<ul>
<li><em>鯨魚在短短三天內積累了超過 22,000 BTC，使總鯨魚持有量超過 344 萬 BTC</em></li>
<li><em>比特幣的淨流入在三月份減弱，七天內下降了-27.69%</em></li>
</ul>
<p>大型比特幣持有者和散户投資者最近以激進的速度進行積累，顯示出強烈的市場信心。</p>
<p>事實上，鏈上數據顯示，鯨魚在短短三天內獲得了超過 22,000 BTC，使總鯨魚持有量超過 344 萬 BTC。這一需求激增與價格的急劇上漲相吻合，使比特幣 [BTC] 從 82,000 美元上漲至近 98,000 美元。</p>
<p>然而，值得指出的是，在撰寫本文時，這種加密貨幣的交易價格又回到了 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>來源：X</p>
<p>不過，這還不是全部，散户需求也出現了歷史性的激增。尤其是積累地址攀升至 32 萬個的歷史新高。</p>
<p>大型投資者和小型持有者的雙重積累暗示了協調的看漲勢頭。因此，問題是——這場購買狂潮是否可持續？</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>來源：X</p>
<h2>“買入抄底” 還是鯨魚操控？</h2>
<p>仔細觀察 Ali 的鏈上數據，顯示出鯨魚比特幣持有量在二月和三月初穩步上升。在過去一個月中，鯨魚大約獲得了 60,000 BTC——標誌着近期歷史上最激進的積累階段之一。</p>
<p>鯨魚活動與價格波動之間的相關性似乎也很明顯。</p>
<p>比特幣的價格在 82,000 美元和 98,000 美元之間波動，二月末出現下跌，隨後在三月初強勁反彈。這些購買的時機表明，大型持有者有時在修正期間進行戰略性積累。</p>
<h2>最大的參與者是否離開了市場？</h2>
<p>也許是的。來自 Glassnode 和 IntoTheBlock 的數據揭示了積累和分配中的關鍵模式，突顯了它們對價格走勢的影響。</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>來源：Glassnode</p>
<p>持有≥1,000 BTC 的實體自比特幣在一月份達到 106,159 美元的峯值以來，已減少其持有量。這類實體的數量從十二月的 1,720+ 下降到三月的 1,683——三個月下降約 2.14%。</p>
<p>這似乎與比特幣價格從一月的 106,000 美元下降到三月的 80,000 美元相一致。這種減少表明鯨魚要麼獲利了結，要麼重新分配其持有。</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>來源：Glassnode</p>
<p>在 3 月 7 日至 9 日之間，鯨魚實體出現了急劇下降，與比特幣價格從 84,197 美元跌至 80,795 美元相對應。歷史上，這種下降通常表明重大拋售或資本轉移到其他資產。</p>
<p>十二月鯨魚持有量的穩定與 68,000 美元至 72,000 美元的價格區間相一致，顯示出在一月反彈之前的波動性極小。</p>
<p>鯨魚持有的供應量（≥100,000 BTC）在二月為 22.261%，三月為 22.173%——小幅但明顯的減少。</p>
<h2>誰才是真正的控制者？</h2>
<p>1,000–10,000 BTC 的羣體發生了更大的變化，從二月的 16.963% 下降到三月的 16.192%，這表明中型鯨魚的賣出更加激進。</p>
<p>散户地址（&lt;1 BTC）繼續積累比特幣，儘管波動性依然存在，但顯示出持續增長。10–100 BTC 類別保持穩定，表明中型持有者對價格變化的反應不如鯨魚敏感。</p>
<p>數據確認了經典的積累 - 分配週期，大型鯨魚在反彈後獲利了結，而小型參與者則開始介入。</p>
<p>來自 IntoTheBlock 的淨流入數據進一步確認了鯨魚的行為。</p>
<p>最大的淨流入發生在 2 月 5 日，+39.62k BTC 進入大型持有者的錢包，價格為 97,692 美元。這意味着鯨魚在高價位進行積累，期待進一步的收益。</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>來源：IntoTheBlock</p>
<p>然而，隨後淨流入下降，3 月 9 日僅有 +2.08k BTC——這表明大型持有者的需求減少。</p>
<p>比特幣價格從 2 月初的 97,000 美元下降到 3 月的 80,000 美元，與其淨流入的急劇下降相一致。</p>
<p>七天的淨流入變化下降了-27.69%，而三十天的淨流入暴跌了-546.90%——這表明機構積累可能出現疲軟。</p>
<p>然而，從更大的角度來看，截止發稿時，1 年的淨流入上升了 +714.19%。這表明，儘管短期鯨魚興趣可能在減弱，但長期信心並未完全消失。</p>
<h2>是定時炸彈還是看漲佈局？</h2>
<p>鯨魚活動一直是推動比特幣近期價格走勢的主要力量。大型持有者在 106,000 美元的 1 月峯值之前進行了激進的積累，但在 2 月開始分配。淨流入的減少和 1,000–10,000 BTC 持有者的下降表明一些鯨魚已經開始兑現。</p>
<p>比特幣的價格下降至 80,000 美元及以下與這一分配趨勢相一致。如果鯨魚繼續拋售，比特幣可能面臨進一步的修正。然而，散户需求的持續增長和長期淨流入意味着並非所有投資者都失去了信心。</p>
<p>比特幣的下一步是再次反彈還是更深的回調，將取決於一個關鍵問題——剩下的鯨魚是否仍然願意買入？</p>

GBTC

<p>比特幣鯨魚最近累計超過 22,000 BTC，使總持有量超過 344 萬 BTC，儘管 3 月份淨流入下降了 27.69%。大型持有者和散户投資者的這一積累表明市場信心強勁，儘管一些鯨魚正在減少其持有量。比特幣的價格在 82,000 美元和 98,000 美元之間波動，目前交易價格低於 80,000 美元。未來的價格走勢可能取決於鯨魚是否繼續購買或拋售其資產，同時散户需求不斷增加，長期淨流入保持正值</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>鯨魚在短短三天內積累了超過 22,000 BTC，使總鯨魚持有量超過 344 萬 BTC</em></li>
<li><em>比特幣的淨流入在三月份減弱，七天內下降了-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>大型比特幣持有者和散户投資者最近以激進的速度進行積累，顯示出強烈的市場信心。</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>事實上，鏈上數據顯示，鯨魚在短短三天內獲得了超過 22,000 BTC，使總鯨魚持有量超過 344 萬 BTC。這一需求激增與價格的急劇上漲相吻合，使比特幣 [BTC] 從 82,000 美元上漲至近 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，在撰寫本文時，這種加密貨幣的交易價格又回到了 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>來源：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>不過，這還不是全部，散户需求也出現了歷史性的激增。尤其是積累地址攀升至 32 萬個的歷史新高。</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>大型投資者和小型持有者的雙重積累暗示了協調的看漲勢頭。因此，問題是——這場購買狂潮是否可持續？</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>來源：X</p>
</div><h2>“Buy the dip” or whale manipulation?</h2>
<div class="lb-trans"><h2>“買入抄底” 還是鯨魚操控？</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>仔細觀察 Ali 的鏈上數據，顯示出鯨魚比特幣持有量在二月和三月初穩步上升。在過去一個月中，鯨魚大約獲得了 60,000 BTC——標誌着近期歷史上最激進的積累階段之一。</p>
</div><p>The correlation between whale activity and price movements seemed evident too.</p>
<div class="lb-trans"><p>鯨魚活動與價格波動之間的相關性似乎也很明顯。</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>比特幣的價格在 82,000 美元和 98,000 美元之間波動，二月末出現下跌，隨後在三月初強勁反彈。這些購買的時機表明，大型持有者有時在修正期間進行戰略性積累。</p>
</div><h2>Are the biggest players leaving the table?</h2>
<div class="lb-trans"><h2>最大的參與者是否離開了市場？</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>也許是的。來自 Glassnode 和 IntoTheBlock 的數據揭示了積累和分配中的關鍵模式，突顯了它們對價格走勢的影響。</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>來源：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 的實體自比特幣在一月份達到 106,159 美元的峯值以來，已減少其持有量。這類實體的數量從十二月的 1,720+ 下降到三月的 1,683——三個月下降約 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>這似乎與比特幣價格從一月的 106,000 美元下降到三月的 80,000 美元相一致。這種減少表明鯨魚要麼獲利了結，要麼重新分配其持有。</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>來源：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 日之間，鯨魚實體出現了急劇下降，與比特幣價格從 84,197 美元跌至 80,795 美元相對應。歷史上，這種下降通常表明重大拋售或資本轉移到其他資產。</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>十二月鯨魚持有量的穩定與 68,000 美元至 72,000 美元的價格區間相一致，顯示出在一月反彈之前的波動性極小。</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>鯨魚持有的供應量（≥100,000 BTC）在二月為 22.261%，三月為 22.173%——小幅但明顯的減少。</p>
</div><h2>Who’s really in control?</h2>
<div class="lb-trans"><h2>誰才是真正的控制者？</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 的羣體發生了更大的變化，從二月的 16.963% 下降到三月的 16.192%，這表明中型鯨魚的賣出更加激進。</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）繼續積累比特幣，儘管波動性依然存在，但顯示出持續增長。10–100 BTC 類別保持穩定，表明中型持有者對價格變化的反應不如鯨魚敏感。</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>數據確認了經典的積累 - 分配週期，大型鯨魚在反彈後獲利了結，而小型參與者則開始介入。</p>
</div><p>Netflow data from IntoTheBlock provided further confirmation of whale behavior.</p>
<div class="lb-trans"><p>來自 IntoTheBlock 的淨流入數據進一步確認了鯨魚的行為。</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>最大的淨流入發生在 2 月 5 日，+39.62k BTC 進入大型持有者的錢包，價格為 97,692 美元。這意味着鯨魚在高價位進行積累，期待進一步的收益。</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>來源：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，隨後淨流入下降，3 月 9 日僅有 +2.08k BTC——這表明大型持有者的需求減少。</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>比特幣價格從 2 月初的 97,000 美元下降到 3 月的 80,000 美元，與其淨流入的急劇下降相一致。</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>七天的淨流入變化下降了-27.69%，而三十天的淨流入暴跌了-546.90%——這表明機構積累可能出現疲軟。</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，從更大的角度來看，截止發稿時，1 年的淨流入上升了 +714.19%。這表明，儘管短期鯨魚興趣可能在減弱，但長期信心並未完全消失。</p>
</div><h2>A ticking time bomb or a bullish setup?</h2>
<div class="lb-trans"><h2>是定時炸彈還是看漲佈局？</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>鯨魚活動一直是推動比特幣近期價格走勢的主要力量。大型持有者在 106,000 美元的 1 月峯值之前進行了激進的積累，但在 2 月開始分配。淨流入的減少和 1,000–10,000 BTC 持有者的下降表明一些鯨魚已經開始兑現。</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>比特幣的價格下降至 80,000 美元及以下與這一分配趨勢相一致。如果鯨魚繼續拋售，比特幣可能面臨進一步的修正。然而，散户需求的持續增長和長期淨流入意味着並非所有投資者都失去了信心。</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>比特幣的下一步是再次反彈還是更深的回調，將取決於一個關鍵問題——剩下的鯨魚是否仍然願意買入？</p>
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比特幣最新的鯨魚趨勢及其對你這樣的交易者的影響