長期持有人已經將比特幣累積到歷史高處

長期持有人已經將比特幣累積到歷史悠久的高點上，自$ 83,000的水平以來增加了115萬BTC。積累發生在61,000至83,000美元的範圍內

Key Insights:

關鍵見解：

* Long-term holders have been accumulating Bitcoin to hit record levels, adding over 1.15 million BTC since the $83,000 level. The bulk of the accumulation happened in the $61,000 to $83,000 range, which shows that even with market volatility, large investors are becoming more and more convinced.

*長期持有人已經積累了比特幣以達到創紀錄的水平，自$ 83,000的水平以來增加了115萬BTC。大部分積累發生在61,000至83,000美元之間，這表明，即使市場波動，大型投資者也越來越有說服力。

* The amount of demand from addresses that have always bought and never sold has hit an all-time high of 309,000 BTC in the last 30 days. In the meantime, short-term holders look shaken, and net selling intensified with a 30-day position change of -833,000 BTC. Short-term uncertainty continues while long-term confidence is growing.

*在過去30天內，一直購買和從未出售過的地址的需求量達到了309,000 BTC的歷史最高點。同時，短期持有人看上去震驚，淨銷售加劇了30天的變化-833,000 BTC。短期不確定性持續，而長期信心正在增長。

Long-term Bitcoin (BTC) holders have been accumulating the cryptocurrency in record amounts over the past few months, as the price trades calmly above the $100,000 mark.

在過去的幾個月中，長期比特幣（BTC）持有人在創紀錄的數量中積累了加密貨幣，因為價格平靜地交易高於100,000美元。

Data from crypto analytics firm Glassnode shows that since BTC crossed $83,000, long-term holders have increased their supply from 14.03 million BTC to 15.18 million. This is an accumulation of 1.15 million BTC, which would be worth around $125 billion at current prices. Most of these coins were purchased in the $61,000 – $83,000 range.

加密分析公司玻璃節的數據表明，自BTC越過83,000美元以來，長期持有人的供應從1403萬BTC增加到1518萬。這是115萬BTC的積累，當前價格為1,250億美元。這些硬幣中的大多數是在61,000美元 - $ 83,000範圍內購買的。

The increase in holdings indicates that experienced participants still have faith in Bitcoin’s future. For this cohort, the average entry price is estimated to be around $72,000, which means that they are 51% unrealized profit. Such a positioning is often a sign of strong hands waiting for a potential future rally.

持有的增加表明，經驗豐富的參與者仍然對比特幣的未來充滿信心。對於此隊列，平均入境價估計約為72,000美元，這意味著它們是51％未實現的利潤。這種定位通常是強大的手等待潛在的未來集會的跡象。

Furthermore, this behaviour is indicative of an ongoing transfer from speculative to conviction-based ownership.

此外，這種行為表明從投機性轉移到基於定罪的所有權。

As the chart above shows, the amount of demand from addresses that are known to buy consistently without selling has hit a new record high in the last 30 days, with 309,000 BTC being purchased by accumulators.

如上圖所示，在過去30天內，已知不銷售的地址的需求量在沒有出售的情況下達到了新的紀錄，累加器購買了309,000 BTC。

Usually, this type of behavior is associated with institutional and strategic investors, who prefer to accumulate in a calmer fashion and are less sensitive to short-term price fluctuations.

通常，這種類型的行為與機構和戰略投資者有關，他們更喜歡以平靜的方式積累，並且對短期價格波動不太敏感。

Demand was at historic levels, but it was after a deep correction, and it shows confidence is coming back at higher price levels. This metric has previously peaked in times of consolidation or renewed upside pressure.

需求處於歷史悠久的水平，但經過深刻的修正，它表明信心恢復了更高的價格水平。該指標先前在合併或更新上行壓力的時間達到頂峰。

In addition, the rapid accumulation has also decreased the selling pressure, keeping BTC steady above the $100,000 mark. The market has been absorbing high inflows despite volatility without major corrections. That suggests prices are being supported by sustained demand from high-conviction buyers.

此外，快速積累還降低了銷售壓力，使BTC穩定在100,000美元以上。儘管沒有重大修正，但市場仍在吸收高流入。這表明價格得到了高定罪買家的持續需求支持。

On the other hand, short-term holders decreased exposure by a great deal in the past month. In 30 days, they lost 833,000 BTC, which indicates a decrease in confidence. It is the same capitulation we saw during the last correction in late 2024.

另一方面，短期持有人在過去一個月中降低了大量的曝光率。在30天內，他們損失了833,000 BTC，這表明信心下降。這是我們在2024年底的最後一次校正中看到的投降。

Even though Bitcoin is still above $100,000, many short-term traders exited because of fear of further drawdowns. Contrary to long-term accumulation, this suggests that the market sentiment remains bifurcated. Short-term volatility is getting more attention from risk sensitive participants.

即使比特幣仍超過100,000美元，由於擔心會進一步的縮減，許多短期交易者也退出了。與長期積累相反，這表明市場情緒仍然分叉。短期波動率從風險敏感的參與者中引起了人們的關注。

Short-term resistance can be created from this net selling by short-term holders. But this pressure may continue to be offset by long-term accumulation. If short-term holders supply shifts into stronger hands, the market could stabilize even further.

短期銷售者可以由短期持有人創建短期抵抗。但是，這種壓力可能會繼續被長期積累所抵消。如果短期持有人的供應轉移到更強的手中，那麼市場就可以進一步穩定。

Meanwhile, Coinbase Premium Index has rebounded strongly from negative levels in April to firmly positive territory in June, and it seems that U.S. investor demand is driving the current cycle, with prices pushing towards $110,000. A persistent premium usually means that the regulated exchanges are being spot bought.

同時，Coinbase Premium指數從4月份的負水平重新反彈到6月的穩固的積極領土，而且美國投資者的需求似乎正在推動當前週期，價格提高到110,000美元。持續的溢價通常意味著正在購買受監管的交流。

The premium rebound has been supporting steady price appreciation with no overheating signals. The pattern of the recovery matches the previous bull cycle recoveries, as CryptoQuant data shows. In the short term, BTC may continue challenging new highs.

高級反彈一直在支持穩定的價格升值，沒有過熱的信號。正如加密數據所示，恢復的模式與先前的牛週期恢復相匹配。在短期內，BTC可能會繼續挑戰新高點。

On the other hand, technical indicators are still bullish as the Ichimoku cloud signals are still bullish on the 4-hour chart. The accumulation/distribution line is trending higher, and MACD is also trending higher. With volume behind it, Bitcoin just broke above resistance levels.

另一方面，技術指標仍然是看好的，因為在4小時圖表上，Ichimoku雲信號仍然看漲。累積/分配線趨勢較高，MACD也趨勢更高。在其後面的體積之後，比特幣僅超過電阻水平。

According to Hyperliquid, the biggest cluster of long liquidations is at $105,000. That can create a magnet for short term downward pressure as bears try to push into those levels. But BTC is still above $109,000, which lessens the risk of a near term downside.

根據Hyproliquid的說法，最大的長清算集群為105,000美元。當熊試圖將這些水平推入這些水平時，這可以為短期向下壓力產生磁鐵。但是BTC仍在109,000美元以上，這降低了短期缺陷的風險。

The spread of short liquidation levels is more spread out with increasing leverage on top of $120,000. This paves the way

較短清算水平的傳播更加分佈，而槓桿率提高了120,000美元。這鋪平了道路