零售和短期持有人正在倾倒比特币，鲸鱼很安静

根据新的链链数据，最近的大多数比特币销售压力都来自短期持有者和较小的钱包。相比之下，尽管市场波动，鲸鱼和长期持有人仍减少了活动。

The recent Bitcoin (BTC) sell pressure has been largely driven by short-term holders (STHs) and smaller wallets, while whales and long-term holders (LTHs) have reduced their activity despite market fluctuations, new on-chain data showed.

新的链接数据显示，最近的比特币（BTC）销售压力在很大程度上是由短期持有人（STH）和较小的钱包驱动的，而鲸鱼和长期持有人（LTHS）尽管市场波动，但他们的活动却降低了。

As reported by CryptoQuant, the average daily inflow volume from STHs to exchanges was 930 BTC, compared to 529 BTC from LTHs. This trend indicates that short-term participants, defined as those holding BTC for periods ranging from weeks to months, were exiting the market at a faster pace.

据加密量报道，从STH到交换的平均每日流入量为930 BTC，而LTH的平均流入量为529 BTC。这种趋势表明，短期参与者（被定义为持有BTC数周到几个月不等的持有BTC的参与者）以更快的速度退出市场。

As seen in the chart above, the inflow volume from STHs remained consistently higher than that from LTHs from October 2024 to April 2025.

如上图所示，从2024年10月至2025年4月，STH的流入量始终高于LTHS的流入量。

The price of Bitcoin began to become more volatile after April, reaching its peak around mid-December. As the price went down, short-term holders were selling at a greater pace, probably due to short-term losses or fear of further decline.

四月份之后，比特币的价格开始变得更加波动，达到了12月中旬左右。随着价格下跌，短期持有人的出售速度更大，可能是由于短期损失或担心进一步下降的原因。

On the other hand, the contribution of long-term holders was very minimal, which might mean that more experienced investors are not moving large amounts of Bitcoin to exchanges.

另一方面，长期持有人的贡献非常小，这可能意味着经验丰富的投资者没有将大量比特币转移到交流中。

Another CryptoQuant chart broke down the selling behavior based on wallet sizes. Since April 1 and mid-April 2025, retail and mid-sized holders have been the main sellers.

另一个加密图表破坏了基于钱包尺寸的销售行为。自4月1日和2025年4月中旬以来，零售和中型持有人一直是主要卖家。

Shrimps, or wallets holding less than 1 BTC, sold an average of 480 BTC per day. Around 102 BTC were sold daily by crabs, with balances of 1 to 10 BTC. Fish, holding 10 to 100 BTC, moved 341 BTC, and sharks, with 100 to 1,000 BTC, contributed 402 BTC.

每天平均售出的虾或钱包少于1 BTC，平均售出480 BTC。大约102 BTC每天被螃蟹出售，余额为1至10 BTC。持有10至100 BTC的鱼，以100至1,000 BTC的速度移动了341 BTC和鲨鱼，贡献了402 BTC。

Together, these groups sold more than 1,300 BTC per day. During the same period, whales, or wallets with more than 1,000 BTC, sold only 70 BTC daily. This implies that the large players are either reducing their activity or waiting for better conditions.

这些团体每天共同售出1300多个BTC。在同一时期，鲸鱼或1,000多个BTC的钱包每天仅出售70 BTC。这意味着大玩家要么减少活动，要么等待更好的条件。

"The real sell pressure is not from whales or old hands, but from retail, mid-sized cohorts (shrimps to sharks) and short-term holders—a classic shakeout," said analyst Crazzyblockk. Often, this shakeout occurs during uncertain phases when smaller investors sell out of fear of falling prices.

分析师Crazzyblockk说：“真正的卖出压力不是来自鲸鱼或老手，而是来自零售，中型的同类队列（虾到鲨鱼）和短期持有者，这是经典的摇动。”通常，这种震动发生在不确定的阶段，而小型投资者出于担心价格下跌而出售的售价。

Furthermore, whale wallets dropped by about 30,000 BTC in a week in April 2025, which indicates the pace of whale accumulation is now at its slowest since February 2024. This doesn’t mean aggressive selling, but it does mean that there is less activity from bigger players.

此外，鲸鱼钱包在2025年4月的一周内下降了约30,000 BTC，这表明自2024年2月以来，鲸鱼的积累速度现在处于最慢的速度。这并不意味着积极的销售，但这确实意味着从更大的玩家那里的活动较少。

According to CryptoQuant, since January, the total balance of whale wallets has been relatively stable, with brief drawdowns followed by short recovery periods.

据CryptoQuant称，自1月以来，鲸鱼钱包的总余额相对稳定，短暂的下降，然后是较短的恢复期。

Moreover, during this drop in accumulation, the price of Bitcoin went below $80,000, while it later recovered above $84,000. The price action here is in line with lower whale activity, meaning big investors are not so bullish right now.

此外，在积累下降期间，比特币的价格低于80,000美元，而后来收回了84,000美元以上。这里的价格行动与较低的鲸鱼活动一致，这意味着现在的大投资者现在还不是那么看好。