比特幣持有人：高峰警告還是只是在繼續？

比特幣長期持有人是否表示市場峰值，還是只是通過鑽石在波動中進行鑽石？讓我們研究數據。

Bitcoin Holders: Peak Warning or Just Hodling On?

比特幣持有人：高峰警告還是只是在繼續？

Bitcoin's been a wild ride, hasn't it? After that sweet record high back in November '24, we saw a dip. But then, BAM! New highs in April and May '25. So, what's the deal with Bitcoin holders and are we nearing a peak?

比特幣一直是瘋狂的旅程，不是嗎？在2004年11月的《甜蜜紀錄》之後，我們看到了一個蘸醬。但是，BAM！ 25年4月和5月的新高點。那麼，比特幣持有人有什麼關係？我們要接近山峰嗎？

Long-Term Holders: Cool as Cucumbers?

長期持有人：黃瓜酷？

Turns out, those long-term Bitcoin holders (LTHs) haven't been making moves like we'd expect. Usually, when prices hit these heights, they start distributing their stash. But not this time! This is messing with the historical patterns, ya know?

事實證明，那些長期的比特幣持有人（LTHS）並沒有像我們期望的那樣採取行動。通常，當價格達到這些高度時，他們開始分發藏匿處。但是不是這次！這與歷史模式混亂了，你知道嗎？

We saw two periods of LTH distribution – March '24 and November '24 to April '25. But instead of a price decline, Bitcoin just kept climbing. Go figure!

我們看到了第24章的兩個時期 - 2004年3月和2004年11月至2005年4月。但是比特幣不斷攀升，而不是價格下降。去數字！

LTH vs. STH: A Supply Story

LTH與STH：供應故事

The ratio between long-term and short-term holders (STH) is kinda crazy. LTHs are sitting on over 14 million coins, while STHs have less than four million. In previous market peaks, LTHs were selling, and STHs were buying. This time? Not so much.

長期和短期持有人（STH）之間的比率有點瘋狂。 lths坐超過1400萬個硬幣，而STH則少於400萬個硬幣。在以前的市場峰值中，LTH銷售，STH正在購買。這次？不多。

Realized Cap HODL Wave: Age Matters

實現的帽hodl波：年齡很重要

The Realized Cap HODL Wave shows how old Bitcoin transactions are. Typically, a market cycle ends when short-term holders dominate, with transactions under three months making up 70% of market activity. Right now, it's only about 30%. We're not there yet, baby!

實現的帽hodl波顯示了比特幣交易的舊交易。通常，當短期持有人占主導地位時，市場週期結束，三個月以下的交易占市場活動的70％。現在，只有大約30％。寶貝，我們還不到那兒！

Another cool thing? People who bought between January and March '25 – when prices dipped – are holding strong. They ain't selling, even with these record highs. That's some serious confidence right there.

另一個很酷的事情？在價格下跌（價格下跌時）之間購買的人保持強勁。即使有這些創紀錄的高點，他們也不會出售。那是一個嚴重的信心。

So, Are We Peaking?

那麼，我們在達到頂峰嗎？

Based on these on-chain indicators, it looks like we haven't hit the peak of the Bitcoin market cycle yet. Long-term holders are holding, and new buyers aren't taking profits. It's a whole new ballgame.

根據這些鏈上的指標，看來我們還沒有達到比特幣市場週期的高峰。長期持有人正在持有，而新買家沒有利潤。這是一個全新的球賽。

Shiba Inu Holders: A Cautionary Tale

Shiba INU持有人：一個警示性的故事

Now, let's take a quick detour to Shiba Inu (SHIB). A whopping 65% of SHIB holders are currently experiencing losses. Ouch! June has historically been a rough month for SHIB, with negative performance for the past five years. While some predict a short-term rebound, it's a reminder that not all crypto stories have a happy ending.

現在，讓我們快速繞行shiba inu（shib）。目前，高達65％的濕巾持有人正在遭受損失。哎喲!從歷史上看，六月對於Shib來說是一個艱難的月份，在過去的五年中表現負面表現。雖然有些人預測短期反彈，但它提醒人們，並非所有的加密故事都有幸福的結局。

Wrapping It Up

包裝

Bitcoin's playing by its own rules this cycle, and the long-term holders seem to be calling the shots. Whether this hodling behavior will continue remains to be seen, but for now, it's keeping the peak at bay. So, buckle up, crypto enthusiasts! It's gonna be an interesting ride. And hey, at least we're not all holding Shiba Inu... right?

比特幣在這個週期中按照自己的規則發揮作用，而長期持有人似乎在打鏡頭。這種狂熱的行為是否會繼續存在，但就目前而言，它正在避開峰值。因此，搭扣，加密愛好者！這將是一個有趣的旅程。嘿，至少我們並不全都拿著什巴伊努（Shiba Inu）...對嗎？