比特币（BTC）最近“纸质比特币”有所增加，原因如下

尽管现货交易所交易基金（ETF）已被购买，但比特币一直在苦苦挣扎。这位分析师表示，原因如下。

Bitcoin’s recent rally has been slowing down even though spot exchange-traded funds (ETFs) and institutional entities have been buying up the cryptocurrency.

尽管现货交易所交易基金（ETF）和机构实体一直在买入这种加密货币，但比特币最近的涨势一直在放缓。

According to Willy Woo, an on-chain analyst, there are two main reasons for this bearish momentum.

链上分析师Willy Woo表示，造成这种看跌势头的主要原因有两个。

The first reason has to do with the selling pressure coming from the long-term holders (LTHs) of Bitcoin. These investors tend to keep their coins dormant for long periods of time, and the timing of when they participate in selling appears to have followed a pattern throughout history.

第一个原因与来自比特币长期持有者（LTH）的抛售压力有关。这些投资者倾向于将他们的代币长期保持休眠状态，而他们参与出售的时机似乎遵循历史上的某种模式。

The Coin Days Destroyed (CDD) metric can be used to track this activity. The CDD keeps track of the number of coins that investors are moving on the blockchain daily and weighs it against the age of said coins.

硬币销毁天数 (CDD) 指标可用于跟踪此活动。 CDD 跟踪投资者每天在区块链上转移的代币数量，并将其与所述代币的年龄进行权衡。

When the CDD spikes, many dormant coins have just broken their silence. As is visible in the graph below, the Bitcoin CDD had seen a huge spike earlier in the year when the asset’s price had set a new all-time high (ATH).

当 CDD 飙升时，许多休眠币刚刚打破沉默。如下图所示，比特币 CDD 在今年早些时候出现了大幅上涨，当时该资产的价格创下了历史新高 (ATH)。

This suggests that the LTHs potentially took part in a large amount of selling during this rally, which may have contributed to the slowdown in the asset’s price appreciation.

这表明 LTH 可能在本次反弹期间参与了大量抛售，这可能导致该资产价格升值放缓。

The second reason for the slowing down of Bitcoin’s rally could be due to “paper Bitcoin.” Paper BTC refers to derivatives products that don’t involve the investor owning real tokens of the cryptocurrency.

比特币涨势放缓的第二个原因可能是“纸质比特币”。纸币BTC是指不涉及投资者拥有加密货币真实代币的衍生产品。

As Woo explains, “In the old days, BTC would go on an exponential run because the only sellers was a trickle from the OGs and an even smaller amount from miners with their newly mined coins. Today the magic of paper BTC is what you want to watch.”

正如 Woo 解释的那样，“在过去，比特币会呈指数级增长，因为唯一的卖家是来自 OG 的少量卖家，以及来自矿工新开采的比特币的少量卖家。今天纸质比特币的魔力就是你想看的。”

The chart below shows the Bitcoin inventory sitting on exchanges in recent years.

下图显示了近年来交易所的比特币库存。

The spot inventory of the asset has only shown phases of downward and sideways trends during the last few years, indicating that the exchanges have not been receiving any significant net deposits.

该资产的现货库存在过去几年中仅出现阶段性下降和横盘趋势，表明交易所并未收到任何大量净存款。

However, the spot plus paper BTC inventory did see a rise during the 2022 bear market. This increase implied that paper BTC was being minted rapidly, as the spot inventory was only consolidating in the same period.

然而，现货加纸质 BTC 库存在 2022 年熊市期间确实有所增加。这一增长意味着纸质比特币正在迅速铸造，因为同期现货库存只是在整合。

According to Woo, this suggests that paper BTC dictated the bear market. The analyst has marked the instances where paper BTC rose during this current bull market in the graph.

Woo 表示，这表明纸质 BTC 决定了熊市。分析师在图表中标记了纸质比特币在当前牛市期间上涨的情况。

It seems that every time paper BTC has gone up, the rally has slowed. The inventory of paper BTC has been increasing again recently, which may explain why Bitcoin has been unable to establish bullish momentum.

似乎每次纸币BTC上涨，涨势都会放缓。最近纸币BTC的库存再次增加，这或许可以解释为什么比特币一直无法建立看涨势头。

At the time of writing, Bitcoin is trading at $65,300, down 0.3% in the last 24 hours and up 1.2% over the past seven days.

截至撰写本文时，比特币交易价格为 65,300 美元，过去 24 小时内下跌 0.3%，过去 7 天上涨 1.2%。