最新数据显示，长期比特币持有人正在增加其市场参与

有关区块链的最新数据表明，长期持有人正在增加其市场参与。在凯尔·多普斯（Kyle Doops）的看法中，长期持有人现在的上限为90亿美元。

The latest data from the blockchain is showing that long-term holders are becoming more involved in the market. According to Kyle Doops, long-term holders now have a realized cap of $9 billion. This level was last seen in April 2025.

区块链的最新数据表明，长期持有人正在越来越参与市场。根据凯尔·多普斯（Kyle Doops）的说法，长期持有人现在的上限为90亿美元。该水平是在2025年4月出现的。

Since long-term investors are in no hurry to sell and tend to be focused more on acquiring Bitcoin, the market cap now closely follows the price at which purchases were completed. Doop’s graph highlights how the number of short-term holders is diminishing, while long-term holders are increasing their presence.

由于长期投资者不急于销售，并且倾向于将更多地集中在收购比特币上，因此市值现在紧密遵循购买购买的价格。 Doop的图突显了短期持有人的数量如何减少，而长期持有人的存在正在增加。

This graph shows that the main investors in the market are keeping a strong hold of their Bitcoin, rather than selling to realize profits. Legitimate traders, who typically engage in short-term trading and are focused on profits, have been sharply selling their assets, signaling they are exiting the market.

该图显示，市场上的主要投资者正在强大地掌握其比特币，而不是出售以实现利润。通常从事短期交易并专注于利润的合法交易者一直在大量出售其资产，这表明他们正在离开市场。

Meanwhile, the limited belief of those who hold Bitcoin for a short period could lead to less volatility. Conversely, the strong beliefs of long-term hodlers suggest they have great confidence in Bitcoin’s future.

同时，那些在短时间内持有比特币的人的有限信念可能导致波动较小。相反，长期霍德尔的强烈信念表明，他们对比特币的未来充满信心。

According to Doop, Bitcoin is rapidly gaining value, and there is growing excitement. The majority of investors who recently acquired Bitcoin are currently in profit. Typically, when a large portion of short-term holders are in profit, they tend to sell en masse, which pulls back the price.

根据DOOP的说法，比特币正在迅速获得价值，并且兴奋也日益增长。最近收购比特币的大多数投资者目前都在获利。通常，当大部分短期持有人获利时，他们倾向于出售大批销售，从而撤回价格。

Currently, the market is moving quickly, but it could slow down almost instantly if investors decide to take profits. The Glassnode chart indicates that as short-term holders are losing money, a slight gain in Bitcoin could lead to greater sell-offs and a drop in the price.

目前，市场正在迅速发展，但是如果投资者决定获利，几乎可以立即放慢速度。玻璃节图表明，由于短期持有人正在亏损，比特币的略有收益可能会导致更大的抛售和价格下降。

Heavy Liquidations Reflect Volatility Amid Futures Market Activity

重型清算反映了期货市场活动中的波动

As a result of the support from long-term holders, the Bitcoin market is experiencing a lot of ups and downs. In the past 24 hours, over $675 million worth of cryptocurrency has been liquidated. This means that leveraged positions are being closed by the market due to sudden changes in prices and corrections.

由于长期持有人的支持，比特币市场正在经历很多起伏。在过去的24小时中，已经清算了价值超过6.75亿美元的加密货币。这意味着由于价格和纠正的突然变化，市场被市场关闭。

Large amounts of liquidation at this time are common in volatile markets, as many investors are actively involved in trading. According to futures trading data from Deribit, the market saw a shift in interest towards the cryptocurrency futures markets.

由于许多投资者积极参与交易，因此目前大量清算在动荡的市场中很常见。根据来自Deribit的期货交易数据，市场将兴趣转移到加密货币期货市场。

Futures trading on Bitcoin amplifies the swings in its price. According to Axel Adler, when the green bars are present on the chart, it indicates that the Dominance Ratio is positive, which in some cases signals an increase in long bets or a reduction in short bets. To make these factors clearer, Adler highlights three main signs. According to Axel, the upward triangles represent a buyer entering a new position. The Red indicates the group is covering their short positions. Lastly, the long buildup with lots of buy activity by the dominant taker is symbolized by green arrows.

比特币上的期货交易可以扩大其价格的秋千。根据阿克塞尔·阿德勒（Axel Adler）的说法，当图表上存在绿色条时，它表明优势比为正，在某些情况下，这标志着长点升高或简短下注的减少。为了使这些因素更清晰，阿德勒强调了三个主要迹象。根据Axel的说法，向上的三角形代表了进入新职位的买家。红色表示该小组涵盖了他们的短职位。最后，占主导地位的人的大量购买活动的长期积累以绿色箭头象征。

As a result of this futures activity, both traders opening long positions and those exiting short positions contributed to pushing the price upwards. Considering the extended buying pressure during the buildup, it appears that futures markets could continue in a positive direction.

由于这种期货活动，交易者都开设了长期职位，而退出短职位的人则有助于将价格推高。考虑到累积期间的购买压力，期货市场似乎可以朝着积极的方向持续下去。

Implications for the Bitcoin Price Trajectory and Market Stability

对比特币价格轨迹和市场稳定性的影响

Combining all of these observations provides insight into what will likely unfold for Bitcoin in the near future. A rise in the realized cap of long-term holders signifies fewer incentives for investors to engage in sudden large-scale sales. In doing so, the market can maintain stable prices and rely on steady growth.

结合所有这些观察结果，可以洞悉在不久的将来可能会发生的情况。长期持有人的实现上限的增加表示投资者从事突然大规模销售的激励措施更少。这样，市场可以保持稳定的价格并依靠稳定的增长。

Concurrently, with activity from active traders decreasing and their realized cap falling, it appears that there is less speculative trading. Typically, this tends to calm down the market. At the same time, since liquidations and active futures trading are high, prices tend to fluctuate whenever leveraged traders are involved.

同时，随着活跃交易者的活动减少，他们实现的上限下降，看来投机性交易较少。通常，这往往会使市场平静下来。同时，由于清算和积极的期货交易很高，每当涉及杠杆交易者时，价格往往会波动。

Having considered the futures market data, one can observe that traders are becoming cautiously optimistic. Investors piling into long positions have confidence in the market’s growth, while wash-off events serve as a reminder that there are still dangers and the potential for sudden changes in the market.

考虑到期货市场数据后，人们可以观察到交易者变得谨慎乐观。堆积长期职位的投资者对市场的增长充满信心，而WASH-OFF事件则提醒人们仍然存在危险，并且有可能突然发生变化。

Overall, these observations suggest that Bitcoin is transitioning from a quickly-trading market to a more traditional one. Holders of large positions are maintaining their presence, short-term traders are becoming cautious, and futures trading is primarily focused on handling price swings. In the meantime, investors should be aware of such dynamics and closely monitor price movements in the coming weeks.

总体而言，这些观察结果表明，比特币正在从快速交易的市场过渡到更传统的市场。庞大的职位持有人正在维持自己的存在，短期交易者变得谨慎，期货交易主要集中于处理价格波动。同时，投资者应意识到这种动态，并在接下来的几周内密切监视价格变动。