儘管有所有波動性，但比特幣[BTC]仍在彎曲嚴重的肌肉。作者：史密斯。更新：2021年5月27日。

儘管有所有波動性，但比特幣[BTC]仍在彎曲嚴重的肌肉。

Bitcoin [BTC] has been displaying some serious strength and resilience despite the recent market volatility.

儘管最近市場波動，但比特幣[BTC]仍表現出一些嚴重的力量和韌性。

As we discussed previously, ‘Liberation Day’ on the 12th of April saw BTC swiftly dump 10.5% in a single week, tagging a five-month low at $76,191.

正如我們之前討論的那樣，“解放日”在4月12日，BTC在一個星期內迅速傾倒了10.5％，標記為五個月的低點，為76,191美元。

However, in the present scenario, even with macro headwinds returning due to fresh tariff noise and a 3.79% intraday pullback, it seems like the crypto behemoth is still unfazed.

但是，在目前的情況下，即使由於新的關稅噪聲和3.79％的室內回調，宏觀逆風也會返回，似乎加密龐然大物仍然沒有受到影響。

This resilience could be setting the stage for a classic supply squeeze, especially considering another high-leverage long was wiped out today and the market absorbed it like a sponge.

這種韌性可能是為經典的供應壓縮奠定了基礎，尤其是考慮到今天的另一個高槓桿長期被消滅了，市場像海綿一樣吸收了市場。

Another long squeeze that didn’t break BTC

另一個沒有打破BTC的漫長擠壓

It seems like that intraday dip managed to shake out a ton of leveraged longs.

似乎這種盤中傾角設法擺脫了大量的槓桿壽命。

On-chain data from CryptoQuant flagged a sharp liquidation event: 2,560 BTC, or around $275 million, were squeezed out during the swift drop from $111,699 to $107,270 on the 23rd of May.

CryptoQuant的鏈上數據急劇清算事件：2,560 BTC（約合2.75億美元）在5月23日迅速下降到111,699美元降至107,270美元時，被擠出了。

To put this in perspective, it was the first major long squeeze in over a month, dragging BTC down 3.79% in a single session.

從角度來看，這是一個多個月來的第一個重大擠壓，在一次會議中將BTC下降了3.79％。

This move highlights how quickly leveraged positions can be liquidated in volatile markets and how quickly prices react to such shifts.

這一舉動強調了在波動市場中可以清算槓杆位置的速度以及價格對這種轉變的反應速度的速度。

Source: CryptoQuant

資料來源：加密

But if you thought that was enough to scare the big players, then think again.

但是，如果您認為這足以嚇the Big Players，那麼請考慮一下。

Lookonchain data spotted a whale adding a 40x long with 11,588 BTC which was set to be liquidated at $105,108, coming in at a whopping $1.25 billion.

Lookonchain數據發現了一條鯨魚，增加了40倍長，BTC 11,588 BTC的清算為105,108美元，價格高達12.5億美元。

As BTC moved tightly in a range between $106k and $109k, the whale decided to close the position manually, which will now be putting 11k+ BTC back into circulation.

隨著BTC在$ 106K到$ 109K之間的緊密行動時，鯨魚決定手動關閉該位置，現在將11K+ BTC恢復流通。

Now, one might expect such a large liquidation to significantly impact the market. However, despite the size of this unwind, BTC didn’t flinch. Could this be stealth accumulation setting the stage for a looming supply shock?

現在，人們可能期望如此大的清算會對市場產生重大影響。但是，儘管這個放鬆的大小，BTC並沒有退縮。這可能是隱形積累，為迫在眉睫的供應衝擊奠定了基礎？

Bitcoin’s bull case builds

比特幣的公牛案件建造

May’s data highlights a brewing supply squeeze, but it’s important to break down the numbers carefully.

May的數據突出了釀造的供應壓縮，但仔細分解數字很重要。

Spot ETFs gobbled up 52,000 BTC, effectively locking those coins away from circulation.

Spot ETF吞噬了52,000 BTC，有效地將這些硬幣鎖定在循環中。

Also, exchange reserves continued to decline, approaching the $107K price level, decreasing the supply of BTC available for trading. In total, around 70,000 BTC exited exchanges this month alone, further tightening liquidity.

此外，交換儲量繼續下降，接近107K的價格水平，減少可用於交易的BTC供應。僅本月，總共約有70,000個BTC退出了交流，進一步收緊了流動性。

Source: CryptoQuant

資料來源：加密

Factor in sovereign players like the UAE who are stacking both on the buy and mining front, and Singapore with its 68% BTC allocation in its portfolio.

在像阿聯酋這樣的主權球員中，他們都在購買和採礦方面都堆放了，而新加坡則以68％的BTC分配在其投資組合中。

And the real cherry on top? BlackRock’s iShares Bitcoin Trust (IBIT) alone saw an addition of 44,000 BTC to its holdings this month, showcasing the massive institutional demand that’s silently piling in.

還有真正的櫻桃？僅憑貝萊德（Blackrock）的iShares比特幣信託（IBIT），本月就看到了44,000 BTC的股份增加了44,000 BTC，展示了默默地堆積的巨大機構需求。

So, to put this into perspective, the $1.25 billion long wipeout today might not even be a blip on the broader institutional accumulation radar.

因此，將其置於視角上，今天的12.5億美元的消磨量甚至可能並不是更廣泛的機構積累雷達。

In essence, Bitcoin seems to be quietly building a high-conviction base above $100k – one that could serve as the launchpad for the next major leg up.

從本質上講，比特幣似乎正在悄悄地建立一個高於$ 10萬美元的高定罪基地 - 可以用作下一個大型領域的發射台。