比特币（BTC）保持波动，对宏观经济转变和市场情绪急剧反应

链上的数据揭示了比特币所有权的重大转变。拥有1000多个BTC的钱包一直在稳步下降，其供应量达到了2019年以来的最低水平。

Bitcoin (BTC) has been highly volatile, reacting sharply to macroeconomic shifts and market sentiment. After facing significant price swings, BTC is currently under downward pressure, experiencing a notable decline.

比特币（BTC）的波动性高度易变，对宏观经济转变和市场情绪急剧反应。在面对大幅度波动之后，BTC目前正处于向下压力下，显着下降。

Several external factors, including regulatory developments, interest rate expectations, and liquidity shifts, continue to shape Bitcoin’s trajectory.

包括监管发展，利率期望和流动性转移在内的几个外部因素继续塑造比特币的轨迹。

Whale Holdings Hit Multi-Year Lows, But Sharks Are Stacking

鲸鱼持有量达到了多年低点，但鲨鱼堆积了

On-chain data from Glassnode reveals a significant shift in Bitcoin ownership. Wallets holding over 1,000 BTC have been steadily declining, with their supply hitting the lowest level since 2019. Many of these addresses were once linked to exchanges, and the persistent outflows over the past three years have contributed to this trend.

来自GlassNode的链链数据揭示了比特币所有权的重大变化。持有超过1,000 BTC的钱包一直在稳步下降，其供应达到了2019年以来的最低水平。其中许多地址曾经与交流有关，并且在过去三年中持续的外流促成了这一趋势。

On the other hand, wallets holding between 100 and 1,000 BTC are aggressively accumulating. These entities, often associated with institutional players, miners, and funds, have historically played a critical role in Bitcoin’s price cycles.

另一方面，容纳100至1,000 BTC之间的钱包正在积极积累。这些实体通常与机构参与者，矿工和资金有关，历史上在比特币的价格周期中发挥了关键作用。

Smaller holders, wallets with less than 100 BTC, have historically responded to price fluctuations rather than driving them. Data shows they tend to sell during rallies rather than accumulate. This pattern was evident during the 2021 and 2024 bull markets, where retail investors distributed BTC as prices surged. Currently, these holders remain neutral, with a slight inclination toward accumulation.

较小的持有人，小于100 BTC的钱包，历史上对价格波动有所反应，而不是驾驶它们。数据表明，它们倾向于在集会期间出售而不是积累。这种模式在2021年和2024年的牛市中很明显，随着价格飙升，零售投资者分发了BTC。目前，这些持有人保持中立，略有倾向于积累。

Will BTC Hold Above $81.5K?

BTC会持有超过$ 81.5K吗？

According to technical analysis by Coin Signals, Bitcoin has revisited the critical $85K–$86K support zone. This level aligns with the 200-day Exponential Moving Average (EMA) and a key trendline support, making it a crucial area to monitor.

根据硬币信号的技术分析，比特币重新审视了关键的85,000美元 - $ 86K的支持区。该水平与200天的指数移动平均线（EMA）和关键趋势线支持保持一致，这使其成为监测的关键领域。

Additionally, the 200-day Simple Moving Average (SMA) sits around $81.5K, which coincides with a previous SBR (Support-Becomes-Resistance) FOMO correction low. If BTC manages to maintain support above these levels, a potential bounce could be on the horizon. However, a breakdown below could signal prolonged consolidation or further downside.

此外，200天简单的移动平均线（SMA）的价格约为81.5k美元，恰好与先前的SBR（support-Becomes抗性）FOMO校正相吻合。如果BTC设法维持高于这些水平的支撑，则可能会出现潜在的反弹。但是，下面的分解可能会延长整合或进一步的缺点。

As market dynamics continue to shift, all eyes remain on Bitcoin’s ability to defend these critical levels. With whales reducing their holdings and mid-sized investors accumulating, the next major move could be driven by institutional sentiment and broader macroeconomic factors.

随着市场动态的不断变化，所有人都关注比特币捍卫这些关键水平的能力。随着鲸鱼减少其持股和中型投资者的积累，下一步的主要举动可能是由机构情绪和更广泛的宏观经济因素驱动的。