比特幣（BTC）現貨銷售週期似乎已經結束，因為長期信件再次處於累積模式

比特幣市場的恐慌銷售階段似乎已經結束，所有現貨銷售商都經歷了相對較短的投降階段。

The panic selling stage of the Bitcoin market seems to be over, with all spot sellers passing through a relatively short capitulation phase. Long-term holders of BTC, in wallets older than 155 days since creation, are now back in accumulation mode.

比特幣市場的恐慌銷售階段似乎已經結束，所有現貨銷售商都經歷了相對較短的投降階段。自創建以來155天以上的錢包中，BTC的長期持有人現在重新恢復了積累模式。

Bitcoins (BTC) spot accumulation, with coins in wallets over 155 days returning to accumulation. Some of the newest cohorts, bought December 2024, are seen holding above $70,000 on pullback.

比特幣（BTC）斑點積累，錢包中的硬幣超過155天，恢復了積累。看到2024年12月購買的一些最新同夥在回調上持有70,000美元以上的價格。

BTC has been stabilizing above $95,000 after a turbulent week. The accumulation has been spotted to continue for several actors, from shark and whale wallets to institutions.

在動盪不安的一周之後，BTC一直穩定在95,000美元以上。從鯊魚和鯨魚錢包到機構的幾位演員都發現了積累的距離。

The current accumulation is slow, with pressure from short-term traders and whales selling on any bounce. Still, the trend has shifted from panic and capitulation to a new buying phase.

當前的積累很慢，短期交易者和鯨魚在任何反彈上的銷售壓力都很慢。儘管如此，這種趨勢還是從恐慌和投降轉變為新的購買階段。

A total of 14,907,459 BTC are spotted in wallets over 155 days old, but without noting the oldest historical whales and buyers. After the 2022-2023 bear market, accumulations and distributions had faster turnover, as whales quickly pocketed profits.

總共14,907,459 BTC被發現在155天內的錢包中，但沒有註意到歷史捕鯨和買家。在2022-2023熊市市場之後，鯨魚很快賺取了利潤，積累和分佈的營業額更快。

On-chain data shows that older wallets were more dedicated to holding through turbulence. The recent shift of funds to old addresses matches the pattern of a mid-cycle consolidation, with the selling period concluding.

鏈上的數據表明，較舊的錢包更致力於通過湍流保持。最近將資金轉移到舊地址與中期合併的模式相匹配，銷售期結束了。

Bitcoin Long-Term Holders Are Back in Accumulation Mode

比特幣長期持有人恢復了積累模式

Long-term BTC holders are once again stacking in U.S. dollar terms, as the selling pressure and the increasing doom.

長期BTC持有人再次以美元的方式堆疊，因為銷售壓力和厄運的增加。

Bitcoin is moving to the hands of strong, which is a common pattern seen during the mid-cycle consolidation.

比特幣正在移到強大的手中，這是中期固結過程中常見的模式。

BTC transitioned into accumulation from March, concluding a cycle of distribution during the fourth quarter of 2024.

BTC從3月開始過渡為積累，得出了2024年第四季度分佈週期的結論。

The recent price movements displayed whales taking profits at the all-time high but now consolidating their positions to anticipate the next rally. BTC usually breaks out after accumulation and consolidation.

最近的價格變動顯示鯨魚以歷史最高的高價獲利，但現在鞏固了他們的位置以預測下一次集會。 BTC通常在積累和鞏固後爆發。

The buying of BTC spot and the complete ownership is taking place in the background while derivatives markets are fuelling more dramatic price changes.

購買BTC現貨和全部所有權正在後台進行，而衍生品市場正在推動更大的價格變化。

The spot buy and hold is also fuelling the narrative of scarcity for BTC as institutions, defi, miners and other actors are preparing for the long term.

現貨購買和持有也助長了BTC的稀缺性敘事，因為機構，Defi，礦工和其他演員正在為長期做準備。

Short-Term BTC Holders Also Show Confidence

短期BTC持有人也表現出信心

Almost all cohorts of BTC wallets are either holding or increasing their balances, based on the Hodl Waves Heatmap.

基於HODL波的熱圖，幾乎所有的BTC錢包都持有或增加其平衡。

Based on the Rainbow chart, BTC is still in a good buying zone and is expected for a higher breakout. The coin still needs to accumulate more before attempting a new breakout.

根據彩虹圖，BTC仍處於一個良好的購買區域，預計會出現更高的突破。在嘗試新的突破之前，硬幣仍然需要增加更多。

One reason for the short-term accumulation is that even the newest buyers were in profit after last week’s green candle.

短期積累的原因之一是，即使是上週的綠色蠟燭之後，即使是最新的買家也可以盈利。

The profit cohort reached 87.6% of holders, from a recent low of 80% in green.

從最近的80％的綠色低點，利潤隊列達到了87.6％的持有人。

The price of BTC is now above the cost basis for the newest cohorts of buyers, concluding the selling duration to lower losses.

現在，BTC的價格高於最新的買家人群的成本基礎，從而得出結論銷售期限到較低的損失。

BTC was seen to be collecting again during the U.S. trading hours, reaching $97,283.28 after a turbulent day in the Asian markets.

看到BTC在美國交易時間內再次收集，在亞洲市場發生動蕩的一天后，BTC達到了97,283.28美元。

The leading coin has been showing that its price is easily influenced by leveraged trading but returns to its increasing trend within a few days.

領先的硬幣一直表明，其價格很容易受槓桿交易的影響，但在幾天之內又回到了趨勢。