加衝動。

However, history does not always repeat itself identically. The CryptoQuant chart shows that previous periods of intense STH activity, like the one observed in December 2020, sometimes led to rallies as quickly as crashes. Back then, a similar dynamic unfolded, setting the stage for a 70% rebound. Today, uncertainty prevails.

但是，歷史並不總是相同的重複。加密圖表表明，像2020年12月觀察到的那樣，以前的激烈的STH活動時期有時會導致集會與崩潰一樣迅速。當時，類似的動態展開，為70％的籃板奠定了基礎。如今，不確定性盛行。

One thing is clear: the current activity of STH indicates an unstable landscape ready to tip. But in which direction will it fall? This question flings open the doors to speculation.

一件事很清楚：STH的當前活動表明了一個不穩定的景觀。但是它會跌落在哪個方向上？這個問題揭開了投機的大門。

Facing the storm, long-term holders anchor the ship

面對暴風雨，長期持有人錨定了船

At the heart of this turbulence, another category of investors embodies the calm before the storm: long-term holders (LTH). These players, often called diamond hands, do not yield to the upheaval. Their daily sales? Only 529 bitcoins, almost half the amount sold by STH. A striking contrast, revealing an unwavering conviction.

這是這種動蕩的核心，另一類的投資者體現了暴風雨前的平靜：長期持有者（LTH）。這些球員通常被稱為鑽石手，不會屈服於動盪。他們的日常銷售？只有529個比特幣，幾乎是STH出售的一半。一個驚人的對比，揭示了堅定的信念。

LTH play the role of an invisible stabilizer. Their strategic inertia balances the excesses of speculators. While STH fuel volatility, LTH's resistance limits the extent of corrections. CryptoQuant also highlights that this long-term conviction persists despite the shocks. It’s the mark of smart money, which does not flee but observes.

lth扮演著隱形穩定器的角色。他們的戰略慣性平衡了投機者的過剩。儘管STH燃料波動性，但LTH的阻力限制了校正程度。加密量還強調，儘管遭受了震驚，這種長期信念仍然存在。這是聰明的錢的標誌，不是逃跑而是觀察。

This divide between patience and panic outlines a classic “shakeout” scenario. The less experienced abandon the ship, while veterans consolidate their positions. For CryptoQuant, this correction is not an exodus, but a necessary purge. A tightening where the market sheds its fragile participants, preparing the ground for a later phase.

耐心和恐慌之間的這種鴻溝概述了經典的“搖動”場景。經驗較少的放棄了這艘船，而退伍軍人則鞏固了自己的位置。對於加密量，這種校正不是出埃及記，而是必要的清除。市場使市場散發出脆弱的參與者，為以後的階段做準備。

Between STH, ready to sell at the first tremor, and LTH, unshaken, Bitcoin crosses a zone of extreme tension. CryptoQuant, with its data, offers a compass in this fog. The promised volatility could reward the bold who think that Bitcoin will follow gold as much as it could punish the impatient. In this theater, one lesson persists: the fiercest storms often reveal the strength of the moorings. Each investor must choose their side.

在STH之間，準備出售在第一次震顫中出售，比特幣不動，越過了極端緊張的區域。加密量及其數據在此霧中提供了指南針。承諾的波動性可以獎勵大膽的人，他們認為比特幣將遵循黃金，並懲罰不耐煩的人。在這個劇院中，一堂課仍然存在：最激烈的風暴經常揭示出繫泊的力量。每個投資者必須選擇自己的一方。