最新數據顯示，長期比特幣持有人正在增加其市場參與

有關區塊鏈的最新數據表明，長期持有人正在增加其市場參與。在凱爾·多普斯（Kyle Doops）的看法中，長期持有人現在的上限為90億美元。

The latest data from the blockchain is showing that long-term holders are becoming more involved in the market. According to Kyle Doops, long-term holders now have a realized cap of $9 billion. This level was last seen in April 2025.

區塊鏈的最新數據表明，長期持有人正在越來越參與市場。根據凱爾·多普斯（Kyle Doops）的說法，長期持有人現在的上限為90億美元。該水平是在2025年4月出現的。

Since long-term investors are in no hurry to sell and tend to be focused more on acquiring Bitcoin, the market cap now closely follows the price at which purchases were completed. Doop’s graph highlights how the number of short-term holders is diminishing, while long-term holders are increasing their presence.

由於長期投資者不急於銷售，並且傾向於將更多地集中在收購比特幣上，因此市值現在緊密遵循購買購買的價格。 Doop的圖突顯了短期持有人的數量如何減少，而長期持有人的存在正在增加。

This graph shows that the main investors in the market are keeping a strong hold of their Bitcoin, rather than selling to realize profits. Legitimate traders, who typically engage in short-term trading and are focused on profits, have been sharply selling their assets, signaling they are exiting the market.

該圖顯示，市場上的主要投資者正在強大地掌握其比特幣，而不是出售以實現利潤。通常從事短期交易並專注於利潤的合法交易者一直在大量出售其資產，這表明他們正在離開市場。

Meanwhile, the limited belief of those who hold Bitcoin for a short period could lead to less volatility. Conversely, the strong beliefs of long-term hodlers suggest they have great confidence in Bitcoin’s future.

同時，那些在短時間內持有比特幣的人的有限信念可能導致波動較小。相反，長期霍德爾的強烈信念表明，他們對比特幣的未來充滿信心。

According to Doop, Bitcoin is rapidly gaining value, and there is growing excitement. The majority of investors who recently acquired Bitcoin are currently in profit. Typically, when a large portion of short-term holders are in profit, they tend to sell en masse, which pulls back the price.

根據DOOP的說法，比特幣正在迅速獲得價值，並且興奮也日益增長。最近收購比特幣的大多數投資者目前都在獲利。通常，當大部分短期持有人獲利時，他們傾向於出售大批銷售，從而撤回價格。

Currently, the market is moving quickly, but it could slow down almost instantly if investors decide to take profits. The Glassnode chart indicates that as short-term holders are losing money, a slight gain in Bitcoin could lead to greater sell-offs and a drop in the price.

目前，市場正在迅速發展，但是如果投資者決定獲利，幾乎可以立即放慢速度。玻璃節圖表明，由於短期持有人正在虧損，比特幣的略有收益可能會導致更大的拋售和價格下降。

Heavy Liquidations Reflect Volatility Amid Futures Market Activity

重型清算反映了期貨市場活動中的波動

As a result of the support from long-term holders, the Bitcoin market is experiencing a lot of ups and downs. In the past 24 hours, over $675 million worth of cryptocurrency has been liquidated. This means that leveraged positions are being closed by the market due to sudden changes in prices and corrections.

由於長期持有人的支持，比特幣市場正在經歷很多起伏。在過去的24小時中，已經清算了價值超過6.75億美元的加密貨幣。這意味著由於價格和糾正的突然變化，市場被市場關閉。

Large amounts of liquidation at this time are common in volatile markets, as many investors are actively involved in trading. According to futures trading data from Deribit, the market saw a shift in interest towards the cryptocurrency futures markets.

由於許多投資者積極參與交易，因此目前大量清算在動蕩的市場中很常見。根據來自Deribit的期貨交易數據，市場將興趣轉移到加密貨幣期貨市場。

Futures trading on Bitcoin amplifies the swings in its price. According to Axel Adler, when the green bars are present on the chart, it indicates that the Dominance Ratio is positive, which in some cases signals an increase in long bets or a reduction in short bets. To make these factors clearer, Adler highlights three main signs. According to Axel, the upward triangles represent a buyer entering a new position. The Red indicates the group is covering their short positions. Lastly, the long buildup with lots of buy activity by the dominant taker is symbolized by green arrows.

比特幣上的期貨交易可以擴大其價格的鞦韆。根據阿克塞爾·阿德勒（Axel Adler）的說法，當圖表上存在綠色條時，它表明優勢比為正，在某些情況下，這標誌著長點升高或簡短下注的減少。為了使這些因素更清晰，阿德勒強調了三個主要跡象。根據Axel的說法，向上的三角形代表了進入新職位的買家。紅色表示該小組涵蓋了他們的短職位。最後，占主導地位的人的大量購買活動的長期積累以綠色箭頭像徵。

As a result of this futures activity, both traders opening long positions and those exiting short positions contributed to pushing the price upwards. Considering the extended buying pressure during the buildup, it appears that futures markets could continue in a positive direction.

由於這種期貨活動，交易者都開設了長期職位，而退出短職位的人則有助於將價格推高。考慮到累積期間的購買壓力，期貨市場似乎可以朝著積極的方向持續下去。

Implications for the Bitcoin Price Trajectory and Market Stability

對比特幣價格軌跡和市場穩定性的影響

Combining all of these observations provides insight into what will likely unfold for Bitcoin in the near future. A rise in the realized cap of long-term holders signifies fewer incentives for investors to engage in sudden large-scale sales. In doing so, the market can maintain stable prices and rely on steady growth.

結合所有這些觀察結果，可以洞悉在不久的將來可能會發生的情況。長期持有人的實現上限的增加表示投資者從事突然大規模銷售的激勵措施更少。這樣，市場可以保持穩定的價格並依靠穩定的增長。

Concurrently, with activity from active traders decreasing and their realized cap falling, it appears that there is less speculative trading. Typically, this tends to calm down the market. At the same time, since liquidations and active futures trading are high, prices tend to fluctuate whenever leveraged traders are involved.

同時，隨著活躍交易者的活動減少，他們實現的上限下降，看來投機性交易較少。通常，這往往會使市場平靜下來。同時，由於清算和積極的期貨交易很高，每當涉及槓桿交易者時，價格往往會波動。

Having considered the futures market data, one can observe that traders are becoming cautiously optimistic. Investors piling into long positions have confidence in the market’s growth, while wash-off events serve as a reminder that there are still dangers and the potential for sudden changes in the market.

考慮到期貨市場數據後，人們可以觀察到交易者變得謹慎樂觀。堆積長期職位的投資者對市場的增長充滿信心，而WASH-OFF事件則提醒人們仍然存在危險，並且有可能突然發生變化。

Overall, these observations suggest that Bitcoin is transitioning from a quickly-trading market to a more traditional one. Holders of large positions are maintaining their presence, short-term traders are becoming cautious, and futures trading is primarily focused on handling price swings. In the meantime, investors should be aware of such dynamics and closely monitor price movements in the coming weeks.

總體而言，這些觀察結果表明，比特幣正在從快速交易的市場過渡到更傳統的市場。龐大的職位持有人正在維持自己的存在，短期交易者變得謹慎，期貨交易主要集中於處理價格波動。同時，投資者應意識到這種動態，並在接下來的幾週內密切監視價格變動。