比特币的大转变：鲸鱼撤退，机构潜入

比特币看到警卫队的改变，因为早期采用者出售了大量的BTC，机构急切地将其铲起来，重塑了加密货币景观。

Bitcoin's Big Shift: Whales Retreat, Institutions Dive In

比特币的大转变：鲸鱼撤退，机构潜入

Hold on to your hats, folks! Bitcoin is experiencing a major power shift. The old guard—the whales who've been hoarding BTC since the early days—are selling off their massive stashes. But don't fret; institutions are stepping up to the plate, gobbling up those coins faster than you can say 'decentralized finance.'

抓住你的帽子，伙计们！比特币正在经历重大的权力转移。老警卫队 - 从早期就一直在ho积BTC的鲸鱼出售了大量的藏匿处。但是不要烦恼；机构正在加入盘子，比您说的“分散融资”更快地吞噬这些硬币。

Whales Pass the Torch (for a Cool $50 Billion)

鲸鱼通过火炬（售价为500亿美元）

Reports show that whales have offloaded over 500,000 BTC in the past year, a stash worth over $50 billion at today's rates. According to Bloomberg's review of 10x Research data, wallets holding between 1,000 and 10,000 BTC have seen their balances slip. It's like they're trimming down their portfolios, making way for the new kids on the block.

报道显示，鲸鱼在过去一年中已将超过500,000 BTC卸载，这是当今利率以上价值超过500亿美元的藏匿处。根据彭博对10倍研究数据的评论，持有1,000至10,000 BTC的钱包已经看到了平衡。就像他们修剪自己的投资组合一样，为街上的新孩子们腾出了路。

Institutions: The New Bitcoin Landlords

机构：新的比特币房东

Who's buying all these coins? Funds, ETFs, and corporate treasuries, that's who. These institutions have snapped up almost every coin dropped by the whales, adding a staggering 899,198 BTC—about $96 billion—over the past year. This buying frenzy has helped keep the market stable as the whales take a step back. Data from Bitcoin Treasuries shows private companies, public firms and ETFs are boosting their holdings.

谁在购买所有这些硬币？资金，ETF和公司国库，这就是谁。这些机构几乎抢购了鲸鱼掉落的所有硬币，在过去的一年中增加了惊人的899,198 BTC（大约960亿美元）。随着鲸鱼退后一步，这种购买疯狂帮助使市场保持稳定。比特币国库的数据显示，私营公司，公共公司和ETF正在提高其持股量。

Medium is the New Large

媒介是新的大型

Interestingly, medium-sized wallets are growing while the largest ones shrink. This trend suggests new types of investors are moving in. Edward Chin, co-founder of Parataxis Capital, notes that in-kind transfers allow coins to move from anonymous holders to regulated firms without public trades, boosting on-chain activity and oversight.

有趣的是，中型钱包正在增长，而最大的钱包却收缩了。这种趋势表明，新型的投资者正在进来。帕拉塔克斯资本的联合创始人爱德华·钦（Edward Chin）指出，内心转移使硬币可以从匿名持有人转移到没有公共行业的监管公司，从而增强了链接活动和监督。

Volatility Takes a Chill Pill

波动率需要寒意

As institutional flows rise, Bitcoin's notorious price swings have calmed down. The Deribit 30-day volatility gauge is at a two-year low. Arca's CIO, Jeff Dorman, compares today's Bitcoin to a steady dividend payer, potentially delivering annual gains in the 10–20% range. That's a far cry from the wild 1,400% surge we saw in 2017, but for long-term savers, steadier returns look mighty attractive.

随着机构流动的上升，比特币臭名昭著的价格波动逐渐下降。 30天波动率量规为两年低点。 Arca的CIO Jeff Dorman将当今的比特币与稳定的股息付款人进行了比较，可能会在10–20％的范围内带来年度增长。这与我们在2017年看到的1,400％的狂潮相去甚远，但是对于长期储蓄者来说，稳定的回报看起来很有吸引力。

A Word of Caution

谨慎

However, Fred Thiel, CEO of miner MARA Holdings, warns that if whale selling picks up again and institutional appetite fades, prices could lurch lower. It's a reminder that even with institutions in the game, Bitcoin's future isn't set in stone.

但是，矿工Mara Holdings的首席执行官Fred Thiel警告说，如果再次出售鲸鱼，机构的胃口就会淡出，价格可能会下降。这提醒您，即使在游戏中的机构中，比特币的未来也不是一成不变的。

On-Chain Activity: A Mixed Bag

链活动：一个混合的袋子

While Bitcoin holds steady above $108K, supported by its 365-day Simple Moving Average (SMA) on the MVRV Ratio, on-chain activity presents a mixed picture. Net Realized Profit/Loss (NRPL) shows moderate profit-taking, typical of mid-cycle environments. However, Transaction Count and Network Growth have dipped, indicating fewer new participants and reduced on-chain interaction. Still, price stability despite these weak signals shows a disconnection between adoption and valuation trends.

尽管比特币的稳定稳定超过$ 108K，并在MVRV比率上的365天简单移动平均线（SMA）支持，但链活动表现出混合的图片。净实现的利润/损失（NRPL）显示了中等的利润，这是中期环境的典型特征。但是，交易计数和网络增长已经下降，表明新参与者的较少并减少了链上的相互作用。尽管如此，尽管这些信号较弱，但价格稳定仍显示出采用趋势和估值趋势之间的断开连接。

Hype Alert!

炒作警报！

Social Dominance for BTC spiked, revealing growing market attention, but such spikes have previously marked local tops. While it drives awareness and inflows, it also increases volatility.

BTC尖峰的社会主导地位，揭示了越来越多的市场关注，但此类尖峰以前已经标志着当地上衣。尽管它推动了意识和流入，但也会增加波动。

The Takeaway

外卖

Bitcoin's key structural signals remain intact, but falling Transaction Count and rising Social Dominance hint at fragility. If volume revives and on-chain participation returns, another leg up may follow. Until then, patience and caution are key.

比特币的主要结构信号仍然完好无损，但是交易数量下降和社会主导地位的上升暗示了脆弱性。如果音量恢复和链接参与回报，则可能会有另一回合。在此之前，耐心和谨慎是关键。

So, What Does It All Mean?

那么，这意味着什么？

Bitcoin is growing up! The shift from whale-dominated ownership to institutional hands suggests a maturing market. With steadier returns and increased regulatory oversight, Bitcoin is becoming less of a wild west and more of a mainstream investment. Of course, nothing is ever guaranteed in the world of crypto, but this trend points towards a more stable and sustainable future for the digital gold.

比特币正在成长！从以鲸鱼为主的所有权到机构手的转变表明了一个成熟的市场。随着回报稳定和监管监督的增加，比特币变得不再是野外的西部，而是主流投资。当然，在加密货币世界中，没有任何保证，但是这种趋势表明，数字黄金的未来更加稳定和可持续。

And hey, even if things get a little bumpy, at least we can say we were here to witness the changing of the guard. Cheers to the future of Bitcoin!

嘿，即使事情变得有些颠簸，至少我们可以说我们在这里见证了警卫的改变。欢呼比特币的未来！