儘管最近進行了市場回溯，但比特幣仍保持向上的動力

嚴格的編輯政策，側重於準確性，相關性和公正性

A recent analysis by Amr Taha, a contributor to CryptoQuant’s QuickTake platform, sheds light on how Bitcoin’s (BTC) price action flushed out over-leveraged traders while presenting an opportunity for long-term investors to accumulate.

CryptoQuant的QuickTake平台的貢獻者Amr Taha最近的分析闡明了比特幣（BTC）的價格行動如何沖洗過槓桿化的交易者，同時為長期投資者提供了積累的機會。

In a post titled ‘Late Longs Wiped Out — Long-Term Holders Seize the Opportunity to Accumulate Bitcoin,’ Taha highlighted two distinct market behaviors unfolding in real time.

塔哈（Taha）在一篇題為“晚期消滅的渴望（Long Longs）被淘汰的帖子中，長期持有人抓住了積累比特幣的機會，”塔哈（Taha）實時強調了兩種截然不同的市場行為。

As Bitcoin dropped below the $111,000 psychological threshold, two significant long liquidation clusters occurred on Binance, according to the analyst. The first wave hit around the $110,900 price level, wiping out over $97 million in long positions.

根據分析師的說法，隨著比特幣降至111,000美元的心理閾值以下，二元車上發生了兩個重要的清算簇。第一波浪潮達到了110,900美元的價格水平，長達9700萬美元以上。

Shortly after, a second wave emerged as the price fell below $109,000, resulting in a further $88 million in liquidated positions. These back-to-back events reflected cascading margin calls from traders using high leverage, a pattern usually seen during sharp short-term corrections.

不久之後，第二波出現了，因為價格下降到109,000美元以下，導致了8800萬美元的清算職位。這些背靠背的事件反映了交易者使用高槓桿的級聯保證金電話，這是這種模式通常在急劇短期校正期間看到的。

Liquidation clusters tend to occur when rapid price movements force the automatic closure of margin positions, further intensifying sell pressure. This volatility usually shakes out speculative positions and can signal a temporary pause or consolidation phase in the broader trend.

當快速價格變動迫使保證金位置自動關閉時，往往會發生清算簇，從而進一步加劇了賣出壓力。這種波動率通常會擺脫投機位置，並可以在更廣泛的趨勢中發出暫時的暫停或鞏固階段。

While the market absorbed these liquidations, it simultaneously witnessed a contrasting pattern among long-term holders (LTHs), who remained active throughout the volatility.

當市場吸收這些清算時，它同時目睹了長期持有人（LTHS）的對比模式，他們在整個波動率中一直保持活躍。

While short-term participants absorbed the brunt of the sell-off, LTHs appeared to interpret the price dip as a buying opportunity. Taha highlighted on-chain metrics showing that the LTH realized cap, a measure of the total value paid for held coins by long-term investors, surged past $28 billion.

雖然短期參與者吸收了拋售的首當其衝，但LTHS似乎將價格下降解釋為購買機會。塔哈（Taha）強調了鏈度指標表明，第lth實現了CAP，這是對長期投資者為持有硬幣支付的總價值的衡量標準，飆升了280億美元。

This level had not been observed since April, reinforcing the narrative that seasoned market participants are increasing their exposure during moments of market dislocation.

自4月以來就沒有觀察到這個水平，強化了經驗豐富的市場參與者在市場錯位時期增加其暴露量的敘述。

The behavior of long-term holders is often seen as a barometer for market health. Their steady accumulation during liquidation events suggests confidence in Bitcoin’s long-term value trajectory.

長期持有人的行為通常被視為市場健康的晴雨表。它們在清算事件期間的穩定積累表明對比特幣的長期價值軌蹟的信心。

Historically, accumulation by LTHs during volatile periods has coincided with later upward price expansions, as coins are removed from circulation and selling pressure is reduced.

從歷史上看，在波動期間，LTH的積累與後來的上漲相吻合，因為將硬幣從流通中刪除並降低了銷售壓力。

With leveraged positions reset and structural accumulation underway, the groundwork may be forming for Bitcoin to attempt another breakout beyond its previous highs.

隨著槓杆位置的重置和結構積累的正在進行，可能是為了使比特幣構成基礎工作，以嘗試超出其先前高點的另一個突破。