随着减半临近，比特币鲸鱼利润丰厚

CryptoQuant 首席执行官 Ki Young Ju 报告称，随着即将到来的比特币减半，长期比特币持有者（“古鲸”）的盈利能力猛增了 223%。虽然这种盈利能力可能会刺激抛售，但由于未实现收益减少，短期持有者面临更大的风险，从而进一步减少抛售压力。值得注意的是，古代鲸鱼的大幅收益和对比特币价值坚定不移的信念可能会抵消潜在的抛售压力。

Ancient Bitcoin Whales Reap Windfall Profits Amid Halving Event

古代比特币鲸鱼在减半事件中获得暴利

As Bitcoin inches towards its highly anticipated halving event, a recent report by CryptoQuant CEO Ki Young Ju has unveiled a remarkable surge in profitability for long-standing Bitcoin holders, known as "ancient whales." These seasoned investors have witnessed a staggering 223% increase in their returns, setting the stage for a pivotal moment in the cryptocurrency's market dynamics.

随着比特币即将迎来备受期待的减半事件，CryptoQuant 首席执行官 Ki Young Ju 最近的一份报告揭示了长期比特币持有者（被称为“古鲸”）的盈利能力显着飙升。这些经验丰富的投资者见证了他们的回报惊人地增长了 223%，为加密货币市场动态的关键时刻奠定了基础。

This surge in profitability coincides with a crucial juncture in Bitcoin's trajectory, with the halving event expected to occur within the next 24 hours. The halving, a pre-programmed reduction in Bitcoin's block reward for miners, has historically been associated with significant price volatility and shifts in investor sentiment.

盈利能力的飙升恰逢比特币发展轨迹的关键时刻，预计减半事件将在未来 24 小时内发生。减半是比特币对矿工的区块奖励的预先设定的减少，历史上一直与价格的大幅波动和投资者情绪的变化有关。

However, amidst this backdrop of uncertainty, ancient whales have remained steadfast in their conviction, prioritizing long-term holding strategies over short-term gains. Their unwavering belief in Bitcoin's underlying value proposition has shielded them from concerns over the immediate price impact of the halving.

然而，在这种不确定性的背景下，古代鲸鱼仍然坚定自己的信念，优先考虑长期持有策略而不是短期收益。他们对比特币潜在价值主张的坚定信念使他们不必担心减半对价格的直接影响。

In contrast to the ancient whales, short-term holders face a starkly different scenario. Their unrealized gains on short-term BTC holdings have plummeted to near zero, diminishing their incentive for continued selling. This has effectively reduced the likelihood of a significant sell-off that could derail Bitcoin's upward trajectory.

与古代鲸鱼相比，短期持有者面临着截然不同的情况。他们短期持有比特币的未实现收益已骤降至接近于零，从而削弱了他们继续抛售的动力。这有效地降低了可能破坏比特币上涨轨迹的大幅抛售的可能性。

Ju's report sheds light on the contrasting profitability profiles of different on-chain cohorts:

Ju 的报告揭示了不同链上群体的盈利能力对比：

• Ancient whales: +223%
• New whales (TradFi/ETFs): +1.6%
• Small miners: +131%
• Big miners (mining companies): +81%

The disparity in profitability suggests that long-term holders are well-positioned to weather the halving event and potentially reap further rewards in the future.

古代鲸鱼：+223% 新鲸鱼（TradFi/ETF）：+1.6% 小型矿商：+131% 大型矿商（矿业公司）：+81% 盈利能力的差异表明，长期持有者处于有利地位，可以渡过难关减半事件并可能在未来获得进一步的回报。

Experts believe that the most favorable scenario for market clearing leading up to and during the halving would be a further decline in BTC price, triggering panic selling at a loss among short-term holders. Simultaneously, long-term holders would continue to hold strong, buoyed by their substantial gains.

专家认为，减半前和减半期间市场出清的最有利情况将是比特币价格进一步下跌，引发短期持有者亏损的恐慌性抛售。与此同时，长期持有者将在大幅收益的提振下继续保持强势。

As the countdown to the halving reaches its end, a sense of anticipation and uncertainty permeates the crypto space. Ancient whales, with their formidable profits and unwavering commitment to long-term holding, will play a pivotal role in shaping Bitcoin's trajectory in the aftermath of this major event.

随着减半倒计时结束，加密货币领域弥漫着期待和不确定的感觉。凭借其巨大的利润和坚定不移的长期持有承诺，古老的鲸鱼将在这一重大事件之后塑造比特币的轨迹方面发挥关键作用。

Their actions will determine whether they choose to capitalize on their gains, potentially triggering market turbulence, or maintain their long-term holding strategies, anchoring Bitcoin amid the volatility and ushering in a new era of growth.

他们的行动将决定他们是选择利用收益，可能引发市场动荡，还是维持长期持有策略，在波动中锚定比特币并迎来新的增长时代。