比特币修正：看涨的伪装？

在价格创下历史新高后的回调中，包括矿工、鲸鱼和大型投资者在内的比特币（BTC）市场参与者一直在抛售比特币以实现利润。然而，CryptoQuant 分析师认为，牛市周期仍在持续，因为价格估值指标仍低于历史市场最高点。

Bitcoin Price Correction: A Bullish Signal in Disguise

比特币价格调整：变相的看涨信号

Following its ascent to an all-time high of $73,700, Bitcoin (BTC) has entered a period of price correction. Market participants, including miners, whales, and large investors, have been selling their BTC to capitalize on profits.

在升至 73,700 美元的历史高点后，比特币 (BTC) 进入了价格调整期。包括矿工、鲸鱼和大投资者在内的市场参与者一直在出售他们的比特币以获取利润。

However, analysts at CryptoQuant believe that the Bitcoin bull cycle is far from over, as price valuation metrics remain significantly below levels seen in past market tops.

然而，CryptoQuant 的分析师认为，比特币牛市周期远未结束，因为价格估值指标仍远低于过去市场顶部的水平。

Bitcoin in Correction Mode

比特币处于修正模式

The Bull-Bear Market Cycle Indicator signaled an overheated-bull phase last week as BTC plummeted from $73,700 to $60,700. This decline was triggered by traders selling their holdings to realize substantial profit margins.

牛熊市场周期指标上周预示着牛市过热阶段，比特币从 73,700 美元暴跌至 60,700 美元。此次下跌是由于交易员出售所持股份以实现巨额利润而引发的。

CryptoQuant data reveals that unrealized profit margins surged to 69%, their highest level since March 2021, when BTC traded around $60,000. Despite the recent sell-off, unrealized profit margins remain elevated at 47%.

CryptoQuant 数据显示，未实现利润率飙升至 69%，这是自 2021 年 3 月以来的最高水平，当时 BTC 交易价格约为 60,000 美元。尽管近期出现抛售，但未实现利润率仍高达 47%。

"Short-term Bitcoin holders (including traders) sold Bitcoin at the highest profit margin since May 2019," analysts observed. "This indicates that short-term Bitcoin holders took profits after this last price spike that took Bitcoin to a fresh all-time high."

分析师观察到，“短期比特币持有者（包括交易者）以 2019 年 5 月以来的最高利润率出售比特币。” “这表明短期比特币持有者在上次价格飙升后获利了结，将比特币推向了新的历史新高。”

Large BTC holders also sold their assets as prices soared above $70,000. Collectively, they moved 567,000 BTC when the digital asset reached its all-time high on March 12, representing 35% of total transfers on the Bitcoin network.

随着价格飙升至 70,000 美元以上，大量 BTC 持有者也出售了资产。当数字资产在 3 月 12 日达到历史新高时，他们总共转移了 567,000 枚比特币，占比特币网络总转移量的 35%。

CryptoQuant suggests that some of these large holders are Bitcoin miners. Miners experienced record-high daily revenues during Bitcoin's recent rally, and their BTC transfers to over-the-counter desks increased notably as the crypto asset crossed $70,000.

CryptoQuant 认为，其中一些大持有者是比特币矿工。在比特币最近的上涨期间，矿工们的每日收入创下历史新高，随着加密资产突破 70,000 美元，他们向场外交易柜台转移的 BTC 显着增加。

Bull Cycle Far From Over

牛市周期远未结束

Despite the correction, demand for BTC in the United States has subsided, as evidenced by the negative Coinbase Premium shortly after BTC hit $73,000. Analysts speculate that if the correction persists, BTC could decline to the $58,000-$60,000 range, which represents the cost basis of large short-term holders.

尽管出现了调整，但美国对 BTC 的需求已经减弱，BTC 触及 73,000 美元后不久 Coinbase 溢价为负就证明了这一点。分析师推测，如果调整持续下去，比特币可能会跌至 58,000 美元至 60,000 美元的区间，这代表了大型短期持有者的成本基础。

However, from a longer-term perspective, BTC has not yet reached the peak of this bull cycle, as indicated by low levels of new investment flows. Currently, approximately 48% of Bitcoin investments originate from short-term holders, while historically, bull cycles typically conclude with 84%-92% of investments coming from this cohort.

然而，从更长期的角度来看，BTC尚未达到本次牛市周期的顶峰，新增投资流量水平较低。目前，大约 48% 的比特币投资来自短期持有者，而从历史上看，牛市周期通常以 84%-92% 的投资来自该群体而结束。

"Furthermore, valuation metrics are not yet near levels consistent with past market tops," analysts added. "CryptoQuant P&L Index is still outside a market top zone (red area) and above the index 1-year moving average."

分析师补充说：“此外，估值指标尚未接近与过去市场最高点一致的水平。” “CryptoQuant 损益指数仍位于市场顶部区域（红色区域）之外，且高于该指数的 1 年移动平均线。”

These observations suggest that while Bitcoin is undergoing a price correction, the underlying fundamentals remain bullish, indicating that the bull cycle may have further to run.

这些观察结果表明，虽然比特币正在经历价格调整，但基本面仍然看涨，表明牛市周期可能还会进一步运行。