随着比特币[BTC]鲸鱼开始销售，市场需求仍然很高

随着比特币[BTC]在其价格表上挣扎，似乎鲸鱼也开始出售。根据intotheblock的最新数据，比特币的供应

Bitcoin [BTC] price has been struggling to break out to new all-time highs despite the anticipation in the market. However, new data from IntoTheBlock suggests that the supply held by whales has been steadily decreasing in recent months.

尽管市场上有期待，但比特币[BTC]价格一直在努力爆发新的历史最高点。但是，来自Intotheblock的新数据表明，最近几个月，鲸鱼持有的供应一直在稳步下降。

As the chart above shows, the aggregate amount of BTC held by large holders (defined as entities controlling 1,000 to 10,000 coins) has declined to its lowest levels since 2019. This decline, highlighted in purple, marks a six-year low in whale supply.

如上图所示，大型持有人持有的BTC总数（定义为控制1,000至10,000枚硬币的实体）自2019年以来的水平下降到最低水平。这种下降以紫色突出显示，标志着鲸鱼供应六年低点。

When supply held by whales hits such lows, it suggests a significant shift in market dynamics. This implies that whales, key institutions and large investors, are actively participating in the market by selling their BTC holdings.

当鲸鱼持有的供应量达到这样的低点时，这表明市场动态发生了重大变化。这意味着鲸鱼，主要机构和大型投资者通过出售其BTC持有量积极参与市场。

This could be explained by institutions needing liquidity to cover operational costs as the price of BTC declines or large holders, such as the founders of Bitcoin, completely closing out their positions after a long period of holding.

这可以通过需要流动性来支付运营成本的机构可以解释这一点，因为BTC的价格下降或大型持有人（例如比特币的创始人），在长期持有后完全结束了其职位。

Notably, this change in supply dynamics could imply several things. First, it suggests that whales are redistributing to retail investors, which might result in more decentralization, reducing whale-induced market trends.

值得注意的是，供应动态的这种变化可能意味着几件事。首先，它表明鲸鱼正在重新分配给零售投资者，这可能会导致更多的权力下放，从而减少了鲸鱼引起的市场趋势。

As such, if whales are selling, while the market demand still remains relatively high, it suggests that supply is getting to the broader base of investors.

因此，如果鲸鱼销售，虽然市场需求仍然相对较高，但表明供应量正在进入更广泛的投资者基础。

Looking at Bitcoin’s exchange netflow, it suggests that the market demand remains relatively high. As such, the market is experiencing more outflows than inflows.

查看比特币的交换网络，这表明市场需求保持相对较高。因此，市场经历的流出量多于流入。

This suggests that while whales have sold, the rest of the market still has a high demand for the asset, which is critical for price stability and prevent a sharp downturn.

这表明虽然鲸鱼已经出售，但市场的其余部分仍然对资产有很高的需求，这对于价格稳定至关重要并防止急剧下滑。

However, with whale supply hitting multi-year lows and the market experiencing more outflows, it begs the question: What’s next for BTC?

但是，随着鲸鱼的供应达到多年低点，市场经历了更多的流出，它引出了一个问题：BTC的下一步是什么？

For starters, although whale supply has declined, Bitcoin is not experiencing high selling pressure. We can see this as the fund flow ratio to exchanges has also been declining over the past week.

对于初学者来说，尽管鲸鱼的供应有所下降，但比特币并未承受高销售压力。我们可以将其视为在过去一周中的基金流量比也一直在下降。

When the fund flow ratio declines, it suggests that there are fewer exchange deposits, thus current holders are not planning to sell. This signals long-term holding behavior as investors continue to accumulate their BTC.

当基金流量比下降时，它表明汇款存款较少，因此当前的持有人不打算出售。随着投资者继续积累BTC，这表明长期保持行为。

Therefore, since whale supply is declining meaning they are selling while other investors continue to hold, it suggests that markets will continue to consolidate as buyers absorb selling pressure without driving prices up.

因此，由于鲸鱼的供应正在下降，这意味着他们正在销售，而其他投资者则继续持有，这表明市场将继续巩固，因为买家会吸收销售压力而不会推动价格上涨。

Consolidation here is most probable, as buyers are not strong enough to fully absorb the selling pressure and still push prices to higher resistance.

这里最有可能的合并，因为买家不足以完全吸收销售压力，并且仍然将价格推向更高的抵抗力。

If consolidation is positioned to continue, BTC must consolidate above $84,640 as per Alphractal.

如果将合并定位为继续，则BTC必须按照字母固定在$ 84,640以上。

If the price consolidates above this level, it is likely to form a local bottom before pushing to new all-time highs in the near future.

如果价格巩固高于此水平，则很可能在不久的将来升至新的历史最高点之前会形成本地底部。

However, if Bitcoin stays below $84K for several days, the next target on the CVDD Channel is $64,700, which coincides with the April 2021 all-time high.

但是，如果比特币在几天内保持在8.4万美元以下，则CVDD频道的下一个目标为64,700美元，这与2021年4月的历史最高点相吻合。