儘管最近波動率，但鏈上的數據表明，長期比特幣持有人仍然有信心，這表明在下一次激增之前是一個合併階段。

Bitcoin's Bullish Consolidation: LTH Confidence Shines Through On-Chain Data

比特幣的看漲合併：通過鏈上的數據亮起。

Bitcoin's recent price dips have sparked debate, but on-chain data paints a picture of confident long-term holders (LTH) and a market consolidating for its next big move. Let's dive into what the data reveals.

比特幣最近的價格下跌引發了辯論，但鏈上的數據描繪了自信的長期持有人（LTH）的圖片，並為其下一個大舉動而鞏固了市場。讓我們深入了解數據顯示的內容。

Long-Term Holders: Steady Hands Amidst the Storm

長期持有人：在暴風雨中穩定的手

Despite the weekend's volatility, with Bitcoin briefly touching $98,000 before bouncing back above $100,000, long-term holders are showing remarkable resilience. CryptoQuant's data indicates that these key players aren't panicking. The 30-day moving average of Binary Coin Days Destroyed (CDD), a metric that tracks the movement of older coins, remains stable. Historically, a CDD above 0.8 signals an overheated market ripe for correction. However, the current cycle peaked closer to 0.6 and is now trending downwards, suggesting lower risk of distribution.

儘管週末的波動性，但比特幣短暫觸摸了98,000美元，然後彈跳到100,000美元以上，但長期持有人仍表現出顯著的彈性。加密的數據表明，這些關鍵參與者並沒有驚慌。銷毀的二進制硬幣日的30天移動平均值（CDD）是跟踪舊硬幣運動的指標，它仍然穩定。從歷史上看，高於0.8的CDD信號是一個過熱的市場成熟的校正市場。但是，當前週期的峰值接近0.6，現在正在向下趨勢，表明分佈風險較低。

Accumulation Phase: Quiet Before the Next Leap?

累積階段：在下一次飛躍之前安靜嗎？

The current market behavior suggests Bitcoin is in a quiet accumulation phase. Think of it as the calm before the storm – or, in this case, the rally. This period of low volatility and cautious sentiment is potentially setting the stage for the next explosive upward movement. As long as Bitcoin holds above the critical $100,000 mark and long-term holders maintain their positions, the outlook remains bullish.

當前的市場行為表明比特幣處於安靜的積累階段。將其視為暴風雨前的平靜，或者在這種情況下是集會。這個低波動和謹慎的時期有可能為下一個爆炸性的向上運動奠定了基礎。只要比特幣持有超過100,000美元的關鍵，並且長期持有人保持自己的位置，展望仍然是看好的。

Institutional Interest Remains Strong

機構興趣仍然很大

Adding fuel to the fire, CoinShares reports a staggering $1.24 billion in inflows into digital asset investment products last week alone! Bitcoin led the charge with $1.1 billion in inflows, indicating that investors are buying the dips. Even Ethereum products are experiencing their longest streak of inflows since 2021.

Coinshares在大火中增加了燃料，僅上週僅在數字資產投資產品中出現了驚人的12.4億美元流入！比特幣以11億美元的流入領先，這表明投資者正在購買跌幅。自2021年以來，即使是以太坊產品也經歷了最長的流入條紋。

Saylor's Million-Dollar Bitcoin: A Bold Prediction

Saylor的百萬美元比特幣：大膽的預測

Speaking of bullish sentiment, Michael Saylor, the Bitcoin evangelist and Strategy's executive chairman, recently reaffirmed his conviction, predicting Bitcoin will eventually reach $1 million per coin. While such predictions always need to be taken with a grain of salt, it reflects the long-term belief held by many in the Bitcoin community.

談到看漲的情緒，比特幣傳教士和戰略執行董事長邁克爾·塞勒（Michael Saylor）最近重申了他的信念，預測比特幣最終將達到每枚硬幣100萬美元。儘管這種預測總是需要用一粒鹽進行，但它反映了許多人在比特幣社區中持有的長期信念。

On-Chain Data Points to Institutional Activity

鏈上數據指向機構活動

Further supporting the narrative of institutional involvement, on-chain data reveals the movement of 8,000 Bitcoins aged three to five years from Coinbase Custody, a service often used by institutional clients. This suggests potential accumulation by entities like MicroStrategy or spot Bitcoin ETFs.

進一步支持機構參與的敘述，鍊鍊數據揭示了從Coinbase Custody到3到五年的8,000個比特幣的運動，Coinbase Custody是機構客戶經常使用的服務。這表明諸如MicroStrategy或Spot Bitcoin ETF等實體的潛在積累。

The Takeaway: Consolidation, Not Capitulation

要點：合併，而不是投降

Don't mistake this pullback for the end of the cycle. Bitcoin often climbs in a staircase pattern, alternating between consolidation and expansion. The current market conditions, while potentially unnerving, appear to be a healthy reset before the next push higher.

不要將此回調誤認為周期的結束。比特幣經常以樓梯模式攀爬，在整合和擴展之間交替。當前的市場狀況雖然有可能令人不安，但在下一次推動之前似乎是健康的重置。

So, keep calm and HODL on! While geopolitical tensions and market fluctuations are always factors to consider, the underlying on-chain data suggests that Bitcoin's long-term trajectory remains positive. Now, if you'll excuse me, I'm going to go check my Blockfolio... just in case!

因此，保持冷靜並繼續前進！儘管地緣政治緊張局勢和市場波動始終是要考慮的因素，但潛在的鏈上數據表明，比特幣的長期軌跡仍然是積極的。現在，如果您能原諒我，我將去檢查我的Blockfolio ...以防萬一！