比特币持有人准备在看跌信号的市场出口

长期比特币持有者显示出市场退出的迹象，作为关键指标闪光灯信号，表明尽管价格提高，但仍有可能进行更正。

Bitcoin Holders Prepare for Market Exit Amid Bearish Signals

比特币持有人准备在看跌信号的市场出口

Is the Bitcoin party coming to an end? Key indicators suggest long-term holders might be quietly preparing for the exits. Let's dive into what's happening.

比特币派对即将结束吗？主要指标表明，长期持有人可能正在悄悄地为出口做准备。让我们深入了解正在发生的事情。

Early Selling Pressure from Long-Term Holders

长期持有人的早期销售压力

The harmonic mean of NUPL (Net Unrealized Profit/Loss) and MVRV (Market Value to Realized Value) has dipped, signaling waning investor risk appetite. Long-term holders are beginning to sell into strength rather than accumulate. Coin Days Destroyed (CDD) has also risen, indicating increased movement of older coins typically held by long-term investors. When CDD rises, it means seasoned holders are exiting during perceived market tops.

NUPL的谐波平均值（未实现的盈利/损失）和MVRV（已实现价值的市场价值）的谐波平均值已经下降，这表明投资者的风险偏好减弱。长期持有人开始卖给力量而不是积累。破坏的硬币日（CDD）也已经上升，表明通常由长期投资者持有的旧硬币的移动增加。当CDD升起时，这意味着经验丰富的持有人在感知到的市场顶部将退出。

Stock-to-Flow Ratio Plummets

股票与流量比下降

Bitcoin’s Stock-to-Flow (S2F) Ratio has plunged, questioning the strength of the asset’s scarcity-driven valuation model. Investors may now be looking toward macroeconomic cues or risk-on sentiment rather than supply dynamics. If confidence in the model continues to decline, the long-term narrative that supports sustained upside momentum may struggle to gain traction again.

比特币的股票与流量（S2F）比率降低了，质疑资产稀缺驱动估值模型的强度。现在，投资者可能正在寻求宏观经济提示或风险情绪，而不是供应动态。如果对模型的信心不断下降，那么支持维持上涨势头的长期叙事可能会再次获得吸引力。

Derivatives Traders Expect More Downside

衍生品交易者期望更多的弊端

The Long/Short Ratio on Bitcoin has dropped, with short positions outweighing longs. This suggests that derivatives traders are positioning for more downside. If this short-heavy positioning continues, the selling momentum could intensify, undermining any bullish attempts at reclaiming higher resistance zones in the near term.

比特币的长/短比例下降了，较短的位置超过了渴望。这表明衍生品交易者正在定位以获得更多缺点。如果这种短暂的位置继续进行，销售势头可能会加剧，这破坏了任何在短期内收回更高阻力区域的看涨尝试。

Will Bitcoin Survive the Bearish Onslaught?

比特币会在看跌攻击中幸存吗？

Bitcoin is facing a confluence of bearish metrics. Unless demand from new capital or macro catalysts re-emerges strongly, the risk of a market-wide correction continues to rise. While the price remains elevated, the foundation appears increasingly fragile.

比特币正面临看跌指标的汇合。除非新资本或宏观催化剂的需求强烈重新出现，否则在市场范围内进行更正的风险持续上升。虽然价格保持升高，但基金会似乎越来越脆弱。

Argentina's Crypto Revolution

阿根廷的加密革命

U.S. lawmakers are taking notes from Argentina's rapidly evolving crypto market. Sky-high inflation and currency devaluation have made Bitcoin and stablecoins a popular hedge against economic instability. It's a real-world example of crypto usage beyond speculative trading.

美国立法者正在从阿根廷迅速发展的加密货币市场中记下笔记。高高的通货膨胀和货币贬值使比特币和稳定币成为反对经济不稳定的受欢迎的树篱。这是超越投机交易的加密货币使用情况的现实示例。

Final Thoughts

最后的想法

So, is it time to panic? Not necessarily. But keeping an eye on these metrics and understanding the market dynamics can help you make informed decisions. After all, in the wild world of crypto, knowledge is power!

那么，是时候惊慌了吗？未必。但是，请注意这些指标并了解市场动态可以帮助您做出明智的决定。毕竟，在加密世界中，知识就是力量！