比特币正在经历空前的平静阶段

比特币正在经历空前的平静阶段。每周交易流量刚刚达到了两年来的最低水平

Bitcoin is currently experiencing an unprecedented calm phase, with weekly trading flows just reaching their lowest level in two years, a new report by CryptoQuant has revealed.

CryptoQuant的一份新报告显示，比特币目前正处于前所未有的平静阶段，每周的交易流量在两年内达到了最低水平。

This observation sparks questions regarding whether we are facing a prolonged stagnation or a pause before a new bullish momentum. For seasoned investors, this slowdown could also conceal a strategic opportunity to capitalize on an upcoming price surge.

这种观察引发了有关我们是在新的看涨势头之前面临长时间停滞还是停顿的问题。对于经验丰富的投资者而言，这种放缓还可以掩盖一个战略机会，以利用即将到来的价格上涨。

Bitcoin (BTC) price calm

比特币（BTC）价格平静

Since November, bitcoin inflows onto exchange platforms have melted by 64%, an eloquent figure highlighted by Axel Adler Jr, a seasoned cryptocurrency analyst.

自11月以来，比特币流入交换平台的流入已融化了64％，这是一位经验丰富的加密货币分析师Axel Adler JR的雄辩。

The daily selling pressure has dropped from 81,000 to 29,000 bitcoins, drawing a curve that evokes less panic than exhaustion, a rare phenomenon in a market used to jolts. Sellers seem to have thrown in the towel.

每日销售压力从81,000下降到29,000个比特币，绘制了一条曲线，令人震惊的是恐慌症而不是精疲力尽，这是一个用来震动的市场，这是一种罕见的现象。卖家似乎已经扔进了毛巾。

In parallel, current prices—around $84,000—float well above the $30,000 observed during the previous low of flows in May 2023. This divergence is intriguing.

同时，目前的价格（84,000美元）略高于2023年5月在前面的流量中观察到的30,000美元。这种差异令人着迷。

The market has digested the profit-taking post-$100,000 without succumbing to frenzy, emphasizes Adler. Current buyers, calm, seem to believe that the current price already reflects a “fair” value.

Adler强调，市场已经消化了100,000美元的盈利后100,000美元。当前的买家平静，似乎相信当前的价格已经反映出“公平”的价值。

Result: an asymmetry of forces is emerging. The available supply is dwindling, while demand, albeit discreet, remains firm. A structural shortage looms, analysts warn.

结果：力量的不对称性正在出现。可用的供应量正在减少，而需求（尽管谨慎）仍然坚定。分析师警告说，结构性短缺迫在眉睫。

April and May could thus form a technical plateau, a buffer zone where bitcoin would consolidate its gains before once again gearing up.

因此，四月和五月可能形成一个技术高原，这是一个缓冲区，比特币将在该区域巩固其收益，然后再进行准备。

BTC price calm and neutrality: the calm before the storm?

BTC价格平静和中立：暴风雨前的平静？

But this scarcity of sales tells only part of the story. On the sentiment indicators side, the market displays a surprising neutrality.

但是，这种销售的稀缺仅讲述了故事的一部分。在情感指标方面，市场表现出令人惊讶的中立性。

The Coinbase Premium, reflecting the appetite of American institutional investors, hovers around zero, a fragile balance after weeks in negative territory.

Coinbase Premium反映了美国机构投资者的胃口，徘徊在零左右，这是在负面的数周之后的脆弱平衡。

Even more revealing: the behavior of traders on Binance. Incoming flows there are four times less than on other platforms, a tactical neutrality according to Joao Wedson from Alphractal.

更揭示的是：交易者对二手股的行为。传入流量是其他平台上的四倍，这是一种战术中立性，根据Alphractal的Joao Wedson。

Short-term holders send 6,300 bitcoins per day there compared to 24,700 bitcoins on other platforms. Proof that some players prefer to keep their tokens off exchanges, anticipating a future rise rather than an immediate sale.

短期持有人每天在那里发送6,300个比特币，而其他平台上有24,700个比特币。证明有些玩家更喜欢保持令牌交流，预计未来的增长而不是立即出售。

This collective caution does not equate to inaction. Bitcoin, like a feline observing its prey, seems to be waiting for the right moment to pounce. With fewer available liquidities, any spark—favorable regulation, institutional adoption—could trigger explosive volatility. Perhaps this is why Metaplanet continues its purchases.

这种集体的谨慎并不等于无所作为。比特币就像猫科动物观察猎物一样，似乎正在等待正确的时机。随着可用的液体的较少，任何火花（有利的法规，机构采用）都会引发爆炸性波动。也许这就是为什么Metaplanet继续购买的原因。