比特幣（BTC）價格躍升12％，達到96,500美元，超過了短期鯨魚的平均購買價格

加密分析師Ja Maartunn告訴Beincrypto，這些鯨魚已經收回了他們的收支平衡水平為90,890美元。這意味著他們現在正在獲利，銷售的可能性較小，這增加了市場的穩定性。

CryptoQuant analyst JA Maartunn has revealed that short-term Bitcoin whales, defined as entities holding the cryptocurrency for less than six months, have finally crossed back into realized profit.

加密分析師JA Maartunn透露，短期比特幣鯨（定義為持有加密貨幣的實體持續不到六個月，）終於恢復了實現的利潤。

These whales, who collectively purchased top slices of Bitcoin in recent months, had been operating at a loss as Bitcoin struggled to stay above $70,000. However, with Bitcoin’s price jumping over 12% last week to reach $96,500, they have now surpassed their average purchase price.

這些鯨魚在最近幾個月中集體購買了比特幣的最高片，由於比特幣努力保持超過70,000美元的價格，他們一直在虧損。但是，隨著比特幣的價格上週上漲12％以上，達到96,500美元，他們現在已經超過了平均購買價格。

According to Maartunn’s analysis, short-term Holder Top 20 realized price crossed into profit at around $90,890.

根據Maartunn的分析，短期持有人前20名實現的價格以90,890美元左右的價格越過利潤。

This coincides with the levels where we saw a strong build in hash rate over the past month, and also saw a strong decline in terms of overall realized loss on chain.

這與我們在過去一個月中看到強大的哈希速率的水平相吻合，並且在鏈上的總體實現損失方面也有強勁的下降。

As these whales return to profitability, they may reduce selling pressure, which could contribute to greater stability in the market.

隨著這些鯨魚恢復盈利能力，它們可能會降低銷售壓力，這可能會導致市場上的穩定性更大。

Moreover, Maartunn notes that perpetual futures funding rates have remained deeply negative, even as most on-chain indicators suggest a strong bias toward further gains. This disparity suggests that despite the strong technical bias, there is potential for a short squeeze if buying continues.

此外，Maartunn指出，即使大多數鍊鍊指標都表明對進一步的增長有很大的偏見，永久性期貨籌資率仍然是否定的。這種差異表明，儘管有強烈的技術偏見，但如果購買繼續，可能會短暫擠壓。

However, Maartunn believes that with miners steadily rebuilding their accumulation over the past six months, and the network hash rate hitting a record high of 1.04 ZH/s this month, it seems that they are still confident in sustaining the rally.

但是，馬頓（Maartunn）認為，隨著礦工在過去六個月中穩步重建積累，並且本月的網絡哈希率達到了創紀錄的1.04 ZH/s，似乎他們仍然有信心維持集會。

Furthermore, the world’s largest cryptocurrency is now up 70% from its December 2022 lows, and it recently crossed above the 200-week Exponential Moving Average (EMA) for the first time since November 2021.

此外，世界上最大的加密貨幣現在比2022年12月的低點增長了70％，最近它以自2021年11月以來首次超過200週的指數移動平均線（EMA）。

In other developments, a new report by eToro has delved into the potential implications of seasonal trends on cryptocurrencies, particularly in the second quarter of 2023.

在其他發展中，Etoro的一份新報告深入了季節性趨勢對加密貨幣的潛在影響，特別是在2023年第二季度。

As summer approaches, seasonal trends may cool the crypto market, which has seen impressive gains this year.

隨著夏季的臨近，季節性趨勢可能會冷卻加密貨幣市場，今年的收益令人印象深刻。

Despite an average second-quarter gain of 26% in Bitcoin since 2013, the median return has been 7.6%, indicating that while gains are typical, they can vary significantly.

儘管自2013年以來，比特幣的平均第二季度增長率為26％，但中位回報率為7.6％，表明雖然典型收益是典型的，但它們的差異可能很大。

Sharp drops, such as the 56.2% plunge in the second quarter of 2022, have also occurred, highlighting the potential for substantial volatility.

也發生了急劇下降，例如2022年第二季度的56.2％跌落，也發生了強調大量波動的可能性。

In contrast, the third quarter has usually seen weaker performance, with an average return of 6% and a slightly negative median.

相比之下，第三季度的表現較弱，平均回報率為6％，中位數略有負。

This suggests that traders may encounter headwinds as we move into the second half of 2023, especially with May approaching, known for the “sell in May” effect seen in equities.

這表明，當我們進入2023年下半年時，交易者可能會遇到逆風，尤其是在5月份臨近，以股票中的“五月賣出”效果而聞名。

Since 1950, the S&P 500 has returned only 1.8% from May through October.

自1950年以來，從5月到10月，標準普爾500指數僅返回1.8％。

In the macro domain, US inflation has now eased to 2.4%, and markets are now pricing in the potential for Fed rate cuts later in 2025.

在宏觀領域，美國通貨膨脹率現在已降低到2.4％，現在市場的價格在2025年晚些時候降低了美聯儲的可能性。

A weaker dollar usually bodes well for risk assets like Bitcoin.

較弱的美元通常對於像比特幣這樣的風險資產都很好。

Finally, in a display of institutional demand for cryptocurrencies, data from Glassnode reveals that spot Bitcoin ETFs saw approximately $3 billion in net inflows by the end of April.

最後，在顯示對加密貨幣的機構需求時，GlassNode的數據表明，到4月底，現場比特幣ETF的淨流入量約為30億美元。