比特币（BTC）现货销售周期似乎已经结束，因为长期信件再次处于累积模式

比特币市场的恐慌销售阶段似乎已经结束，所有现货销售商都经历了相对较短的投降阶段。

The panic selling stage of the Bitcoin market seems to be over, with all spot sellers passing through a relatively short capitulation phase. Long-term holders of BTC, in wallets older than 155 days since creation, are now back in accumulation mode.

比特币市场的恐慌销售阶段似乎已经结束，所有现货销售商都经历了相对较短的投降阶段。自创建以来155天以上的钱包中，BTC的长期持有人现在重新恢复了积累模式。

Bitcoins (BTC) spot accumulation, with coins in wallets over 155 days returning to accumulation. Some of the newest cohorts, bought December 2024, are seen holding above $70,000 on pullback.

比特币（BTC）斑点积累，钱包中的硬币超过155天，恢复了积累。看到2024年12月购买的一些最新同伙在回调上持有70,000美元以上的价格。

BTC has been stabilizing above $95,000 after a turbulent week. The accumulation has been spotted to continue for several actors, from shark and whale wallets to institutions.

在动荡不安的一周之后，BTC一直稳定在95,000美元以上。从鲨鱼和鲸鱼钱包到机构的几位演员都发现了积累的距离。

The current accumulation is slow, with pressure from short-term traders and whales selling on any bounce. Still, the trend has shifted from panic and capitulation to a new buying phase.

当前的积累很慢，短期交易者和鲸鱼在任何反弹上的销售压力都很慢。尽管如此，这种趋势还是从恐慌和投降转变为新的购买阶段。

A total of 14,907,459 BTC are spotted in wallets over 155 days old, but without noting the oldest historical whales and buyers. After the 2022-2023 bear market, accumulations and distributions had faster turnover, as whales quickly pocketed profits.

总共14,907,459 BTC被发现在155天内的钱包中，但没有注意到历史捕鲸和买家。在2022-2023熊市市场之后，鲸鱼很快赚取了利润，积累和分布的营业额更快。

On-chain data shows that older wallets were more dedicated to holding through turbulence. The recent shift of funds to old addresses matches the pattern of a mid-cycle consolidation, with the selling period concluding.

链上的数据表明，较旧的钱包更致力于通过湍流保持。最近将资金转移到旧地址与中期合并的模式相匹配，销售期结束了。

Bitcoin Long-Term Holders Are Back in Accumulation Mode

比特币长期持有人恢复了积累模式

Long-term BTC holders are once again stacking in U.S. dollar terms, as the selling pressure and the increasing doom.

长期BTC持有人再次以美元的方式堆叠，因为销售压力和厄运的增加。

Bitcoin is moving to the hands of strong, which is a common pattern seen during the mid-cycle consolidation.

比特币正在移到强大的手中，这是中期固结过程中常见的模式。

BTC transitioned into accumulation from March, concluding a cycle of distribution during the fourth quarter of 2024.

BTC从3月开始过渡为积累，得出了2024年第四季度分布周期的结论。

The recent price movements displayed whales taking profits at the all-time high but now consolidating their positions to anticipate the next rally. BTC usually breaks out after accumulation and consolidation.

最近的价格变动显示鲸鱼以历史最高的高价获利，但现在巩固了他们的位置以预测下一次集会。 BTC通常在积累和巩固后爆发。

The buying of BTC spot and the complete ownership is taking place in the background while derivatives markets are fuelling more dramatic price changes.

购买BTC现货和全部所有权正在后台进行，而衍生品市场正在推动更大的价格变化。

The spot buy and hold is also fuelling the narrative of scarcity for BTC as institutions, defi, miners and other actors are preparing for the long term.

现货购买和持有也助长了BTC的稀缺性叙事，因为机构，Defi，矿工和其他演员正在为长期做准备。

Short-Term BTC Holders Also Show Confidence

短期BTC持有人也表现出信心

Almost all cohorts of BTC wallets are either holding or increasing their balances, based on the Hodl Waves Heatmap.

基于HODL波的热图，几乎所有的BTC钱包都持有或增加其平衡。

Based on the Rainbow chart, BTC is still in a good buying zone and is expected for a higher breakout. The coin still needs to accumulate more before attempting a new breakout.

根据彩虹图，BTC仍处于一个良好的购买区域，预计会出现更高的突破。在尝试新的突破之前，硬币仍然需要增加更多。

One reason for the short-term accumulation is that even the newest buyers were in profit after last week’s green candle.

短期积累的原因之一是，即使是上周的绿色蜡烛之后，即使是最新的买家也可以盈利。

The profit cohort reached 87.6% of holders, from a recent low of 80% in green.

从最近的80％的绿色低点，利润队列达到了87.6％的持有人。

The price of BTC is now above the cost basis for the newest cohorts of buyers, concluding the selling duration to lower losses.

现在，BTC的价格高于最新的买家人群的成本基础，从而得出结论销售期限到较低的损失。

BTC was seen to be collecting again during the U.S. trading hours, reaching $97,283.28 after a turbulent day in the Asian markets.

看到BTC在美国交易时间内再次收集，在亚洲市场发生动荡的一天后，BTC达到了97,283.28美元。

The leading coin has been showing that its price is easily influenced by leveraged trading but returns to its increasing trend within a few days.

领先的硬币一直表明，其价格很容易受杠杆交易的影响，但在几天之内又回到了趋势。