随着鲸鱼的积累，比特币（BTC）所有权动态变化，较小的持有人卸载

来自加密分析公司玻璃节的数据揭示了比特币（BTC）所有权动态的重大变化。

Data from crypto analytics firm Glassnode reveals a significant shift in Bitcoin (BTC) ownership dynamics, with large holders—or “whales”—continuing to accumulate, while smaller holders are increasingly offloading their assets.

来自加密分析公司玻璃节的数据表明，比特币（BTC）所有权动态发生了重大变化，大型持有人或“鲸鱼”（鲸鱼”都在积累，而较小的持有人越来越多地卸载其资产。

Whales Pushed Bitcoin Accumulation Close to 0.6

鲸鱼将比特币的积累接近0.6

As of today, on-chain market intelligence firm Glassnode reports that whales holding over 10,000 BTC have pushed their accumulation score close to 0.6, signaling strong buying activity.

截至今天，链上市场情报公司GlassNode报告说，持有10,000多个BTC的鲸鱼已将其积累得分接近0.6提高，这表明了强大的购买活动。

The accumulation score ranges from 0 to 1, with a higher value indicating stronger accumulation.

累积评分范围为0到1，较高的值表明累积更强。

This trend suggests that whales are becoming more dominant in the market and are capable of influencing price trends more easily.

这种趋势表明，鲸鱼在市场上越来越占主导地位，并且能够更容易影响价格趋势。

The accumulation trend among whales (>10K $BTC) continues to strengthen, with their score now nearing 0.6. In contrast, <1 $BTC holders have dropped below 0.2, deepening their distribution. The divergence between large and small holders is becoming more pronounced. https://t.co/LMH2TKEF48 pic.twitter.com/516IiMfVMF

鲸鱼（> 10k $ btc）之间的积累趋势继续增强，其得分接近0.6。相比之下，<1 $ BTC持有人已降至0.2以下，加深了它们的分布。大型和小持有人之间的差异变得越来越明显。 https://t.co/lmh2tkef48 pic.twitter.com/516iimfvmf

A score above 0.5 usually signals sustained interest from big investors, which is generally considered a bullish signal for Bitcoin, especially amid broader market volatility.

超过0.5的分数通常信号持有大型投资者的兴趣，这通常被认为是比特币的看涨信号，尤其是在更广泛的市场波动中。

This means whales now control a larger portion of the Bitcoin supply, and their ongoing accumulation can be seen as a bullish signal for the crypto.

这意味着鲸鱼现在控制着比特币供应的较大部分，它们持续的积累可以看作是加密货币的看涨信号。

In contrast, Bitcoin holders with less than 1 BTC have seen their accumulation scores fall sharply, dropping below 0.2.

相反，BTC少于1 BTC的比特币持有人的积累得分急剧下降，下降到0.2以下。

This suggests a marked shift in behavior, with smaller holders moving towards distribution rather than accumulation. It seems that smaller investors are more likely to be taking profits or reducing exposure as the market remains uncertain.

这表明行为发生了明显的转变，较小的持有人朝着分布而不是积累迈进。由于市场仍然不确定，似乎较小的投资者更有可能获得利润或降低曝光率。

The Growing Divergence Between Large and Small Holders

大型和小持有人之间的差异越来越大

The widening gap between whale accumulation and retail distribution highlights a two-tiered Bitcoin market. Institutional players continue to accumulate, while smaller holders appear to be rotating out.

鲸鱼积累和零售分配之间的差距扩大突出了两层比特币市场。机构球员继续积累，而较小的持有人似乎正在旋转。

Historically, such trends have preceded significant price movements, depending on how accumulation and sell pressure balance out.

从历史上看，此类趋势在价格上的重大变动之前，具体取决于积累和出售压力平衡的方式。

Big Players Boosted Bitcoin Holdings in March

大玩家在三月份增加了比特币持有

Institutional acquisitions surged in March, with major players like Strategy (formerly MicroStrategy) adding nearly 30K Bitcoins for $2.5 billion, bringing its holdings to 528,185 BTC.

机构收购在3月飙升，主要参与者（以前是MicroStrategy）以25亿美元的价格增加了近3万比特币，其持股量达到528,185 BTC。

GameStop also confirmed Bitcoin as a treasury reserve asset, diversifying its holdings. Even the U.S. government entered the fray, with an executive order to establish a Strategic Bitcoin Reserve.

GameStop还确认比特币是国库券的资产，使其持股多样化。甚至美国政府也进入了竞争，并通过行政命令建立战略性比特币储备。

Who’s Selling Bitcoin?

谁在卖比特币？

A deeper dive and Glassnode’s data reveal that more than two-thirds of Bitcoin holders from the 2017 bull run fully exited by the December 2024 peak.

更深层次的潜水和玻璃节数据表明，超过三分之二的比特币持有者来自2024年12月峰的2017年公牛奔跑。

Although the share of wealth held by investors who bought $BTC 3–5 years ago has declined by 3 percentage points since its November 2024 peak, it remains at historically elevated levels.

尽管自2024年11月峰值以来，3 - 5年前购买BTC $ BTC的投资者所占据的财富份额下降了3个百分点，但它的水平仍然高于历史。

Meanwhile, those who entered between 2020 and 2022—often considered newer but more informed investors—have mostly held onto their BTC, despite a slight 3 percentage point decline in their wealth share since November.

同时，尽管自11月以来，他们的财富份额下降了3个百分点，但在2020年至2022年之间进入的人（通常被认为是新的但更知名的投资者）。

This suggests that short-term profit-takers are driving the current sell pressure, while seasoned players and institutional buyers take advantage of the dip.

这表明短期利润者正在驱动当前的卖出压力，而经验丰富的参与者和机构买家则利用了蘸料。

Why This Matters

为什么这很重要

The growing divide between institutional accumulation and retail selling underscores the shifting landscape of Bitcoin ownership. As larger players strengthen their positions, retail selling could contribute to increased volatility, but whale dominance could push Bitcoin towards a more stable upward trend.

机构积累与零售销售之间的鸿沟不断增长，这突显了比特币所有权的不断变化的景观。随着较大的玩家加强自己的位置，零售销售可能会导致波动的增加，但是鲸鱼的优势可以将比特币推向更稳定的上升趋势。