尽管最近波动率，但链上的数据表明，长期比特币持有人仍然有信心，这表明在下一次激增之前是一个合并阶段。

Bitcoin's Bullish Consolidation: LTH Confidence Shines Through On-Chain Data

比特币的看涨合并：通过链上的数据亮起。

Bitcoin's recent price dips have sparked debate, but on-chain data paints a picture of confident long-term holders (LTH) and a market consolidating for its next big move. Let's dive into what the data reveals.

比特币最近的价格下跌引发了辩论，但链上的数据描绘了自信的长期持有人（LTH）的图片，并为其下一个大举动而巩固了市场。让我们深入了解数据显示的内容。

Long-Term Holders: Steady Hands Amidst the Storm

长期持有人：在暴风雨中稳定的手

Despite the weekend's volatility, with Bitcoin briefly touching $98,000 before bouncing back above $100,000, long-term holders are showing remarkable resilience. CryptoQuant's data indicates that these key players aren't panicking. The 30-day moving average of Binary Coin Days Destroyed (CDD), a metric that tracks the movement of older coins, remains stable. Historically, a CDD above 0.8 signals an overheated market ripe for correction. However, the current cycle peaked closer to 0.6 and is now trending downwards, suggesting lower risk of distribution.

尽管周末的波动性，但比特币短暂触摸了98,000美元，然后弹跳到100,000美元以上，但长期持有人仍表现出显着的弹性。加密的数据表明，这些关键参与者并没有惊慌。销毁的二进制硬币日的30天移动平均值（CDD）是跟踪旧硬币运动的指标，它仍然稳定。从历史上看，高于0.8的CDD信号是一个过热的市场成熟的校正市场。但是，当前周期的峰值接近0.6，现在正在向下趋势，表明分布风险较低。

Accumulation Phase: Quiet Before the Next Leap?

累积阶段：在下一次飞跃之前安静吗？

The current market behavior suggests Bitcoin is in a quiet accumulation phase. Think of it as the calm before the storm – or, in this case, the rally. This period of low volatility and cautious sentiment is potentially setting the stage for the next explosive upward movement. As long as Bitcoin holds above the critical $100,000 mark and long-term holders maintain their positions, the outlook remains bullish.

当前的市场行为表明比特币处于安静的积累阶段。将其视为暴风雨前的平静，或者在这种情况下是集会。这个低波动和谨慎的时期有可能为下一个爆炸性的向上运动奠定了基础。只要比特币持有超过100,000美元的关键，并且长期持有人保持自己的位置，展望仍然是看好的。

Institutional Interest Remains Strong

机构兴趣仍然很大

Adding fuel to the fire, CoinShares reports a staggering $1.24 billion in inflows into digital asset investment products last week alone! Bitcoin led the charge with $1.1 billion in inflows, indicating that investors are buying the dips. Even Ethereum products are experiencing their longest streak of inflows since 2021.

Coinshares在大火中增加了燃料，仅上周仅在数字资产投资产品中出现了惊人的12.4亿美元流入！比特币以11亿美元的流入领先，这表明投资者正在购买跌幅。自2021年以来，即使是以太坊产品也经历了最长的流入条纹。

Saylor's Million-Dollar Bitcoin: A Bold Prediction

Saylor的百万美元比特币：大胆的预测

Speaking of bullish sentiment, Michael Saylor, the Bitcoin evangelist and Strategy's executive chairman, recently reaffirmed his conviction, predicting Bitcoin will eventually reach $1 million per coin. While such predictions always need to be taken with a grain of salt, it reflects the long-term belief held by many in the Bitcoin community.

谈到看涨的情绪，比特币传教士和战略执行董事长迈克尔·塞勒（Michael Saylor）最近重申了他的信念，预测比特币最终将达到每枚硬币100万美元。尽管这种预测总是需要用一粒盐进行，但它反映了许多人在比特币社区中持有的长期信念。

On-Chain Data Points to Institutional Activity

链上数据指向机构活动

Further supporting the narrative of institutional involvement, on-chain data reveals the movement of 8,000 Bitcoins aged three to five years from Coinbase Custody, a service often used by institutional clients. This suggests potential accumulation by entities like MicroStrategy or spot Bitcoin ETFs.

进一步支持机构参与的叙述，链链数据揭示了从Coinbase Custody到3到五年的8,000个比特币的运动，Coinbase Custody是机构客户经常使用的服务。这表明诸如MicroStrategy或Spot Bitcoin ETF等实体的潜在积累。

The Takeaway: Consolidation, Not Capitulation

要点：合并，而不是投降

Don't mistake this pullback for the end of the cycle. Bitcoin often climbs in a staircase pattern, alternating between consolidation and expansion. The current market conditions, while potentially unnerving, appear to be a healthy reset before the next push higher.

不要将此回调误认为周期的结束。比特币经常以楼梯模式攀爬，在整合和扩展之间交替。当前的市场状况虽然有可能令人不安，但在下一次推动之前似乎是健康的重置。

So, keep calm and HODL on! While geopolitical tensions and market fluctuations are always factors to consider, the underlying on-chain data suggests that Bitcoin's long-term trajectory remains positive. Now, if you'll excuse me, I'm going to go check my Blockfolio... just in case!

因此，保持冷静并继续前进！尽管地缘政治紧张局势和市场波动始终是要考虑的因素，但潜在的链上数据表明，比特币的长期轨迹仍然是积极的。现在，如果您能原谅我，我将去检查我的Blockfolio ...以防万一！