随着机构的不断购买，比特币鲸鱼的积累激增

来自CryptoQuant的数据表明，比特币市场中的鲸鱼活动仍然强大，在过去30天内，将超过41,300 BTC添加到鲸鱼钱包中。

Bitcoin (BTC) whale activity has remained robust throughout the recent market movements, with over 41,300 BTC being added to whale wallets in the last 30 days, according to data from CryptoQuant.

根据CryptoQuant的数据，在最近的30天内，比特币（BTC）鲸鱼活动在最近的30天内一直在鲸鱼钱包中添加到41,300多个BTC。

This trend continues into 2025, highlighting sustained interest from institutions despite a complex macroeconomic environment.

这种趋势一直持续到2025年，尽管存在着复杂的宏观经济环境，但仍突出了机构的持续兴趣。

Unlike past bull runs that were largely fueled by retail speculation, this cycle appears to be unfolding with a greater emphasis on passive accumulation from institutions. Large corporations are incrementally allocating cash flow and even issuing debt to acquire BTC systematically, an action that is creating what analysts at Arcane Research describe as a steady, acyclical buying pressure.

与过去的公牛奔跑在很大程度上被零售投机所助长的不同，这个周期似乎正在展开，更加重视从机构中的被动积累。大型公司正在逐步分配现金流，甚至发行债务以系统地收购BTC，该行动正在创造Arcane Research的分析师所说的稳定的，周期性的购买压力。

This demand from institutions is especially noteworthy because it persists even in an environment that still exhibits some risk aversion. Rather than fear-driven exits, the market is calmly witnessing new corporate players making calculated entries. This shift in market dynamics could have interesting implications for Bitcoin’s price behavior, potentially reducing volatility and decoupling its performance from traditional retail-driven boom-bust cycles.

机构的这种需求尤其值得注意，因为即使在仍然表现出一些风险厌恶的环境中，它仍然存在。该市场没有害怕驱动的出口，而是在平静地目睹了新的公司参与者进行计算的参赛作品。市场动态的这种转变可能会对比特币的价格行为产生有趣的影响，从而有可能降低波动率，并将其表现与传统的零售驱动的繁荣性循环脱钩。

Importantly, this accumulation is not a short-term phenomenon; it reflects a systematic shift in who is buying Bitcoin and why. As highlighted by CryptoQuant, the recent rise in price is not being driven by a retail frenzy but rather by measured, long-term positioning from large-scale investors.

重要的是，这种积累不是短期现象。它反映了谁在购买比特币以及原因的系统转变。正如加密素养所强调的那样，最近的价格上涨不是由零售疯狂的驱动，而是由大规模投资者的经过衡量的长期定位驱动。

This observation is supported by the fact that the total BTC balance held by entities with over 100 coins has reached its highest point in the last 18 months. This indicates that substantial investors are calmly and persistently accumulating BTC despite the market downturn that unfolded in the last 24 months.

这一观察结果得到了以下事实的支持：在过去的18个月中，拥有100多个硬币的实体持有的总BTC余额已达到其最高点。这表明，尽管过去24个月内的市场下降，但大量投资者仍在平静而持续地积累了BTC。

Moreover, the acyclical nature of this buying pressure is evident in the continuous inflow of BTC to tier-1 exchanges despite the overall trend of cryptocurrency exchange balances decreasing in recent months.

此外，尽管最近几个月加密货币交换余额的总体趋势在下降，但这种购买压力的关联性质在BTC到层交换的连续流入中很明显。

This activity directly contradicts the narrative of a cyclical market with a natural bottom, suggesting instead a steady demand for BTC regardless of market-cycle stage.

这项活动直接与周期性市场的叙事相矛盾，其自然底部表明对BTC的需求不管市场周期阶段如何。