比特幣（BTC）的積累趨勢得分錶明，巨型鯨魚冷卻

鏈上的數據顯示，比特幣網絡上最大的鯨魚最近減慢了他們的購買減慢。這就是BTC的意義。

On-chain data from Glassnode suggests that the largest of whales on the Bitcoin network have slowed down on their buying recently.

GlassNode的鍊鍊數據表明，比特幣網絡上最大的鯨魚最近購買了他們的購買減慢。

Bitcoin Accumulation Trend Score Suggests Mega Whales Cooldown

比特幣積累趨勢得分錶明巨型鯨魚冷卻

In a recent post on X, on-chain analytics firm Glassnode shared the latest update on the Accumulation Trend Score for the various Bitcoin investor cohorts.

在X上最近的一篇文章中，鏈分析公司GlassNode分享了各種比特幣投資者同伙的累積趨勢得分的最新更新。

The ‘Accumulation Trend Score’ here is an indicator that tells us whether the BTC investors are accumulating or not. The metric determines its value by not only looking at the balance changes happening in the investors’ wallets but also referring to the size of the wallets themselves. This means that larger investors have a higher weightage in the indicator.

這裡的“積累趨勢得分”是一個指標，它告訴我們BTC投資者是否正在積累。該指標不僅通過查看投資者錢包中發生的餘額變化，而且指的是錢包本身的大小來決定其價值。這意味著大型投資者的權重較高。

When the Accumulation Trend Score is above 0.5, it means the large investors (or alternatively, a large number of small holders) are in a phase of accumulation. On the other hand, being under this threshold implies the dominance of distribution in the market. These behaviors are at their strongest at the extreme points of 0 and 1.

當累積趨勢得分高於0.5時，這意味著大型投資者（或者，大量的小持有人）處於積累階段。另一方面，在這個閾值之下意味著分銷在市場上的主導地位。這些行為在0和1的極端位置最強。

Now, here is the chart posted by the analytics firm, which shows the trend in the Accumulation Trend Score separately for the different Bitcoin holder groups over the past year:

現在，這是分析公司發布的圖表，該圖顯示了過去一年中不同比特幣持有人組的累積趨勢得分的趨勢：

As displayed in the above graph, the investors on the lower end of the market (the below 1 BTC and 1 to 10 BTC cohorts) have their Accumulation Trend Score under 0.5, which implies they are distributing.

如上圖所示，市場下端的投資者（低於1 BTC和1至10 BTC隊列）的累積趨勢得分低於0.5，這意味著他們正在分發。

The story is different for the larger cohorts, who are in a phase of accumulation. The metric is sitting at 0.8 for the sharks (holders carrying 100 to 1,000 BTC) and at 0.9 for the whales (1,000 to 10,000 BTC), implying a strong trend of buying.

對於正在積累階段的較大人群來說，這個故事有所不同。鯊魚（攜帶100至1,000 BTC的持有人）的度量標準為0.8，鯨魚（1,000至10,000 BTC）為0.9，這意味著購買的強烈趨勢。

One cohort stands out in its Accumulation Trend Score, however, the ‘mega whales’ holding more than 10,000 BTC. From the chart, it’s visible that this cohort shifted from distribution to accumulation earlier in the year, ahead of the rest of the market and obtained a near-perfect score on the indicator.

一個隊列在其累積趨勢得分中脫穎而出，但是，持有超過10,000 BTC的“巨型鯨魚”。從圖表來看，這一隊列在今年早些時候從分佈轉移到了市場的其餘部分，並在指標上獲得了近乎完美的分數。

Recently, though, the group has shown another shift, as the metric’s value has come down to around 0.5 for its members. This suggests the cohort’s trend is now neutral. It’s possible that these humongous investors backing off on accumulation could have a negative impact on the ongoing Bitcoin rally.

但是，最近，該小組顯示了另一個轉變，因為該指標的價值降至其成員的0.5左右。這表明該隊列的趨勢現在是中性的。這些巨大的投資者可能會備份積累，可能會對正在進行的比特幣集會產生負面影響。

That said, at least for now, the sharks and whales are still supporting the run. During the rally from the last couple of months of 2024, the mega whales took to light distribution, but the rest of the market continued to accumulate, providing fuel for the run.

就是說，至少目前，鯊魚和鯨魚仍在支持奔跑。在2024年最後幾個月的集會中，巨型鯨魚進行了亮度分佈，但其餘的市場繼續積累，為奔跑提供了燃料。

The rally ended when the mega whales took to heavy distribution. Just like how the buying from the cohort this year came ahead of the rest, this selloff also arrived before the rest could move.

當巨型鯨魚大量分發時，集會結束了。就像今年從隊列中購買的方式在其餘部分之前一樣一樣，這種拋售也到了其餘的搬遷。

Considering this smart-money behavior from the mega whales, their Bitcoin Accumulation Trend Score could be to keep an eye on.

考慮到來自大鯨魚的這種明智的行為，他們的比特幣積累趨勢得分可能是關注。

BTC Price

BTC價格

The Bitcoin rally has stalled during the last few few days as the cryptocurrency is still trading around the $104,000 mark.

比特幣集會在過去幾天中停滯不前，因為加密貨幣仍在$ 104,000大關左右。