當前的牛市經歷較少的長期擠壓

小阿克塞爾·阿德勒（Axel Adler Jr.）在當前的公牛奔跑期間對交易者的行為進行了關鍵轉變。他在調查結果中得出結論

Axel Adler Jr., a recognized trader and analyst, has pointed out a crucial difference in how traders are engaging in the current bull market compared to the previous one. As Adler Jr. highlighted in a recent X post, a smaller percentage of traders are entering into short positions, anticipating a decline in prices, in the present cycle. This finding, based on data from CryptoQuant, stands in contrast to the previous bull market, where a larger portion of traders were closing out their long positions.

公認的交易員和分析師小阿克塞爾·阿德勒（Axel Adler Jr.正如小阿德勒（Adler Jr.）在最近的X帖子中強調的那樣，較小比例的交易者正處於短期職位，預計在當前週期中價格會下降。這一發現基於來自加密量的數據，與以前的牛市形成鮮明對比的是，大部分貿易商正在結束他們的長位置。

This shift in investor behavior speaks to a collective caution in predicting bearish movements and may be seen as a bullish indicator.

投資者行為的這種轉變表達了集體的謹慎，以預測看跌的運動，可能被視為看漲指標。

One interesting observation from Adler Jr.'s analysis is that long squeezes, a scenario where traders who have held onto their positions for some time decide to sell, have been infrequent during this cycle.

小阿德勒（Adler Jr.）分析的一個有趣的觀察結果是，在這種週期中很少見過一段時間的貿易商，那就是在這種情況下，交易者一直擔任其職位決定出售。

This observation is significant because it suggests that traders, on balance, expect the market to move higher.

這一觀察結果很重要，因為它表明交易者總的來說，預計市場會移動更高。

The chart, titled "Bitcoin Advanced Short/Long Squeeze Signal" and credited to CryptoQuant, follows Bitcoin's price action and highlights bullish and bearish liquidations, along with an indicator designed to detect squeeze signals.

該圖表的標題為“比特幣高級短/長擠壓信號”，並歸功於加密量，遵循比特幣的價格動作，突出顯示了看漲和看跌清算，以及旨在檢測擠壓信號的指標。

The time frame covers 2020 to mid-2025, providing a broader context as the market transitions from bear to bull markets and vice versa.

時間範圍涵蓋2020年至2025年中期，隨著市場從熊到牛市的過渡，反之亦然。

The chart shows a denser frequency of both longs and shorts liquidating in 2021, reflecting the heightened risk appetite and active trading of that period. In comparison, there are fewer trades and a slower pace of liquidation between 2023 and 2025, with open interest gradually increasing as prices stabilize around the $80,000 level for BTC.

該圖顯示了2021年清算的較長頻率和短褲的頻率，這反映了這一時期的風險食慾增強和主動交易。相比之下，在2023年至2025年之間，交易較少，清算速度較慢，隨著價格穩定在BTC的80,000美元左右，開放利息逐漸增加。

This observation takes on added importance given the maturing stage of the cryptocurrency market. The reduced activity in bearish shorting limits the potential for rapid price reversals, which may facilitate a smoother trajectory of growth for Bitcoin.

鑑於加密貨幣市場的成熟階段，這種觀察結果具有更大的重要性。看跌短缺的活動減少限制了價格逆轉的潛力，這可能促進比特幣增長的軌跡。