比特幣的平衡行為：勒索出售，ETF需求和前方的道路

隨著長期持有人出售，ETF吸收供應，比特幣會導致複雜的景觀，市場尋求下一個方向。關鍵趨勢和見解的細分。

Bitcoin's Balancing Act: LTH Selling, ETF Demand, and the Road Ahead

比特幣的平衡行為：勒索出售，ETF需求和前方的道路

Bitcoin's market is a dynamic arena, constantly balancing distribution and accumulation. Recent trends show long-term holders selling, while ETFs step in to absorb the supply, creating an intriguing tug-of-war.

比特幣的市場是一個充滿活力的領域，不斷平衡分銷和積累。最近的趨勢表明，長期持有人的銷售，而ETF介入以吸收供應，從而創造了一個有趣的拔河戰。

Long-Term Holders Take Profit

長期持有人獲利

Recent data indicates that long-term Bitcoin holders (LTHs), those holding for over five months, have been reducing their balances. A significant burst of selling occurred in early September, marking the largest single-session move by LTHs this year. The Coin Days Destroyed (CDD) indicator surged, suggesting a notable amount of long-held Bitcoin was moved, likely sold, as investors sought to lock in profits near record prices.

最近的數據表明，長期比特幣持有人（LTHS）（持有超過五個月的人）一直在降低平衡。 9月初發生了大量銷售，這標誌著今年LTHS最大的一次性單程舉動。硬幣日被摧毀（CDD）指標激增，表明由於投資者試圖將利潤鎖定在創紀錄的價格附近的利潤時，有明顯的長期持有比特幣被移動了，可能出售了。

ETFs to the Rescue

ETF進行營救

While veteran wallets distributed coins, U.S. spot Bitcoin ETFs experienced substantial net inflows. This institutional demand effectively absorbed much of the supply released by LTHs, preventing major price breakdowns. This ability of the market to absorb supply highlights robust demand for Bitcoin, even amidst profit-taking.

儘管資深錢包分發了硬幣，但美國比特幣ETF經歷了大量的淨流入。該機構需求有效地吸收了LTHS發布的大部分供應，從而防止了重大價格破裂。市場吸收供應的能力突出了對比特幣的強勁需求，甚至在獲利中。

The Illiquid Supply Squeeze

流動性不足的供應擠壓

Adding another layer to the story, a significant amount of Bitcoin is locked in "illiquid supply," held by entities that rarely transact. This record-high illiquid supply suggests a growing pool of Bitcoin is effectively off the market, further influencing the supply-demand dynamics.

在故事中增加了另一層，大量比特幣鎖定在“流動性供應”，這是由很少交易的實體持有的。創紀錄的流動性不足的供應表明，越來越多的比特幣庫有效地偏離了市場，進一步影響了供求動態。

What Does It All Mean?

這是什麼意思？

Historically, these transitions—where veteran wallets take profit while new buyers step in—have coincided with local tops but not necessarily cycle endings. Once supply from older holders is absorbed, markets often reset and continue higher. The recent ease in selling pressure, indicated by a decline in the 30-day moving average of CDD, is a bullish signal. It shows that despite profit-taking, strong demand underpins current price levels, allowing Bitcoin to consolidate near highs. If this trend continues, the groundwork may be laid for another leg higher in the ongoing bull cycle.

從歷史上看，這些過渡（退伍軍人錢包都會賺錢，而新買家則介入 - 與當地上衣相吻合，但不一定是循環結局。一旦吸收了老年持有人的供應，市場通常會重置並持續更高。最近，CDD的30天移動平均線下降表明，最近的銷售壓力易於性是看漲的信號。它表明，儘管獲利，但需求強勁的基礎是當前價格水平，使比特幣可以鞏固接近高點。如果這種趨勢持續下去，則可以在正在進行的牛週期中為另一支腿奠定基礎。

A Glimpse into the Future

瞥見未來

For now, the market is balancing three forces: profit-taking from long-tenured wallets, deep hoarding by illiquid entities, and steady ETF demand. How that balance plays out could determine Bitcoin’s next leg. Monitoring these dynamics will be key to understanding Bitcoin's trajectory.

就目前而言，市場正在平衡三大力量：從長時間的錢包中獲利，被流動性的實體深深Rible積和穩定的ETF需求。這種平衡如何發揮作用可以決定比特幣的下一條腿。監視這些動態將是了解比特幣的軌蹟的關鍵。

The Ledger & Ondo Collaboration: Tokenized Assets on the Rise

分類帳與ondo合作：興起的標記資產

The collaboration between Ledger and Ondo Finance introduces an intriguing development: access to tokenized U.S. stocks and ETFs directly within Ledger Live. This expands access to traditional financial instruments for non-U.S. investors and highlights the growing intersection of traditional finance and crypto.

Ledger和Ondo Finance之間的合作引入了一個有趣的發展：直接在Ledger Live中訪問令牌化的美國股票和ETF。這擴大了對非美國投資者的傳統金融工具的訪問權限，並突出了傳統金融和加密貨幣的增長。

So, Bitcoin's navigating a bit of a high-wire act, eh? Long-term holders cashing in, ETFs scooping up the supply, and everyone else just trying to figure out where it all lands. Buckle up, folks, it's gonna be a wild ride!

因此，比特幣的高線行為導航，是嗎？長期持有人兌現，ETF挖出供應，其他所有人都在試圖弄清楚所有這些土地的位置。搭扣，伙計們，這將是一個瘋狂的旅程！