比特币鲸仍在购买 - 这里是玻璃节数据所揭示的

根据GlassNode的最新数据，比特币鲸（持有超过10,000 BTC）的WALLES可以在正在进行的市场下降期间积累。

According to the latest data from Glassnode, Bitcoin whales—wallets holding over 10,000 BTC—have continued their accumulation activity during the ongoing market downturn.

根据GlassNode的最新数据，比特币鲸（持有超过10,000 BTC）在正在进行的市场低迷期间继续积累活动。

This behavior is evident even as broader market sentiment remains mixed, and smaller investors have become more cautious in response to Bitcoin’s recent price correction.

即使更广泛的市场情绪仍然好坏参半，这种行为也很明显，并且对于比特币最近的价格校正，较小的投资者变得越来越谨慎。

However, the latest figures from blockchain analytics firm Glassnode suggest that the largest players in the ecosystem are maintaining a long-term view despite the short-term volatility.

但是，区块链分析公司玻璃节的最新数据表明，尽管短期波动性，生态系统中最大的参与者仍保持长期视野。

Bitcoin Whales Maintain Long-Term Vision As Smaller Holders Slow Down Selling

比特币鲸保持长期视力，因为较小的持有人放慢了销售

As seen in the latest edition of Glassnode’s "The Week On-Chain," the top 1% of Bitcoin wallets, commonly known as whales, have been steadily accumulating BTC throughout the year. This period has seen a significant downturn in crypto prices from the 2021 highs.

正如GlassNode的最新版本“ The Week On-Chain”中可以看出的那样，全年通常被称为鲸鱼的比特币钱包中的前1％一直在稳步积累BTC。这一时期已经从2021年的高点开始了加密货币价格下降。

Despite the narrative of a "bottom," which many smaller investors are discussing, data shows that mid- and small-sized investors have begun to slow down their selling activity. This shift may indicate a change in sentiment as retail and small institutional investors await further market clarity.

尽管许多较小的投资者正在讨论“底部”的叙述，但数据表明，中型和中小型投资者已经开始减慢其销售活动。随着零售和小型机构投资者在等待进一步的市场清晰度，这种转变可能表明情绪发生了变化。

Specifically, mid-sized investors, defined by those holding 10–100 BTC, appear to be transitioning from a selling to a buying regime. This shift could signal a strategic re-entry into the market or growing optimism about a potential recovery.

具体而言，由持有10-100 BTC的人定义的中型投资者似乎正在从销售到购买制度过渡。这种转变可能表明战略重新进入市场，或者对潜在恢复的乐观情绪。

Chart of Bitcoin investor types and their realized P&L. Source: Glassnode's "The Week On-Chain"

比特币投资者类型及其实现的损益表的图表。资料来源：GlassNode的“一周链”

Meanwhile, smaller investors, those holding 1–100 BTC, have reduced their selling pressure. In contrast, investors with less than 1 BTC have continued to sell actively throughout the year, indicating a different approach by those with a smaller capital commitment.

同时，较小的投资者，持有1-100 BTC的投资者减轻了销售压力。相比之下，全年不到1 BTC的投资者继续积极销售，表明那些具有较小资本承诺的人的方法不同。

Short-Term Pain As STHs Still in Loss, LTHs Back in Profit

短期疼痛随着STH仍处于损失状态，Lths恢复了利润

Moreover, Glassnode's report delves into unrealized losses across investor classes. It finds that Short-Term Holders (STHs) are currently bearing the brunt of unrealized losses, with levels not far from those seen in early-stage bear markets.

此外，GlassNode的报告深入研究了投资者班级之间未实现的损失。它发现，短期持有人（STH）目前正受到未实现的损失的首当其冲，距离早期熊市的水平不远。

This stands in contrast to the status of Long-Term Holders (LTHs), who remain largely in profit. However, the report cautions that as more former peak buyers age into long-term status, the network may see its capacity to absorb losses increase. Historically, this shift often marks late bear market phases, but Glassnode notes that current conditions have yet to confirm a full regime change.

这与长期持有人（LTHS）的地位形成鲜明对比，后者主要是盈利。但是，该报告称，随着越来越多的前高峰买家的长期状态，该网络可能会看到其吸收损失的能力增加。从历史上看，这种转变通常标志着晚期的熊市阶段，但玻璃节指出，当前状况尚未确认政权的改变。

Overall, the continued accumulation by whales and the slowing in sell pressure among smaller investors could be early signs of a bottoming process. While short-term pain is evident, the alignment of large-holder confidence with decreasing selling activity may support a more stable BTC price floor in the coming weeks. Otherwise, the narrative of a complete bottom may remain elusive.

总体而言，鲸鱼的持续积累以及小型投资者之间的销售压力放缓可能是底部过程的早期迹象。尽管短期疼痛是显而易见的，但大型持有人信心与销售活动减少的一致性可能会在接下来的几周内支持更稳定的BTC价格平台。否则，完整底部的叙述可能仍然难以捉摸。