<p>比特币价格在过去几天内表现平淡，交易区间在 90,000 美元和 88,000 美元之间。通常，整合期往往会在市场出现重大波动之前，无论是向上还是向下。</p>
<p>因此，关于这款旗舰加密货币下一步走势的问题被提出。最新的链上评估对比特币价格的下一个方向提供了积极的预测。</p>
<p><strong>累积需求指标飙升至历史新高</strong></p>
<p>在 CryptoQuant 的 Quicktake 帖子中，链上分析师 CoinNiel 假设比特币价格可能正处于牛市趋势的开始。市场量化分析师基于两个指标得出了这一预测——累积地址需求和流动性库存比率（按月）。</p>
<p>累积地址需求指标监测来自持续购买比特币且没有显著卖出的地址的净买入压力。这种（购买且很少卖出）的行为通常是大型比特币持有者，即所谓的鲸鱼的典型特征。</p>
<p>值得注意的是，CoinNiel 还指出，当交易所发生大规模提款时，通常不是由零售商引发的，而是由鲸鱼引发的。因此，当比特币鲸鱼从交易所提取其持有的资产时，他们的买入压力会转化为累积地址需求的增加。</p>
<p>从上面的图表来看，该指标已达到历史最高水平。根据这位加密货币专家的说法，这可能是鲸鱼们在强烈感受到 “错失机会恐惧” 的迹象。</p>
<p>第二个指标，流动性库存比率（按月），也进一步支持了 CoinNiel 的看涨观点。该指标跟踪并比较现有比特币需求与交易所可用供应，显示需求是否能够压倒可用供应。</p>
<p>当这个比率急剧上升时，通常是需求正在吸收新创造的供应的迹象。根据分析师分享的数据，流动性库存比率也达到了 3.8 的极端值。</p>
<p>然而，这一极端读数仅反映了美国交易所的情况。因此，CoinNiel 暗示，多年来，美国交易所记录的需求相对于可用币种异常高。</p>
<p>理论上，3.8 的读数意味着在当前条件下即将发生供应冲击。但分析师强调，这不一定会发生，因为 3.8 的读数更多是鲸鱼需求加剧的迹象，而不是预测供应冲击的可靠手段。</p>
<p>从大局来看，尤其是当这两个指标一起观察时，似乎明显看涨。这是因为可用数据表明，鲸鱼们可能正在为比特币价格的牛市轨迹恢复做好准备。</p>
<p><strong>比特币价格一览</strong></p>
<p>截至目前，比特币的价值为 88,520 美元，反映出过去 24 小时内下降超过 1%。</p>

<p>比特币的价格在 90,000 美元和 88,000 美元之间保持稳定，这引发了对其下一步走势的猜测。链上分析师 CoinNiel 报告称，鲸鱼需求指标，包括累积地址需求和流动性库存比率，已达到历史最高水平，表明大型持有者的强劲买入压力。3.8 的流动性库存比率暗示如果当前趋势持续，可能会出现供应冲击。总体来看，这些指标指向比特币的看涨前景，目前价格为 88,520 美元，在过去 24 小时内下跌超过 1%</p>

<p>The Bitcoin price action has been muted over the past few days, trading within the $90,000 and $88,000 levels. Classically, consolidation periods often precede major moves either to the upside or downside of the market.</p>
<div class="lb-trans"><p>比特币价格在过去几天内表现平淡，交易区间在 90,000 美元和 88,000 美元之间。通常，整合期往往会在市场出现重大波动之前，无论是向上还是向下。</p>
</div><p>As such, questions on the next trajectory of the flagship cryptocurrency are being asked. A latest on-chain evaluation has offered a positive prognosis on the next direction for the Bitcoin price.</p>
<div class="lb-trans"><p>因此，关于这款旗舰加密货币下一步走势的问题被提出。最新的链上评估对比特币价格的下一个方向提供了积极的预测。</p>
</div><p><strong>Accumulation Demand Metric Surges To All-Time-High</strong></p>
<div class="lb-trans"><p><strong>累积需求指标飙升至历史新高</strong></p>
</div><p>In a Quicktake post on CryptoQuant, on-chain analyst CoinNiel hypothesized that the Bitcoin price could be at the beginning of a bullish trend. The market quant based this prognosis on two metrics — the Accumulator Address Demand and the Liquidity Inventory Ratio (month).</p>
<div class="lb-trans"><p>在 CryptoQuant 的 Quicktake 帖子中，链上分析师 CoinNiel 假设比特币价格可能正处于牛市趋势的开始。市场量化分析师基于两个指标得出了这一预测——累积地址需求和流动性库存比率（按月）。</p>
</div><p>The Accumulator Address Demand metric monitors the net buying pressure coming from addresses that buy Bitcoin consistently, and without any significant selling. This behavior (of buying and rarely selling) is typical of the large-scale Bitcoin holders, commonly known as the whales.</p>
<div class="lb-trans"><p>累积地址需求指标监测来自持续购买比特币且没有显著卖出的地址的净买入压力。这种（购买且很少卖出）的行为通常是大型比特币持有者，即所谓的鲸鱼的典型特征。</p>
</div><p>Notably, CoinNiel also pointed out that when major withdrawals from exchanges occur, they are rarely ever incited by retailers, but by whales. As such, when the Bitcoin whales withdraw their holdings from exchanges, their buying pressure translates into an increase in the Accumulator Address Demand.</p>
<div class="lb-trans"><p>值得注意的是，CoinNiel 还指出，当交易所发生大规模提款时，通常不是由零售商引发的，而是由鲸鱼引发的。因此，当比特币鲸鱼从交易所提取其持有的资产时，他们的买入压力会转化为累积地址需求的增加。</p>
</div><p>From the chart above, the indicator has reached an all-time high level. According to the crypto pundit, this could be a sign that the whales are currently experiencing, on intense levels, the “fear of missing out.”</p>
<div class="lb-trans"><p>从上面的图表来看，该指标已达到历史最高水平。根据这位加密货币专家的说法，这可能是鲸鱼们在强烈感受到 “错失机会恐惧” 的迹象。</p>
</div><p>The second metric, the Liquidity Inventory Ratio (Month), also reinforces CoinNiel’s bullish outlook. This metric tracks and compares existing Bitcoin demand to the supply available on exchanges, showing whether demand can overwhelm available supply.</p>
<div class="lb-trans"><p>第二个指标，流动性库存比率（按月），也进一步支持了 CoinNiel 的看涨观点。该指标跟踪并比较现有比特币需求与交易所可用供应，显示需求是否能够压倒可用供应。</p>
</div><p>When this ratio rises sharply, it is usually a sign that demand is absorbing newly created supply. From the data shared by the analyst, the Liquidity Inventory Ratio has also reached an extreme value of 3.8.</p>
<div class="lb-trans"><p>当这个比率急剧上升时，通常是需求正在吸收新创造的供应的迹象。根据分析师分享的数据，流动性库存比率也达到了 3.8 的极端值。</p>
</div><p>However, this extreme reading is only a reflection of what is happening on US exchanges. Hence, CoinNiel implied that, for the first time in years, US exchanges are recording exceptionally high demand relative to the coins available.</p>
<div class="lb-trans"><p>然而，这一极端读数仅反映了美国交易所的情况。因此，CoinNiel 暗示，多年来，美国交易所记录的需求相对于可用币种异常高。</p>
</div><p>In theory, a 3.8 reading implies the imminence of a supply shock in the scenario where current conditions prevail. But, the analyst highlighted that it may not necessarily happen, as a 3.8 reading is more a sign of intensified whale demand than a surefire means to predict supply shocks.</p>
<div class="lb-trans"><p>理论上，3.8 的读数意味着在当前条件下即将发生供应冲击。但分析师强调，这不一定会发生，因为 3.8 的读数更多是鲸鱼需求加剧的迹象，而不是预测供应冲击的可靠手段。</p>
</div><p>The big picture, especially when these two metrics are looked at together, appears to be distinctly bullish. This is because available data points out that the whales are likely positioning for what could be a resumed bullish trajectory for the Bitcoin price.</p>
<div class="lb-trans"><p>从大局来看，尤其是当这两个指标一起观察时，似乎明显看涨。这是因为可用数据表明，鲸鱼们可能正在为比特币价格的牛市轨迹恢复做好准备。</p>
</div><p><strong>Bitcoin Price At A Glance</strong></p>
<div class="lb-trans"><p><strong>比特币价格一览</strong></p>
</div><p>As of this writing, Bitcoin is valued at $88,520, reflecting an over 1% decline in the past 24 hours.</p>
<div class="lb-trans"><p>截至目前，比特币的价值为 88,520 美元，反映出过去 24 小时内下降超过 1%。</p>
</div>

Bitcoin Whale Demand Hits Extreme Levels As Next Rally Loads Up

- 比特币价格在 $90,000 和 $88,000 之间波动，市场面临重要变动前夕。  
- 根据分析师 CoinNiel，累积需求指标达历史新高，显示鲸鱼持有者正在增持比特币。  
- 流动性库存比率也达 3.8，表明高需求可能导致供应冲击。

比特币巨鲸的需求达到极端水平，下一轮上涨正在酝酿