加密鯨魚激增：在比特幣累積方面，初出茅廬的加密鯨魚超過了老守衛

以短期持有為特徵的新興加密鯨魚正在以驚人的速度累積比特幣（BTC），超過了對老牌鯨魚的投資。這一趨勢顯示所有權格局可能發生變化，引發人們對這些新大股東身分的質疑。

Fledgling Crypto Whales Surge in Bitcoin Accumulation, Outpacing Their Established Counterparts

羽翼未豐的加密鯨魚的比特幣累積激增，超過了現有的同行

According to blockchain analytics platform CryptoQuant CEO Ki Yong Ju, a burgeoning trend has emerged in the cryptocurrency market: fledgling "crypto whales" are amassing Bitcoin (BTC) at an unprecedented pace, surpassing the investment activity of their more established counterparts.

區塊鏈分析平台CryptoQuant 執行長Ki Yong Ju 表示，加密貨幣市場出現了一種新興趨勢：羽翼未豐的「加密鯨魚」正在以前所未有的速度累積比特幣(BTC)，超過了更成熟的同行的投資活動。

Ju's analysis reveals a striking disparity in the acquisition patterns of these two groups of large-scale Bitcoin investors. He defines "new whales" as addresses holding a minimum of 1,000 BTC with an average coin age of less than 155 days, while "old whales" refer to those owning at least 1,000 BTC with an average coin age of 155 days or more. Excluded from both categories are addresses belonging to miners and centralized exchanges.

Ju的分析揭示了這兩類大型比特幣投資者的收購模式有顯著差異。他將「新鯨」定義為至少持有 1,000 BTC、平均幣齡小於 155 天的地址，而「老鯨」則指擁有至少 1,000 BTC、平均幣齡為 155 天或以上的地址。屬於礦工和中心化交易所的地址不屬於這兩個類別。

Ju's findings indicate that the total Bitcoin holdings of new whales have nearly doubled the cumulative investments of old whales. This suggests a significant shift in the distribution of Bitcoin ownership, with a growing cohort of younger, more active investors emerging.

Ju的研究結果表明，新鯨魚持有的比特幣總額幾乎是老鯨魚累積投資的兩倍。這表明比特幣所有權的分佈發生了重大轉變，越來越多的年輕、更活躍的投資者出現。

Supporting this observation, Ju notes a surge in average Bitcoin dormancy, which recently reached a 13-year peak. This metric measures the average length of time that BTC remains inactive, indicating a transfer of older Bitcoins to new holders.

Ju 指出，比特幣平均休眠時間激增，最近達到了 13 年來的峰值，這也支持了這一觀察。該指標衡量 BTC 保持不活躍狀態的平均時間長度，表明舊的比特幣已轉移給新的持有者。

"The cap table for Bitcoin is shifting, potentially altering the ownership landscape," Ju tweeted. "Who are the new major shareholders?"

Ju 發推文稱：“比特幣的上限表正在發生變化，可能會改變所有權格局。” “新的大股東是誰？”

Further analysis by Ju sheds light on the unrealized profits within the current Bitcoin market cycle. Old whales currently hold an unrealized profit of +223%, while new whales (primarily TradFi and ETF investors) have an unrealized gain of +1.6%. Small and large miners also hold substantial unrealized profits of +131% and +81%, respectively.

Ju 的進一步分析揭示了當前比特幣市場週期內的未實現利潤。老鯨魚目前的未實現利潤為 +223%，而新鯨魚（主要是 TradFi 和 ETF 投資者）的未實現利潤為 +1.6%。小型和大型礦商也分別擁有+131%和+81%的巨額未實現利潤。

Ju concludes that the absence of significant profit accumulation in the current market cycle suggests that it may not be nearing its end.

鞠的結論是，當前市場週期缺乏大量利潤積累，這表明它可能尚未接近尾聲。

The emergence of youthful crypto whales and the shift in Bitcoin ownership dynamics have profound implications for the future of the cryptocurrency ecosystem. As these new investors gain influence, their investment strategies and market sentiments will likely shape the direction of Bitcoin's price and adoption.

年輕的加密鯨魚的出現和比特幣所有權動態的轉變對加密貨幣生態系統的未來有著深遠的影響。隨著這些新投資者獲得影響力，他們的投資策略和市場情緒可能會影響比特幣價格和採用的方向。

While the identity of these new major shareholders remains unknown, their growing presence is a testament to the resilience and evolving nature of the Bitcoin market. Their enthusiasm and strategic allocation of capital may further fuel the growth and maturity of the cryptocurrency industry in the years to come.

雖然這些新主要股東的身份仍然未知，但他們不斷增長的存在證明了比特幣市場的彈性和不斷發展的性質。他們的熱情和資本的策略配置可能會在未來幾年進一步推動加密貨幣產業的成長和成熟。