CryptoQuant 首席执行官表示比特币（BTC）牛市尚未结束，周期顶部仍有一段路要走

市场情报平台 CryptoQuant 的首席执行官表示，比特币 (BTC) 在达到周期顶部之前还有很长的路要走。

A CryptoQuant executive claims that Bitcoin (BTC) is still far from reaching its cycle peak.

CryptoQuant 的一位高管声称，比特币 (BTC) 距离达到周期峰值还很远。

In a recent thread on X, CryptoQuant CEO Ki Young Ju argues that those predicting an imminent bear market for BTC are likely overlooking on-chain data, which shows that the crypto king has been in a bull market for the past two years.

在 X 最近的一篇帖子中，CryptoQuant 首席执行官 Ki Young Ju 认为，那些预测 BTC 即将到来的熊市的人可能忽视了链上数据，这些数据表明加密之王在过去两年一直处于牛市。

According to Ju, crypto whales accumulating large amounts of the top crypto asset by market cap has transformed from a noteworthy event to a routine occurrence, indicating that the bull market is still ongoing.

Ju表示，加密鲸鱼大量囤积市值排名第一的加密资产，已经从值得注意的事件变成了常态，表明牛市仍在持续。

“The narrative of whale accumulation on Bitcoin has become so common that it’s now daily chatter. Just 2-3 years ago, news of whales accumulating would send shockwaves through the market. Today, it’s no longer breaking news – it’s just expected, routine information…

“鲸鱼在比特币上积累的故事已经变得如此普遍，以至于现在已经成为日常话题。就在两三年前，鲸鱼囤积的消息还曾给市场带来冲击。今天，它不再是突发新闻——它只是预期的、常规的信息……

Right now, we’re clearly in a bull market, with on-chain data showing $7 billion in weekly capital entering the market…

目前，我们显然正处于牛市，链上数据显示每周有 70 亿美元的资金进入市场……

News of whale accumulation no longer moves people – maybe because analysts, including me, have been calling it a bull market for the last two years. But the bull market isn’t over. If Bitcoin enters a bubble, all the analysts would be screaming about the cyclical top.”

鲸鱼聚集的消息不再让人们感动——也许是因为包括我在内的分析师在过去两年一直称其为牛市。但牛市还没有结束。如果比特币进入泡沫，所有分析师都会尖叫周期性顶部。”

Ju further notes that BTC is not in a “bubble,” which he defines as a situation where an asset’s market price significantly outpaces the capital flowing into it, and that the cycle peak is not close.

Ju进一步指出，BTC并未处于“泡沫”中，他将“泡沫”定义为一种资产的市场价格显着超过流入该资产的资本的情况，并且周期峰值尚未接近。

“For now, it’s obviously not a bubble. Sure, corrections can happen, but amid a bull cycle, it’s very unlikely we’ll see more than a 30% drop. Even if such a drop happens, it would likely be short-lived, with prices potentially going up more than 30% after the correction.

“目前来看，这显然不是泡沫。当然，调整可能会发生，但在牛市周期中，我们不太可能看到跌幅超过 30%。即使出现这种下跌，也可能是短暂的，调整后价格可能上涨 30% 以上。

The peak of this Bitcoin cycle still seems far off. For those predicting the start of a bear market, I’d like to hear their reasoning.”

本次比特币周期的顶峰似乎还很遥远。对于那些预测熊市开始的人，我想听听他们的推理。”

At the time of writing, Bitcoin is trading at $96,387, down 1.9% over the past 24 hours.

截至撰写本文时，比特币交易价格为 96,387 美元，在过去 24 小时内下跌 1.9%。