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新的比特币巨鲸正在重写BTC的市场结构
最新发布的比特币链上数据显示，当前市场并非传统周期的峰值或底部，而是呈现出资金进入方式的结构性转变。
• 近50%的比特币已实现市值现归属于"新巨鲸"，这凸显了网络成本基础的结构性重置。
• 短期持有者（STH）供应量在30天内增加了约10万枚BTC，达到历史新高，这表明市场需求异常强劲。
新巨鲸正在重写比特币的成本基础
CryptoQuant的数据分析表明，被归类为新巨鲸的地址目前占据比特币已实现市值的近50%。已实现市值测量的是每枚比特币最后一次转移时的价格价值，这一转变实际反映的是资金进入网络的位置，而非谁拥有最多的比特币。
短期需求激增 巨鲸在8.5万美元附近抄底
短期持有者净头寸变化(30天)已突破历史新高，达到近100,000枚比特币。该指标跟踪155天以下年轻币种供应量的净变化，反映了市场新参与者正在积极囤积数字资产。
Hyblock提供的数据进一步强化了这一观点。累计交易量差值（CVD），这一衡量买卖方力量对比的指标显示，巨鲸钱包（10万-1000万美元）本周录得1.35亿美元的正差值。
相比之下，散户（0-1万美元）和中型交易者（1万-10万美元）分别录得8400万美元和1.72亿美元的负差值。实际上，较大参与者正在吸收市场抛压，而小型参与者则选择减少风险敞口。
• 近50%的比特币已实现市值现归属于"新巨鲸"，这凸显了网络成本基础的结构性重置。
• 短期持有者（STH）供应量在30天内增加了约10万枚BTC，达到历史新高，这表明市场需求异常强劲。
新巨鲸正在重写比特币的成本基础
CryptoQuant的数据分析表明，被归类为新巨鲸的地址目前占据比特币已实现市值的近50%。已实现市值测量的是每枚比特币最后一次转移时的价格价值，这一转变实际反映的是资金进入网络的位置，而非谁拥有最多的比特币。
短期需求激增 巨鲸在8.5万美元附近抄底
短期持有者净头寸变化(30天)已突破历史新高，达到近100,000枚比特币。该指标跟踪155天以下年轻币种供应量的净变化，反映了市场新参与者正在积极囤积数字资产。
Hyblock提供的数据进一步强化了这一观点。累计交易量差值（CVD），这一衡量买卖方力量对比的指标显示，巨鲸钱包（10万-1000万美元）本周录得1.35亿美元的正差值。
相比之下，散户（0-1万美元）和中型交易者（1万-10万美元）分别录得8400万美元和1.72亿美元的负差值。实际上，较大参与者正在吸收市场抛压，而小型参与者则选择减少风险敞口。
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Is Bitcoin liquidity in crisis? A more critical signal lies behind the $88,000 price tag.
When the market is still debating whether the price of Bitcoin at $88,000 is expensive, a set of data has ripped open the true bottom line of the crypto market: the circulating Bitcoin may be much less than you think.
On the surface, 19.68 million Bitcoins have been mined, with only 1.32 million left to be mined, but on-chain data shows that one-third of the mined Bitcoins have been 'passively destroyed' due to lost recovery phrases, directly reducing the circulating supply by about 5 to 6 million. Among the remaining Bitcoins, various governments hold over 1 million, ETF reserves exceed 1 million, and giants such as BlackRock (over 700,000), MicroStrategy (600,000), and Satoshi Nakamoto (1.1 million) have long-term locked holdings. Moreover, over 2 million Bitcoins are held by large holders and miners, totaling about 15 million Bitcoins that are 'frozen', with only around 4 million actually available for trading on the market.
On the surface, 19.68 million Bitcoins have been mined, with only 1.32 million left to be mined, but on-chain data shows that one-third of the mined Bitcoins have been 'passively destroyed' due to lost recovery phrases, directly reducing the circulating supply by about 5 to 6 million. Among the remaining Bitcoins, various governments hold over 1 million, ETF reserves exceed 1 million, and giants such as BlackRock (over 700,000), MicroStrategy (600,000), and Satoshi Nakamoto (1.1 million) have long-term locked holdings. Moreover, over 2 million Bitcoins are held by large holders and miners, totaling about 15 million Bitcoins that are 'frozen', with only around 4 million actually available for trading on the market.
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