比特幣最近的市場運動反映了持續的向上勢頭，即使短期波動表明一些冷卻

比特幣最近的市場運動反映了持續的向上勢頭，即使短期波動表明有些冷卻。截至今天，BTC的交易價格為103,485美元

Bitcoin (BTC) price has recently shown signs of pulling back from its recent highs as the crypto market leader now trades below the $104,000 mark.

比特幣（BTC）的價格最近顯示出，由於加密市場領導者現在的交易低於104,000美元，因此從最近的高點中撤回了跡象。

Despite the recent uptick in price, it seems that some technical indicators are signaling that a new stage of market rotation or a shift in investor behavior may be unfolding.

儘管最近價格上漲，但似乎一些技術指標表明，新的市場輪換階段或投資者行為的轉變可能正在發展。

As Bitcoin continues to move in a relatively high-leverage and volatile fashion, new data from CryptoQuant may suggest that some of the remaining long-term holders (LTHs) are beginning to take profits and exit their positions.

隨著比特幣繼續以相對較高的槓桿性和波動性的方式移動，來自加密素養的新數據可能表明，其餘的一些長期持有人（LTHS）正在開始利潤並退出其頭寸。

Bitcoin Binary CDD signals potential market rotation

比特幣二進制CDD信號潛在市場旋轉

CryptoQuant analyst Avocado Onchain noted a key indicator known as Binary Coin Days Destroyed (CDD), which helps to measure the activity of long-term dormant Bitcoin. The Binary CDD increases when older coins are moved after remaining untouched for extended periods of time, usually a sign of LTHs entering the market or preparing to sell.

加密分析師鱷梨Onchain指出了一個稱為二進制硬幣日的關鍵指標（CDD），有助於衡量長期休眠比特幣的活性。當較舊的硬幣長時間保持不變後，二進制CDD會增加，通常是LTHS進入市場或準備出售的標誌。

Typically, spikes in Binary CDD have coincided with market tops or phases where there is increased distribution from early Bitcoin holders to newer market participants. According to Avocado, applying a 30-day moving average to the Binary CDD helps to smooth out the data and provides a clearer picture of the macro trends.

通常，二進制CDD中的尖峰與從早期比特幣持有人到更新的市場參與者的分佈增加的市場頂部或階段相吻合。根據鱷梨的說法，將30天移動平均線應用於二進制CDD有助於平滑數據，並更清楚地了解了宏觀趨勢。

During previous bull rallies for Bitcoin, including in late 2021 and during the twin peaks of 2024, the Binary CDD moved past the 0.8 threshold. That level has historically signaled a heightened level of movement from LTHs, usually aligning with increased selling pressure or profit-taking behavior.

在以前的比特幣集會上，包括在2021年末和2024年的雙峰期間，二進制CDD超過了0.8個閾值。從歷史上看，該水平表明LTH的運動水平提高，通常與增加的銷售壓力或獲利行為保持一致。

Currently, the indicator is sitting close to 0.6 and is trending higher as Bitcoin attempts to retest its highs. If the Binary CDD does cross the 0.8 mark again, it may suggest that another wave of distribution is unfolding.What makes Binary CDD useful is that it can help to highlight potential shifts in the market structure. When LTHs begin to move large volumes of BTC, it usually signals the beginning of profit-taking, especially if it occurs at high prices and strong market sentiment.

目前，該指標位於接近0.6，並且隨著比特幣試圖重新測量高點時的趨勢。如果二進制CDD確實再次越過0.8標記，則可能表明另一波分配浪潮正在展開。什麼使二進制CDD有用的是它可以幫助突出市場結構中的潛在轉變。當LTHS開始移動大量BTC時，它通常標誌著獲利的開始，尤其是在以高價和強烈的市場情緒出現的情況下。

However, the indicator cannot be used in isolation to confirm any sell-offs and it's best viewed in conjunction with other context, such as exchange inflows and broader trading data to provide a complete interpretation.

但是，該指標不能孤立地用於確認任何拋售，並且最好與其他情況結合使用，例如交換流入和更廣泛的交易數據以提供完整的解釋。

In a broader sense, the current uptick in Binary CDD may point to Bitcoin entering a transitional stage. Rather than signaling the end of a bull trend, it could indicate that notable investors are gradually rotating capital or responding to price action in anticipation of near-term changes.

從廣義上講，二進制CDD的當前上升可能指向比特幣進入過渡階段。它可以表明，著名的投資者正在逐漸旋轉資本或在預期近期變化時對價格行動做出響應，而是表明牛市趨勢的結束。

In a separate market signal, another CryptoQuant analyst, EgyHash, highlighted concerns regarding the Exchange Stablecoins Ratio (USD), a metric that compares Bitcoin reserves to stablecoin holdings on exchanges.

在單獨的市場信號中，另一位加密分析師Egyhash強調了對交換穩定比率（USD）的擔憂，該度量將比特幣儲量與交易所的Stablecoin Holdings進行了比較。

According to EgyHash, this ratio has risen to around 5.3, surpassing the threshold of 5.0, which previously coincided with phases of distribution in the market. A similar level in late January led to a Bitcoin price pullback, and the current reading suggests that more traders may be preparing to sell, possibly rotating BTC holdings back into stablecoins or fiat equivalents.

據埃及什（Egyhash）稱，這個比率已上升到5.3左右，超過5.0的閾值，該閾值以前與市場上的分銷階段相吻合。 1月下旬的類似水平導致了比特幣的價格下降，目前的閱讀表明，更多的交易者可能準備出售，可能會將BTC持有型股票恢復到穩定的股份或菲亞特等效量。