随着休眠供应的唤醒，比特币将出现剧烈波动

休眠比特币（BTC）供应量显着增加，达到两年多来的最高水平。这种活动的激增表明长期持有者开始出售其持有的股票，这可能预示着近期波动性加剧和价格飙升。另一方面，鲸鱼一直在积极积累比特币，表明他们对比特币长期价格升值的信心。

Is Bitcoin Poised for a Volatile Ride?

比特币是否准备好波动？

Bitcoin (BTC) has been trading sideways between $64k and $67k this week, but could we be in for some fireworks ahead?

比特币 (BTC) 本周一直在 64,000 美元至 67,000 美元之间横盘交易，但未来我们会看到一些烟花吗？

Dormant Supply on the Move

移动中的休眠供应

Santiment's data shows a surge in dormant BTC supply moving between addresses on March 23rd, the largest spike in over two years. This typically signals a shift from HODLing to active trading, often preceding volatility and price increases.

Santiment 的数据显示，3 月 23 日，地址之间流动的休眠 BTC 供应量激增，这是两年多来的最大增幅。这通常标志着从持有转向活跃交易的转变，通常先于波动和价格上涨。

Long-Term Holders Cashing In

长期持有者兑现

As Bitcoin's price hit new highs in 2024, long-term holders have started to take profits, freeing up more BTC for trading. This fall in dormant supply further supports the likelihood of increased volatility.

随着比特币价格在 2024 年创下新高，长期持有者开始获利了结，释放更多比特币用于交易。休眠供应的下降进一步加剧了波动性的可能性。

Market Structure Favors Price Rise

市场结构有利于价格上涨

Glassnode's Net Unrealized Profit/Loss metric indicates that most long-term holders are currently in profit. This market phase, known as "belief," has historically led to further price increases. The market top, typically associated with euphoria and greed, is still a ways off.

Glassnode 的未实现净损益指标表明大多数长期持有者目前都处于盈利状态。这个市场阶段被称为“信念”，历史上曾导致价格进一步上涨。通常与欣快和贪婪联系在一起的市场顶部仍然还有很长的路要走。

Whales Accumulating

鲸鱼聚集

Whales are seizing the opportunity to add to their Bitcoin exposure, with the number of entities holding at least 1k BTC hitting its highest level since February 2021. Even after Bitcoin's recent correction, accumulation has continued, suggesting a strong belief in its long-term value.

鲸鱼正在抓住机会增加比特币敞口，持有至少 1,000 BTC 的实体数量达到 2021 年 2 月以来的最高水平。即使在比特币近期回调之后，积累仍在继续，表明对其长期价值的坚定信念。

Whales Bullish in Derivatives Markets

鲸鱼看涨衍生品市场

Whales are also showing their optimism in the derivatives markets, with nearly 58% of all whale positions on Binance being long on Bitcoin, according to Hyblock Capital. This suggests that whales are betting on a further rise in Bitcoin's price.

据 Hyblock Capital 称，鲸鱼在衍生品市场上也表现出了乐观态度，币安上近 58% 的鲸鱼头寸都做多比特币。这表明鲸鱼押注比特币价格进一步上涨。

Conclusion

结论

The surge in dormant supply movement, coupled with the positive market structure and continued whale accumulation, paints a picture of a Bitcoin market poised for potential volatility and price increases. However, it's important to remember that cryptocurrency markets are inherently unpredictable, and caution should always be exercised when investing.

休眠供应运动的激增，加上积极的市场结构和鲸鱼的持续积累，描绘了一幅比特币市场即将出现潜在波动和价格上涨的景象。然而，重要的是要记住，加密货币市场本质上是不可预测的，投资时应始终保持谨慎。