André Dragosch, Head of European Research at Bitwise, has identified a negative trend in net buying volumes on Bitcoin spot exchanges over the past three days.

Bitwise 歐洲研究主管 André Dragosch 發現，過去三天比特幣現貨交易所的淨購買量呈現負面趨勢。

Despite the downward movement, Dragosch noted a sharp increase in long-term Bitcoin liquidations, reaching their highest level since BTC's recent low on August 5th. This suggests that short-term sellers may be nearing exhaustion.

儘管價格下跌，但 Dragosch 指出，長期比特幣清算量急劇增加，達到 8 月 5 日 BTC 近期低點以來的最高水準。這表示短期賣家可能已接近疲憊。

"Short-term wallets sent the most Bitcoin to exchanges at a loss since the August lows," Dragosch observed.

Dragosch 觀察到：“自 8 月低點以來，短期錢包以虧損的方式向交易所發送了最多的比特幣。”

The Bitwise Cryptoasset Sentiment Index also indicates a shift in market sentiment from relatively bullish to more neutral levels.

Bitwise 加密資產情緒指數也顯示市場情緒從相對看漲轉向更中性的層次。

Further analysis using Glassnode data suggests a change in Bitcoin's supply dynamics. The illiquid Bitcoin supply has reached an all-time high, while highly liquid and illiquid supply have hit yearly lows. This shift reflects a change in market behavior as more Bitcoin moves into long-term holding patterns.

使用 Glassnode 數據進行的進一步分析表明，比特幣的供應動態發生了變化。非流動性的比特幣供應量已達到歷史新高，而高流動性和非流動性的供應量則創下年度低點。這種轉變反映了隨著越來越多的比特幣進入長期持有模式，市場行為也發生了變化。

Ayush Tripathi, a Bitwise Research Analyst, added that the supply of Bitcoin held by long-term holders (who have held their Bitcoin for at least 155 days) has increased since early October, despite the recent price drop. This indicates continued confidence in Bitcoin as a long-term investment, even as short-term demand weakens.

Bitwise 研究分析師 Ayush Tripathi 補充說，儘管最近價格下跌，但長期持有者（持有比特幣至少 155 天）持有的比特幣供應量自 10 月初以來有所增加。這表明即使短期需求減弱，人們仍然對比特幣作為長期投資充滿信心。

*This is not investment advice.
Continue Reading: Analyst Says “Short-Term Sellers Exhausted in Bitcoin”, Shares What to Expect Next

*這不是投資建議。繼續閱讀：分析師表示“比特幣的短期賣家已經精疲力竭”，分享了下一步的預期