比特币最近的市场运动反映了持续的向上势头，即使短期波动表明一些冷却

比特币最近的市场运动反映了持续的向上势头，即使短期波动表明有些冷却。截至今天，BTC的交易价格为103,485美元

Bitcoin (BTC) price has recently shown signs of pulling back from its recent highs as the crypto market leader now trades below the $104,000 mark.

比特币（BTC）的价格最近显示出，由于加密市场领导者现在的交易低于104,000美元，因此从最近的高点中撤回了迹象。

Despite the recent uptick in price, it seems that some technical indicators are signaling that a new stage of market rotation or a shift in investor behavior may be unfolding.

尽管最近价格上涨，但似乎一些技术指标表明，新的市场轮换阶段或投资者行为的转变可能正在发展。

As Bitcoin continues to move in a relatively high-leverage and volatile fashion, new data from CryptoQuant may suggest that some of the remaining long-term holders (LTHs) are beginning to take profits and exit their positions.

随着比特币继续以相对较高的杠杆性和波动性的方式移动，来自加密素养的新数据可能表明，其余的一些长期持有人（LTHS）正在开始利润并退出其头寸。

Bitcoin Binary CDD signals potential market rotation

比特币二进制CDD信号潜在市场旋转

CryptoQuant analyst Avocado Onchain noted a key indicator known as Binary Coin Days Destroyed (CDD), which helps to measure the activity of long-term dormant Bitcoin. The Binary CDD increases when older coins are moved after remaining untouched for extended periods of time, usually a sign of LTHs entering the market or preparing to sell.

加密分析师鳄梨Onchain指出了一个称为二进制硬币日的关键指标（CDD），有助于衡量长期休眠比特币的活性。当较旧的硬币长时间保持不变后，二进制CDD会增加，通常是LTHS进入市场或准备出售的标志。

Typically, spikes in Binary CDD have coincided with market tops or phases where there is increased distribution from early Bitcoin holders to newer market participants. According to Avocado, applying a 30-day moving average to the Binary CDD helps to smooth out the data and provides a clearer picture of the macro trends.

通常，二进制CDD中的尖峰与从早期比特币持有人到更新的市场参与者的分布增加的市场顶部或阶段相吻合。根据鳄梨的说法，将30天移动平均线应用于二进制CDD有助于平滑数据，并更清楚地了解了宏观趋势。

During previous bull rallies for Bitcoin, including in late 2021 and during the twin peaks of 2024, the Binary CDD moved past the 0.8 threshold. That level has historically signaled a heightened level of movement from LTHs, usually aligning with increased selling pressure or profit-taking behavior.

在以前的比特币集会上，包括在2021年末和2024年的双峰期间，二进制CDD超过了0.8个阈值。从历史上看，该水平表明LTH的运动水平提高，通常与增加的销售压力或获利行为保持一致。

Currently, the indicator is sitting close to 0.6 and is trending higher as Bitcoin attempts to retest its highs. If the Binary CDD does cross the 0.8 mark again, it may suggest that another wave of distribution is unfolding.What makes Binary CDD useful is that it can help to highlight potential shifts in the market structure. When LTHs begin to move large volumes of BTC, it usually signals the beginning of profit-taking, especially if it occurs at high prices and strong market sentiment.

目前，该指标位于接近0.6，并且随着比特币试图重新测量高点时的趋势。如果二进制CDD确实再次越过0.8标记，则可能表明另一波分配浪潮正在展开。什么使二进制CDD有用的是它可以帮助突出市场结构中的潜在转变。当LTHS开始移动大量BTC时，它通常标志着获利的开始，尤其是在以高价和强烈的市场情绪出现的情况下。

However, the indicator cannot be used in isolation to confirm any sell-offs and it's best viewed in conjunction with other context, such as exchange inflows and broader trading data to provide a complete interpretation.

但是，该指标不能孤立地用于确认任何抛售，并且最好与其他情况结合使用，例如交换流入和更广泛的交易数据以提供完整的解释。

In a broader sense, the current uptick in Binary CDD may point to Bitcoin entering a transitional stage. Rather than signaling the end of a bull trend, it could indicate that notable investors are gradually rotating capital or responding to price action in anticipation of near-term changes.

从广义上讲，二进制CDD的当前上升可能指向比特币进入过渡阶段。它可以表明，著名的投资者正在逐渐旋转资本或在预期近期变化时对价格行动做出响应，而是表明牛市趋势的结束。

In a separate market signal, another CryptoQuant analyst, EgyHash, highlighted concerns regarding the Exchange Stablecoins Ratio (USD), a metric that compares Bitcoin reserves to stablecoin holdings on exchanges.

在单独的市场信号中，另一位加密分析师Egyhash强调了对交换稳定比率（USD）的担忧，该度量将比特币储量与交易所的Stablecoin Holdings进行了比较。

According to EgyHash, this ratio has risen to around 5.3, surpassing the threshold of 5.0, which previously coincided with phases of distribution in the market. A similar level in late January led to a Bitcoin price pullback, and the current reading suggests that more traders may be preparing to sell, possibly rotating BTC holdings back into stablecoins or fiat equivalents.

据埃及什（Egyhash）称，这个比率已上升到5.3左右，超过5.0的阈值，该阈值以前与市场上的分销阶段相吻合。 1月下旬的类似水平导致了比特币的价格下降，目前的阅读表明，更多的交易者可能准备出售，可能会将BTC持有型股票恢复到稳定的股份或菲亚特等效量。