随着经验丰富的市场参与者的转变，比特币[BTC]可能是另一个战略积累

这种不断发展的趋势在最新的链上数据中很明显，尤其是被破坏的价值日（VDD）度量标准，该趋势现已达到与未来价格飙升有关的阶段。

Bitcoin [BTC] may be amid another strategic buildup as seasoned market participants shift gears from profit-taking to accumulation.

比特币[BTC]可能是另一个战略性的积累，因为经验丰富的市场参与者将齿轮从获利转移到积累。

This evolving trend is evident in the latest on-chain data, particularly the Value Days Destroyed (VDD) metric, which has now reached a phase historically associated with future price surges.

这种不断发展的趋势在最新的链上数据中很明显，尤其是被破坏的价值日（VDD）度量标准，该趋势现已达到与未来价格飙升有关的阶段。

Bitcoin long-term holders re-emerge as accumulators

比特币长期持有人重新出现为累加器

The Bitcoin VDD chart reveals four significant accumulation phases: January and October 2023, October 2024, and now March 2025. Each phase is marked by a sharp drop in VDD, signaling reduced coin movement and increased conviction among long-term holders. The current reading, highlighted by the fourth blue circle on the chart, is the lowest since mid-2024.

比特币VDD图表显示了四个重要的积累阶段：2023年1月和2024年10月和2025年3月。每个阶段都以VDD的急剧下降标记，信号减少了硬币运动和长期持有人的信念增加。当前的读数是图表上的第四个蓝色圆圈突出显示，是自2024年中期以来的最低读数。

For instance, VDD dropped to around 15.6 on 15 January, paving the way for Bitcoin to rally from $70,000 to $80,000 in the following weeks. Similarly, VDD fell to 14.7 by October 2023, paving the stage for another rally to $70,000.

例如，VDD在1月15日下降到15.6左右，在接下来的几周内，比特币从70,000美元升至80,000美元。同样，VDD到2023年10月跌至14.7，铺平了舞台，再拨打70,000美元。

At press time, VDD stands at 13.4, the lightest level observed in the past 10 months. Historically, such low VDD values have preceded strong bullish moves. In each previous accumulation phase, Bitcoin registered a new leg up shortly after.

在发稿时，VDD处于13.4的状态，这是过去10个月中最轻的水平。从历史上看，如此低的VDD价值观先于强烈的看涨行动。在以前的每个累积阶段，比特币不久之后就注册了一条新腿。

The behavior of these seasoned participants, buying low and exiting near local tops, offers a reliable gauge for broader market sentiment. Their current stance suggests they do not see present price levels as opportune for distribution.

这些经验丰富的参与者的行为，在当地上衣附近购买低价和退出，为更广泛的市场情绪提供了可靠的规格。他们目前的立场表明，他们没有将目前的价格水平视为分配的机会。

No signs of profit-taking from smart money

没有智能货币获利的迹象

Red circles on the Bitcoin VDD chart point to four distinct selling spikes—January, April, July, and March 2025. Each surge in value destruction corresponded to local tops, underscoring how strategic these entities are in capturing profits. But as of now, there’s no such spike. The absence of realized value destruction supports the theory that smart money is staying put. Their conviction adds credence to a price floor forming near the $82K level, discouraging aggressive short-selling in the current structure.

比特币VDD图表上的红色圈子指向四个不同的销售尖峰 - 1月，4月，7月和2025年3月。价值破坏的每次飙升都与本地上衣相对应，强调了这些实体在捕获利润方面的战略性。但是到目前为止，还没有这样的尖峰。缺乏实现价值的破坏支持了智能资金一直保持着的理论。他们的信念增加了价值82,000美元水平的价格平台的信誉，这阻止了当前结构的积极卖空。

Bitcoin price action aligns with on-chain calm

比特币价格动作与链上平静一致

Bitcoin traded at $82,011 at press time, below both the 50-day and 200-day Moving Averages at $84,455 and $93,712, respectively. Despite the bearish short-term structure, the Accumulation/Distribution Line is stable at 4.93M, indicating that distribution pressure hasn't intensified. This divergence, price weakness vs. steady A/D levels, could point to a hidden bullish divergence forming. It could confirm this thesis if the price stabilizes and breaks above the $ 84K-$ 85K resistance zone.

发稿时，比特币的交易价格分别为82,011美元，低于50天和200天的移动平均值，分别为84,455美元和93,712美元。尽管看跌短期结构，但累积/分布线仍为493万，表明分布压力尚未加剧。这种分歧，价格弱点与稳定的A/D水平，可能表明隐藏的看涨差异形成。如果价格稳定并超过8.4 k- $ 85K的电阻区，它可以证实这一论文。

What next?

接下来是什么？

Bitcoin's low VDD environment, combined with the long-term holders's accumulation behavior and muted distribution metrics, signals a potential bottoming phase. If historical patterns repeat, BTC may be setting up for its next bullish impulse.

比特币的低VDD环境，结合了长期持有人的积累行为和静音分布指标，标志着潜在的底部阶段。如果历史模式重复，BTC可能会为其下一个看涨冲动设置。