比特币[BTC]遵循了这种模式，在此期间为3.22％的集会。这似乎表明市场信心正在增长。

随着加密货币市场的发展，比特币[BTC]遵循了这种模式，在此期间的集会为3.22％。这似乎表明市场信心正在增长。

As the cryptocurrency market shows signs of a potential bottom and a return to bullishness, Bitcoin [BTC] price has risen by 3.22% in the past 24 hours. This rally seems to be indicating that market confidence is growing. However, several concurrent developments hint at a rally that may be brewing as signs of seller fatigue begin to surface.

由于加密货币市场显示出潜在的底部迹象和回归的迹象，在过去的24小时内，比特币[BTC]价格上涨了3.22％。这次集会似乎表明市场信心正在增长。但是，几个并发的发展暗示了一场拉力赛可能正在酿造，因为卖方疲劳的迹象开始浮出水面。

When comparing the prevailing market performance to past episodes of turbulence, the setup feels eerily familiar.

当将现行的市场表现与过去的动荡情节进行比较时，该设置感到非常熟悉。

Seller exhaustion is nearing

卖方疲惫正在临近

During the latest market drawdown – one of the largest in crypto market history – investors recorded major losses of upto $240 million. Such episodes typically invite aggressive selling pressure. In this particular case, the realized profits have continued to shrink.

在最新的市场逐渐减少措施（加密市场历史上最大的市场之一）中，投资者的重大损失高达2.4亿美元。这些事件通常会引起侵略性销售压力。在这种特殊情况下，实现的利润继续缩水。

This contraction could be a sign that sellers may be evidently running low on ammunition.

这种收缩可能表明卖方可能显然在弹药上运转较低。

Indeed, it pointed to exhaustion setting in among market participants – A condition that often precedes a rebound.

确实，它指出了市场参与者之间的疲惫，这种情况通常是反弹之前的。

Source: Glassnode

来源：玻璃节

When we juxtapose the current setup with previous capitulation phases, like the U.S. tariff-triggered slide, the Covid-19 crash, the Terra-Luna and FTX meltdowns, or even the SVB banking scare, the resemblance is striking.

当我们将当前的设置与以前的投降阶段并列时，例如美国关税触发的幻灯片，COVID-19崩溃，Terra-Luna和FTX崩溃，甚至是SVB银行的恐慌，相似之处是震惊。

All of them were followed by periods of renewed buying energy.

所有这些之后都有新的购买能源的期限。

Source: CryptoQuant

资料来源：加密

To provide clearer guidance on potential market movements, AMBCrypto examined additional metrics to understand the actions of major investors. We discovered that a significant rebound may soon be approaching.

为了提供有关潜在市场变动的更清晰的指导，Ambcrypto检查了其他指标，以了解主要投资者的行动。我们发现可能很快就会发生重大反弹。

A major rebound could be closer

重大反弹可能会更近

On top of that, the Binary Coin Days Destroyed (CDD) metric tells us a story of its own.

最重要的是，二进制硬币日被摧毁（CDD）指标告诉我们一个自己的故事。

At the time of writing, it was flashing a reading of 1 – Indicative of the fact that long-term holders, often the stoic believers in Bitcoin, have joined the selling cohort.

在撰写本文时，它闪烁了1读，这表明长期持有人（通常是比特币的坚忍信徒）加入了销售同类。

That’s a potent signal. When long-term holders offload post-drop, it’s either to lock in gains or cut losses. These are both signs of capitulation.

那是一个有效的信号。当长期持有人卸载后，要么要锁定收益或削减损失。这些都是投降的迹象。

Now, even though the market sentiment may be skewed towards selling, the tempo has been slowing down.

现在，即使市场情绪可能偏向销售，节奏也在放慢速度。

This blend of metrics—shrinking realized profits, a Binary CDD reading of 1, and historical parallels—all converge towards a familiar narrative. It is – Seller fatigue is here and a relief rally could very well be the next chapter.

这种指标的融合（旋转实现的利润，二进制CDD读数为1和历史相似之处）都融合了一个熟悉的叙述。它是 - 卖方疲劳就在这里，下一章很可能是救济集会。

Source: CryptoQuant

资料来源：加密

In fact, building on signs of seller exhaustion, long-term holders may now be nearing their final phase of selling.

实际上，基于卖方疲惫的迹象，长期持有人现在可能正在接近其最后阶段的销售阶段。

They could soon hold onto the rest. That’s especially true for institutions, who are shifting gears too.

他们很快就可以坚持其余的。对于也正在转移齿轮的机构尤其如此。

For example – Institutional netflows have dried up. Only $1 million in Bitcoin was sold recently, down from a $176.72 million four-day average.

例如 - 机构Netfrows已经干燥。最近仅出售了100万美元的比特币，低于1.7672亿美元的四天平均值。

Source: CoinGlass

资料来源：小店

That’s a massive drop. Naturally, this means confidence is creeping back into the hands of big-money players. These institutions don’t trade lightly. Their actions often shape Bitcoin’s next major move.

那是一个大量的下降。自然，这意味着信心正在回到大型球员的手中。这些机构不会轻易交易。他们的行动通常会塑造比特币的下一个重大举措。

In the spot market, CryptoQuant’s data highlighted a new trend. Netflows flipped negative – Always a bullish signal. That suggested that accumulation is on and that Bitcoin is being moved into private wallets and away from exchanges.

在现货市场，CryptoQuant的数据强调了新趋势。 Netflows翻转负 - 总是看涨信号。这表明积累正在启动，比特币被移至私人钱包，并远离交换。

In this phase, 1,959 BTC have been scooped up – Worth around $162 million. Average buy price? $83,000. If this pace holds, Bitcoin could continue soaking up the remaining sell pressure. A breakout may be closer than expected.

在此阶段，已将1,959 BTC抢购一空 - 价值约1.62亿美元。平均买价？ $ 83,000。如果这种速度成立，比特币可以继续增加剩余的卖出压力。突破可能比预期的要近。

According to a report by the U.S. Commodity Futures Trading Commission (CFTC), over-the-counter (OTC) derivatives transactions in digital assets reached a record high of $15.1 billion in the first quarter of 2024, more than doubling from the previous quarter.

根据美国商品期货交易委员会（CFTC）的一份报告，在2024年第一季度，数字资产的非处方（OTC）衍生品交易达到了151亿美元的创纪录，比上一季度的一倍以上。

The report, which was released on Wednesday, also showed that futures trading volume in digital assets on U.S. derivatives exchanges fell to $1.3 billion in the first quarter, down from $2.4 billion in the fourth quarter of 2023.

该报告于周三发布，还显示，美国衍生品交易所数字资产的期货交易量下降到第一季度的13亿美元，低于2023年第四季度的24亿美元。

The CFTC said that the increase in OTC derivatives transactions was driven by several factors, including the growing popularity of digital assets, the low interest rate environment, and the increasing sophistication of financial institutions.

CFTC表示，OTC衍生品交易的增加是由几个因素驱动的，包括数字资产的日益普及，低利率环境以及金融机构的复杂性的日益增长。

“The CFTC is committed to overseeing the derivatives markets in a way that promotes innovation and efficiency, while also protecting market integrity and investors,” said CFTC Chairman Robert R. (Bob)

CFTC主席Robert R.（Bob）说：“ CFTC致力于以促进创新和效率的方式监督衍生品市场，同时也保护市场完整性和投资者。”