新研究表明

比特币的纠正阶段将3月11日的四个月低点定为76,600美元。尽管有这种下降，长期持有人仍继续持有大量BTC

Bitcoin’s corrective phase set a four-month low of $76,600 on March 11.

比特币的纠正阶段将3月11日的四个月低点定为76,600美元。

Despite this, Long-Term Holders have continued to hold large amounts of BTC, suggesting a “unique market dynamic moving forward,” new research says.

尽管如此，长期持有人仍继续拥有大量的BTC，这表明“独特的市场动态发展”。

“Long-Term Holder activity remains largely subdued, with a notable decline in their sell-side pressure,” Glassnode said in a March 18 markets report.

格拉斯诺德在3月18日的市场报告中说：“长期持有人的活动在很大程度上仍然柔和，其卖方压力显着下降。”

Bitcoin’s recovery comes as selling pressure among Long-Term Holders (LTHs) — wallets that have held Bitcoin for at least 155 days — begins to wane.

比特币的恢复是因为长期持有人（LTHS）的销售压力至少持有比特币至少155天 - 开始减弱。

The Binary Spending Indicator, a metric used to determine when LTHs are spending a significant proportion of their holdings in a sustained manner, shows a slowdown (see chart below) while the LTH supply is also beginning to rebound after several months of decline.”This suggests that there is a greater willingness to hold than to spend coins among this cohort,” Glassnode noted.

二进制支出指标是一种用于确定LTH何时以持续方式支出其持有的大部分的度量，显示了放缓（请参见下图），而LTH供应也开始反弹，几个月后，这表明比在该队列中花费更大的持有意愿，” GlassNodeDode。

Bitcoin: LTH spending binary indicator. Source: Glassnode

比特币：LTH支出二进制指标。来源：玻璃节

Now, often at the top of a bull market, there is usually an immense level of sell-side pressure and profit-taking activity from LTHs, which signals a complete shift to bearish behavior.

现在，通常在牛市的顶部，通常会有巨大的卖方压力和LTHS的利润活动，这标志着向看跌行为的完全转变。

However, despite Bitcoin’s drawdown in recent weeks, this investor cohort continues to hold a large portion of their realized profits, especially for this later stage of the cycle, Glassnode said.

然而，尽管比特币最近几周被缩减，但该投资者队列仍在持有其已实现的很大一部分利润，尤其是在周期的后期阶段。

This could suggest that long-term holders may still be expecting more BTC price upside later in the year.

这可能表明，长期持有人可能仍然期望今年晚些时候会有更多的BTC价格上涨。

Bitcoin: Cumulative LTH realized profit. Source: Glassnode

比特币：累积LTH实现了利润。来源：玻璃节

New Bitcoin ‘whales’ are rapidly accumulating

新的比特币“鲸鱼”正在迅速积累

Another interesting development is the rapid accumulation by New Bitcoin Whales—addresses holding 1,000 BTC or more, where each coin has an average acquisition age of less than six months. This signals strong conviction in Bitcoin’s long-term outlook among these large investors.

另一个有趣的发展是新的比特币鲸的迅速积累 - 持有1,000 BTC或更多的地址，每个硬币的平均收购年龄少于六个月。这标志着比特币在这些大型投资者中长期前景的坚定信念。

According to CryptoQuant data, these large investors have collectively acquired over 1 million BTC since November 2024, positioning them as one of the most influential market participants.

根据CryptoQuant的数据，这些大型投资者自2024年11月以来已集体收购了超过100万BTC，将其定位为最有影响力的市场参与者之一。

This pace of accumulation has accelerated in recent weeks, with these new Bitcoin whales accumulating more than 200,000 BTC just this month.

最近几周，这种积累速度加速了，这些新的比特币鲸在本月就积累了200,000多个BTC。

Bitcoin supply held by new whales. Source: CryptoQuant

新鲸鱼持有的比特币供应。资料来源：加密

Recently, several crypto executives told Cointelegraph that Bitcoin’s recent price drop was a normal correction, with the market just waiting for a new narrative and a cycle top yet to come.

最近，几位加密高管告诉Cointelegraph，比特币最近的价格下跌是一种正常的纠正，市场只是在等待新的叙述和循环顶级。

However, CryptoQuant founder and CEO Ki Young Ju previously stated that the Bitcoin bull cycle has ended.

然而，加密的创始人兼首席执行官Ki Young Ju先前表示，比特币牛周期已经结束。