比特幣（BTC）長期持有人（LTHS）正在積累，而不是出售 - 新鮮市場數據顯示

新的鏈上數據表明，儘管比特幣（BTC）交易接近其歷史最高（ATH），長期持有人（LTHS）並未卸載其持股。

Fresh on-chain data suggests that despite Bitcoin (BTC) trading close to its all-time high (ATH), long-term holders (LTHs) are not offloading their holdings. Instead, these investors are continuing to accumulate the world’s largest cryptocurrency by market capitalization, signaling their confidence in further price gains in the coming weeks.

新的鏈上數據表明，儘管比特幣（BTC）交易接近其歷史最高（ATH），長期持有人（LTHS）並未卸載其持股。取而代之的是，這些投資者通過市值繼續積累世界上最大的加密貨幣，這表明他們在未來幾週內對進一步的價格上漲的信心。

Long-Term Bitcoin Holders Are Not Selling Yet

長期比特幣持有人尚未出售

According to a recent CryptoQuant Quicktake post by contributor ShayanMarkets, profit-taking among long-term holders remains relatively low, even as BTC trades near its ATH. Historically, profit-taking activity tends to increase significantly when Bitcoin approaches its previous high, as many investors look to lock in gains. However, that has not been the case in the current market cycle.

根據撰稿人Shayanmarkets最近的一份加密快速帖子的報導，即使BTC在其ATH附近進行交易，長期持有人的利潤仍然相對較低。從歷史上看，當比特幣接近以前的高位時，利潤活動往往會大大增加，因為許多投資者希望鎖定收益。但是，在當前市場週期並非如此。

The analyst highlighted that Bitcoin consolidating near ATH levels typically results in significant profit realization by market participants. Yet, current data reveals that LTH – those who have held BTC for more than 150 days – have not begun large-scale profit-taking.

分析師強調，比特幣在ATH級別接近的比特幣通常會導致市場參與者的大量利潤實現。然而，當前的數據表明，LTH - 那些持有BTC超過150天的人 - 尚未開始大規模獲利。

Specifically, the LTH Spent Output Profit Ratio (SOPR) metric is heading downwards even when BTC continues to steadily surge toward a new ATH around $109,000. The analyst explains: This decline suggests that long-term holders have not yet engaged in notable profit-taking. Instead, they appear to be accumulating, signaling confidence in higher price targets and anticipating new all-time highs.

具體而言，即使BTC繼續穩步向新的ATH穩步湧現，LTH支出的產出利潤率（SOPR）仍在向下行駛。分析師解釋說：這種下降表明，長期持有人尚未從事明顯的盈利。取而代之的是，它們似乎正在積累，表明對更高價格目標的信心並預期新的歷史最高點。

In essence, the ongoing BTC consolidation phase seems to be driven more by short-term holders (STHs) and retail traders. Historically, these investor segments are more reactive to price swings, responding swiftly to both upward and downward movements.

從本質上講，正在進行的BTC合併階段似乎是由短期持有人（STH）和零售商人驅動的。從歷史上看，這些投資者的細分市場對價格波動更具反應性，對向上和向下的移動迅速響應。

The analyst further stated that Bitcoin is likely to resume its bullish trend following this period of consolidation. If history repeats itself, the next upward movement could propel BTC to new record highs in the mid-term.

分析師進一步指出，在此期間，比特幣可能會恢復其看漲趨勢。如果歷史重演，下一個向上的運動可能會在中期推動BTC的新記錄高點。

Analysis from fellow CryptoQuant contributor BlitzzTrading supports this outlook. BlitzzTrading observed that BTC whales – wallets holding significant Bitcoin holdings – have taken much less profit compared to previous bull runs. 

加密貢獻者Blitzztrading的分析支持了這種前景。 Blitzztrading觀察到，與以前的公牛運行相比，BTC鯨（持有大量比特幣持有的錢包）的利潤要少得多。

This behavior suggests a long-term investment mindset among whales, aligning them more closely with LTHs than retail traders or short-term speculators. It’s fair to say that BTC whales are typically long-term investors, often holding their positions through market cycles, unlike smaller holders who tend to trade more frequently.

這種行為表明，鯨魚之間的長期投資思維方式，與零售商人或短期投機者相比，它們與LTH的一致性更緊密。可以公平地說，與往往更頻繁地交易的較小持有人不同，BTC鯨魚通常是長期投資者，通常是通過市場週期來保持自己的立場。

BTC May Follow Gold’s Historic Price Action

BTC可能會遵循黃金的歷史價格行動

Interestingly, comparisons are now being drawn between Bitcoin and gold. Gold has seen impressive gains over the past two years, rising from around $1,800 per ounce in mid-2023 to about $3,200 per ounce today – an increase of nearly 75%.

有趣的是，比特幣和黃金之間正在進行比較。在過去的兩年中，黃金的增長令人印象深刻，從2023年中期的每盎司約1,800美元增加到今天的每盎司3,200美元，增長了近75％。

Crypto analyst Cryptollica recently remarked that BTC is likely to follow gold’s footsteps and experience similar extraordinary gains in 2025. The analyst forecasted that BTC may surge as high as $155,000 this year.

Crypto分析師Cryptollica最近指出，BTC可能會遵循Gold的腳步，並在2025年經歷類似的非凡收益。分析師預測，BTC今年可能會增加高達155,000美元。

Similarly, the Bitcoin Bull-Bear Market Cycle indicator is pointing toward the continuation of bullish momentum for the apex cryptocurrency. At press time, BTC trades at $101,852, down 1.5% in the past 24 hours.input: A recent CryptoQuant Quicktake post by contributor ShayanMarkets has sparked discussion about profit-taking activity among long-term holders (LTHs) as Bitcoin (BTC) edges closer to its all-time high (ATH).

同樣，比特幣牛市市場週期指標指出了對頂點加密貨幣的看漲勢頭。發稿時，BTC的交易價格為101,852美元，過去24小時下跌1.5％。輸入：撰稿人ShayanMarkets最近的一個加密快速Take帖子引發了關於長期持有人（LTHS）作為比特幣（BTC）邊緣的利潤活動活動的討論，即接近其歷時高（ATH）。

Despite BTC’s impressive rally and sustained presence at high prices, the analysis suggests that LTHs, defined as those who hold coins for more than 150 days, have not engaged in significant profit realization. This finding is surprising considering that profit-taking usually increases drastically as Bitcoin approaches a previous high, as many anticipate locking in gains.

儘管BTC以高價出現了令人印象深刻的集會和持續的存在，但分析表明，定義為持有硬幣超過150天的LTHS並沒有進行大量的利潤實現。考慮到利潤的速度通常會大幅度增加，這一發現令人驚訝，因為比特幣接近以前的高位，許多人預計會鎖定收益。

However, that scenario has not unfolded in the current market cycle. Instead, Bitcoin consolidating near ATH levels typically leads to significant profit realization by market participants.

但是，在當前市場週期中，這種情況並未發生。取而代之的是，比特幣鞏固在ATH級別附近，通常會導致市場參與者的大量利潤實現。

But according to the latest data, LTHs have not yet begun large-scale profit-taking. Instead, the LTH Spent Output Profit Ratio (SOPR) is heading downwards even when BTC continues to surge toward a new ATH around $109,000.

但是根據最新數據，LTHS尚未開始大規模獲利。取而代之的是，即使BTC繼續向新的ATH湧入109,000美元左右，LTH支出的產出利率（SOPR）也向下行駛。

This decline suggests that LTHs have not yet engaged in notable profit-taking. Instead, they appear to be accumulating, signaling confidence in higher price targets and anticipating new all-time highs. In essence, the ongoing BTC consolidation phase seems to be driven more by short-term holders (STHs) and retail traders.

這種下降表明，LTHS尚未從事著名的獲利。取而代之的是，它們似乎正在積累，表明對更高價格目標的信心並預期新的歷史最高點。從本質上講，正在進行的BTC合併階段似乎是由短期持有人（STH）和零售商人驅動的。

Historically, these investor segments are more reactive to price swings, responding swiftly to both upward and downward movements.

從歷史上看，這些投資者的細分市場對價格波動更具反應性，對向上和向下的移動迅速響應。

After this period of consolidation, Bitcoin is likely to resume its bullish trend. If history repeats itself, the next upward movement could propel BTC to new record highs in the mid-term.

在這段合併時期之後，比特幣可能會恢復其看漲趨勢。如果歷史重演，下一個向上的運動可能會在中期推動BTC的新記錄高點。

Analysis from fellow CryptoQuant contributor BlitzzTrading supports this outlook. BlitzzTrading observed that BTC whales, wallets holding significant Bitcoin

加密貢獻者Blitzztrading的分析支持了這種前景。閃電般的ZHTRADING觀察到BTC鯨，錢包容納明顯的比特幣