当前的牛市经历较少的长期挤压

小阿克塞尔·阿德勒（Axel Adler Jr.）在当前的公牛奔跑期间对交易者的行为进行了关键转变。他在调查结果中得出结论

Axel Adler Jr., a recognized trader and analyst, has pointed out a crucial difference in how traders are engaging in the current bull market compared to the previous one. As Adler Jr. highlighted in a recent X post, a smaller percentage of traders are entering into short positions, anticipating a decline in prices, in the present cycle. This finding, based on data from CryptoQuant, stands in contrast to the previous bull market, where a larger portion of traders were closing out their long positions.

公认的交易员和分析师小阿克塞尔·阿德勒（Axel Adler Jr.正如小阿德勒（Adler Jr.）在最近的X帖子中强调的那样，较小比例的交易者正处于短期职位，预计在当前周期中价格会下降。这一发现基于来自加密量的数据，与以前的牛市形成鲜明对比的是，大部分贸易商正在结束他们的长位置。

This shift in investor behavior speaks to a collective caution in predicting bearish movements and may be seen as a bullish indicator.

投资者行为的这种转变表达了集体的谨慎，以预测看跌的运动，可能被视为看涨指标。

One interesting observation from Adler Jr.'s analysis is that long squeezes, a scenario where traders who have held onto their positions for some time decide to sell, have been infrequent during this cycle.

小阿德勒（Adler Jr.）分析的一个有趣的观察结果是，在这种周期中很少见过一段时间的贸易商，那就是在这种情况下，交易者一直担任其职位决定出售。

This observation is significant because it suggests that traders, on balance, expect the market to move higher.

这一观察结果很重要，因为它表明交易者总的来说，预计市场会移动更高。

The chart, titled "Bitcoin Advanced Short/Long Squeeze Signal" and credited to CryptoQuant, follows Bitcoin's price action and highlights bullish and bearish liquidations, along with an indicator designed to detect squeeze signals.

该图表的标题为“比特币高级短/长挤压信号”，并归功于加密量，遵循比特币的价格动作，突出显示了看涨和看跌清算，以及旨在检测挤压信号的指标。

The time frame covers 2020 to mid-2025, providing a broader context as the market transitions from bear to bull markets and vice versa.

时间范围涵盖2020年至2025年中期，随着市场从熊到牛市的过渡，反之亦然。

The chart shows a denser frequency of both longs and shorts liquidating in 2021, reflecting the heightened risk appetite and active trading of that period. In comparison, there are fewer trades and a slower pace of liquidation between 2023 and 2025, with open interest gradually increasing as prices stabilize around the $80,000 level for BTC.

该图显示了2021年清算的较长频率和短裤的频率，这反映了这一时期的风险食欲增强和主动交易。相比之下，在2023年至2025年之间，交易较少，清算速度较慢，随着价格稳定在BTC的80,000美元左右，开放利息逐渐增加。

This observation takes on added importance given the maturing stage of the cryptocurrency market. The reduced activity in bearish shorting limits the potential for rapid price reversals, which may facilitate a smoother trajectory of growth for Bitcoin.

鉴于加密货币市场的成熟阶段，这种观察结果具有更大的重要性。看跌短缺的活动减少限制了价格逆转的潜力，这可能促进比特币增长的轨迹。