比特币鲸（持有10,000多个BTC）已成为主要的市场参与者

区块链分析表明，这些大型持有人现在处于几乎完美的积累模式，得分徘徊在0.9左右。

Bitcoin (BTC) whales, typically defined as wallets holding over 10,000 BTC, have largely pivoted to accumulation mode, signaling a strong vote of confidence in the crypto market's resilience following a turbulent period.

比特币（BTC）鲸鱼通常被定义为持有10,000多个BTC的钱包，在很大程度上枢纽了积累模式，这表明在动荡时期，对加密货币市场的韧性有了强烈的信心投票。

According to the latest data from blockchain analytics firm Glassnode, these large-scale Bitcoin holders now show nearly flawless accumulation behavior, scoring around 0.9. This metric, developed by Glassnode, tracks the intensity of coin accumulation versus coin disposal. A score closer to 1 indicates a stronger presence of accumulation.

根据区块链分析公司玻璃节的最新数据，这些大规模的比特币持有人现在显示出几乎完美的积累行为，得分左右。该度量由玻璃节开发，跟踪硬币积累与硬币处置的强度。得分接近1表示积累的存在更强。

This finding is noteworthy as it stands in stark contrast to earlier this year when, during the height of the cryptocurrency winter, these whales displayed a strong preference for selling pressure.

这一发现值得注意，因为与今年早些时候，在加密货币冬季的高峰期间，这些鲸鱼表现出对销售压力的强烈偏爱。

However, as Bitcoin’s price began to rise in 2025, these large institutional investors gradually reduced their selling activity and eventually pivoted to net buying.

但是，随着比特币的价格在2025年开始上涨，这些大型机构投资者逐渐降低了其销售活动，并最终转向净购买。

As of April 24, 2025, this tier of investors is almost entirely focused on accumulating their coins, a shift that began earlier this year.

截至2025年4月24日，这一部分投资者几乎完全专注于积累硬币，这一转变始于今年早些时候。

Another tier of investors, those holding between 1,000 and 10,000 BTC, also shows strong accumulation behavior with a reading of around 0.7.

另一层投资者，持有1,000至10,000 BTC的人，也显示出强烈的积累行为，读数约为0.7。

Even the next tier down, mid-sized wallets—those holding between 100 and 1,000 BTC—are now predominantly in accumulation mode, posting a reading of around 0.5. All together, these trends indicate that accumulation is a broad-based phenomenon across several tiers of Bitcoin investors.

即使是下一个层的中层钱包（将100至1,000个BTC之间的这些钱包）现在主要是在累积模式下，读取约为0.5。这些趋势共同表明，积累是几个比特币投资者的基于广泛的现象。

“Holders of >10K $BTC are showing near-perfect accumulation (~0.9)

“> 10k $ btc的持有者显示出几乎完美的积累（〜0.9）

1K–10K $BTC wallets follow closely (~0.7)

1K – 10K $ BTC钱包紧随其后（〜0.7）

100–1K $BTC are also pivoting to accumulation (~0.5).

100–1k $ btc也枢转至积累（〜0.5）。

So far, large players have been buying into this rally.”

到目前为止，大型球员一直在参加这次集会。”

Few Coins Going to Exchanges Shows Reduced Selling Pressure

很少有硬币去交流显示销售压力降低

The positive outlook is furthered by a large drop in the number of addresses sending Bitcoin to exchanges. This is a critical metric because it often correlates with investors’ intent to sell or trade their coins.

通过将比特币发送到交换的地址数量大幅度下降，进一步促进了积极的前景。这是一个关键的指标，因为它通常与投资者出售或交易硬币的意图相关。

As of April 2025, the 30-day moving average of depositing addresses has fallen to just 52,000. By contrast, the 365-day average is 71,000, and we can’t emphasize enough how sharp this drop is when looking at the 10-year average distribution peak of approximately 92,000.

截至2025年4月，存款地址的30天移动平均值已降至52,000。相比之下，365天的平均水平为71,000，我们不能强调这次下降的速度是多么敏锐，当时10年的平均分配峰值约为92,000。

The number of addresses depositing bitcoins to exchanges has been steadily declining since 2022: the 30-day moving average has now dropped to 52K addresses compared to the 365-day level of 71K. Meanwhile, over the past 10 years, the most common distribution was around 92K…

自2022年以来，存放比特币的地址数量一直在稳步下降：30天移动平均线现在下降到52K地址，而365天的水平为71k。同时，在过去的10年中，最常见的分布约为92k…

The most recent time the quantity of depositing addresses was this low was back in December 2016—right prior to the legendary 2017 bull run that soared Bitcoin to then-all-time-high figures. This present downturn suggests a not-yet-extinguished investor cohort with a long-term mindset; they appear, in recent trend, to be hoarding their assets much more than selling them off, as even short-term trades seem to be staying in the hands of the Bitcoin mainstay. This, then, paints a picture of Bitcoin as potentially more resilient in the face of economic headwinds.

最近一次的存款地址数量是在2016年12月，就在2017年传奇的公牛运行之前，它飙升至比特币，以达到当时的全能数字。现在的衰退表明，一个尚未有长期心态的投资者队列尚未出现。在最近的趋势中，它们似乎比出售它们的资产要多得多，因为即使是短期交易似乎仍留在比特币的中流台上。然后，这将比特币的图片描绘成面对经济逆风的可能性更大。

This carries significant implications for monetary policy. The Federal Reserve has a limited number of tools to employ when it comes to stimulating the economy or cooling it down. One of the most important is interest rates. When the Fed raises or lowers the federal funds rate, it sets off a chain reaction throughout the economy—the rates that various banks charge their customers go up or down, as does the price of money in general. At these moments, the fed funds rate is effectively the price tag on monetary policy.

这对货币政策产生了重大影响。美联储在刺激经济或冷静下来的工具数量有限。最重要的之一是利率。当美联储提高或降低联邦资金利率时，它会在整个经济中引发连锁反应 - 各个银行收取客户的费率，一般而言。在这些时刻，美联储资金利率实际上是货币政策的价格标签。

Insiders Are Piling In With Bitcoin Spot ETFs

内部人员正在用比特币斑点ETF堆积

What is making Bitcoin such a sure thing these days? For one, it’s back in favor among the deep-pocketed pros.

这些天是什么使比特币成为一个肯定的事情？首先，它回来了，这是富裕的专业人士的支持。

Last week, during a stretch that saw Bitcoin price gains, we learned that several Wall Street houses had been buying actual Bitcoin, not just Bitcoin derivatives. Moreover, they had been doing this well before the last price pop.

上周，在比特币价格上涨的一段时间里，我们了解到有几家华尔街的房屋正在购买实际的比特币，而不仅仅是比特币衍生品。此外，他们在最后一个价格流行之前就已经做得很好。

What is especially significant about the constant inflows into spot ETFs is that they involve real Bitcoins actually being bought on behalf of the investors. In contrast, products based on futures merely follow the price changes. The purchase of actual Bitcoins by spot ETF trustees affects the supply-demand situation in the market, and in my opinion, it affects that situation in only one way: for the price of Bitcoin to go higher.

不断流入现货ETF的尤其重要的是，它们实际上涉及代表投资者购买的真正的比特币。相比之下，基于期货的产品仅遵循价格变化。现场ETF受托人购买实际的比特币会影响市场上的供求状况，在我看来，它仅以一种方式影响这种情况：对于比特币的价格上涨。

On April 23 (ET), spot Bitcoin ETFs recorded

4月23日（ET），记录了现场比特币ETF