CryptoQuant 首席执行官解释比特币牛市周期可能如何持续到 2025 年中期

老比特币鲸鱼的获利回吐在之前的周期中持续了 18 个月

CryptoQuant CEO has observed a pattern where old whales engage in profit-taking during bull cycles. This selling brings in fresh capital to accumulation addresses, which are defined by specific criteria and represent long-term HODLers.

CryptoQuant 首席执行官观察到了一种模式，即老鲸鱼在牛市周期中进行获利了结。这种出售为积累地址带来了新的资金，这些地址是由特定标准定义的，代表长期持有者。

Chart analysis using the Realized Price metric for Accumulation Addresses suggests that these HODLers were buying and driving up the average cost basis as prices rose. This corresponds to profit-taking from other market participants.

使用累积地址的实际价格指标进行的图表分析表明，随着价格上涨，这些持有者正在购买并推高平均成本基础。这对应于其他市场参与者的获利了结。

In previous cycles, this profit-taking period lasted about 18 months. Currently, it has been going on for four months, indicating that, based on past trends, there could be another fourteen months of it remaining. This would extend the bull cycle into mid-2025.

在之前的周期中，这个获利回吐期大约持续18个月。目前，已经持续了四个月，这表明，根据过去的趋势，可能还剩下十四个月。这会将牛市周期延长至 2025 年中期。