尽管最近进行了市场回溯，但比特币仍保持向上的动力

严格的编辑政策，侧重于准确性，相关性和公正性

A recent analysis by Amr Taha, a contributor to CryptoQuant’s QuickTake platform, sheds light on how Bitcoin’s (BTC) price action flushed out over-leveraged traders while presenting an opportunity for long-term investors to accumulate.

CryptoQuant的QuickTake平台的贡献者Amr Taha最近的分析阐明了比特币（BTC）的价格行动如何冲洗过杠杆化的交易者，同时为长期投资者提供了积累的机会。

In a post titled ‘Late Longs Wiped Out — Long-Term Holders Seize the Opportunity to Accumulate Bitcoin,’ Taha highlighted two distinct market behaviors unfolding in real time.

塔哈（Taha）在一篇题为“晚期消灭的渴望（Long Longs）被淘汰的帖子中，长期持有人抓住了积累比特币的机会，”塔哈（Taha）实时强调了两种截然不同的市场行为。

As Bitcoin dropped below the $111,000 psychological threshold, two significant long liquidation clusters occurred on Binance, according to the analyst. The first wave hit around the $110,900 price level, wiping out over $97 million in long positions.

根据分析师的说法，随着比特币降至111,000美元的心理阈值以下，二元车上发生了两个重要的清算簇。第一波浪潮达到了110,900美元的价格水平，长达9700万美元以上。

Shortly after, a second wave emerged as the price fell below $109,000, resulting in a further $88 million in liquidated positions. These back-to-back events reflected cascading margin calls from traders using high leverage, a pattern usually seen during sharp short-term corrections.

不久之后，第二波出现了，因为价格下降到109,000美元以下，导致了8800万美元的清算职位。这些背靠背的事件反映了交易者使用高杠杆的级联保证金电话，这是这种模式通常在急剧短期校正期间看到的。

Liquidation clusters tend to occur when rapid price movements force the automatic closure of margin positions, further intensifying sell pressure. This volatility usually shakes out speculative positions and can signal a temporary pause or consolidation phase in the broader trend.

当快速价格变动迫使保证金位置自动关闭时，往往会发生清算簇，从而进一步加剧了卖出压力。这种波动率通常会摆脱投机位置，并可以在更广泛的趋势中发出暂时的暂停或巩固阶段。

While the market absorbed these liquidations, it simultaneously witnessed a contrasting pattern among long-term holders (LTHs), who remained active throughout the volatility.

当市场吸收这些清算时，它同时目睹了长期持有人（LTHS）的对比模式，他们在整个波动率中一直保持活跃。

While short-term participants absorbed the brunt of the sell-off, LTHs appeared to interpret the price dip as a buying opportunity. Taha highlighted on-chain metrics showing that the LTH realized cap, a measure of the total value paid for held coins by long-term investors, surged past $28 billion.

虽然短期参与者吸收了抛售的首当其冲，但LTHS似乎将价格下降解释为购买机会。塔哈（Taha）强调了链度指标表明，第lth实现了CAP，这是对长期投资者为持有硬币支付的总价值的衡量标准，飙升了280亿美元。

This level had not been observed since April, reinforcing the narrative that seasoned market participants are increasing their exposure during moments of market dislocation.

自4月以来就没有观察到这个水平，强化了经验丰富的市场参与者在市场错位时期增加其暴露量的叙述。

The behavior of long-term holders is often seen as a barometer for market health. Their steady accumulation during liquidation events suggests confidence in Bitcoin’s long-term value trajectory.

长期持有人的行为通常被视为市场健康的晴雨表。它们在清算事件期间的稳定积累表明对比特币的长期价值轨迹的信心。

Historically, accumulation by LTHs during volatile periods has coincided with later upward price expansions, as coins are removed from circulation and selling pressure is reduced.

从历史上看，在波动期间，LTH的积累与后来的上涨相吻合，因为将硬币从流通中删除并降低了销售压力。

With leveraged positions reset and structural accumulation underway, the groundwork may be forming for Bitcoin to attempt another breakout beyond its previous highs.

随着杠杆位置的重置和结构积累的正在进行，可能是为了使比特币构成基础工作，以尝试超出其先前高点的另一个突破。