比特币鲸鱼正在获利，但市场仍然喜忧参半

比特币年初表现强劲，确认了 92,000 美元以上的关键需求，并且价格上涨了 6% 以上。

Bitcoin began the year with a strong performance, showing crucial demand above $92K and gaining over 6% in price appreciation. This move has renewed investor optimism, reinforcing Bitcoin’s position as the market leader amid a broader crypto market recovery. However, selling pressure continues to cap the price below the psychologically significant $100K level, leaving many investors questioning who could be offloading BTC at such a critical time in the cycle.

比特币年初表现强劲，关键需求超过 9.2 万美元，价格上涨超过 6%。此举重燃了投资者的乐观情绪，巩固了比特币在更广泛的加密货币市场复苏中作为市场领导者的地位。然而，抛售压力继续将价格限制在 10 万美元的心理关口以下，这让许多投资者质疑谁可以在周期的如此关键时刻抛售 BTC。

According to CryptoQuant CEO Ki Young Ju, the answer lies with old whales. In a recent analysis, Ki revealed that veteran BTC holders have been offloading significant amounts of BTC, with over-the-counter (OTC) transactions playing a major role in the recent selling pressure. This suggests a strategic redistribution of holdings, which could impact short-term price movements while potentially setting the stage for new market participants to enter.

CryptoQuant 首席执行官 Ki Young Ju 表示，答案在于老鲸鱼。 Ki 在最近的分析中透露，资深的 BTC 持有者一直在抛售大量 BTC，其中场外交易（OTC）交易在最近的抛售压力中发挥了重要作用。这表明资产的战略性重新分配，可能会影响短期价格走势，同时可能为新的市场参与者进入奠定基础。

As Bitcoin struggles to breach the $100K barrier, market sentiment remains mixed. On one hand, long-term demand and institutional interest signal continued strength. On the other hand, short-term selling by influential whales highlights the challenges that BTC faces in maintaining its upward trajectory. The coming days will reveal whether BTC can overcome this resistance and start the year with a historic rally.

随着比特币努力突破 10 万美元大关，市场情绪仍然喜忧参半。一方面，长期需求和机构兴趣信号持续走强。另一方面，有影响力的鲸鱼的短期抛售凸显了比特币在维持其上涨轨迹方面面临的挑战。未来几天将揭晓 BTC 能否克服这一阻力并以历史性反弹开启新的一年。

Bitcoin Whales Are Taking Profits

比特币鲸鱼正在获利了结

As Bitcoin embarks on what investors hope will be another strong year, a closer look at market dynamics reveals old whales taking profits amidst periods of uncertainty. Over the past few weeks, the market sentiment has shifted dramatically — from extreme bullishness and soaring prices to concerns about a possible significant correction, and now back to an optimistic outlook.

随着比特币迎来投资者希望的又一个强劲的一年，仔细观察市场动态就会发现，老鲸鱼在不确定时期获利了结。过去几周，市场情绪发生了巨大变化——从极度看涨和价格飙升，到对可能出现重大调整的担忧，现在又回到了乐观的前景。

Amid this turbulence, CryptoQuant CEO Ki Young Ju has shed light on the forces driving the market. Sharing key insights on X, Ju revealed that old whales are actively selling BTC at current levels. Despite their actions, he notes that high over-the-counter (OTC) transaction volumes and exchange deposits aren’t causing market crashes. This controlled selling strategy indicates a calculated approach by seasoned investors, balancing profit-taking with market stability.

在这场动荡中，CryptoQuant 首席执行官 Ki Young Ju 揭示了推动市场的力量。 Ju 分享了对 X 的重要见解，透露老鲸鱼正在以当前水平积极出售 BTC。他指出，尽管他们采取了这些行动，但场外（OTC）交易量和交易所存款的高额并没有导致市场崩溃。这种受控卖出策略表明了经验丰富的投资者在获利回吐与市场稳定之间取得平衡的深思熟虑的方法。

Ju further highlights that buying pressure is primarily coming from U.S. institutions, especially on Coinbase. However, there’s a caveat — Coinbase’s daily premium, a key indicator of institutional demand, is at a two-year low. This suggests that while institutional players are involved, their activity isn’t as robust as it needs to be to propel Bitcoin toward its next major rally.

Ju进一步强调，购买压力主要来自美国机构，尤其是Coinbase。然而，有一个警告——Coinbase 的每日溢价（机构需求的关键指标）正处于两年来的低点。这表明，虽然机构参与者参与其中，但他们的活动并不像推动比特币下一次大幅上涨所需的那样强劲。

For Bitcoin to sustain its upward momentum, Ju emphasizes the need for a recovery in institutional demand. A renewed surge in buying pressure could pave the way for BTC to break through resistance levels and continue its ascent. Until then, the market may remain in a delicate balance.

Ju强调，为了让比特币保持上涨势头，机构需求需要复苏。购买压力的重新激增可能为比特币突破阻力位并继续上涨铺平道路。在那之前，市场可能会保持微妙的平衡。

Technical Set Up: BTC On The Rise?

技术设置：比特币正在上涨？

Bitcoin is currently trading above the $95K mark, signaling short-term strength and instilling cautious optimism among investors. This level is seen as a pivotal point in the ongoing price action, as every hour that BTC holds above it strengthens expectations of a potential push toward the critical $100K level. A breakout above $100K is essential if bulls want to regain control and ignite a decisive upward move that could set the stage for new all-time highs.

比特币目前交易价格高于 9.5 万美元大关，表明短期走强，并给投资者带来了谨慎乐观的情绪。该水平被视为当前价格走势的关键点，因为 BTC 保持在该水平之上的每一个小时都会增强人们对可能推动 10 万美元关键水平的预期。如果多头想要重新获得控制权并引发决定性的上涨，从而为新的历史高点奠定基础，那么突破 10 万美元是至关重要的。

Despite this, the market continues to reflect significant uncertainty. While holding above $95K offers a glimmer of hope, bulls are yet to gather the necessary momentum to overcome prevailing selling pressure. This suggests that a breakout might require more time, as the market evaluates its next direction.

尽管如此，市场仍然反映出巨大的不确定性。虽然保持在 95,000 美元上方带来了一线希望，但多头尚未聚集必要的动力来克服普遍的抛售压力。这表明突破可能需要更多时间，因为市场正在评估其下一个方向。

On the other hand, the importance of the $92K level cannot be overstated. As a key demand zone, holding above this mark is critical to maintaining Bitcoin’s long-term bullish structure. A breach below it could trigger a deeper correction, testing investor confidence.

另一方面，92K 美元水平的重要性怎么强调也不为过。作为一个关键的需求区域，保持在这一水平之上对于维持比特币的长期看涨结构至关重要。跌破该水平可能会引发更深层次的调整，考验投资者的信心。

As Bitcoin navigates this range-bound phase, market participants remain watchful, with the focus on maintaining these crucial levels to signal strength and readiness for the next leg up in the bull cycle.

随着比特币进入这个区间震荡阶段，市场参与者仍保持警惕，重点是维持这些关键水平，以表明牛市周期下一轮上涨的实力和准备情况。