CryptoQuant 執行長表示，比特幣 (BTC) 正處於累積階段

Ki Young Ju 在社群媒體平台 X 上告訴他的 356,900 名粉絲，過去一個月有 358,000 BTC 轉移到永久持有者地址。

Bitcoin (BTC) is accumulating among whales, the CEO of CryptoQuant suggests, highlighting a key indicator.

CryptoQuant 的執行長表示，比特幣（BTC）正在鯨魚中積累，強調了一個關鍵指標。

Ki Young Ju tells his 356,900 followers on the social media platform X that 358,000 BTC moved to permanent holder addresses in the past month.

Ki Young Ju 在社群媒體平台 X 上告訴他的 356,900 名粉絲，過去一個月有 358,000 BTC 轉移到永久持有者地址。

The global spot exchange-traded (ETF) inflows in July, on the other hand, were only 53,000 BTC.

另一方面，7 月全球現貨交易所交易 (ETF) 流入量僅為 53,000 BTC。

“Throughout the month of July, 358,000 BTC moved into permanent holder addresses. Meanwhile, the global spot ETF inflows were 53,000 BTC.

「整個 7 月份，有 358,000 BTC 轉移到永久持有者地址。同時，全球現貨ETF流入量為53,000 BTC。

Though not all remaining BTC is in custody wallets, whales are clearly accumulating. And it’s an unprecedented level.

儘管並非所有剩餘的比特幣都存放在託管錢包中，但鯨魚顯然正在累積。而且這是一個前所未有的水平。

The recent BTC inflows into permanent holder addresses are not due to ETF wallets. These wallets are neither exchange nor miner wallets and have no outflows; they are mostly custodial wallets.”

最近 BTC 流入永久持有者地址並不是由於 ETF 錢包。這些錢包既不是交易所錢包，也不是礦機錢包，沒有資金流出；它們大多是託管錢包。

Young Ju also explains how he identifies the early stages of a transition between an accumulation and a distributive environment.

Young Ju 也解釋了他如何識別累積環境和分配環境之間過渡的早期階段。

“For retail distribution on-chain, I use indicators capturing the increase in realized cap within a month.

「對於鏈上零售分銷，我使用捕捉一個月內實現上限成長的指標。

If there are low inflows to accumulation addresses and a high realized cap for under a month, driven by retail activities like deposits to exchanges, I would say it’s a distributive environment.”

如果在向交易所存款等散戶活動的推動下，累積地址的流入量較低且實現上限在一個月內較高，我會說這是一個分佈式環境。

The realized cap metric notes the price of each Bitcoin the last time it moved and aims to gauge how many holders are in profit or at a loss.

已實現上限指標記錄了每個比特幣上次變動時的價格，旨在衡量有多少持有者處於盈利或虧損狀態。

BTC is changing hands at $65,720 at the time of writing.

截至撰寫本文時，BTC 易手價格為 65,720 美元。