比特币（BTC）长期持有人（LTHS）正在积累，而不是出售 - 新鲜市场数据显示

新的链上数据表明，尽管比特币（BTC）交易接近其历史最高（ATH），长期持有人（LTHS）并未卸载其持股。

Fresh on-chain data suggests that despite Bitcoin (BTC) trading close to its all-time high (ATH), long-term holders (LTHs) are not offloading their holdings. Instead, these investors are continuing to accumulate the world’s largest cryptocurrency by market capitalization, signaling their confidence in further price gains in the coming weeks.

新的链上数据表明，尽管比特币（BTC）交易接近其历史最高（ATH），长期持有人（LTHS）并未卸载其持股。取而代之的是，这些投资者通过市值继续积累世界上最大的加密货币，这表明他们在未来几周内对进一步的价格上涨的信心。

Long-Term Bitcoin Holders Are Not Selling Yet

长期比特币持有人尚未出售

According to a recent CryptoQuant Quicktake post by contributor ShayanMarkets, profit-taking among long-term holders remains relatively low, even as BTC trades near its ATH. Historically, profit-taking activity tends to increase significantly when Bitcoin approaches its previous high, as many investors look to lock in gains. However, that has not been the case in the current market cycle.

根据撰稿人Shayanmarkets最近的一份加密快速帖子的报道，即使BTC在其ATH附近进行交易，长期持有人的利润仍然相对较低。从历史上看，当比特币接近以前的高位时，利润活动往往会大大增加，因为许多投资者希望锁定收益。但是，在当前市场周期并非如此。

The analyst highlighted that Bitcoin consolidating near ATH levels typically results in significant profit realization by market participants. Yet, current data reveals that LTH – those who have held BTC for more than 150 days – have not begun large-scale profit-taking.

分析师强调，比特币在ATH级别接近的比特币通常会导致市场参与者的大量利润实现。然而，当前的数据表明，LTH - 那些持有BTC超过150天的人 - 尚未开始大规模获利。

Specifically, the LTH Spent Output Profit Ratio (SOPR) metric is heading downwards even when BTC continues to steadily surge toward a new ATH around $109,000. The analyst explains: This decline suggests that long-term holders have not yet engaged in notable profit-taking. Instead, they appear to be accumulating, signaling confidence in higher price targets and anticipating new all-time highs.

具体而言，即使BTC继续稳步向新的ATH稳步涌现，LTH支出的产出利润率（SOPR）仍在向下行驶。分析师解释说：这种下降表明，长期持有人尚未从事明显的盈利。取而代之的是，它们似乎正在积累，表明对更高价格目标的信心并预期新的历史最高点。

In essence, the ongoing BTC consolidation phase seems to be driven more by short-term holders (STHs) and retail traders. Historically, these investor segments are more reactive to price swings, responding swiftly to both upward and downward movements.

从本质上讲，正在进行的BTC合并阶段似乎是由短期持有人（STH）和零售商人驱动的。从历史上看，这些投资者的细分市场对价格波动更具反应性，对向上和向下的移动迅速响应。

The analyst further stated that Bitcoin is likely to resume its bullish trend following this period of consolidation. If history repeats itself, the next upward movement could propel BTC to new record highs in the mid-term.

分析师进一步指出，在此期间，比特币可能会恢复其看涨趋势。如果历史重演，下一个向上的运动可能会在中期推动BTC的新记录高点。

Analysis from fellow CryptoQuant contributor BlitzzTrading supports this outlook. BlitzzTrading observed that BTC whales – wallets holding significant Bitcoin holdings – have taken much less profit compared to previous bull runs. 

加密贡献者Blitzztrading的分析支持了这种前景。 Blitzztrading观察到，与以前的公牛运行相比，BTC鲸（持有大量比特币持有的钱包）的利润要少得多。

This behavior suggests a long-term investment mindset among whales, aligning them more closely with LTHs than retail traders or short-term speculators. It’s fair to say that BTC whales are typically long-term investors, often holding their positions through market cycles, unlike smaller holders who tend to trade more frequently.

这种行为表明，鲸鱼之间的长期投资思维方式，与零售商人或短期投机者相比，它们与LTH的一致性更紧密。可以公平地说，与往往更频繁地交易的较小持有人不同，BTC鲸鱼通常是长期投资者，通常是通过市场周期来保持自己的立场。

BTC May Follow Gold’s Historic Price Action

BTC可能会遵循黄金的历史价格行动

Interestingly, comparisons are now being drawn between Bitcoin and gold. Gold has seen impressive gains over the past two years, rising from around $1,800 per ounce in mid-2023 to about $3,200 per ounce today – an increase of nearly 75%.

有趣的是，比特币和黄金之间正在进行比较。在过去的两年中，黄金的增长令人印象深刻，从2023年中期的每盎司约1,800美元增加到今天的每盎司3,200美元，增长了近75％。

Crypto analyst Cryptollica recently remarked that BTC is likely to follow gold’s footsteps and experience similar extraordinary gains in 2025. The analyst forecasted that BTC may surge as high as $155,000 this year.

Crypto分析师Cryptollica最近指出，BTC可能会遵循Gold的脚步，并在2025年经历类似的非凡收益。分析师预测，BTC今年可能会增加高达155,000美元。

Similarly, the Bitcoin Bull-Bear Market Cycle indicator is pointing toward the continuation of bullish momentum for the apex cryptocurrency. At press time, BTC trades at $101,852, down 1.5% in the past 24 hours.input: A recent CryptoQuant Quicktake post by contributor ShayanMarkets has sparked discussion about profit-taking activity among long-term holders (LTHs) as Bitcoin (BTC) edges closer to its all-time high (ATH).

同样，比特币牛市市场周期指标指出了对顶点加密货币的看涨势头。发稿时，BTC的交易价格为101,852美元，过去24小时下跌1.5％。输入：撰稿人ShayanMarkets最近的一个加密快速Take帖子引发了关于长期持有人（LTHS）作为比特币（BTC）边缘的利润活动活动的讨论，即接近其历时高（ATH）。

Despite BTC’s impressive rally and sustained presence at high prices, the analysis suggests that LTHs, defined as those who hold coins for more than 150 days, have not engaged in significant profit realization. This finding is surprising considering that profit-taking usually increases drastically as Bitcoin approaches a previous high, as many anticipate locking in gains.

尽管BTC以高价出现了令人印象深刻的集会和持续的存在，但分析表明，定义为持有硬币超过150天的LTHS并没有进行大量的利润实现。考虑到利润的速度通常会大幅度增加，这一发现令人惊讶，因为比特币接近以前的高位，许多人预计会锁定收益。

However, that scenario has not unfolded in the current market cycle. Instead, Bitcoin consolidating near ATH levels typically leads to significant profit realization by market participants.

但是，在当前市场周期中，这种情况并未发生。取而代之的是，比特币巩固在ATH级别附近，通常会导致市场参与者的大量利润实现。

But according to the latest data, LTHs have not yet begun large-scale profit-taking. Instead, the LTH Spent Output Profit Ratio (SOPR) is heading downwards even when BTC continues to surge toward a new ATH around $109,000.

但是根据最新数据，LTHS尚未开始大规模获利。取而代之的是，即使BTC继续向新的ATH涌入109,000美元左右，LTH支出的产出利率（SOPR）也向下行驶。

This decline suggests that LTHs have not yet engaged in notable profit-taking. Instead, they appear to be accumulating, signaling confidence in higher price targets and anticipating new all-time highs. In essence, the ongoing BTC consolidation phase seems to be driven more by short-term holders (STHs) and retail traders.

这种下降表明，LTHS尚未从事著名的获利。取而代之的是，它们似乎正在积累，表明对更高价格目标的信心并预期新的历史最高点。从本质上讲，正在进行的BTC合并阶段似乎是由短期持有人（STH）和零售商人驱动的。

Historically, these investor segments are more reactive to price swings, responding swiftly to both upward and downward movements.

从历史上看，这些投资者的细分市场对价格波动更具反应性，对向上和向下的移动迅速响应。

After this period of consolidation, Bitcoin is likely to resume its bullish trend. If history repeats itself, the next upward movement could propel BTC to new record highs in the mid-term.

在这段合并时期之后，比特币可能会恢复其看涨趋势。如果历史重演，下一个向上的运动可能会在中期推动BTC的新记录高点。

Analysis from fellow CryptoQuant contributor BlitzzTrading supports this outlook. BlitzzTrading observed that BTC whales, wallets holding significant Bitcoin

加密贡献者Blitzztrading的分析支持了这种前景。闪电般的ZHTRADING观察到BTC鲸，钱包容纳明显的比特币