零售和短期持有人正在傾倒比特幣，鯨魚很安靜

根據新的鍊鍊數據，最近的大多數比特幣銷售壓力都來自短期持有者和較小的錢包。相比之下，儘管市場波動，鯨魚和長期持有人仍減少了活動。

The recent Bitcoin (BTC) sell pressure has been largely driven by short-term holders (STHs) and smaller wallets, while whales and long-term holders (LTHs) have reduced their activity despite market fluctuations, new on-chain data showed.

新的鏈接數據顯示，最近的比特幣（BTC）銷售壓力在很大程度上是由短期持有人（STH）和較小的錢包驅動的，而鯨魚和長期持有人（LTHS）儘管市場波動，但他們的活動卻降低了。

As reported by CryptoQuant, the average daily inflow volume from STHs to exchanges was 930 BTC, compared to 529 BTC from LTHs. This trend indicates that short-term participants, defined as those holding BTC for periods ranging from weeks to months, were exiting the market at a faster pace.

據加密量報導，從STH到交換的平均每日流入量為930 BTC，而LTH的平均流入量為529 BTC。這種趨勢表明，短期參與者（被定義為持有BTC數周到幾個月不等的持有BTC的參與者）以更快的速度退出市場。

As seen in the chart above, the inflow volume from STHs remained consistently higher than that from LTHs from October 2024 to April 2025.

如上圖所示，從2024年10月至2025年4月，STH的流入量始終高於LTHS的流入量。

The price of Bitcoin began to become more volatile after April, reaching its peak around mid-December. As the price went down, short-term holders were selling at a greater pace, probably due to short-term losses or fear of further decline.

四月份之後，比特幣的價格開始變得更加波動，達到了12月中旬左右。隨著價格下跌，短期持有人的出售速度更大，可能是由於短期損失或擔心進一步下降的原因。

On the other hand, the contribution of long-term holders was very minimal, which might mean that more experienced investors are not moving large amounts of Bitcoin to exchanges.

另一方面，長期持有人的貢獻非常小，這可能意味著經驗豐富的投資者沒有將大量比特幣轉移到交流中。

Another CryptoQuant chart broke down the selling behavior based on wallet sizes. Since April 1 and mid-April 2025, retail and mid-sized holders have been the main sellers.

另一個加密圖表破壞了基於錢包尺寸的銷售行為。自4月1日和2025年4月中旬以來，零售和中型持有人一直是主要賣家。

Shrimps, or wallets holding less than 1 BTC, sold an average of 480 BTC per day. Around 102 BTC were sold daily by crabs, with balances of 1 to 10 BTC. Fish, holding 10 to 100 BTC, moved 341 BTC, and sharks, with 100 to 1,000 BTC, contributed 402 BTC.

每天平均售出的蝦或錢包少於1 BTC，平均售出480 BTC。大約102 BTC每天被螃蟹出售，餘額為1至10 BTC。持有10至100 BTC的魚，以100至1,000 BTC的速度移動了341 BTC和鯊魚，貢獻了402 BTC。

Together, these groups sold more than 1,300 BTC per day. During the same period, whales, or wallets with more than 1,000 BTC, sold only 70 BTC daily. This implies that the large players are either reducing their activity or waiting for better conditions.

這些團體每天共同售出1300多個BTC。在同一時期，鯨魚或1,000多個BTC的錢包每天僅出售70 BTC。這意味著大玩家要么減少活動，要么等待更好的條件。

"The real sell pressure is not from whales or old hands, but from retail, mid-sized cohorts (shrimps to sharks) and short-term holders—a classic shakeout," said analyst Crazzyblockk. Often, this shakeout occurs during uncertain phases when smaller investors sell out of fear of falling prices.

分析師Crazzyblockk說：“真正的賣出壓力不是來自鯨魚或老手，而是來自零售，中型的同類隊列（蝦到鯊魚）和短期持有者，這是經典的搖動。”通常，這種震動發生在不確定的階段，而小型投資者出於擔心價格下跌而出售的售價。

Furthermore, whale wallets dropped by about 30,000 BTC in a week in April 2025, which indicates the pace of whale accumulation is now at its slowest since February 2024. This doesn’t mean aggressive selling, but it does mean that there is less activity from bigger players.

此外，鯨魚錢包在2025年4月的一周內下降了約30,000 BTC，這表明自2024年2月以來，鯨魚的積累速度現在處於最慢的速度。這並不意味著積極的銷售，但這確實意味著從更大的玩家那裡的活動較少。

According to CryptoQuant, since January, the total balance of whale wallets has been relatively stable, with brief drawdowns followed by short recovery periods.

據CryptoQuant稱，自1月以來，鯨魚錢包的總餘額相對穩定，短暫的下降，然後是較短的恢復期。

Moreover, during this drop in accumulation, the price of Bitcoin went below $80,000, while it later recovered above $84,000. The price action here is in line with lower whale activity, meaning big investors are not so bullish right now.

此外，在積累下降期間，比特幣的價格低於80,000美元，而後來收回了84,000美元以上。這裡的價格行動與較低的鯨魚活動一致，這意味著現在的大投資者現在還不是那麼看好。