<p>链上数据显示，比特币短期持有者鲸鱼最近以比长期持有者鲸鱼的成本基础高出三倍的价格进入市场。</p>
<p><strong>新比特币鲸鱼的成本基础约为 91,900 美元</strong></p>
<p>在 X 平台上的一篇新帖子中，CryptoQuant 的作者 Axel Adler Jr 讨论了比特币网络上两大鲸鱼群体之间的实现价格比较。这里的 “实现价格” 指的是一个指标，用于跟踪 BTC 市场中平均投资者的成本基础或收购水平。</p>
<p>当该指标的数值高于资产的现货价格时，意味着持有者整体上承受着未实现的净损失。类似地，该指标低于币值则表明投资者中利润的主导地位。</p>
<p>在当前话题的背景下，整个行业的实现价格并不重要，而是两个特定投资者群体的实现价格：短期持有者和长期持有者鲸鱼。</p>
<p>短期持有者（STHs）和长期持有者（LTHs）是基于持有时间的 BTC 网络的两个主要分类。所有在过去 155 天内购买其币的投资者被归入 STHs，而超过此阈值的投资者则转变为 LTHs。</p>
<p>这里关注的 STHs 和 LTHs 并不是普通投资者，而是持有超过 1,000 BTC（约 1.033 亿美元）的 “鲸鱼” 实体。</p>
<p>现在，这里有一张图表显示了过去几年中 STH 和 LTH 鲸鱼的比特币实现价格趋势：</p>
<p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/newsbtc:9679adbc9094b-58349208958c515d1f1f39ed94935742-resized.jpeg?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://s3.tradingview.com/news/image/newsbtc:9679adbc9094b-58349208958c515d1f1f39ed94935742-resized.jpeg"/></p>
<p>从上面的图表可以看出，在过去 155 天内进入市场的鲸鱼的比特币实现价格目前为 91,900 美元。随着比特币最近的反弹，现货价格已显著高于这一水平，因此该群体现在应该处于盈利状态。</p>
<p>也就是说，他们的情况远不如老牌鲸鱼好，后者的成本基础仅为 32,200 美元。这表明两组之间的底线差距高达 185%。</p>
<p>根据分析师的说法，这表明投资者的信心和 FOMO（害怕错过）正在增长，促使他们在最近的高价位继续购买。这一趋势与 2022 年的熊市形成鲜明对比，当时两组之间的成本基础差距仅降至 65%。</p>
<p>现在还需观察新鲸鱼的需求是否会在不久的将来继续强劲，可能进一步拉大两组之间的差距。在 2021 年的牛市中，这一差距曾达到 437%。</p>
<p><strong>比特币价格</strong></p>
<p>随着最近反弹的持续，比特币已成功回升至 103,000 美元水平。</p>

GBTC

<p>链上数据显示，新出现的比特币短期持有鲸鱼的成本基础约为 91,900 美元，显著高于长期持有鲸鱼的 32,200 美元的成本基础，表明两者之间存在 185% 的差距。这一趋势表明投资者的信心和恐惧错失（FOMO）情绪增强，与 2022 年熊市时仅有 65% 的差距形成对比。比特币近期的反弹使其价格超过 103,000 美元，这引发了对这些新鲸鱼需求可持续性的质疑</p>

<p>On-chain data shows the Bitcoin short-term holder whales have recently been entering at three times higher prices than the cost basis of the long-term holder whales.</p>
<div class="lb-trans"><p>链上数据显示，比特币短期持有者鲸鱼最近以比长期持有者鲸鱼的成本基础高出三倍的价格进入市场。</p>
</div><p><strong>New Bitcoin Whales Have Cost Basis Around $91,900</strong></p>
<div class="lb-trans"><p><strong>新比特币鲸鱼的成本基础约为 91,900 美元</strong></p>
</div><p>In a new post on X, CryptoQuant author Axel Adler Jr has discussed how the Realized Price compares between the two major sides of the whale cohort on the Bitcoin network. The “Realized Price” here refers to an indicator that keeps track of the cost basis or acquisition level of the average investor in the BTC market.</p>
<div class="lb-trans"><p>在 X 平台上的一篇新帖子中，CryptoQuant 的作者 Axel Adler Jr 讨论了比特币网络上两大鲸鱼群体之间的实现价格比较。这里的 “实现价格” 指的是一个指标，用于跟踪 BTC 市场中平均投资者的成本基础或收购水平。</p>
</div><p>When the value of this metric is above the spot price of the asset, it means the holders as a whole are carrying a net unrealized loss. Similarly, the indicator being under the coin’s value suggests the dominance of profit among the investors.</p>
<div class="lb-trans"><p>当该指标的数值高于资产的现货价格时，意味着持有者整体上承受着未实现的净损失。类似地，该指标低于币值则表明投资者中利润的主导地位。</p>
</div><p>In the context of the current topic, the Realized Price of the entire sector isn’t of interest, but rather that of two specific investor cohorts: the short-term holder and long-term holder whales.</p>
<div class="lb-trans"><p>在当前话题的背景下，整个行业的实现价格并不重要，而是两个特定投资者群体的实现价格：短期持有者和长期持有者鲸鱼。</p>
</div><p>The short-term holders (STHs) and long-term holders (LTHs) make up the two main divisions of the BTC network based on the basis of holding time. All investors who purchased their coins within the past 155 days are put into the STHs, while those who surpass this threshold mature into the LTHs.</p>
<div class="lb-trans"><p>短期持有者（STHs）和长期持有者（LTHs）是基于持有时间的 BTC 网络的两个主要分类。所有在过去 155 天内购买其币的投资者被归入 STHs，而超过此阈值的投资者则转变为 LTHs。</p>
</div><p>The STHs and LTHs of focus here aren’t just any ordinary investors, but rather the “whales,” entities who are carrying more than 1,000 BTC ($103.3 million) in their balance.</p>
<div class="lb-trans"><p>这里关注的 STHs 和 LTHs 并不是普通投资者，而是持有超过 1,000 BTC（约 1.033 亿美元）的 “鲸鱼” 实体。</p>
</div><p>Now, here is a chart that shows the trend in the Bitcoin Realized Price for the STH and LTH whales over the past few years:</p>
<div class="lb-trans"><p>现在，这里有一张图表显示了过去几年中 STH 和 LTH 鲸鱼的比特币实现价格趋势：</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/newsbtc:9679adbc9094b-58349208958c515d1f1f39ed94935742-resized.jpeg" alt="" original-src="https://s3.tradingview.com/news/image/newsbtc:9679adbc9094b-58349208958c515d1f1f39ed94935742-resized.jpeg"/></p>
<p>As is visible in the above graph, the Bitcoin Realized Price of the whales who got in during the past 155 days stands at $91,900 at the moment. With BTC’s recent recovery rally, the spot price has gained a notable distance above this line, so the cohort should be comfortably in the green now.</p>
<div class="lb-trans"><p>从上面的图表可以看出，在过去 155 天内进入市场的鲸鱼的比特币实现价格目前为 91,900 美元。随着比特币最近的反弹，现货价格已显著高于这一水平，因此该群体现在应该处于盈利状态。</p>
</div><p>That said, their situation is nowhere near as good as that of the veteran whales, who have their cost basis at just $32,200. This indicates that there is a spread of a whopping 185% between the bottom line of the two groups.</p>
<div class="lb-trans"><p>也就是说，他们的情况远不如老牌鲸鱼好，后者的成本基础仅为 32,200 美元。这表明两组之间的底线差距高达 185%。</p>
</div><p>According to the analyst, this indicates a growing confidence and FOMO among the investors, which is driving them to buy at even the recent high prices. This trend is in sharp contrast to the 2022 bear market, where the difference between the cost basis of the two groups fell to just 65%.</p>
<div class="lb-trans"><p>根据分析师的说法，这表明投资者的信心和 FOMO（害怕错过）正在增长，促使他们在最近的高价位继续购买。这一趋势与 2022 年的熊市形成鲜明对比，当时两组之间的成本基础差距仅降至 65%。</p>
</div><p>It now remains to be seen whether demand from the new whales will continue to be strong in the near future, potentially driving up the spread between the cohorts further. Back in the 2021 bull market, the gap peaked at 437%.</p>
<div class="lb-trans"><p>现在还需观察新鲸鱼的需求是否会在不久的将来继续强劲，可能进一步拉大两组之间的差距。在 2021 年的牛市中，这一差距曾达到 437%。</p>
</div><p><strong>BTC Price</strong></p>
<div class="lb-trans"><p><strong>比特币价格</strong></p>
</div><p>With the latest continuation of the recovery rally, Bitcoin has managed to reclaim the $103,000 level.</p>
<div class="lb-trans"><p>随着最近反弹的持续，比特币已成功回升至 103,000 美元水平。</p>
</div>

数据显示，新进入市场的比特币鲸鱼的成本基础比长期持有者鲸鱼高出 185%