長期比特幣（BTC）持有人正在出售，這是看漲的標誌

但是，根據觀察歷史趨勢的分析師的說法，敘述在加密貨幣市場上有所不同，在加密貨幣市場中，這種銷售表明了看漲。

As the price of bitcoin (BTC) continues to rally, reaching new all-time highs above $110,000, a key metric that has historically signaled bullishness is also unfolding.

隨著比特幣（BTC）的價格繼續集會，達到110,000美元以上的新歷史最高點，這是一種歷史上表明看漲的關鍵指標也在不斷發展。

According to several analysts, the selling pressure from long-term holders, defined as those who have held their coins for at least 155 days (around five months), is being absorbed by short-term traders, who are snapping up BTC at record highs.

根據幾位分析師的說法，長期持有人的銷售壓力定義為那些持有硬幣至少155天（大約五個月）的人正在被短期交易者吸收，他們正在以創紀錄的高潮捕捉BTC 。

This dynamic is highlighted by the flattening long-term holder supply, shown in purple on the below chart from 10x Research. Notably, this metric serves as a proxy for the supply available on exchanges.

長期持有人的供應表現為這種動態，在10倍研究的下圖中以紫色顯示。值得注意的是，該指標是交換中可用供應的代理。

"Based on our analysis, sharp declines in long-term holder supply (purple line) have frequently coincided with strong bitcoin rallies (white line), as seen in Q1 and Q4 of 2024," 10x Research founder Markus Thielen stated in a report shared with CoinDesk. "As long as long-term holders continue reducing their balances, bitcoin remains at risk of a short squeeze to the upside."

“基於我們的分析，長期持有人供應（紫色線）的急劇下降經常與強大的比特幣集會（白線）相吻合，如2024年第1季度和第四季度所示，” 10倍研究創始人Markus Thielen在一份報告中表示。與Coindesk。 “只要長期持有人繼續降低其餘額，比特幣仍處於短暫擠壓狀態的風險。”

Moreover, data from analytics firm Glassnode shows that over 1 million BTC have moved from long-term to short-term holders during the recent price rise above $100,000.

此外，分析公司GlassNode的數據表明，在最近的價格上漲超過100,000美元以上，超過100萬BTC已從長期持有人轉移到短期持有人。

"During the recent rally above $100K, 1.1M BTC have transferred from long-term to short-term holders, representing an impressive inflow of demand to absorb this supply at prices above $90K," Glassnode noted in its weekly report.

GlassNode在每週的報告中指出：“在最近的一次超過100,000美元以上的集會中，110萬BTC從長期到短期持有人轉移了，這代表了以超過90k美元的價格吸收這種供應的需求的令人印象深刻的需求。”

However, it's worth mentioning that the pace at which long-term holders are selling has slowed down recently. This change can be observed in the monthly rate of change in the long-term to short-term holder supply ratio, which is no longer as drastic as it was earlier this month.

但是，值得一提的是，長期持有人銷售的速度最近放慢了。長期與短期持有人的供應率的每月變化率可以觀察到這種變化，這不再像本月初那樣劇烈。

This slowdown indicates a more measured approach to selling by long-term holders.

這種放緩表明長期持有人的銷售方法更為衡量。

Bitcoin’s Exchange Balance Slides to 2.7M BTC

比特幣的交換餘額幻燈片至270萬BTC

Separately, the total amount of BTC held in wallets linked to centralized cryptocurrency exchanges has declined to 2.7 million BTC, down from over three million about six months ago, Glassnode reported.

據GlassNode報導，另外，與集中的加密貨幣交易所有關的錢包中持有的BTC總數已下降到270萬BTC，比大約六個月前的300萬人下降了。

This exodus of BTC from exchanges, which results in reduced availability of coins for quick sales, is usually regarded as a bullish indicator. However, the dynamics have shifted since the debut of spot exchange-traded funds (ETFs) in the United States last year.

BTC從交易所的出埃及記出來，導致硬幣的可用性減少，以快速銷售，通常被視為看漲指標。但是，自去年美國的現貨交易所買賣基金（ETF）首次亮相以來，動態發生了變化。

"Many interpret this as a form of supply shock caused by a mass of coins being withdrawn by individual investors—potentially creating upward price pressure," Glassnode stated. "We believe the majority of this decline stems from coins reshuffling into ETF wallets managed by custodians like Coinbase."

GlassNode說：“許多人將其解釋為由個人投資者撤回的大量硬幣引起的一種供應衝擊形式，可以肯定地產生向上的價格壓力。” “我們認為，這種下降的大多數源於硬幣重新裝入由Coinbase這樣的保管人管理的ETF錢包。”

In other words, these coins have ended up in an ETF, which is a liquid or active alternative investment vehicle that can be bought and sold just as quickly as actual coins.

換句話說，這些硬幣最終進入了ETF，這是一種液體或活躍的替代投資工具，可以像實際硬幣一樣快地買賣。

When adjusting for the coins that have been moved to alternative vehicles, the exchange balance stands at over 3 million BTC, as per Glassnode.

根據玻璃節點，調整已移至替代車輛的硬幣時，交換餘額為300萬BTC。