比特币 10 多年历史的代币最近出现了大幅波动

正如 CryptoQuant 研究主管 Julio Moreno 在 X 上的一篇文章中所解释的那样，当前的比特币周期让该资产的 OG 投资者比以往任何时候都觉醒了。

On-chain data suggests that long-term Bitcoin investors, also known as ancient whales, have been waking up at a higher rate than ever before during the current cycle. This trend indicates that some old investors in the network have been breaking their silence over the past month by moving their Bitcoin holdings.

链上数据表明，长期比特币投资者（也称为古代鲸鱼）在当前周期中以比以往任何时候都更高的速度醒来。这一趋势表明，网络中的一些老投资者在过去一个月里打破了沉默，转移了他们持有的比特币。

The on-chain indicator of interest here is the “10+ Year-old Coins Expending Ratio,” which shows the percentage of coins that have been lying dormant for 10 years or more that saw movement during the past 30 days. A high value of this metric indicates that some ancient whales have finally moved their BTC.

这里感兴趣的链上指标是“10年以上的代币支出比率”，它显示了已经休眠10年或更长时间的代币在过去30天内发生变动的百分比。该指标的高值表明一些古老的鲸鱼终于转移了他们的比特币。

Now, here is a chart that shows the trend in the 10+ Year-old Coins Expending Ratio for Bitcoin over the past few years:

现在，这是一张图表，显示了过去几年比特币10年以上的硬币支出比率的趋势：

This indicator had observed a huge spike back in March. At the peak of this spike, the metric’s value reached 3.7%, which is the highest it has seen in the asset’s history so far.

该指标早在三月份就出现了大幅飙升。在这一峰值的顶峰，该指标的价值达到了 3.7%，这是迄今为止该资产历史上的最高值。

This sharp movement in dormant coins came as the cryptocurrency’s price had set a new all-time high (ATH). Usually, when such old coins move, it’s for selling purposes. In the case of this spike, especially, profit-taking would appear to be the likely motivation, given the ATH break.

随着加密货币的价格创下新的历史高点（ATH），休眠代币出现了剧烈波动。通常，当这些旧硬币移动时，是出于出售目的。特别是在这次飙升的情况下，鉴于 ATH 突破，获利了结似乎是可能的动机。

After this peak, the ratio’s value registered a notable decline as the Bitcoin price itself struggled. However, with the latest recovery that the cryptocurrency has observed, the indicator has also bounced back.

在这个峰值之后，随着比特币价格本身的挣扎，该比率的价值显着下降。然而，随着加密货币的最新复苏，该指标也出现了反弹。

At present, the metric’s value stands at 2.5%, which, while lower than the earlier record, is still a high level when compared to the past. Therefore, it appears that ancient whales have continued to wake up at a significant rate over the last few months.

目前，该指标值为2.5%，虽然低于之前的记录，但与过去相比仍然处于较高水平。因此，在过去的几个月里，古代鲸鱼似乎继续以显着的速度苏醒。

Who would be these investors moving such old coins? Generally, the movement of dormant tokens is associated with the HODLers of the market. Though, when coins age so much so as to fall in the 10+ years bracket, chances become higher that HODLing isn’t why they have been sitting dormant.

这些投资者会是谁转移这些旧硬币呢？一般来说，休眠代币的变动与市场上的持有者相关。然而，当代币的老化程度达到 10 年以上时，持有比特币的可能性就更大，这并不是它们一直处于休眠状态的原因。

Rather, coins of this type are probable to have reached this old age by being ‘lost,’ due to the keys of their wallets being misplaced or their existence simply being forgotten.

相反，这种类型的硬币很可能已经“丢失”了，因为它们的钱包钥匙放错地方了，或者它们的存在只是被遗忘了。

Some of the holders may have indeed been the OGs sitting tight all this time, but it’s very much possible that a lot of these investors would in fact be those who just recently got their hands on the wallets containing these dormant coins.

一些持有者可能确实是一直袖手旁观的 OG，但很可能这些投资者中的许多人实际上是最近刚刚拿到包含这些休眠代币的钱包的人。