经验丰富的比特币（BTC）投资者在潜在的价格上涨之前积累了硬币

加密货币市场在2025年没有明确的方向，这反映了数字资产行业的不确定状况。比特币是全球最大的加密货币按市值计算，目前距离其创纪录的最高价格为108,786美元24％

The cryptocurrency market has not had a clear direction in 2025, reflecting the uncertain condition of the digital asset industry. Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, is currently 24% away from its record-high price of $108,786 reached in January 2025.

加密货币市场在2025年没有明确的方向，这反映了数字资产行业的不确定状况。比特币（BTC）是全球最大的市值加密货币，目前距离2025年1月的108,786美元的创纪录的108,786美元相距24％。

With the premier cryptocurrency steadily drifting away from its all-time high, there have been questions about what phase of the cycle the market is currently in. Interestingly, recent on-chain data offers some insight into the current state of the Bitcoin market and the reaction of the participants.

随着主要的加密货币稳步脱离了其历史最高的高度，人们对市场目前的哪个阶段存在疑问。有趣的是，最近的链上数据提供了对比特币市场和参与者反应的当前状态的深入了解。

Are Seasoned BTC Investors Anticipating A Price Surge?

经验丰富的BTC投资者是否期望价格上涨？

In a Quicktake post on the CryptoQuant platform, analyst Axel Adler Jr. shared an analysis of the current Bitcoin cycle, offering insight into the behavior of an important group of investors. According to the online pundit, seasoned BTC players are back to accumulating the flagship cryptocurrency.

在加密平台上的QuickTake帖子中，分析师Axel Adler Jr.分析了对当前比特币周期的分析，从而深入了解了重要的投资者群体的行为。根据在线专家的说法，经验丰富的BTC玩家又回到了积累旗舰加密货币。

Adler Jr. revealed that the experienced BTC investors have been involved in four phases of accumulation (January 2023, October 2023, October 2024, March 2025) in the current cycle. On the flip side, the selling activity of these market participants has reached four distinct peaks, including January 2024, April 2024, July 2024, and January 2025.

小阿德勒（Adler Jr.另一方面，这些市场参与者的销售活动已达到四个不同的峰值，包括2024年1月，2024年4月，2024年7月和2025年1月。

The relevant on-chain indicator here is the Value Days Destroyed (VDD) metric, which tracks the spending behaviour of long-term investors. The chart below shows that the VDD metric has been steadily declining since the start of 2025.

这里相关的链上指标是销毁的价值天数（VDD），它跟踪了长期投资者的支出行为。下图显示，自2025年初以来，VDD指标一直在稳步下降。

Using the chart as a basis, Adler Jr. mentioned that three major features define the current phase of the Bitcoin cycle. Firstly, the seasoned investors, who were actively distributing their BTC at local peaks, have now shifted their strategy toward holding and accumulating their coins.

小阿德勒（Adler Jr.）以图表为基础提到，三个主要特征定义了比特币周期的当前阶段。首先，经验丰富的投资者正在当地峰积极分配其BTC，现在已经将其战略转向了持有和积累硬币的策略。

Additionally, the Value Days Destroyed metric suggests an absence of significant selling pressure, which means that the experienced traders are skeptical about profit at the current Bitcoin price. Moreover, periods of low VDD values have historically preceded significant upward price movements, as investors accumulate in anticipation of a price surge.

此外，销毁的价值天数表明缺乏巨大的销售压力，这意味着经验丰富的商人以当前比特币价格对利润持怀疑态度。此外，由于投资者在价格上涨时积累，VDD值低的时期历史上已经出现了重大的上价变动。

Ultimately, this positive shift in the behavior of seasoned Bitcoin holders suggests that there might be room for further price growth for Bitcoin in the medium term.

最终，经验丰富的比特币持有人行为的积极转变表明，中期比特币可能会有进一步的价格增长的空间。