比特币（BTC）以自2019年以来最差的表现结束Q1

比特币（BTC）以自2019年以来最糟糕的表现结束第一季度。如果没有意外的恢复，BTC可能会以25％的速度关闭本季度

Bitcoin (BTC) is on track to post its worst performance in Q1 since 2019. Without an unexpected recovery, BTC could close the quarter with a 25% decline from its all-time high (ATH).

比特币（BTC）有望在2019年第1季度发布其最差的表现。如果没有意外的恢复，BTC可能会关闭该季度，而其历史最高水平（ATH）下降了25％。

However, some analysts have noted that experienced Bitcoin holders are shifting into an accumulation phase, which bodes well for potential price growth in the medium term.

但是，一些分析师指出，经验丰富的比特币持有人正在转移到一个累积阶段，这在中期的潜在价格增长良好。

Veteran Investors Are Accumulating Again

资深投资者再次积累

According to AxelAdlerJr, March 2025 marks a transition period where veteran investors move from selling to holding and accumulating. This shift is reflected in the Value Days Destroyed (VDD) metric, which remains low.

根据Axeladlerjr的说法，2025年3月标志着退伍军人投资者从销售转变为持有和积累的过渡期。这种转变反映在被破坏的价值天数（VDD）度量中，该度量保持较低。

VDD is an on-chain indicator that tracks investor behavior by measuring the number of days Bitcoin remains unmoved before being transacted. A high VDD suggests that older Bitcoin is being moved, which may indicate selling pressure from whales or long-term holders. A low VDD suggests that most transactions involve short-term holders, who have a smaller impact on the market.

VDD是一个链链指标，它通过测量比特币的数量在交易前保持不动，可以跟踪投资者的行为。高VDD表明正在移动较旧的比特币，这可能表明鲸鱼或长期持有人的销售压力。低VDD表明，大多数交易都涉及短期持有人，他们对市场的影响较小。

Historically, low VDD periods often precede strong price rallies. These phases suggest that investors are accumulating Bitcoin with expectations of future price increases. AxelAdlerJr concludes that this shift signals Bitcoin’s potential for medium-term growth.

从历史上看，低VDD时期通常是在强劲的价格集会之前。这些阶段表明，随着未来价格上涨的期望，投资者正在积累比特币。 Axeladlerjr得出的结论是，这种转变标志着比特币的中期增长潜力。

“The transition of experienced players into a holding (accumulation) phase signals the potential for further BTC growth in the mid-term,” AxelAdlerJr predicted.

Axeladlerjr预测：“经验丰富的参与者向持有（积累）阶段的过渡表明了中期BTC进一步增长的潜力。”

Bitcoin’s Sell-Side Risk Ratio Hits Low

比特币的卖方风险比率低

At the same time, analyst Ali highlighted another bullish indicator: Bitcoin’s sell-side risk ratio had dropped to 0.086%.

同时，分析师Ali强调了另一个看涨指标：比特币的卖方风险比率下降到0.086％。

According to Ali, over the past two years, every time this ratio fell below 0.1%, Bitcoin experienced a strong price rebound. For example, in January 2024, Bitcoin surged to a then-all-time high of $73,800 after the sell-side risk ratio dipped below 0.1%.

根据阿里的说法，在过去的两年中，每次此比率都低于0.1％时，比特币都会经历强劲的价格反弹。例如，在2024年1月，比特币在卖方风险比率下降到0.1％之后的全部时间高达73,800美元。

Similarly, in September 2024, Bitcoin hit a new peak after this metric reached a low level.

同样，在2024年9月，该度量标准达到低水平之后，比特币达到了一个新的高峰。

The combination of veteran investors accumulating Bitcoin and a sharp decline in the sell-side risk ratio are positive signals for the market. However, a recent analysis from BeInCrypto warns of concerning technical patterns, with a death cross beginning to form.

累积比特币的资深投资者和卖方风险比率急剧下降的结合是市场的积极信号。但是，Beincrypto的最新分析警告说，有关技术模式，死亡交叉开始形成。

Additionally, investors remain cautious about potential market volatility in early April. The uncertainty stems from President Trump’s upcoming announcement regarding a major retaliatory tariff.

此外，投资者对4月初潜在的市场波动保持谨慎。不确定性源于特朗普总统即将发布的有关重大报复性关税的宣布。