长期持有人已经将比特币累积到历史高处

长期持有人已经将比特币累积到历史悠久的高点上，自$ 83,000的水平以来增加了115万BTC。积累发生在61,000至83,000美元的范围内

Key Insights:

关键见解：

* Long-term holders have been accumulating Bitcoin to hit record levels, adding over 1.15 million BTC since the $83,000 level. The bulk of the accumulation happened in the $61,000 to $83,000 range, which shows that even with market volatility, large investors are becoming more and more convinced.

*长期持有人已经积累了比特币以达到创纪录的水平，自$ 83,000的水平以来增加了115万BTC。大部分积累发生在61,000至83,000美元之间，这表明，即使市场波动，大型投资者也越来越有说服力。

* The amount of demand from addresses that have always bought and never sold has hit an all-time high of 309,000 BTC in the last 30 days. In the meantime, short-term holders look shaken, and net selling intensified with a 30-day position change of -833,000 BTC. Short-term uncertainty continues while long-term confidence is growing.

*在过去30天内，一直购买和从未出售过的地址的需求量达到了309,000 BTC的历史最高点。同时，短期持有人看上去震惊，净销售加剧了30天的变化-833,000 BTC。短期不确定性持续，而长期信心正在增长。

Long-term Bitcoin (BTC) holders have been accumulating the cryptocurrency in record amounts over the past few months, as the price trades calmly above the $100,000 mark.

在过去的几个月中，长期比特币（BTC）持有人在创纪录的数量中积累了加密货币，因为价格平静地交易高于100,000美元。

Data from crypto analytics firm Glassnode shows that since BTC crossed $83,000, long-term holders have increased their supply from 14.03 million BTC to 15.18 million. This is an accumulation of 1.15 million BTC, which would be worth around $125 billion at current prices. Most of these coins were purchased in the $61,000 – $83,000 range.

加密分析公司玻璃节的数据表明，自BTC越过83,000美元以来，长期持有人的供应从1403万BTC增加到1518万。这是115万BTC的积累，当前价格为1,250亿美元。这些硬币中的大多数是在61,000美元 - $ 83,000范围内购买的。

The increase in holdings indicates that experienced participants still have faith in Bitcoin’s future. For this cohort, the average entry price is estimated to be around $72,000, which means that they are 51% unrealized profit. Such a positioning is often a sign of strong hands waiting for a potential future rally.

持有的增加表明，经验丰富的参与者仍然对比特币的未来充满信心。对于此队列，平均入境价估计约为72,000美元，这意味着它们是51％未实现的利润。这种定位通常是强大的手等待潜在的未来集会的迹象。

Furthermore, this behaviour is indicative of an ongoing transfer from speculative to conviction-based ownership.

此外，这种行为表明从投机性转移到基于定罪的所有权。

As the chart above shows, the amount of demand from addresses that are known to buy consistently without selling has hit a new record high in the last 30 days, with 309,000 BTC being purchased by accumulators.

如上图所示，在过去30天内，已知不销售的地址的需求量在没有出售的情况下达到了新的纪录，累加器购买了309,000 BTC。

Usually, this type of behavior is associated with institutional and strategic investors, who prefer to accumulate in a calmer fashion and are less sensitive to short-term price fluctuations.

通常，这种类型的行为与机构和战略投资者有关，他们更喜欢以平静的方式积累，并且对短期价格波动不太敏感。

Demand was at historic levels, but it was after a deep correction, and it shows confidence is coming back at higher price levels. This metric has previously peaked in times of consolidation or renewed upside pressure.

需求处于历史悠久的水平，但经过深刻的修正，它表明信心恢复了更高的价格水平。该指标先前在合并或更新上行压力的时间达到顶峰。

In addition, the rapid accumulation has also decreased the selling pressure, keeping BTC steady above the $100,000 mark. The market has been absorbing high inflows despite volatility without major corrections. That suggests prices are being supported by sustained demand from high-conviction buyers.

此外，快速积累还降低了销售压力，使BTC稳定在100,000美元以上。尽管没有重大修正，但市场仍在吸收高流入。这表明价格得到了高定罪买家的持续需求支持。

On the other hand, short-term holders decreased exposure by a great deal in the past month. In 30 days, they lost 833,000 BTC, which indicates a decrease in confidence. It is the same capitulation we saw during the last correction in late 2024.

另一方面，短期持有人在过去一个月中降低了大量的曝光率。在30天内，他们损失了833,000 BTC，这表明信心下降。这是我们在2024年底的最后一次校正中看到的投降。

Even though Bitcoin is still above $100,000, many short-term traders exited because of fear of further drawdowns. Contrary to long-term accumulation, this suggests that the market sentiment remains bifurcated. Short-term volatility is getting more attention from risk sensitive participants.

即使比特币仍超过100,000美元，由于担心会进一步的缩减，许多短期交易者也退出了。与长期积累相反，这表明市场情绪仍然分叉。短期波动率从风险敏感的参与者中引起了人们的关注。

Short-term resistance can be created from this net selling by short-term holders. But this pressure may continue to be offset by long-term accumulation. If short-term holders supply shifts into stronger hands, the market could stabilize even further.

短期销售者可以由短期持有人创建短期抵抗。但是，这种压力可能会继续被长期积累所抵消。如果短期持有人的供应转移到更强的手中，那么市场就可以进一步稳定。

Meanwhile, Coinbase Premium Index has rebounded strongly from negative levels in April to firmly positive territory in June, and it seems that U.S. investor demand is driving the current cycle, with prices pushing towards $110,000. A persistent premium usually means that the regulated exchanges are being spot bought.

同时，Coinbase Premium指数从4月份的负水平重新反弹到6月的稳固的积极领土，而且美国投资者的需求似乎正在推动当前周期，价格提高到110,000美元。持续的溢价通常意味着正在购买受监管的交流。

The premium rebound has been supporting steady price appreciation with no overheating signals. The pattern of the recovery matches the previous bull cycle recoveries, as CryptoQuant data shows. In the short term, BTC may continue challenging new highs.

高级反弹一直在支持稳定的价格升值，没有过热的信号。正如加密数据所示，恢复的模式与先前的牛周期恢复相匹配。在短期内，BTC可能会继续挑战新高点。

On the other hand, technical indicators are still bullish as the Ichimoku cloud signals are still bullish on the 4-hour chart. The accumulation/distribution line is trending higher, and MACD is also trending higher. With volume behind it, Bitcoin just broke above resistance levels.

另一方面，技术指标仍然是看好的，因为在4小时图表上，Ichimoku云信号仍然看涨。累积/分配线趋势较高，MACD也趋势更高。在其后面的体积之后，比特币仅超过电阻水平。

According to Hyperliquid, the biggest cluster of long liquidations is at $105,000. That can create a magnet for short term downward pressure as bears try to push into those levels. But BTC is still above $109,000, which lessens the risk of a near term downside.

根据Hyproliquid的说法，最大的长清算集群为105,000美元。当熊试图将这些水平推入这些水平时，这可以为短期向下压力产生磁铁。但是BTC仍在109,000美元以上，这降低了短期缺陷的风险。

The spread of short liquidation levels is more spread out with increasing leverage on top of $120,000. This paves the way

较短清算水平的传播更加分布，而杠杆率提高了120,000美元。这铺平了道路