隨著機構的不斷購買，比特幣鯨魚的積累激增

來自CryptoQuant的數據表明，比特幣市場中的鯨魚活動仍然強大，在過去30天內，將超過41,300 BTC添加到鯨魚錢包中。

Bitcoin (BTC) whale activity has remained robust throughout the recent market movements, with over 41,300 BTC being added to whale wallets in the last 30 days, according to data from CryptoQuant.

根據CryptoQuant的數據，在最近的30天內，比特幣（BTC）鯨魚活動在最近的30天內一直在鯨魚錢包中添加到41,300多個BTC。

This trend continues into 2025, highlighting sustained interest from institutions despite a complex macroeconomic environment.

這種趨勢一直持續到2025年，儘管存在著複雜的宏觀經濟環境，但仍突出了機構的持續興趣。

Unlike past bull runs that were largely fueled by retail speculation, this cycle appears to be unfolding with a greater emphasis on passive accumulation from institutions. Large corporations are incrementally allocating cash flow and even issuing debt to acquire BTC systematically, an action that is creating what analysts at Arcane Research describe as a steady, acyclical buying pressure.

與過去的公牛奔跑在很大程度上被零售投機所助長的不同，這個週期似乎正在展開，更加重視從機構中的被動積累。大型公司正在逐步分配現金流，甚至發行債務以系統地收購BTC，該行動正在創造Arcane Research的分析師所說的穩定的，週期性的購買壓力。

This demand from institutions is especially noteworthy because it persists even in an environment that still exhibits some risk aversion. Rather than fear-driven exits, the market is calmly witnessing new corporate players making calculated entries. This shift in market dynamics could have interesting implications for Bitcoin’s price behavior, potentially reducing volatility and decoupling its performance from traditional retail-driven boom-bust cycles.

機構的這種需求尤其值得注意，因為即使在仍然表現出一些風險厭惡的環境中，它仍然存在。該市場沒有害怕驅動的出口，而是在平靜地目睹了新的公司參與者進行計算的參賽作品。市場動態的這種轉變可能會對比特幣的價格行為產生有趣的影響，從而有可能降低波動率，並將其表現與傳統的零售驅動的繁榮性循環脫鉤。

Importantly, this accumulation is not a short-term phenomenon; it reflects a systematic shift in who is buying Bitcoin and why. As highlighted by CryptoQuant, the recent rise in price is not being driven by a retail frenzy but rather by measured, long-term positioning from large-scale investors.

重要的是，這種積累不是短期現象。它反映了誰在購買比特幣以及原因的系統轉變。正如加密素養所強調的那樣，最近的價格上漲不是由零售瘋狂的驅動，而是由大規模投資者的經過衡量的長期定位驅動。

This observation is supported by the fact that the total BTC balance held by entities with over 100 coins has reached its highest point in the last 18 months. This indicates that substantial investors are calmly and persistently accumulating BTC despite the market downturn that unfolded in the last 24 months.

這一觀察結果得到了以下事實的支持：在過去的18個月中，擁有100多個硬幣的實體持有的總BTC餘額已達到其最高點。這表明，儘管過去24個月內的市場下降，但大量投資者仍在平靜而持續地積累了BTC。

Moreover, the acyclical nature of this buying pressure is evident in the continuous inflow of BTC to tier-1 exchanges despite the overall trend of cryptocurrency exchange balances decreasing in recent months.

此外，儘管最近幾個月加密貨幣交換餘額的總體趨勢在下降，但這種購買壓力的關聯性質在BTC到層交換的連續流入中很明顯。

This activity directly contradicts the narrative of a cyclical market with a natural bottom, suggesting instead a steady demand for BTC regardless of market-cycle stage.

這項活動直接與週期性市場的敘事相矛盾，其自然底部表明對BTC的需求不管市場週期階段如何。