綜合波動率指數分析說，在積累階段的比特幣市場

經過驗證的加密分析師Axel Adler Jr.使用複合波動率指數（CVI）及其30天變更度量標準（一種使用比特幣地址活動作為識別宏觀週期的代理的方法）分享了對比特幣市場當前階段的見解。

Crypto analyst Axel Adler Jr., known for his unique approach using the Composite Volatility Index (CVI) and its 30-day change to identify macro cycles in Bitcoin by observing address activity, has shared an interesting update.

Crypto分析師Axel Adler Jr.以他使用複合波動率指數（CVI）的獨特方法而聞名，其30天更改通過觀察地址活動來識別比特幣中的宏觀週期，並共享了一個有趣的更新。

According to Adler, the 30-day change in the Composite Volatility Index is currently at -3.5%, which signals that the market is in an accumulation phase.

根據阿德勒（Adler）的說法，複合波動率指數的30天變化目前為-3.5％，這表明市場處於累積階段。

This framework is helpful for analysts to differentiate between phases of smart money participation and market anxiety or euphoria.

該框架對於分析師有助於區分智能貨幣參與和市場焦慮或欣快感的階段。

As the chart shows, we observe repeated cycles from 2022 to 2025, where spikes above +15% (orange) often precede market tops or sharp corrections, while deep dips below 0% (pink) tend to occur before price recoveries or major uptrends.

如圖所示，我們觀察到從2022年到2025年的重複循環，在市場頂部或急劇校正之前，高於 +15％（橙色）的峰值越過，而深度下降到0％（粉紅色）往往會發生在價格回收或重大上漲之前。

Currently, the 30D change is at -3.5%, which falls within the accumulation zone.

當前，30D變化為-3.5％，屬於蓄能區。

The accumulation signal indicates low volatility, large players possibly quietly building positions, and the next major move being upwards if past trends continue. It also suggests a lack of panic selling or overheated speculation, presenting a more stable entry point for long-term positions.

累積信號表明波動性低，大玩家可能會悄悄地建立位置，如果過去的趨勢繼續下去，那麼下一個主要舉措就會向上。這也表明缺乏恐慌銷售或過熱的猜測，為長期職位提供了更穩定的切入點。