<ul>
<li><em>鲸鱼在短短三天内积累了超过 22,000 BTC，使总鲸鱼持有量超过 344 万 BTC</em></li>
<li><em>比特币的净流入在三月份减弱，七天内下降了-27.69%</em></li>
</ul>
<p>大型比特币持有者和散户投资者最近以激进的速度进行积累，显示出强烈的市场信心。</p>
<p>事实上，链上数据显示，鲸鱼在短短三天内获得了超过 22,000 BTC，使总鲸鱼持有量超过 344 万 BTC。这一需求激增与价格的急剧上涨相吻合，使比特币 [BTC] 从 82,000 美元上涨至近 98,000 美元。</p>
<p>然而，值得指出的是，在撰写本文时，这种加密货币的交易价格又回到了 80,000 美元以下。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/03/Screenshot-2025-03-10-183258.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/03/Screenshot-2025-03-10-183258.png"/></p>
<p>来源：X</p>
<p>不过，这还不是全部，散户需求也出现了历史性的激增。尤其是积累地址攀升至 32 万个的历史新高。</p>
<p>大型投资者和小型持有者的双重积累暗示了协调的看涨势头。因此，问题是——这场购买狂潮是否可持续？</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/03/Screenshot-2025-03-10-183306.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/03/Screenshot-2025-03-10-183306.png"/></p>
<p>来源：X</p>
<h2>“买入抄底” 还是鲸鱼操控？</h2>
<p>仔细观察 Ali 的链上数据，显示出鲸鱼比特币持有量在二月和三月初稳步上升。在过去一个月中，鲸鱼大约获得了 60,000 BTC——标志着近期历史上最激进的积累阶段之一。</p>
<p>鲸鱼活动与价格波动之间的相关性似乎也很明显。</p>
<p>比特币的价格在 82,000 美元和 98,000 美元之间波动，二月末出现下跌，随后在三月初强劲反弹。这些购买的时机表明，大型持有者有时在修正期间进行战略性积累。</p>
<h2>最大的参与者是否离开了市场？</h2>
<p>也许是的。来自 Glassnode 和 IntoTheBlock 的数据揭示了积累和分配中的关键模式，突显了它们对价格走势的影响。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/03/glassnode-studio_btc-number-of-entities-with-balance-1k.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/03/glassnode-studio_btc-number-of-entities-with-balance-1k.png"/></p>
<p>来源：Glassnode</p>
<p>持有≥1,000 BTC 的实体自比特币在一月份达到 106,159 美元的峰值以来，已减少其持有量。这类实体的数量从十二月的 1,720+ 下降到三月的 1,683——三个月下降约 2.14%。</p>
<p>这似乎与比特币价格从一月的 106,000 美元下降到三月的 80,000 美元相一致。这种减少表明鲸鱼要么获利了结，要么重新分配其持有。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/03/glassnode-studio_btc-entities-supply-distribution.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/03/glassnode-studio_btc-entities-supply-distribution.png"/></p>
<p>来源：Glassnode</p>
<p>在 3 月 7 日至 9 日之间，鲸鱼实体出现了急剧下降，与比特币价格从 84,197 美元跌至 80,795 美元相对应。历史上，这种下降通常表明重大抛售或资本转移到其他资产。</p>
<p>十二月鲸鱼持有量的稳定与 68,000 美元至 72,000 美元的价格区间相一致，显示出在一月反弹之前的波动性极小。</p>
<p>鲸鱼持有的供应量（≥100,000 BTC）在二月为 22.261%，三月为 22.173%——小幅但明显的减少。</p>
<h2>谁才是真正的控制者？</h2>
<p>1,000–10,000 BTC 的群体发生了更大的变化，从二月的 16.963% 下降到三月的 16.192%，这表明中型鲸鱼的卖出更加激进。</p>
<p>散户地址（&lt;1 BTC）继续积累比特币，尽管波动性依然存在，但显示出持续增长。10–100 BTC 类别保持稳定，表明中型持有者对价格变化的反应不如鲸鱼敏感。</p>
<p>数据确认了经典的积累 - 分配周期，大型鲸鱼在反弹后获利了结，而小型参与者则开始介入。</p>
<p>来自 IntoTheBlock 的净流入数据进一步确认了鲸鱼的行为。</p>
<p>最大的净流入发生在 2 月 5 日，+39.62k BTC 进入大型持有者的钱包，价格为 97,692 美元。这意味着鲸鱼在高价位进行积累，期待进一步的收益。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/03/Screenshot-2025-03-10-181929.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/03/Screenshot-2025-03-10-181929.png"/></p>
<p>来源：IntoTheBlock</p>
<p>然而，随后净流入下降，3 月 9 日仅有 +2.08k BTC——这表明大型持有者的需求减少。</p>
<p>比特币价格从 2 月初的 97,000 美元下降到 3 月的 80,000 美元，与其净流入的急剧下降相一致。</p>
<p>七天的净流入变化下降了-27.69%，而三十天的净流入暴跌了-546.90%——这表明机构积累可能出现疲软。</p>
<p>然而，从更大的角度来看，截止发稿时，1 年的净流入上升了 +714.19%。这表明，尽管短期鲸鱼兴趣可能在减弱，但长期信心并未完全消失。</p>
<h2>是定时炸弹还是看涨布局？</h2>
<p>鲸鱼活动一直是推动比特币近期价格走势的主要力量。大型持有者在 106,000 美元的 1 月峰值之前进行了激进的积累，但在 2 月开始分配。净流入的减少和 1,000–10,000 BTC 持有者的下降表明一些鲸鱼已经开始兑现。</p>
<p>比特币的价格下降至 80,000 美元及以下与这一分配趋势相一致。如果鲸鱼继续抛售，比特币可能面临进一步的修正。然而，散户需求的持续增长和长期净流入意味着并非所有投资者都失去了信心。</p>
<p>比特币的下一步是再次反弹还是更深的回调，将取决于一个关键问题——剩下的鲸鱼是否仍然愿意买入？</p>

GBTC

<p>比特币鲸鱼最近累计超过 22,000 BTC，使总持有量超过 344 万 BTC，尽管 3 月份净流入下降了 27.69%。大型持有者和散户投资者的这一积累表明市场信心强劲，尽管一些鲸鱼正在减少其持有量。比特币的价格在 82,000 美元和 98,000 美元之间波动，目前交易价格低于 80,000 美元。未来的价格走势可能取决于鲸鱼是否继续购买或抛售其资产，同时散户需求不断增加，长期净流入保持正值</p>

<ul>
<li><em>Whales accumulated over 22,000 BTC, pushing total whale holdings beyond 3.44 million BTC</em></li>
<li><em>Bitcoin’s netflows weakened in March, dropping by -27.69% over seven days</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>鲸鱼在短短三天内积累了超过 22,000 BTC，使总鲸鱼持有量超过 344 万 BTC</em></li>
<li><em>比特币的净流入在三月份减弱，七天内下降了-27.69%</em></li>
</ul>
</div><p>Large Bitcoin holders and retail investors have been accumulating at an aggressive pace lately, signaling strong market confidence.</p>
<div class="lb-trans"><p>大型比特币持有者和散户投资者最近以激进的速度进行积累，显示出强烈的市场信心。</p>
</div><p>In fact, on-chain data revealed that whales acquired over 22,000 BTC in just three days, pushing total whale holdings beyond 3.44 million BTC. The surge in demand coincided with a sharp price hike, pushing Bitcoin [BTC] from $82,000 to nearly $98,000.</p>
<div class="lb-trans"><p>事实上，链上数据显示，鲸鱼在短短三天内获得了超过 22,000 BTC，使总鲸鱼持有量超过 344 万 BTC。这一需求激增与价格的急剧上涨相吻合，使比特币 [BTC] 从 82,000 美元上涨至近 98,000 美元。</p>
</div><p>Worth pointing out, however, that at the time of writing, the cryptocurrency was back trading under $80,000.</p>
<div class="lb-trans"><p>然而，值得指出的是，在撰写本文时，这种加密货币的交易价格又回到了 80,000 美元以下。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/03/Screenshot-2025-03-10-183258.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/03/Screenshot-2025-03-10-183258.png"/></p>
<p>Source: X</p>
<div class="lb-trans"><p>来源：X</p>
</div><p>That’s not all though, with there being a historic spike in retail demand too. Especially with accumulator addresses climbing to an all-time high of 320,000.</p>
<div class="lb-trans"><p>不过，这还不是全部，散户需求也出现了历史性的激增。尤其是积累地址攀升至 32 万个的历史新高。</p>
</div><p>This dual accumulation by both large-scale investors and smaller holders hinted at a coordinated bullish momentum. Hence, the question – Is the buying spree sustainable?</p>
<div class="lb-trans"><p>大型投资者和小型持有者的双重积累暗示了协调的看涨势头。因此，问题是——这场购买狂潮是否可持续？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/03/Screenshot-2025-03-10-183306.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/03/Screenshot-2025-03-10-183306.png"/></p>
<p>Source: X</p>
<div class="lb-trans"><p>来源：X</p>
</div><h2>“Buy the dip” or whale manipulation?</h2>
<div class="lb-trans"><h2>“买入抄底” 还是鲸鱼操控？</h2>
</div><p>A closer look at Ali’s on-chain data showed a steady hike in whale Bitcoin holdings throughout February and early March. Over the past month, whales acquired approximately 60,000 BTC – Marking one of the most aggressive accumulation phases in recent history.</p>
<div class="lb-trans"><p>仔细观察 Ali 的链上数据，显示出鲸鱼比特币持有量在二月和三月初稳步上升。在过去一个月中，鲸鱼大约获得了 60,000 BTC——标志着近期历史上最激进的积累阶段之一。</p>
</div><p>The correlation between whale activity and price movements seemed evident too.</p>
<div class="lb-trans"><p>鲸鱼活动与价格波动之间的相关性似乎也很明显。</p>
</div><p>Bitcoin’s price fluctuated between $82,000 and $98,000, with a dip in late February, followed by a strong recovery in early March. The timing of these purchases suggested that occasionally, large holders have been strategically accumulating during corrections.</p>
<div class="lb-trans"><p>比特币的价格在 82,000 美元和 98,000 美元之间波动，二月末出现下跌，随后在三月初强劲反弹。这些购买的时机表明，大型持有者有时在修正期间进行战略性积累。</p>
</div><h2>Are the biggest players leaving the table?</h2>
<div class="lb-trans"><h2>最大的参与者是否离开了市场？</h2>
</div><p>Maybe, yes. Data from Glassnode and IntoTheBlock revealed crucial patterns in accumulation and distribution, highlighting their impact on the price action.</p>
<div class="lb-trans"><p>也许是的。来自 Glassnode 和 IntoTheBlock 的数据揭示了积累和分配中的关键模式，突显了它们对价格走势的影响。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/03/glassnode-studio_btc-number-of-entities-with-balance-1k.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/03/glassnode-studio_btc-number-of-entities-with-balance-1k.png"/></p>
<p>Source: Glassnode</p>
<div class="lb-trans"><p>来源：Glassnode</p>
</div><p>Entities holding ≥1,000 BTC have been reducing their holdings since Bitcoin peaked at $106,159 in January. The number of such entities dropped from 1,720+ in December to 1,683 by March – A decline of about 2.14% over three months.</p>
<div class="lb-trans"><p>持有≥1,000 BTC 的实体自比特币在一月份达到 106,159 美元的峰值以来，已减少其持有量。这类实体的数量从十二月的 1,720+ 下降到三月的 1,683——三个月下降约 2.14%。</p>
</div><p>This seemed to be in line with Bitcoin’s price dropping from $106k in January to $80k in March. Such a reduction suggested that whales either took profits or redistributed their holdings.</p>
<div class="lb-trans"><p>这似乎与比特币价格从一月的 106,000 美元下降到三月的 80,000 美元相一致。这种减少表明鲸鱼要么获利了结，要么重新分配其持有。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/03/glassnode-studio_btc-entities-supply-distribution.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/03/glassnode-studio_btc-entities-supply-distribution.png"/></p>
<p>Source: Glassnode</p>
<div class="lb-trans"><p>来源：Glassnode</p>
</div><p>A sharp drop in whale entities occurred between 7-9 March, correlating with Bitcoin’s price falling from $84,197 to $80,795. Historically, such declines indicate significant sell-offs or capital rotation into other assets.</p>
<div class="lb-trans"><p>在 3 月 7 日至 9 日之间，鲸鱼实体出现了急剧下降，与比特币价格从 84,197 美元跌至 80,795 美元相对应。历史上，这种下降通常表明重大抛售或资本转移到其他资产。</p>
</div><p>December’s stability in whale holdings aligned with a price range of $68k–$72k, showing minimal volatility before the January rally.</p>
<div class="lb-trans"><p>十二月鲸鱼持有量的稳定与 68,000 美元至 72,000 美元的价格区间相一致，显示出在一月反弹之前的波动性极小。</p>
</div><p>The supply held by whales (≥100k BTC) ranged from 22.261% in February to 22.173% in March – A small but noticeable reduction.</p>
<div class="lb-trans"><p>鲸鱼持有的供应量（≥100,000 BTC）在二月为 22.261%，三月为 22.173%——小幅但明显的减少。</p>
</div><h2>Who’s really in control?</h2>
<div class="lb-trans"><h2>谁才是真正的控制者？</h2>
</div><p>The 1k–10k BTC cohort saw a larger shift, falling from 16.963% in February to 16.192% in March, suggesting mid-sized whales have been selling more aggressively.</p>
<div class="lb-trans"><p>1,000–10,000 BTC 的群体发生了更大的变化，从二月的 16.963% 下降到三月的 16.192%，这表明中型鲸鱼的卖出更加激进。</p>
</div><p>Retail addresses (&lt;1 BTC) continued to accumulate Bitcoin, showing consistent growth despite volatility. The 10–100 BTC category remained stable, indicating that mid-sized holders are less reactive to price changes than whales.</p>
<div class="lb-trans"><p>散户地址（&lt;1 BTC）继续积累比特币，尽管波动性依然存在，但显示出持续增长。10–100 BTC 类别保持稳定，表明中型持有者对价格变化的反应不如鲸鱼敏感。</p>
</div><p>The data confirmed a classic accumulation-distribution cycle, with large whales taking profits post-rally and smaller players stepping in.</p>
<div class="lb-trans"><p>数据确认了经典的积累 - 分配周期，大型鲸鱼在反弹后获利了结，而小型参与者则开始介入。</p>
</div><p>Netflow data from IntoTheBlock provided further confirmation of whale behavior.</p>
<div class="lb-trans"><p>来自 IntoTheBlock 的净流入数据进一步确认了鲸鱼的行为。</p>
</div><p>The largest net inflows occurred on 5 February, with +39.62k BTC entering large holders’ wallets at $97,692. This meant that whales were accumulating at high prices, anticipating further gains.</p>
<div class="lb-trans"><p>最大的净流入发生在 2 月 5 日，+39.62k BTC 进入大型持有者的钱包，价格为 97,692 美元。这意味着鲸鱼在高价位进行积累，期待进一步的收益。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/03/Screenshot-2025-03-10-181929.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/03/Screenshot-2025-03-10-181929.png"/></p>
<p>Source: IntoTheBlock</p>
<div class="lb-trans"><p>来源：IntoTheBlock</p>
</div><p>However, a drop in netflows followed, with only +2.08k BTC on 9 March – A sign of reduced demand from large holders.</p>
<div class="lb-trans"><p>然而，随后净流入下降，3 月 9 日仅有 +2.08k BTC——这表明大型持有者的需求减少。</p>
</div><p>Bitcoin’s price decline from $97k in early February to $80k in March aligned with the sharp fall in its netflows.</p>
<div class="lb-trans"><p>比特币价格从 2 月初的 97,000 美元下降到 3 月的 80,000 美元，与其净流入的急剧下降相一致。</p>
</div><p>The 7-day netflow change dropped by -27.69%, while the 30-day netflow plummeted by -546.90%—Pointing to potential exhaustion in institutional accumulation.</p>
<div class="lb-trans"><p>七天的净流入变化下降了-27.69%，而三十天的净流入暴跌了-546.90%——这表明机构积累可能出现疲软。</p>
</div><p>And yet, looking at the bigger picture, the 1-year netflow was up by +714.19% at press time. This indicated that while short-term whale interest may be fading, long-term conviction has not disappeared entirely.</p>
<div class="lb-trans"><p>然而，从更大的角度来看，截止发稿时，1 年的净流入上升了 +714.19%。这表明，尽管短期鲸鱼兴趣可能在减弱，但长期信心并未完全消失。</p>
</div><h2>A ticking time bomb or a bullish setup?</h2>
<div class="lb-trans"><h2>是定时炸弹还是看涨布局？</h2>
</div><p>Whale activity has been the driving force behind Bitcoin’s recent price action. Large holders accumulated aggressively before the January peak of $106,000, but began distributing in February. The reduction in netflows and the drop in 1,000–10,000 BTC holders suggested that some whales are already cashing out.</p>
<div class="lb-trans"><p>鲸鱼活动一直是推动比特币近期价格走势的主要力量。大型持有者在 106,000 美元的 1 月峰值之前进行了激进的积累，但在 2 月开始分配。净流入的减少和 1,000–10,000 BTC 持有者的下降表明一些鲸鱼已经开始兑现。</p>
</div><p>Bitcoin’s decline to $80,000 and below aligned with this distribution trend. If whales continue offloading, Bitcoin could face further corrections. However, the persistent growth in retail demand and long-term netflows means that not all investors are losing faith.</p>
<div class="lb-trans"><p>比特币的价格下降至 80,000 美元及以下与这一分配趋势相一致。如果鲸鱼继续抛售，比特币可能面临进一步的修正。然而，散户需求的持续增长和长期净流入意味着并非所有投资者都失去了信心。</p>
</div><p>Whether Bitcoin’s next move is another rally or a deeper pullback will depend on one key question – Are the remaining whales still willing to buy?</p>
<div class="lb-trans"><p>比特币的下一步是再次反弹还是更深的回调，将取决于一个关键问题——剩下的鲸鱼是否仍然愿意买入？</p>
</div>

比特币最新的鲸鱼趋势及其对你这样的交易者的影响