比特币（BTC）价格调整：长期持有者占据中心舞台

比特币 (BTC) 最近的价格下跌至 92,000 美元，这归因于长期持有者 (hodlers)，而不是机构投资者或交易所交易基金 (ETF)

Bitcoin (BTC) price experienced a brief dip to $92,000 on November 26, a decline of over 5.6% in 24 hours, according to data from Binance. The price had earlier soared to a record high of $99,000 during the week.

币安的数据显示，11 月 26 日，比特币 (BTC) 价格短暂下跌至 92,000 美元，24 小时内跌幅超过 5.6%。本周早些时候，价格曾飙升至 99,000 美元的历史新高。

However, a closer examination of on-chain data suggests that the recent correction may be largely driven by long-term Bitcoin (BTC) holders, rather than institutional investors or exchange-traded funds (ETFs).

然而，对链上数据的仔细检查表明，最近的调整可能主要是由长期比特币（BTC）持有者推动的，而不是机构投资者或交易所交易基金（ETF）。

According to Eric Balchunas, a senior ETF analyst at Bloomberg, the sell-off appears to be coming from hodlers rather than the flow of funds into ETFs. In a post on X on November 25, Balchunas stated:

彭博社高级 ETF 分析师埃里克·巴尔丘纳斯 (Eric Balchunas) 表示，抛售似乎来自持有者，而不是流入 ETF 的资金。 Balchunas 在 11 月 25 日的 X 帖子中表示：

“The call is coming from inside the house, it’s long-term hodlers.”

“电话来自房子内部，是长期持有者。”

The price decline comes as Bitcoin燭台圖 closed its largest monthly candle in history, highlighting increased activity among hodlers.

价格下跌之际，比特币蜡烛台图创下了历史上最大的月度蜡烛图，凸显了持有者活动的增加。

Meanwhile, crypto trader and technical analyst Kyle du Plessis pointed out that U.S. spot ETFs absorbed 90% of the selling pressure as hodlers sold 128,000 BTC.

与此同时，加密货币交易员和技术分析师 Kyle du Plessis 指出，美国现货 ETF 吸收了 90% 的抛售压力，因为持有者出售了 128,000 BTC。

“Strong institutional demand is fueling BTC's rally, bringing it closer to the $100K milestone,” du Plessis added.

du Plessis 补充道：“强劲的机构需求正在推动 BTC 的上涨，使其更接近 10 万美元的里程碑。”

The following chart shows the relationship between long-term holder selling and ETF balances during the recent market activity:

下图显示了近期市场活动中长期持有者抛售与ETF余额之间的关系：

(Insert Chart: Long-term holders and ETF balances position change.)

（插入图表：长期持有者和 ETF 余额头寸变化。）

It's worth noting that the market leverage, as indicated by CryptoQuant data, remains high with an estimated leverage ratio of 0.24 across all exchanges. This is the highest level of leverage seen since August 2023.

值得注意的是，根据 CryptoQuant 数据显示，市场杠杆率仍然很高，所有交易所的杠杆率预计为 0.24。这是自 2023 年 8 月以来的最高杠杆水平。

Several market participants have expressed concerns about the sustainability of Bitcoin's rally amid high leverage. For instance, Kris Marszalek, co-founder and CEO of Crypto.com, stated on November 12 that “The crypto market will need deleveraging before BTC can breach $100,000.”

多位市场人士对高杠杆下比特币涨势的可持续性表示担忧。例如，Crypto.com 联合创始人兼首席执行官 Kris Marszalek 于 11 月 12 日表示，“在 BTC 突破 10 万美元之前，加密市场需要去杠杆化。”

However, as highlighted by Cointelegraph, the role of hodlers and the management of leverage will continue to be crucial in shaping Bitcoin's future trajectory.

然而，正如 Cointelegraph 所强调的那样，持有者的角色和杠杆管理对于塑造比特币的未来轨迹仍将至关重要。