随着长期持有者（LTH）积极增持，比特币（BTC）闪现出可能反弹的迹象

比特币（BTC）显示出可能上涨的迹象，因为其价格受益于关键指标的积极趋势，引发了投资者的乐观情绪。

Bitcoin (BTC) price showed signs of a possible rally as its price stood to benefit from positive trends in critical metrics, sparking optimism among investors.

比特币（BTC）价格显示出可能上涨的迹象，因为其价格将受益于关键指标的积极趋势，引发投资者的乐观情绪。

The recent rise in the Bitcoin Puell Multiple above 1.00 marked an important shift. This is historically in alignment with new all-time highs for BTC following previous post-halving cool-off periods.

最近比特币普埃尔倍数升至 1.00 以上标志着一个重要转变。从历史上看，这与之前减半后冷静期后比特币的历史新高一致。

This metric, which measures miner revenue compared to historical norms, has often preceded strong price movements.

该指标衡量矿商收入与历史标准的比较，通常出现在价格剧烈波动之前。

With Bitcoin now exhibiting a similar breakout, some market watchers believed this tool could signal another surge toward new highs. The Puell Multiple measures when miner earnings in USD significantly exceed or fall below the annual average.

随着比特币现在表现出类似的突破，一些市场观察人士认为，该工具可能预示着比特币再次飙升至新高。普埃尔多重衡量矿工以美元计算的收入何时显着超过或低于年度平均水平。

When this indicator enters its upper red zone, it often suggests BTC may be reaching a peak. The green zone indicates potential for growth. The current position of the Puell Multiple suggests Bitcoin may have room for further gains if history repeats itself.

当该指标进入红色上方区域时，通常表明 BTC 可能已达到顶峰。绿色区域表示增长潜力。普埃尔倍数目前的状况表明，如果历史重演，比特币可能还有进一步上涨的空间。

Long-Term Bitcoin Holders Aggressively Stacking Up

长期比特币持有者积极增持

Long-term holders (LTHs) have also shown growing interest in Bitcoin (BTC), with many continuing to accumulate, although there has been a slight dip in net position change.

长期持有者（LTH）也对比特币（BTC）表现出了越来越大的兴趣，尽管净头寸变化略有下降，但许多人仍在继续增持。

This steady buying pattern suggests confidence among experienced investors, who appeared to be positioning for potential short-term gains.

这种稳定的购买模式表明经验丰富的投资者充满信心，他们似乎正在为潜在的短期收益做好准备。

In comparison to previous peaks, this cautious accumulation indicated a more disciplined approach by LTHs, avoiding the kind of rapid sell-offs seen in past bull runs.

与之前的峰值相比，这种谨慎的积累表明 LTH 采取了更加严格的做法，避免了过去牛市中出现的那种快速抛售。

Long Accounts and Liquidity Heatmap

多头账户和流动性热图

The cautious yet consistent accumulation may support price stability in the short term, reducing the likelihood of a major correction.

谨慎而持续的增持可能会在短期内支撑价格稳定，降低大幅调整的可能性。

The current landscape also showed a substantial unwinding of long positions, adding potential volatility to the BTC market.

当前的形势还显示多头头寸大幅平仓，增加了比特币市场的潜在波动性。

Over $500 million in open interest disappeared following just a 2% price dip, highlighting the market’s sensitivity to sudden changes.

价格仅下跌 2%，超过 5 亿美元的未平仓合约就消失了，凸显了市场对突然变化的敏感性。

Such unwinding suggested traders were either reacting to recent inflation data or adjusting positions ahead of potential market-moving events.

这种平仓表明交易者要么对最近的通胀数据做出反应，要么在潜在的市场波动事件发生之前调整头寸。

This reduction in open interest could mean increased volatility in the coming weeks, so investors may want to monitor BTC’s movements closely. Despite BTC’s recent upward trend, the broader liquidity environment remained a concern.

未平仓合约的减少可能意味着未来几周的波动性增加，因此投资者可能需要密切关注比特币的走势。尽管比特币近期呈上升趋势，但更广泛的流动性环境仍然令人担忧。

Bitcoin’s Liquidity Heatmap, a tool used to gauge buying and selling activity in the market, pointed to a negative liquidity setting, even as BTC prices rose.

比特币的流动性热图（一种用于衡量市场买卖活动的工具）指出，即使比特币价格上涨，流动性仍为负值。

With the Federal Reserve’s quantitative tightening (QT) program expected to taper off and the Reverse Repo Program balance nearing zero, some analysts anticipated a shift in liquidity conditions.

随着美联储的量化紧缩（QT）计划预计将逐渐减少且逆回购计划余额接近于零，一些分析师预计流动性状况将发生变化。

Such changes could positively impact risk assets like Bitcoin if the Fed decided to end QT, potentially boosting BTC’s price.

如果美联储决定结束 QT，这些变化可能会对比特币等风险资产产生积极影响，从而可能推高比特币的价格。

The Treasury’s Quarterly Refunding Statement also highlighted liquidity changes, with plans to reach a year-end cash balance of $700 billion. As the debt ceiling deadline approaches in January, historical patterns suggest a drawdown in the Treasury General Account, which could affect market liquidity.

财政部的季度退款声明也强调了流动性变化，计划年底现金余额达到7000亿美元。随着一月份债务上限最后期限的临近，历史模式表明财政部普通账户的缩减，这可能会影响市场流动性。

With these potential changes on the horizon, many analysts anticipated a liquidity boost, which could create favorable conditions for BTC.

随着这些潜在变化的出现，许多分析师预计流动性将会增加，这可能为比特币创造有利的条件。

Bitcoin’s recent price activity has garnered significant attention, driven by positive signals from the Puell Multiple, strong accumulation from long-term holders, and the potential for increased liquidity. If these trends persist, Bitcoin could be on the path to retesting its previous highs.

在普埃尔倍数的积极信号、长期持有者的强劲积累以及流动性增加的潜力的推动下，比特币近期的价格活动引起了广泛关注。如果这些趋势持续下去，比特币可能会重新测试之前的高点。