比特幣的大轉變：鯨魚撤退，機構潛入

比特幣看到警衛隊的改變，因為早期採用者出售了大量的BTC，機構急切地將其鏟起來，重塑了加密貨幣景觀。

Bitcoin's Big Shift: Whales Retreat, Institutions Dive In

比特幣的大轉變：鯨魚撤退，機構潛入

Hold on to your hats, folks! Bitcoin is experiencing a major power shift. The old guard—the whales who've been hoarding BTC since the early days—are selling off their massive stashes. But don't fret; institutions are stepping up to the plate, gobbling up those coins faster than you can say 'decentralized finance.'

抓住你的帽子，伙計們！比特幣正在經歷重大的權力轉移。老警衛隊 - 從早期就一直在ho積BTC的鯨魚出售了大量的藏匿處。但是不要煩惱；機構正在加入盤子，比您說的“分散融資”更快地吞噬這些硬幣。

Whales Pass the Torch (for a Cool $50 Billion)

鯨魚通過火炬（售價為500億美元）

Reports show that whales have offloaded over 500,000 BTC in the past year, a stash worth over $50 billion at today's rates. According to Bloomberg's review of 10x Research data, wallets holding between 1,000 and 10,000 BTC have seen their balances slip. It's like they're trimming down their portfolios, making way for the new kids on the block.

報導顯示，鯨魚在過去一年中已將超過500,000 BTC卸載，這是當今利率以上價值超過500億美元的藏匿處。根據彭博對10倍研究數據的評論，持有1,000至10,000 BTC的錢包已經看到了平衡。就像他們修剪自己的投資組合一樣，為街上的新孩子們騰出了路。

Institutions: The New Bitcoin Landlords

機構：新的比特幣房東

Who's buying all these coins? Funds, ETFs, and corporate treasuries, that's who. These institutions have snapped up almost every coin dropped by the whales, adding a staggering 899,198 BTC—about $96 billion—over the past year. This buying frenzy has helped keep the market stable as the whales take a step back. Data from Bitcoin Treasuries shows private companies, public firms and ETFs are boosting their holdings.

誰在購買所有這些硬幣？資金，ETF和公司國庫，這就是誰。這些機構幾乎搶購了鯨魚掉落的所有硬幣，在過去的一年中增加了驚人的899,198 BTC（大約960億美元）。隨著鯨魚退後一步，這種購買瘋狂幫助使市場保持穩定。比特幣國庫的數據顯示，私營公司，公共公司和ETF正在提高其持股量。

Medium is the New Large

媒介是新的大型

Interestingly, medium-sized wallets are growing while the largest ones shrink. This trend suggests new types of investors are moving in. Edward Chin, co-founder of Parataxis Capital, notes that in-kind transfers allow coins to move from anonymous holders to regulated firms without public trades, boosting on-chain activity and oversight.

有趣的是，中型錢包正在增長，而最大的錢包卻收縮了。這種趨勢表明，新型的投資者正在進來。帕拉塔克斯資本的聯合創始人愛德華·欽（Edward Chin）指出，內心轉移使硬幣可以從匿名持有人轉移到沒有公共行業的監管公司，從而增強了鏈接活動和監督。

Volatility Takes a Chill Pill

波動率需要寒意

As institutional flows rise, Bitcoin's notorious price swings have calmed down. The Deribit 30-day volatility gauge is at a two-year low. Arca's CIO, Jeff Dorman, compares today's Bitcoin to a steady dividend payer, potentially delivering annual gains in the 10–20% range. That's a far cry from the wild 1,400% surge we saw in 2017, but for long-term savers, steadier returns look mighty attractive.

隨著機構流動的上升，比特幣臭名昭著的價格波動逐漸下降。 30天波動率量規為兩年低點。 Arca的CIO Jeff Dorman將當今的比特幣與穩定的股息付款人進行了比較，可能會在10–20％的範圍內帶來年度增長。這與我們在2017年看到的1,400％的狂潮相去甚遠，但是對於長期儲蓄者來說，穩定的回報看起來很有吸引力。

A Word of Caution

謹慎

However, Fred Thiel, CEO of miner MARA Holdings, warns that if whale selling picks up again and institutional appetite fades, prices could lurch lower. It's a reminder that even with institutions in the game, Bitcoin's future isn't set in stone.

但是，礦工Mara Holdings的首席執行官Fred Thiel警告說，如果再次出售鯨魚，機構的胃口就會淡出，價格可能會下降。這提醒您，即使在遊戲中的機構中，比特幣的未來也不是一成不變的。

On-Chain Activity: A Mixed Bag

鏈活動：一個混合的袋子

While Bitcoin holds steady above $108K, supported by its 365-day Simple Moving Average (SMA) on the MVRV Ratio, on-chain activity presents a mixed picture. Net Realized Profit/Loss (NRPL) shows moderate profit-taking, typical of mid-cycle environments. However, Transaction Count and Network Growth have dipped, indicating fewer new participants and reduced on-chain interaction. Still, price stability despite these weak signals shows a disconnection between adoption and valuation trends.

儘管比特幣的穩定穩定超過$ 108K，並在MVRV比率上的365天簡單移動平均線（SMA）支持，但鏈活動表現出混合的圖片。淨實現的利潤/損失（NRPL）顯示了中等的利潤，這是中期環境的典型特徵。但是，交易計數和網絡增長已經下降，表明新參與者的較少並減少了鏈上的相互作用。儘管如此，儘管這些信號較弱，但價格穩定仍顯示出採用趨勢和估值趨勢之間的斷開連接。

Hype Alert!

炒作警報！

Social Dominance for BTC spiked, revealing growing market attention, but such spikes have previously marked local tops. While it drives awareness and inflows, it also increases volatility.

BTC尖峰的社會主導地位，揭示了越來越多的市場關注，但此類尖峰以前已經標誌著當地上衣。儘管它推動了意識和流入，但也會增加波動。

The Takeaway

外賣

Bitcoin's key structural signals remain intact, but falling Transaction Count and rising Social Dominance hint at fragility. If volume revives and on-chain participation returns, another leg up may follow. Until then, patience and caution are key.

比特幣的主要結構信號仍然完好無損，但是交易數量下降和社會主導地位的上升暗示了脆弱性。如果音量恢復和鏈接參與回報，則可能會有另一回合。在此之前，耐心和謹慎是關鍵。

So, What Does It All Mean?

那麼，這意味著什麼？

Bitcoin is growing up! The shift from whale-dominated ownership to institutional hands suggests a maturing market. With steadier returns and increased regulatory oversight, Bitcoin is becoming less of a wild west and more of a mainstream investment. Of course, nothing is ever guaranteed in the world of crypto, but this trend points towards a more stable and sustainable future for the digital gold.

比特幣正在成長！從以鯨魚為主的所有權到機構手的轉變表明了一個成熟的市場。隨著回報穩定和監管監督的增加，比特幣變得不再是野外的西部，而是主流投資。當然，在加密貨幣世界中，沒有任何保證，但是這種趨勢表明，數字黃金的未來更加穩定和可持續。

And hey, even if things get a little bumpy, at least we can say we were here to witness the changing of the guard. Cheers to the future of Bitcoin!

嘿，即使事情變得有些顛簸，至少我們可以說我們在這裡見證了警衛的改變。歡呼比特幣的未來！