比特幣 10 多年歷史的代幣最近出現了大幅波動

正如 CryptoQuant 研究主管 Julio Moreno 在 X 上的一篇文章中所解釋的那樣，當前的比特幣週期讓該資產的 OG 投資者比以往任何時候都覺醒了。

On-chain data suggests that long-term Bitcoin investors, also known as ancient whales, have been waking up at a higher rate than ever before during the current cycle. This trend indicates that some old investors in the network have been breaking their silence over the past month by moving their Bitcoin holdings.

鏈上數據表明，長期比特幣投資者（也稱為古代鯨魚）在當前週期中以比以往任何時候都更高的速度醒來。這一趨勢表明，網路中的一些老投資者在過去一個月打破了沉默，轉移了他們持有的比特幣。

The on-chain indicator of interest here is the “10+ Year-old Coins Expending Ratio,” which shows the percentage of coins that have been lying dormant for 10 years or more that saw movement during the past 30 days. A high value of this metric indicates that some ancient whales have finally moved their BTC.

這裡感興趣的鏈上指標是“10年以上的代幣支出比率”，它顯示了已經休眠10年或更長時間的代幣在過去30天內發生變動的百分比。該指標的高值表明一些古老的鯨魚終於轉移了他們的比特幣。

Now, here is a chart that shows the trend in the 10+ Year-old Coins Expending Ratio for Bitcoin over the past few years:

現在，這是一張圖表，顯示了過去幾年比特幣10年以上的硬幣支出比率的趨勢：

This indicator had observed a huge spike back in March. At the peak of this spike, the metric’s value reached 3.7%, which is the highest it has seen in the asset’s history so far.

該指標早在三月就出現了大幅飆升。在這一高峰的頂峰，該指標的價值達到了 3.7%，這是迄今為止該資產歷史上的最高值。

This sharp movement in dormant coins came as the cryptocurrency’s price had set a new all-time high (ATH). Usually, when such old coins move, it’s for selling purposes. In the case of this spike, especially, profit-taking would appear to be the likely motivation, given the ATH break.

隨著加密貨幣的價格創下新的歷史高點（ATH），休眠代幣出現了劇烈波動。通常，當這些舊硬幣移動時，是出於出售目的。特別是在這次飆升的情況下，鑑於 ATH 突破，獲利了結似乎是可能的動機。

After this peak, the ratio’s value registered a notable decline as the Bitcoin price itself struggled. However, with the latest recovery that the cryptocurrency has observed, the indicator has also bounced back.

在這個高峰之後，隨著比特幣價格本身的掙扎，該比率的價值顯著下降。然而，隨著加密貨幣的最新復甦，該指標也出現了反彈。

At present, the metric’s value stands at 2.5%, which, while lower than the earlier record, is still a high level when compared to the past. Therefore, it appears that ancient whales have continued to wake up at a significant rate over the last few months.

目前，該指標值為2.5%，雖然低於先前的記錄，但與過去相比仍處於較高水準。因此，在過去的幾個月裡，古代鯨魚似乎繼續以顯著的速度甦醒。

Who would be these investors moving such old coins? Generally, the movement of dormant tokens is associated with the HODLers of the market. Though, when coins age so much so as to fall in the 10+ years bracket, chances become higher that HODLing isn’t why they have been sitting dormant.

這些投資者會是誰轉移這些舊硬幣呢？一般來說，休眠代幣的變動與市場上的持有者有關。然而，當代幣的老化程度達到 10 年以上時，持有比特幣的可能性就更大，這並不是它們一直處於休眠狀態的原因。

Rather, coins of this type are probable to have reached this old age by being ‘lost,’ due to the keys of their wallets being misplaced or their existence simply being forgotten.

相反，這種類型的硬幣很可能已經「丟失」了，因為它們的錢包鑰匙放錯地方了，或者它們的存在只是被遺忘了。

Some of the holders may have indeed been the OGs sitting tight all this time, but it’s very much possible that a lot of these investors would in fact be those who just recently got their hands on the wallets containing these dormant coins.

一些持有者可能確實是一直袖手旁觀的 OG，但很可能這些投資者中的許多人實際上是最近剛拿到包含這些休眠代幣的錢包的人。