比特币[BTC]进入了合并阶段，显示了冷却的迹象，而无需触发广泛的销售

比特币[BTC]进入了合并阶段，显示了冷却的迹象，而不会触发广泛的销售。

Bitcoin price has been consolidating, showing signs of cooling without triggering widespread selling or panic.

比特币价格一直在巩固，显示出冷却的迹象，而不会引发广泛的销售或恐慌。

On-chain data from Glassnode sheds light on this shift in market positioning.

玻璃节的链链数据阐明了市场定位的这种转变。

Holders Unloading High Profits, Mid-Range Builds

持有者卸下高利润，中档建造

According to Glassnode, there has been a shift in the share of Bitcoin held at different unrealized profit/loss ranges in 2025.

根据GlassNode的说法，在2025年以不同的未实现的利润/损失范围内，比特币的份额发生了变化。

Those holding BTC at a -23.6% to -10% loss saw an increase of 7.75% in their share this year. This aligns with the narrative of more holders being "underwater."

那些以-23.6％至-10％的持有BTC的人今年股份增加了7.75％。这与更多持有人在“水下”的叙述相吻合。

On the other hand, those with high-profit holdings, specifically in the 40–60% range, saw a decrease of 3.57%, while those with mid-profit positions (20–40%) saw an increase of 3.45%.

另一方面，拥有高利润的持股量，特别是在40-60％的范围内的人减少了3.57％，而中低营养的人（20–40％）的人则增加了3.45％。

This suggests that coins are migrating from the high-profit bands to more mid-range levels. It aligns with a market in cooldown mode but not showing panic behavior or large-scale selling.

这表明硬币正在从高利润的频段迁移到更高的中距离水平。它与以冷却模式的市场保持一致，但没有显示出恐慌行为或大规模销售。

Pressure Builds on Short-Term Holders

压力基于短期持有人

Further analysis shows significant pressure on short-term holders, those who acquired Bitcoin within the past 155 days.

进一步的分析表明，在过去155天内获得比特币的人对短期持有人的压力很大。

A substantial portion, over 2.8 million BTC from this group, is currently "underwater," presenting large unrealized losses.

目前“水下”造成了大量未实现的损失，这是该组的大量超过280万BTC。

However, it’s crucial to note that most investors are engaging in holding strategies rather than selling at a loss.

但是，至关重要的是要注意，大多数投资者都在制定策略，而不是亏损。

The average acquisition price for short-term holders stands at $92,500, placing Bitcoin (BTC) just below this critical threshold.

短期持有人的平均获取价格为92,500美元，比特币（BTC）低于此关键门槛。

This price range, according to CryptoVizArt, a senior analyst at Glassnode, identifies a supply zone.

GlassNode的高级分析师Cryptovizart表示，这个价格范围确定了一个供应区。

Investors who bought in this zone, which is $90K-$93K, might sell if the price returns to this area.

在此区域购买的投资者，即$ 90,000美元，如果价格回到该地区，则可能会出售。

But, for the price to move higher from here, it needs to break out of this zone to continue the bull market journey.

但是，要使价格从这里提高，它需要突破这个区域，以继续牛市旅程。

An Interesting Twist: Bitcoin’s Mean Dollar Invested Age

一个有趣的转折：比特币的平均美元投资年龄

Focusing on another aspect, Bitcoin’s Mean Dollar Invested Age (MDIA) by Santiment has seen an increase from 418 days on the 4th of February to 432 days on the 26th of March.

在另一个方面，比特币的平均美元投资年龄（MDIA）从santiment开始，从2月4日的418天增加到3月26日的432天。

This shift showcases a greater presence of older coins remaining dormant, suggesting a preference for accumulation over distribution.

这种转移展示了较大的较旧硬币的存在，这表明偏爱积累而不是分布。

During this period, Bitcoin’s price decreased from $101,403 to $84,330. Despite the price variation, the MDIA indicator consistently showed an upward trend.

在此期间，比特币的价格从101,403美元降至84,330美元。尽管价格差异，MDIA指标仍表现出向上的趋势。

This divergence suggests that long-term holders are maintaining their composure and are less likely to be easily swayed by price fluctuations.

这种差异表明，长期持有人保持镇定状态，并且很容易被价格波动摇动。

It hints at a more subtle and patient accumulation phase, as investors appear content to hold through the volatility.

它暗示了一个更加微妙和更细微的累积阶段，因为投资者似乎满足了波动性。

MVRV Long/Short Difference Drops

MVRV长/短差掉落

Another key metric to watch is the MVRV Long/Short Difference, which measures the profitability of long-term holders (LTH) against short-term holders (STH).

要观看的另一个关键指标是MVRV长/短差异，它可以衡量长期持有人（LTH）对短期持有人（STH）的盈利能力。

This indicator tracks the difference in unrealized profit or loss relative to the last time these two holder groups sold.

该指标跟踪了这两个持有人群体出售的最后一次未实现的利润或损失的差异。

According to Santiment data, the MVRV Long/Short Difference dropped from 22.12% on the 3rd of February to 6.59% on the 26th of March.

根据Santiment数据，MVRV长/短差从2月3日的22.12％下降到3月26日的6.59％。

This signals a significant reduction in LTH's profitability edge, although it seems to be impacting sentiment to a lesser degree.

这表明LTH的盈利能力边缘大大降低，尽管这似乎在较小程度上影响了情感。

A Final Note

最终音符

March saw the Exchange Whale Ratio, tracked by CryptoQuant, remaining above the 0.50 mark throughout the month.

三月看到了由CryptoQuant跟踪的交换鲸比，整个月保持在0.50分。

This suggests a sustained presence of large traders on exchanges, despite the potential for them to move their coins quickly due to their significant holdings.

这表明大型交易员在交流中持续存在，尽管由于他们的持股量很大，他们有可能迅速移动硬币。

The peaks in the ratio on the 14th of March and the 20th of March coincided with periods of price stabilization, such as the brief stabilization around $84,000 and the subsequent recovery to $88,200.

3月14日和3月20日的峰值与价格稳定时期相吻合，例如短暂稳定量约为84,000美元，随后的回收率为88,200美元。

This pattern hints at heightened whale activity during phases of low volatility, without necessarily triggering major selloffs or buy-side pressure that would lead to substantial price movements.

这种模式暗示了在低波动率的阶段中增加的鲸鱼活动，而不必触发重大抛售或买入侧压力，这将导致大量价格变动。