比特币 (BTC) 跌至 9.4 万美元，累积趋势得分跌至 0.21，投资者情绪复杂

由于加密货币市场正在努力应对近期的损失，比特币 (BTC) 周三下跌 2%。链上数据表明发生了转变

Bitcoin (BTC) price experienced a 2% sell-off on Wednesday as the cryptocurrency market grappled with recent losses. However, on-chain data suggested a shift in the accumulation of the leading cryptocurrency, indicating that holders are increasingly selling their assets.

由于加密货币市场正在努力应对近期的损失，比特币 (BTC) 价格周三下跌 2%。然而，链上数据表明领先的加密货币的积累发生了变化，表明持有者越来越多地出售其资产。

Despite this shift towards distribution, Bitcoin's Market Value to Realized Value (MVRV) ratio suggested that the current market cycle has not yet reached its peak.

尽管出现了这种向分配的转变，但比特币的市场价值与已实现价值（MVRV）比率表明当前的市场周期尚未达到顶峰。

Bitcoin price fell to $94K, sparking mixed reactions among investors

比特币价格跌至 9.4 万美元，引发投资者不同反应

Bitcoin extended its decline into Wednesday, falling toward $94,000 and triggering over $134 million in liquidations, according to Coinglass data.

根据 Coinglass 的数据，比特币的跌势延续至周三，跌至 94,000 美元，并引发了超过 1.34 亿美元的清算。

On-chain data from Glassnode revealed that Bitcoin's Accumulation Trend Score dropped to near 0, indicating a shift in the market toward a distribution phase.

Glassnode的链上数据显示，比特币的累积趋势得分降至接近0，表明市场已转向分配阶段。

The metric approached a score close to 1 across most cohorts of holders during the rally between November and December, signaling steady accumulation. However, investors across all cohorts have slowly increased distribution in the past few days, with ultra-large holders leading the charge.

在 11 月至 12 月的涨势期间，大多数持有者群体的该指标得分接近 1，表明积累稳定。然而，过去几天，所有类别的投资者都在缓慢增加分配，其中超大型持有者引领潮流。

Bitcoin Trend Accumulation Score by Cohort. Source: Glassnode

按群组划分的比特币趋势累积分数。来源：Glassnode

The selling pressure may have been fueled by stronger-than-expected US ISM Services Purchasing Managers Index (PMI) and job openings data reported by the US Bureau of Labor Statistics for November 2024.

强于预期的美国 ISM 服务业采购经理指数 (PMI) 和美国劳工统计局报告的 2024 年 11 月职位空缺数据可能加剧了抛售压力。

In a recent memo, crypto analyst Markus Thielen stated that global liquidity shifts could threaten Bitcoin's bullish momentum.

在最近的一份备忘录中，加密货币分析师 Markus Thielen 表示，全球流动性变化可能会威胁比特币的看涨势头。

"Following the Trump re-election, the strengthening US dollar has tightened dollar-denominated liquidity, signaling the potential for a consolidation phase in the near term," wrote Thielen.

蒂伦写道：“特朗普连任后，美元走强，导致以美元计价的流动性收紧，预示着短期内可能出现盘整阶段。”

He noted that Bitcoin and risk assets may experience a temporary consolidation caused by the appreciation of the US dollar. This is also visible in the decline across the US stock market, signaling its growing correlation with Bitcoin.

他指出，由于美元升值，比特币和风险资产可能会经历暂时的盘整。这在美国股市的下跌中也可见一斑，表明其与比特币的相关性日益增强。

Despite the recent sell-side pressure after Bitcoin reached an all-time high above $108,000, the top crypto may still have potential for higher price appreciation before the cycle ends.

尽管在比特币触及 108,000 美元以上的历史高点后，近期卖方面临压力，但顶级加密货币在周期结束之前仍有可能实现更高的价格升值。

Bitcoin's Market Value to Realized Value (MVRV) ratio, which indicates the average profit or loss for all investors, has not yet reached the level of 3.2, which signifies "extreme euphoria," according to Glassnode data. For Bitcoin (BTC) to enter this state of extreme euphoria in the current cycle, it would need to reach a price of $132,000.

根据 Glassnode 的数据，比特币的市值与已实现价值 (MVRV) 比率（表示所有投资者的平均盈亏）尚未达到 3.2 的水平，这意味着“极度兴奋”。比特币 (BTC) 要在当前周期进入这种极度兴奋的状态，其价格需要达到 132,000 美元。

Bitcoin MVRV Pricing Bands. Source: Glassnode

比特币 MVRV 定价范围。来源：Glassnode

"BTC price has historically spent only ~5% of trading days above the 3.2 MVRV level," wrote Glassnode analysts. "This highlights how rare such peaks are and reinforces why it's often considered an 'extreme euphoria' zone."

Glassnode 分析师写道：“从历史上看，比特币价格只有约 5% 的交易日高于 3.2 MVRV 水平。” “这凸显了这样的峰值是多么罕见，并强化了为什么它经常被认为是‘极度兴奋’区域。”