CryptoQuant 首席执行官表示，比特币 (BTC) 正处于积累阶段

Ki Young Ju 在社交媒体平台 X 上告诉他的 356,900 名粉丝，过去一个月有 358,000 BTC 转移到永久持有者地址。

Bitcoin (BTC) is accumulating among whales, the CEO of CryptoQuant suggests, highlighting a key indicator.

CryptoQuant 的首席执行官表示，比特币（BTC）正在鲸鱼中积累，强调了一个关键指标。

Ki Young Ju tells his 356,900 followers on the social media platform X that 358,000 BTC moved to permanent holder addresses in the past month.

Ki Young Ju 在社交媒体平台 X 上告诉他的 356,900 名粉丝，过去一个月有 358,000 BTC 转移到永久持有者地址。

The global spot exchange-traded (ETF) inflows in July, on the other hand, were only 53,000 BTC.

另一方面，7 月份全球现货交易所交易 (ETF) 流入量仅为 53,000 BTC。

“Throughout the month of July, 358,000 BTC moved into permanent holder addresses. Meanwhile, the global spot ETF inflows were 53,000 BTC.

“整个 7 月份，有 358,000 BTC 转移到永久持有者地址。与此同时，全球现货ETF流入量为53,000 BTC。

Though not all remaining BTC is in custody wallets, whales are clearly accumulating. And it’s an unprecedented level.

尽管并非所有剩余的比特币都存放在托管钱包中，但鲸鱼显然正在积累。而且这是一个前所未有的水平。

The recent BTC inflows into permanent holder addresses are not due to ETF wallets. These wallets are neither exchange nor miner wallets and have no outflows; they are mostly custodial wallets.”

最近 BTC 流入永久持有者地址并不是由于 ETF 钱包。这些钱包既不是交易所钱包，也不是矿机钱包，没有资金流出；它们大多是托管钱包。”

Young Ju also explains how he identifies the early stages of a transition between an accumulation and a distributive environment.

Young Ju 还解释了他如何识别积累环境和分配环境之间过渡的早期阶段。

“For retail distribution on-chain, I use indicators capturing the increase in realized cap within a month.

“对于链上零售分销，我使用捕捉一个月内实现上限增长的指标。

If there are low inflows to accumulation addresses and a high realized cap for under a month, driven by retail activities like deposits to exchanges, I would say it’s a distributive environment.”

如果在向交易所存款等散户活动的推动下，积累地址的流入量较低且实现上限在一个月内较高，我会说这是一个分布式环境。”

The realized cap metric notes the price of each Bitcoin the last time it moved and aims to gauge how many holders are in profit or at a loss.

已实现上限指标记录了每个比特币上次变动时的价格，旨在衡量有多少持有者处于盈利或亏损状态。

BTC is changing hands at $65,720 at the time of writing.

截至撰写本文时，BTC 易手价格为 65,720 美元。