比特币持有者和价格上涨：这是什么交易？

尽管长期持有人出售，但比特币的价格仍稳定。这是“安静的重新分配”还是牛市疲劳的迹象？让我们潜水。

Bitcoin's been dancing between $100,000 and $110,000 since May, leaving us all wondering, 'What's next?' But beneath the surface, some interesting shifts are happening with Bitcoin holders and how they're affecting the price.

自5月以来，比特币一直在跳舞100,000至110,000美元，让我们所有人都想知道：“下一步是什么？”但是在表面下，比特币持有人正在发生一些有趣的转变，以及它们如何影响价格。

Long-Term Holders Are Selling, But Bitcoin's Not Breaking Down?

长期持有人正在销售，但是比特币没有崩溃？

Yep, you heard that right. According to CryptoQuant, long-term holders (LTHs) – those who've been holding onto their BTC for over six months – have been steadily selling. Indicators like Spent Output Age Bands (SOAB) and Binary Coin Days Destroyed (CDD) back this up. SOAB tracks the age of spent Bitcoin, while Binary CDD shows whether LTHs spent any coins on a given day.

是的，你听说那是对的。据CryptoQuant称，长期持有人（LTHS）（那些一直持有BTC超过六个月的人）一直在稳步销售。诸如支出的输出年龄段（SOAB）和二进制硬币日（CDD）之类的指标将其备份。 Soab跟踪了花费比特币的年龄，而二进制CDD显示了LTHS是否在给定的日子里花了任何硬币。

Now, here's the kicker: even with this selling pressure, Bitcoin's price hasn't crashed. What gives? It seems new buyers are stepping in, absorbing the supply. One analyst says this "healthy rotation" from strong hands to new buyers is actually a good sign for a sustained bullish trend.

现在，这是踢球者：即使有销售压力，比特币的价格也没有崩溃。什么给？似乎新买家正在介入，吸收了供应。一位分析师说，从强大的手到新买家的“健康轮换”实际上是持续看涨趋势的好兆头。

A "Quiet Redistribution" in Progress?

正在进行的“安静重新分配”？

One theory is that we're in a phase of "quiet redistribution." LTHs are selling, but enough demand is there to keep the price afloat, potentially setting the stage for the next big move. We're also seeing activity from holders who bought BTC one to three years ago, likely taking profits from previous cycle lows.

一种理论是我们处于“安静重​​新分配”阶段。 lths正在销售，但是有足够的需求以保持价格流利，有可能为下一个大举动奠定基础。我们还看到了一到三年前购买BTC的持有人的活动，这可能是从以前的周期低点中获利的。

This selling doesn't necessarily mean weakness. It could signal a shift in market leadership from older to newer holders, which is typical in the mid-to-late stages of a bull market.

这种销售并不一定意味着弱点。它可能表明市场领导层从较旧的持有人转变为新持有人，这在牛市的中部阶段是典型的。

Not Everyone's Convinced

并非每个人都相信

Of course, not everyone's on board with the bullish outlook. Some analysts point to the Bitcoin MVRV ratio showing signs of bull market fatigue. Plus, even with the recent price bounce, Bitcoin network activity remains relatively low, raising concerns about overall user engagement.

当然，并不是每个人都喜欢看涨的前景。一些分析师指出，比特币MVRV比率显示出牛市疲劳的迹象。另外，即使是最近的价格反弹，比特币网络活动仍然相对较低，这引起了人们对整体用户参与度的担忧。

American Bitcoin: A New Player in the Mining Game

美国比特币：采矿游戏的新玩家

In other news, American Bitcoin, backed by Eric Trump, just raised $220 million to expand its Bitcoin mining operations. They're even using some of that equity to buy Bitcoin, showing they're in it for the long haul. Donald Trump Jr. even said that simply buying Bitcoin is only half the story, suggesting mining gives them a strategic edge.

在其他新闻中，由埃里克·特朗普（Eric Trump）支持的美国比特币刚刚筹集了2.2亿美元，以扩大其比特币采矿业务。他们甚至使用一些权益来购买比特币，这表明他们长期以来就在其中。小唐纳德·特朗普（Donald Trump Jr.）甚至说，仅仅购买比特币只是故事的一半，这表明采矿使他们具有战略优势。

My Take: A Cautiously Optimistic View

我的看法：谨慎乐观的观点

While there are conflicting signals, the fact that Bitcoin is holding its own despite LTH selling is encouraging. The influx of new buyers suggests there's still plenty of interest in BTC. However, it's crucial to keep an eye on network activity and broader market sentiment. The entry of companies like American Bitcoin also shows increased institutional interest, which can provide further price support.

尽管有矛盾的信号，但尽管Lth销售令人鼓舞，但比特币仍拥有自己的事实。新买家的涌入表明，对BTC仍然有很多兴趣。但是，关注网络活动和更广泛的市场情绪至关重要。像美国比特币这样的公司的进入还显示出增加的机构利益，这可以提供进一步的价格支持。

Of course, nobody has a crystal ball. The crypto market is as unpredictable as a New York City subway schedule. But for now, the 'Bitcoin, holders, price hold' story is one of resilience and potential transition.

当然，没有人有水晶球。加密货币市场与纽约市的地铁时间表一样不可预测。但是就目前而言，“比特币，持有人，价格持有”的故事是韧性和潜在过渡之一。

So, HODL on tight, folks! It's gonna be an interesting ride.

所以，伙计们，霍德（Hodl）紧紧！这将是一个有趣的旅程。