尽管有所有波动性，但比特币[BTC]仍在弯曲严重的肌肉。作者：史密斯。更新：2021年5月27日。

尽管有所有波动性，但比特币[BTC]仍在弯曲严重的肌肉。

Bitcoin [BTC] has been displaying some serious strength and resilience despite the recent market volatility.

尽管最近市场波动，但比特币[BTC]仍表现出一些严重的力量和韧性。

As we discussed previously, ‘Liberation Day’ on the 12th of April saw BTC swiftly dump 10.5% in a single week, tagging a five-month low at $76,191.

正如我们之前讨论的那样，“解放日”在4月12日，BTC在一个星期内迅速倾倒了10.5％，标记为五个月的低点，为76,191美元。

However, in the present scenario, even with macro headwinds returning due to fresh tariff noise and a 3.79% intraday pullback, it seems like the crypto behemoth is still unfazed.

但是，在目前的情况下，即使由于新的关税噪声和3.79％的室内回调，宏观逆风也会返回，似乎加密庞然大物仍然没有受到影响。

This resilience could be setting the stage for a classic supply squeeze, especially considering another high-leverage long was wiped out today and the market absorbed it like a sponge.

这种韧性可能是为经典的供应压缩奠定了基础，尤其是考虑到今天的另一个高杠杆长期被消灭了，市场像海绵一样吸收了市场。

Another long squeeze that didn’t break BTC

另一个没有打破BTC的漫长挤压

It seems like that intraday dip managed to shake out a ton of leveraged longs.

似乎这种盘中倾角设法摆脱了大量的杠杆寿命。

On-chain data from CryptoQuant flagged a sharp liquidation event: 2,560 BTC, or around $275 million, were squeezed out during the swift drop from $111,699 to $107,270 on the 23rd of May.

CryptoQuant的链上数据急剧清算事件：2,560 BTC（约合2.75亿美元）在5月23日迅速下降到111,699美元降至107,270美元时，被挤出了。

To put this in perspective, it was the first major long squeeze in over a month, dragging BTC down 3.79% in a single session.

从角度来看，这是一个多个月来的第一个重大挤压，在一次会议中将BTC下降了3.79％。

This move highlights how quickly leveraged positions can be liquidated in volatile markets and how quickly prices react to such shifts.

这一举动强调了在波动市场中可以清算杠杆位置的速度以及价格对这种转变的反应速度的速度。

Source: CryptoQuant

资料来源：加密

But if you thought that was enough to scare the big players, then think again.

但是，如果您认为这足以吓the Big Players，那么请考虑一下。

Lookonchain data spotted a whale adding a 40x long with 11,588 BTC which was set to be liquidated at $105,108, coming in at a whopping $1.25 billion.

Lookonchain数据发现了一条鲸鱼，增加了40倍长，BTC 11,588 BTC的清算为105,108美元，价格高达12.5亿美元。

As BTC moved tightly in a range between $106k and $109k, the whale decided to close the position manually, which will now be putting 11k+ BTC back into circulation.

随着BTC在$ 106K到$ 109K之间的紧密行动时，鲸鱼决定手动关闭该位置，现在将11K+ BTC恢复流通。

Now, one might expect such a large liquidation to significantly impact the market. However, despite the size of this unwind, BTC didn’t flinch. Could this be stealth accumulation setting the stage for a looming supply shock?

现在，人们可能期望如此大的清算会对市场产生重大影响。但是，尽管这个放松的大小，BTC并没有退缩。这可能是隐形积累，为迫在眉睫的供应冲击奠定了基础？

Bitcoin’s bull case builds

比特币的公牛案件建造

May’s data highlights a brewing supply squeeze, but it’s important to break down the numbers carefully.

May的数据突出了酿造的供应压缩，但仔细分解数字很重要。

Spot ETFs gobbled up 52,000 BTC, effectively locking those coins away from circulation.

Spot ETF吞噬了52,000 BTC，有效地将这些硬币锁定在循环中。

Also, exchange reserves continued to decline, approaching the $107K price level, decreasing the supply of BTC available for trading. In total, around 70,000 BTC exited exchanges this month alone, further tightening liquidity.

此外，交换储量继续下降，接近107K的价格水平，减少可用于交易的BTC供应。仅本月，总共约有70,000个BTC退出了交流，进一步收紧了流动性。

Source: CryptoQuant

资料来源：加密

Factor in sovereign players like the UAE who are stacking both on the buy and mining front, and Singapore with its 68% BTC allocation in its portfolio.

在像阿联酋这样的主权球员中，他们都在购买和采矿方面都堆放了，而新加坡则以68％的BTC分配在其投资组合中。

And the real cherry on top? BlackRock’s iShares Bitcoin Trust (IBIT) alone saw an addition of 44,000 BTC to its holdings this month, showcasing the massive institutional demand that’s silently piling in.

还有真正的樱桃？仅凭贝莱德（Blackrock）的iShares比特币信托（IBIT），本月就看到了44,000 BTC的股份增加了44,000 BTC，展示了默默地堆积的巨大机构需求。

So, to put this into perspective, the $1.25 billion long wipeout today might not even be a blip on the broader institutional accumulation radar.

因此，将其置于视角上，今天的12.5亿美元的消磨量甚至可能并不是更广泛的机构积累雷达。

In essence, Bitcoin seems to be quietly building a high-conviction base above $100k – one that could serve as the launchpad for the next major leg up.

从本质上讲，比特币似乎正在悄悄地建立一个高于$ 10万美元的高定罪基地 - 可以用作下一个大型领域的发射台。