加密量子说，比特币鲸没有逃跑。

比特币的最后一次下跌并没有使市场最大的球员感到震惊，至少不是根据CryptoQuant的全新报告。

The recent Bitcoin (BTC) price dip, which took the flagship cryptocurrency below the $20,000 mark, isn't causing the market's largest players any alarm, according to a new report by CryptoQuant.

根据CryptoFeasto的一份新报告，最近的比特币（BTC）价格下跌将旗舰加密货币低于20,000美元以下，并不会引起市场最大的球员任何警报。

The cryptocurrency analytics firm, known for its on-chain analysis, says major holders of BTC, often referred to as whales, are holding steady, signaling that the broader uptrend remains intact despite the recent volatility.

这家以其链分析而闻名的加密货币分析公司说，BTC的主要持有人（通常称为鲸鱼）一直保持稳定，表明尽管最近波动率，但更广泛的上升趋势仍然完好无损。

CryptoQuant's research, which focuses on a specific set of wallets that aren't linked to mining pools, exchanges, or custodians, aims to isolate the activity of major market participants, asserts this is not a sign of exit or distribution among large investors. Instead, the data shows a pattern resembling a quiet phase of reaccumulation—something similar to the consolidation observed last August and September.

CryptoQuant的研究重点是一套与采矿池，交易所或保管人无关的特定钱包，旨在隔离主要市场参与者的活动，并认为这不是大型投资者退出或分发的标志。取而代之的是，数据显示了类似于重新汇总阶段的模式，这与去年八月和9月观察到的合并相似。

According to their findings, which exclude wallets associated with mining pools, exchanges, or custodians to concentrate on those that denote actual market participants, major holders are quietly accumulating in the background as the price pulls back.

根据他们的发现，这些发现排除了与采矿池，交流或保管人相关的钱包，以专注于表示实际市场参与者的钱包，当价格退回时，主要持有人会悄悄地积累在后台。

The analysts add that if whales were looking to cash out, we would have seen sustained sell pressure and profit-taking capping price rallies, something which isn't evident in their analysis.

分析人士补充说，如果鲸鱼希望兑现，我们将看到持续的卖出压力和盈利的封盖价格集会，这在他们的分析中并不明显。

"The behavior of major holders during this correction stands in stark contrast to the 2020 COVID bear market, where we observed a panic-driven distribution of coins by large investors as the price crashed," CryptoQuant's report highlights.

CryptoQuant的报告强调说：“在此更正期间，主要持有人的行为与2020年的Covid Bear Market形成鲜明对比，在那里，随着价格崩溃，我们观察到大型投资者对硬币的恐慌驱动分配。”

"This time, however, despite the sharp price decline, we're not detecting any such panic or a desire to dump coins at lower highs."

“但是，尽管价格下降了巨大，但我们并没有发现任何这样的恐慌或渴望在较低高点倾倒硬币的愿望。”

The firm continues by suggesting that the current pullback might be part of a broader and anticipated market movement, rather than a genuine crisis. In that context, whale behavior makes sense—they’re staying put because the fundamentals haven’t changed.

该公司继续表明，当前的回调可能是更广泛，预期的市场运动的一部分，而不是真正的危机。在这种情况下，鲸鱼的行为是有道理的，因为基本面没有改变，所以他们呆了。

"If anything, we believe this correction might be unfolding according to a script that has been written and anticipated by market participants for a significant period of time," the report concludes.

报告总结说：“如果有的话，我们认为这种更正可能会根据市场参与者在很长一段时间内编写和预期的脚本进行。”

"This anticipation is also evident in the actions of major holders, who, despite the price correction, appear to be calmly holding onto their coins, suggesting an underlying confidence in the ongoing bull cycle."

“这一期望在主要持有人的行动中也很明显，尽管价格纠正了，但他们似乎仍在冷静地坚持自己的硬币，这表明对正在进行的公牛循环具有根本的信心。”