比特幣持有人準備在看跌信號的市場出口

長期比特幣持有者顯示出市場退出的跡象，作為關鍵指標閃光燈信號，表明儘管價格提高，但仍有可能進行更正。

Bitcoin Holders Prepare for Market Exit Amid Bearish Signals

比特幣持有人準備在看跌信號的市場出口

Is the Bitcoin party coming to an end? Key indicators suggest long-term holders might be quietly preparing for the exits. Let's dive into what's happening.

比特幣派對即將結束嗎？主要指標表明，長期持有人可能正在悄悄地為出口做準備。讓我們深入了解正在發生的事情。

Early Selling Pressure from Long-Term Holders

長期持有人的早期銷售壓力

The harmonic mean of NUPL (Net Unrealized Profit/Loss) and MVRV (Market Value to Realized Value) has dipped, signaling waning investor risk appetite. Long-term holders are beginning to sell into strength rather than accumulate. Coin Days Destroyed (CDD) has also risen, indicating increased movement of older coins typically held by long-term investors. When CDD rises, it means seasoned holders are exiting during perceived market tops.

NUPL的諧波平均值（未實現的盈利/損失）和MVRV（已實現價值的市場價值）的諧波平均值已經下降，這表明投資者的風險偏好減弱。長期持有人開始賣給力量而不是積累。破壞的硬幣日（CDD）也已經上升，表明通常由長期投資者持有的舊硬幣的移動增加。當CDD升起時，這意味著經驗豐富的持有人在感知到的市場頂部將退出。

Stock-to-Flow Ratio Plummets

股票與流量比下降

Bitcoin’s Stock-to-Flow (S2F) Ratio has plunged, questioning the strength of the asset’s scarcity-driven valuation model. Investors may now be looking toward macroeconomic cues or risk-on sentiment rather than supply dynamics. If confidence in the model continues to decline, the long-term narrative that supports sustained upside momentum may struggle to gain traction again.

比特幣的股票與流量（S2F）比率降低了，質疑資產稀缺驅動估值模型的強度。現在，投資者可能正在尋求宏觀經濟提示或風險情緒，而不是供應動態。如果對模型的信心不斷下降，那麼支持維持上漲勢頭的長期敘事可能會再次獲得吸引力。

Derivatives Traders Expect More Downside

衍生品交易者期望更多的弊端

The Long/Short Ratio on Bitcoin has dropped, with short positions outweighing longs. This suggests that derivatives traders are positioning for more downside. If this short-heavy positioning continues, the selling momentum could intensify, undermining any bullish attempts at reclaiming higher resistance zones in the near term.

比特幣的長/短比例下降了，較短的位置超過了渴望。這表明衍生品交易者正在定位以獲得更多缺點。如果這種短暫的位置繼續進行，銷售勢頭可能會加劇，這破壞了任何在短期內收回更高阻力區域的看漲嘗試。

Will Bitcoin Survive the Bearish Onslaught?

比特幣會在看跌攻擊中倖存嗎？

Bitcoin is facing a confluence of bearish metrics. Unless demand from new capital or macro catalysts re-emerges strongly, the risk of a market-wide correction continues to rise. While the price remains elevated, the foundation appears increasingly fragile.

比特幣正面臨看跌指標的匯合。除非新資本或宏觀催化劑的需求強烈重新出現，否則在市場範圍內進行更正的風險持續上升。雖然價格保持升高，但基金會似乎越來越脆弱。

Argentina's Crypto Revolution

阿根廷的加密革命

U.S. lawmakers are taking notes from Argentina's rapidly evolving crypto market. Sky-high inflation and currency devaluation have made Bitcoin and stablecoins a popular hedge against economic instability. It's a real-world example of crypto usage beyond speculative trading.

美國立法者正在從阿根廷迅速發展的加密貨幣市場中記下筆記。高高的通貨膨脹和貨幣貶值使比特幣和穩定幣成為反對經濟不穩定的受歡迎的樹籬。這是超越投機交易的加密貨幣使用情況的現實示例。

Final Thoughts

最後的想法

So, is it time to panic? Not necessarily. But keeping an eye on these metrics and understanding the market dynamics can help you make informed decisions. After all, in the wild world of crypto, knowledge is power!

那麼，是時候驚慌了嗎？未必。但是，請注意這些指標並了解市場動態可以幫助您做出明智的決定。畢竟，在加密世界中，知識就是力量！