比特幣鯨（持有10,000多個BTC）已成為主要的市場參與者

區塊鏈分析表明，這些大型持有人現在處於幾乎完美的積累模式，得分徘徊在0.9左右。

Bitcoin (BTC) whales, typically defined as wallets holding over 10,000 BTC, have largely pivoted to accumulation mode, signaling a strong vote of confidence in the crypto market's resilience following a turbulent period.

比特幣（BTC）鯨魚通常被定義為持有10,000多個BTC的錢包，在很大程度上樞紐了積累模式，這表明在動盪時期，對加密貨幣市場的韌性有了強烈的信心投票。

According to the latest data from blockchain analytics firm Glassnode, these large-scale Bitcoin holders now show nearly flawless accumulation behavior, scoring around 0.9. This metric, developed by Glassnode, tracks the intensity of coin accumulation versus coin disposal. A score closer to 1 indicates a stronger presence of accumulation.

根據區塊鏈分析公司玻璃節的最新數據，這些大規模的比特幣持有人現在顯示出幾乎完美的積累行為，得分左右。該度量由玻璃節開發，跟踪硬幣積累與硬幣處置的強度。得分接近1表示積累的存在更強。

This finding is noteworthy as it stands in stark contrast to earlier this year when, during the height of the cryptocurrency winter, these whales displayed a strong preference for selling pressure.

這一發現值得注意，因為與今年早些時候，在加密貨幣冬季的高峰期間，這些鯨魚表現出對銷售壓力的強烈偏愛。

However, as Bitcoin’s price began to rise in 2025, these large institutional investors gradually reduced their selling activity and eventually pivoted to net buying.

但是，隨著比特幣的價格在2025年開始上漲，這些大型機構投資者逐漸降低了其銷售活動，並最終轉向淨購買。

As of April 24, 2025, this tier of investors is almost entirely focused on accumulating their coins, a shift that began earlier this year.

截至2025年4月24日，這一部分投資者幾乎完全專注於積累硬幣，這一轉變始於今年早些時候。

Another tier of investors, those holding between 1,000 and 10,000 BTC, also shows strong accumulation behavior with a reading of around 0.7.

另一層投資者，持有1,000至10,000 BTC的人，也顯示出強烈的積累行為，讀數約為0.7。

Even the next tier down, mid-sized wallets—those holding between 100 and 1,000 BTC—are now predominantly in accumulation mode, posting a reading of around 0.5. All together, these trends indicate that accumulation is a broad-based phenomenon across several tiers of Bitcoin investors.

即使是下一個層的中層錢包（將100至1,000個BTC之間的這些錢包）現在主要是在累積模式下，讀取約為0.5。這些趨勢共同表明，積累是幾個比特幣投資者的基於廣泛的現象。

“Holders of >10K $BTC are showing near-perfect accumulation (~0.9)

“> 10k $ btc的持有者顯示出幾乎完美的積累（〜0.9）

1K–10K $BTC wallets follow closely (~0.7)

1K – 10K $ BTC錢包緊隨其後（〜0.7）

100–1K $BTC are also pivoting to accumulation (~0.5).

100–1k $ btc也樞轉至積累（〜0.5）。

So far, large players have been buying into this rally.”

到目前為止，大型球員一直在參加這次集會。 ”

Few Coins Going to Exchanges Shows Reduced Selling Pressure

很少有硬幣去交流顯示銷售壓力降低

The positive outlook is furthered by a large drop in the number of addresses sending Bitcoin to exchanges. This is a critical metric because it often correlates with investors’ intent to sell or trade their coins.

通過將比特幣發送到交換的地址數量大幅度下降，進一步促進了積極的前景。這是一個關鍵的指標，因為它通常與投資者出售或交易硬幣的意圖相關。

As of April 2025, the 30-day moving average of depositing addresses has fallen to just 52,000. By contrast, the 365-day average is 71,000, and we can’t emphasize enough how sharp this drop is when looking at the 10-year average distribution peak of approximately 92,000.

截至2025年4月，存款地址的30天移動平均值已降至52,000。相比之下，365天的平均水平為71,000，我們不能強調這次下降的速度是多麼敏銳，當時10年的平均分配峰值約為92,000。

The number of addresses depositing bitcoins to exchanges has been steadily declining since 2022: the 30-day moving average has now dropped to 52K addresses compared to the 365-day level of 71K. Meanwhile, over the past 10 years, the most common distribution was around 92K…

自2022年以來，存放比特幣的地址數量一直在穩步下降：30天移動平均線現在下降到52K地址，而365天的水平為71k。同時，在過去的10年中，最常見的分佈約為92k…

The most recent time the quantity of depositing addresses was this low was back in December 2016—right prior to the legendary 2017 bull run that soared Bitcoin to then-all-time-high figures. This present downturn suggests a not-yet-extinguished investor cohort with a long-term mindset; they appear, in recent trend, to be hoarding their assets much more than selling them off, as even short-term trades seem to be staying in the hands of the Bitcoin mainstay. This, then, paints a picture of Bitcoin as potentially more resilient in the face of economic headwinds.

最近一次的存款地址數量是在2016年12月，就在2017年傳奇的公牛運行之前，它飆升至比特幣，以達到當時的全能數字。現在的衰退表明，一個尚未有長期心態的投資者隊列尚未出現。在最近的趨勢中，它們似乎比出售它們的資產要多得多，因為即使是短期交易似乎仍留在比特幣的中流台上。然後，這將比特幣的圖片描繪成面對經濟逆風的可能性更大。

This carries significant implications for monetary policy. The Federal Reserve has a limited number of tools to employ when it comes to stimulating the economy or cooling it down. One of the most important is interest rates. When the Fed raises or lowers the federal funds rate, it sets off a chain reaction throughout the economy—the rates that various banks charge their customers go up or down, as does the price of money in general. At these moments, the fed funds rate is effectively the price tag on monetary policy.

這對貨幣政策產生了重大影響。美聯儲在刺激經濟或冷靜下來的工具數量有限。最重要的之一是利率。當美聯儲提高或降低聯邦資金利率時，它會在整個經濟中引發連鎖反應 - 各個銀行收取客戶的費率，一般而言。在這些時刻，美聯儲資金利率實際上是貨幣政策的價格標籤。

Insiders Are Piling In With Bitcoin Spot ETFs

內部人員正在用比特幣斑點ETF堆積

What is making Bitcoin such a sure thing these days? For one, it’s back in favor among the deep-pocketed pros.

這些天是什麼使比特幣成為一個肯定的事情？首先，它回來了，這是富裕的專業人士的支持。

Last week, during a stretch that saw Bitcoin price gains, we learned that several Wall Street houses had been buying actual Bitcoin, not just Bitcoin derivatives. Moreover, they had been doing this well before the last price pop.

上週，在比特幣價格上漲的一段時間裡，我們了解到有幾家華爾街的房屋正在購買實際的比特幣，而不僅僅是比特幣衍生品。此外，他們在最後一個價格流行之前就已經做得很好。

What is especially significant about the constant inflows into spot ETFs is that they involve real Bitcoins actually being bought on behalf of the investors. In contrast, products based on futures merely follow the price changes. The purchase of actual Bitcoins by spot ETF trustees affects the supply-demand situation in the market, and in my opinion, it affects that situation in only one way: for the price of Bitcoin to go higher.

不斷流入現貨ETF的尤其重要的是，它們實際上涉及代表投資者購買的真正的比特幣。相比之下，基於期貨的產品僅遵循價格變化。現場ETF受託人購買實際的比特幣會影響市場上的供求狀況，在我看來，它僅以一種方式影響這種情況：對於比特幣的價格上漲。

On April 23 (ET), spot Bitcoin ETFs recorded

4月23日（ET），記錄了現場比特幣ETF