比特币鲸和散户投资者：谁将在下一阶段主导？

加密货币浪潮下方的波纹电流揭示了一个戏剧性的故事。比特币的Leviathans（通常称为“鲸鱼”）陷入了市场

The rippling current beneath the cryptocurrency surface is weaving a dramatic tale. As the leviathans of Bitcoin, commonly known as “whales,” silently lurk in the market's depths, they're quietly amassing staggering amounts of the digital currency amid turbulent market tides.

加密货币表面下方的波纹电流正在编织一个戏剧性的故事。作为比特币的利维亚人，通常被称为“鲸鱼”，在市场深处潜伏着，他们在动荡的市场潮流中悄悄地积累了惊人的数字货币。

This silent revolution is unfolding rapidly. In a mere three days, these crypto whales have plunged into the market, accumulating over 22,000 BTC. This brings their total holdings to a breathtaking 3.44 million BTC.

这场沉默的革命正在迅速发展。在短短三天的时间里，这些加密鲸已经投市场，积累了22,000多个BTC。这使他们的总持有量为344万BTC。

This astronomical figure showcases the magnitude of these whales' activity and its potential to influence market trends. Smaller investors, known as retail traders, are also playing a crucial role in this market symphony.

这个天文数字展示了这些鲸鱼活动的幅度及其影响市场趋势的潜力。较小的投资者（被称为零售商人）也在该市场交响曲中发挥了关键作用。

Bitcoin: A Comparative Analysis

比特币：比较分析

The stellar performance of Bitcoin (BTC) has been a subject of interest throughout 2024. As the premier cryptocurrency continues to climb to new highs, recent data from ChainMind offers a unique perspective on the changing dynamics between Bitcoin whales and retail investors.

比特币（BTC）的出色表现一直是2024年的关注主题。随着总理加密货币继续攀升至新的高点，ChainMind的最新数据为比特币鲸鱼和零售投资者之间不断变化的动态提供了独特的观点。

In a recent analysis, ChainMind's analysts have highlighted a shift in the behavior of major Bitcoin holders, also known as whales, who control 1,000 BTC or more. Their analysis indicates a slight decline in the number of these large holders, with a total of 1,683 whales at the beginning of April, compared to 1,720 in January.

在最近的分析中，ChainMind的分析师强调了主要比特币持有人的行为（也称为鲸鱼）的行为发生了变化，他们控制了1,000 BTC或更多。他们的分析表明，这些大型持有人的数量略有下降，4月初总共鲸鱼总计1,683颗鲸鱼，而1月份为1,720。

This decrease may suggest activities like profit-taking or asset redistribution among these large investors. Notably, the period from February to March saw the most assertive accumulation by whales, with over 60,000 BTC acquired.

这种减少可能表明这些大型投资者的活动诸如获利或资产再分配之类的活动。值得注意的是，从2月到3月的时期，鲸鱼的积累最为自信，收购了60,000多个BTC。

However, in the three months following January's peak price of $106,159 for Bitcoin, these large holders have been incrementally reducing their presence.

但是，在比特币1月的高峰价格106,159美元之后的三个月中，这些大型持有人在逐步降低了它们的存在。

Conversely, the analysis shows a surge in retail demand, pushing it to a historic zenith. With the number of accumulators reaching 320,000, it marks an unprecedented count. This wave of smaller investors is largely responsible for sustaining Bitcoin's price despite the recent sell-off signaled by smaller movements in the broader market.

相反，分析表明零售需求激增，将其推向历史悠久的顶峰。随着蓄能器数量达到320,000，它标志着前所未有的计数。尽管最近在更广阔的市场中，较小的机芯表明了最近的抛售信号，但这浪较小的投资者在很大程度上负责维持比特币的价格。

Earlier in March, as Bitcoin slipped from $84,197 to $80,795, ChainMind's data indicated a conspicuous net sell-off. Nonetheless, throughout this adjustment, retail hands carried the banner of bullish faith—continually accumulating even as the market encountered tremors.

3月初，随着比特币从84,197美元下滑至80,795美元，ChainMind的数据表明净售出了明显的净售出。尽管如此，在整个调整期间，零售手仍然带有看涨信仰的旗帜，即使市场遇到了震颤，也可以积累。

This unfolding drama closely resembles a classic accumulation-distribution cycle: whales stepping back post-rally, and retail and smaller investors stepping up. Despite a drastic seven-day netflow contraction of 27.69%, showcasing a large-scale selling pressure, the broader picture reveals a one-year netflow increase of 714.19%. This signals an enduring confidence among those steadfast in the market.

这部不断发展的戏剧与经典的积累分配周期非常相似：鲸鱼后恢复后，零售业和较小的投资者加紧。尽管7天的Netflow收缩率为27.69％，但显示了大规模的销售压力，但更广泛的情况显示，净流量增长了714.19％。这表明市场上坚定不移的人信心。

In this ever-shifting arena of digital gold, whales are the key drivers of short-term movements. Their recent actions suggest a strategic retreat, perhaps to pause and gauge the cryptocurrency ecosystem's pulse more deeply.

在这个数字黄金的不断变化的领域，鲸鱼是短期运动的关键动力。他们最近的行动暗示了战略性的撤退，也许是为了暂停并更深入地评估加密货币生态系统的脉搏。

But as Bitcoin's price reflects their rhythm, the question remains: Will the remaining giants unleash another wave of accumulation, or is the rally's heart still beating among the ranks of persistent retailers who continue to collect smaller amounts of the cryptocurrency?

但是，由于比特币的价格反映了他们的节奏，问题仍然存在：其余的巨人会释放另一波积累，还是拉力赛的心仍然在持续收集较少数量的加密货币的持续零售商中跳动？

Only time will tell what the next chapter holds in this unfolding story of Bitcoin, its leviathans, and the collective strength of smaller investors.

只有时间才能说明下一章在这个不断发展的比特币，其Leviathans和较小投资者的集体实力的故事中。