比特币持有人：高峰警告还是只是在继续？

比特币长期持有人是否表示市场峰值，还是只是通过钻石在波动中进行钻石？让我们研究数据。

Bitcoin Holders: Peak Warning or Just Hodling On?

比特币持有人：高峰警告还是只是在继续？

Bitcoin's been a wild ride, hasn't it? After that sweet record high back in November '24, we saw a dip. But then, BAM! New highs in April and May '25. So, what's the deal with Bitcoin holders and are we nearing a peak?

比特币一直是疯狂的旅程，不是吗？在2004年11月的《甜蜜纪录》之后，我们看到了一个蘸酱。但是，BAM！ 25年4月和5月的新高点。那么，比特币持有人有什么关系？我们要接近山峰吗？

Long-Term Holders: Cool as Cucumbers?

长期持有人：黄瓜酷？

Turns out, those long-term Bitcoin holders (LTHs) haven't been making moves like we'd expect. Usually, when prices hit these heights, they start distributing their stash. But not this time! This is messing with the historical patterns, ya know?

事实证明，那些长期的比特币持有人（LTHS）并没有像我们期望的那样采取行动。通常，当价格达到这些高度时，他们开始分发藏匿处。但是不是这次！这与历史模式混乱了，你知道吗？

We saw two periods of LTH distribution – March '24 and November '24 to April '25. But instead of a price decline, Bitcoin just kept climbing. Go figure!

我们看到了第24章的两个时期 - 2004年3月和2004年11月至2005年4月。但是比特币不断攀升，而不是价格下降。去数字！

LTH vs. STH: A Supply Story

LTH与STH：供应故事

The ratio between long-term and short-term holders (STH) is kinda crazy. LTHs are sitting on over 14 million coins, while STHs have less than four million. In previous market peaks, LTHs were selling, and STHs were buying. This time? Not so much.

长期和短期持有人（STH）之间的比率有点疯狂。 lths坐超过1400万个硬币，而STH则少于400万个硬币。在以前的市场峰值中，LTH销售，STH正在购买。这次？不多。

Realized Cap HODL Wave: Age Matters

实现的帽hodl波：年龄很重要

The Realized Cap HODL Wave shows how old Bitcoin transactions are. Typically, a market cycle ends when short-term holders dominate, with transactions under three months making up 70% of market activity. Right now, it's only about 30%. We're not there yet, baby!

实现的帽hodl波显示了比特币交易的旧交易。通常，当短期持有人占主导地位时，市场周期结束，三个月以下的交易占市场活动的70％。现在，只有大约30％。宝贝，我们还不到那儿！

Another cool thing? People who bought between January and March '25 – when prices dipped – are holding strong. They ain't selling, even with these record highs. That's some serious confidence right there.

另一个很酷的事情？在价格下跌（价格下跌时）之间购买的人保持强劲。即使有这些创纪录的高点，他们也不会出售。那是一个严重的信心。

So, Are We Peaking?

那么，我们在达到顶峰吗？

Based on these on-chain indicators, it looks like we haven't hit the peak of the Bitcoin market cycle yet. Long-term holders are holding, and new buyers aren't taking profits. It's a whole new ballgame.

根据这些链上的指标，看来我们还没有达到比特币市场周期的高峰。长期持有人正在持有，而新买家没有利润。这是一个全新的球赛。

Shiba Inu Holders: A Cautionary Tale

Shiba INU持有人：一个警示性的故事

Now, let's take a quick detour to Shiba Inu (SHIB). A whopping 65% of SHIB holders are currently experiencing losses. Ouch! June has historically been a rough month for SHIB, with negative performance for the past five years. While some predict a short-term rebound, it's a reminder that not all crypto stories have a happy ending.

现在，让我们快速绕行shiba inu（shib）。目前，高达65％的湿巾持有人正在遭受损失。哎哟!从历史上看，六月对于Shib来说是一个艰难的月份，在过去的五年中表现负面表现。虽然有些人预测短期反弹，但它提醒人们，并非所有的加密故事都有幸福的结局。

Wrapping It Up

包装

Bitcoin's playing by its own rules this cycle, and the long-term holders seem to be calling the shots. Whether this hodling behavior will continue remains to be seen, but for now, it's keeping the peak at bay. So, buckle up, crypto enthusiasts! It's gonna be an interesting ride. And hey, at least we're not all holding Shiba Inu... right?

比特币在这个周期中按照自己的规则发挥作用，而长期持有人似乎在打镜头。这种狂热的行为是否会继续存在，但就目前而言，它正在避开峰值。因此，搭扣，加密爱好者！这将是一个有趣的旅程。嘿，至少我们并不全都拿着什巴伊努（Shiba Inu）...对吗？