比特币（BTC）价格跃升12％，达到96,500美元，超过了短期鲸鱼的平均购买价格

加密分析师Ja Maartunn告诉Beincrypto，这些鲸鱼已经收回了他们的收支平衡水平为90,890美元。这意味着他们现在正在获利，销售的可能性较小，这增加了市场的稳定性。

CryptoQuant analyst JA Maartunn has revealed that short-term Bitcoin whales, defined as entities holding the cryptocurrency for less than six months, have finally crossed back into realized profit.

加密分析师Ja Maartunn透露，被定义为持有加密货币的实体的短期比特币鲸最终恢复了实现的利润。

These whales, who collectively purchased top slices of Bitcoin in recent months, had been operating at a loss as Bitcoin struggled to stay above $70,000. However, with Bitcoin’s price jumping over 12% last week to reach $96,500, they have now surpassed their average purchase price.

这些鲸鱼在最近几个月中集体购买了比特币的最高片，由于比特币努力保持超过70,000美元的价格，他们一直在亏损。但是，随着比特币的价格上周上涨12％以上，达到96,500美元，他们现在已经超过了平均购买价格。

According to Maartunn’s analysis, short-term Holder Top 20 realized price crossed into profit at around $90,890.

根据Maartunn的分析，短期持有人前20名实现的价格以90,890美元左右的价格越过利润。

This coincides with the levels where we saw a strong build in hash rate over the past month, and also saw a strong decline in terms of overall realized loss on chain.

这与我们在过去一个月中看到强大的哈希速率的水平相吻合，并且在链上的总体实现损失方面也有强劲的下降。

As these whales return to profitability, they may reduce selling pressure, which could contribute to greater stability in the market.

随着这些鲸鱼恢复盈利能力，它们可能会降低销售压力，这可能会导致市场上的稳定性更大。

Moreover, Maartunn notes that perpetual futures funding rates have remained deeply negative, even as most on-chain indicators suggest a strong bias toward further gains. This disparity suggests that despite the strong technical bias, there is potential for a short squeeze if buying continues.

此外，Maartunn指出，即使大多数链链指标都表明对进一步的增长有很大的偏见，永久性期货筹资率仍然是否定的。这种差异表明，尽管有强烈的技术偏见，但如果购买继续，可能会短暂挤压。

However, Maartunn believes that with miners steadily rebuilding their accumulation over the past six months, and the network hash rate hitting a record high of 1.04 ZH/s this month, it seems that they are still confident in sustaining the rally.

但是，马顿（Maartunn）认为，随着矿工在过去六个月中稳步重建积累，并且本月的网络哈希率达到了创纪录的1.04 ZH/s，似乎他们仍然有信心维持集会。

Furthermore, the world’s largest cryptocurrency is now up 70% from its December 2022 lows, and it recently crossed above the 200-week Exponential Moving Average (EMA) for the first time since November 2021.

此外，世界上最大的加密货币现在比2022年12月的低点增长了70％，最近它以自2021年11月以来首次超过200周的指数移动平均线（EMA）。

In other developments, a new report by eToro has delved into the potential implications of seasonal trends on cryptocurrencies, particularly in the second quarter of 2023.

在其他发展中，Etoro的一份新报告深入了季节性趋势对加密货币的潜在影响，特别是在2023年第二季度。

As summer approaches, seasonal trends may cool the crypto market, which has seen impressive gains this year.

随着夏季的临近，季节性趋势可能会冷却加密货币市场，今年的收益令人印象深刻。

Despite an average second-quarter gain of 26% in Bitcoin since 2013, the median return has been 7.6%, indicating that while gains are typical, they can vary significantly.

尽管自2013年以来，比特币的平均第二季度增长率为26％，但中位回报率为7.6％，表明虽然典型收益是典型的，但它们的差异可能很大。

Sharp drops, such as the 56.2% plunge in the second quarter of 2022, have also occurred, highlighting the potential for substantial volatility.

也发生了急剧下降，例如2022年第二季度的56.2％跌落，也发生了强调大量波动的可能性。

In contrast, the third quarter has usually seen weaker performance, with an average return of 6% and a slightly negative median.

相比之下，第三季度的表现较弱，平均回报率为6％，中位数略有负。

This suggests that traders may encounter headwinds as we move into the second half of 2023, especially with May approaching, known for the “sell in May” effect seen in equities.

这表明，当我们进入2023年下半年时，交易者可能会遇到逆风，尤其是在5月份临近，以股票中的“五月卖出”效果而闻名。

Since 1950, the S&P 500 has returned only 1.8% from May through October.

自1950年以来，从5月到10月，标准普尔500指数仅返回1.8％。

In the macro domain, US inflation has now eased to 2.4%, and markets are now pricing in the potential for Fed rate cuts later in 2025.

在宏观领域，美国通货膨胀率现在已降低到2.4％，现在市场的价格在2025年晚些时候降低了美联储的可能性。

A weaker dollar usually bodes well for risk assets like Bitcoin.

较弱的美元通常对于像比特币这样的风险资产都很好。

Finally, in a display of institutional demand for cryptocurrencies, data from Glassnode reveals that spot Bitcoin ETFs saw approximately $3 billion in net inflows by the end of April.

最后，在显示对加密货币的机构需求时，GlassNode的数据表明，到4月底，现场比特币ETF的净流入量约为30亿美元。