隨著價格下跌，鯨魚累積更多比特幣（BTC）和 XRP

技術分析師阿里馬丁內斯表示，加密貨幣價格的下跌讓鯨魚累積了更多資產

Technical analyst Ali Martinez has observed a trend of crypto prices dipping and enabling whales to accumulate more assets. In a post on X, he reported that 342 new wallets were created, each holding more than 100 BTC, as the price of Bitcoin dropped from $104,000 to around $90,000.

技術分析師阿里·馬丁內斯（Ali Martinez）觀察到加密貨幣價格下跌的趨勢，並使鯨魚能夠累積更多資產。在 X 上的一篇貼文中，他報告說，隨著比特幣的價格從 104,000 美元跌至 90,000 美元左右，創建了 342 個新錢包，每個錢包都持有 100 多個 BTC。

According to Martinez, whales are buying every dip as a sign of their strong bullishness about Bitcoin. He added that the price correction is merely a test of investors’ resilience, and those who took advantage are best positioned to ride the next wave.

馬丁內斯表示，鯨魚每次下跌都會買入，這顯示他們對比特幣強烈看好。他補充說，價格調整隻是對投資者韌性的考驗，那些利用這一機會的人最有能力駕馭下一波浪潮。

In his words:

用他的話說：

“This correction is a test of resilience, and if you play it right, you’ll be positioned to ride the next wave. This is how the 1% operates—buying fear while the rest of the market hesitates.”

「這次調整是對彈性的考驗，如果你處理得當，你將能夠駕馭下一波浪潮。這就是 1% 的人的運作方式——在市場其他人猶豫不決時購買恐懼。

Meanwhile, whales’ acquisition during the dip is not completely surprising. Crypto analyst Mac_D observed that Coinbase Premium surged while the Bitcoin price fell. Coinbase Premium describes the percentage difference between the price of BTC on Coinbase Pro and Binance, usually indicating the time when US institutional investors are buying. The rebound in the Premium implies that US investors buy heavily when there are massive sell-offs on Binance.

同時，鯨魚在下跌期間的收購並不完全令人驚訝。加密貨幣分析師 Mac_D 觀察到，Coinbase Premium 飆升，而比特幣價格下跌。 Coinbase Premium描述了Coinbase Pro和Binance上BTC價格之間的百分比差異，通常表示美國機構投資者購買的時間。溢價的反彈意味著，當幣安出現大規模拋售時，美國投資者會大量買入。

The analyst noted:

分析師指出：

“This rebound suggests that when excessive panic selling occurs on Binance, which has a higher proportion of small investors, U.S. institutional investors are likely to adopt an aggressive buying strategy.”

“這種反彈表明，當小投資者比例較高的幣安出現過度恐慌性拋售時，美國機構投資者可能會採取激進的買入策略。”

Interestingly, Bitcoin is not the only asset investors bought because of its dip. Onchain data also show that whales bought more than 100 million XRP as the token price fell due and retail sold in panic.

有趣的是，比特幣並不是投資者因下跌而購買的唯一資產。鏈上數據也顯示，隨著代幣價格下跌以及散戶恐慌拋售，鯨魚購買了超過 1 億個 XRP。

Analysts predictions come true as crypto prices rebound

隨著加密貨幣價格反彈，分析師的預測成真

Meanwhile, the dip now appears to be over for now, as almost every crypto asset has seen a surge in price over the last 24 hours. Bitcoin, which fell as low as around $94,000, is now back above $101,000 after an over 6% increase in its value.

與此同時，下跌現在似乎已經結束，因為幾乎所有加密資產的價格在過去 24 小時內都出現了飆升。比特幣曾經一度跌至 94,000 美元左右，在價值上漲超過 6% 後，目前已回到 101,000 美元以上。

With the rise in Bitcoin price, every other major cap token has followed, with XRP seeing the most gains in 24 hours at 18%, according to CoinMarketCap. SOL also increased by 10%, while BNB, DOGE, and ADA added 5%, 8%, and 13%, respectively.

根據 CoinMarketCap 的數據，隨著比特幣價格的上漲，其他所有主要市值代幣也隨之上漲，其中 XRP 在 24 小時內漲幅最大，達到 18%。 SOL 也上漲了 10%，而 BNB、DOGE 和 ADA 分別上漲了 5%、8% 和 13%。

Most analysts who predicted the rebound were not surprised. According to Santiment analysts on December 10, the FUD among traders who expect Bitcoin to drop below $90,000 is a positive sign of incoming retail capitulation. This is a good sign, as prices tend to move against market expectations.

大多數預測反彈的分析師並不感到驚訝。 Santiment 分析師 12 月 10 日表示，預計比特幣將跌破 9 萬美元的交易員的 FUD 是散戶投降即將到來的積極跡象。這是一個好兆頭，因為價格往往與市場預期背道而馳。

They wrote:

他們寫道：

“FUD is beginning to appear amongst traders. With some calls for $80K-$89K appearing across social media from the crowd once again, take this as a positive sign that retail capitulation is returning. Prices move the opposite direction of crowd expectation, meaning fear is generally necessary for prices to rebound.”

「FUD 開始出現在交易者中。隨著一些人再次在社交媒體上呼籲購買 8 萬至 8.9 萬美元，可以將此視為零售投降正在回歸的積極信號。價格走勢與大眾預期相反，這意味著恐懼通常是價格反彈所必需的。

However, Cryptoquant founder Ki Young Ju explained the quick rebound, noting that price corrections for BTC will be relatively small in this bull cycle. He attributes this to steady demand from institutions and exchange-traded funds (ETFs).

然而，Cryptoquant 創辦人 Ki Young Ju 解釋了這種快速反彈，並指出在本次牛市週期中，BTC 的價格調整相對較小。他將此歸因於機構和交易所交易基金（ETF）的穩定需求。

Glassnode data also supports this, with analysts noting that the average drawdown since 2022 is -7.68% compared to -16.24% overall. The maximum drawdown for this cycle is only -26.25%, far smaller than the -71.15% between 2011 and 2013. This shows that this cycle has been the least volatile for Bitcoin.

Glassnode 數據也支持了這一點，分析師指出，自 2022 年以來的平均回撤為 -7.68%，而整體回撤為 -16.24%。本週期最大回撤僅為-26.25%，遠小於2011年至2013年期間的-71.15%。

Bitcoin bull cycle expected to last longer as distribution continues

隨著分配的繼續，比特幣牛市週期預計將持續更長的時間

With Bitcoin returning to over $100,000 again, there are already some concerns about how long the good times will last. Experts at Glassnode believe the bull cycle is still in the mid-to-late stage with the potential for more price increases. They noted that cyclical long-term holders (LTH), excluding the ultra LTH who have held for over seven years, now have less than 50% of the BTC supply.

隨著比特幣再次回到 10 萬美元以上，已經有人擔心好時光能持續多久。 Glassnode專家認為，牛市週期仍處於中後期，價格有進一步上漲的潛力。他們指出，週期性長期持有者（LTH）（不包括持有七年以上的超 LTH）目前擁有的 BTC 供應量不足 50%。

Generally, these LTHs hold the majority of BTC at the beginning of the bull cycle, and by the peak, their supply has dropped, and short-term holders (STH) have around 70% – 80%.

一般來說，這些 LTH 在牛市週期開始時持有大部分 BTC，到了高峰期，其供應量有所下降，短期持有者 (STH) 的比例約為 70% - 80%。

Although the ETFs have changed the dynamics to some extent, STH still only holds around 50%, far below the over 80% they had when the market peaked in 2021. However, the level of distribution has increased over the last 30 days, with the Long/Short-Term Holder Supply Ratio dropping to 3.78, which is the lowest it’s been this cycle.

儘管 ETF 在一定程度上改變了動態，但 STH 的佔比仍僅為 50% 左右，遠低於 2021 年市場見頂時的 80% 以上。長短期持有者供給比率降至3.78，為本週期以來的最低水準。

Meanwhile, Santiment data shows that the Mean Dollar Invested Age has been declining. This

與此同時，Santiment 數據顯示，平均美元投資年齡一直在下降。這