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 欧洲研究主管 André Dragosch 发现，过去三天比特币现货交易所的净购买量呈负面趋势。

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.

尽管价格下跌，但 Dragosch 指出，长期比特币清算量急剧增加，达到 8 月 5 日 BTC 近期低点以来的最高水平。这表明短期卖家可能已接近疲惫。

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

Dragosch 观察到：“自 8 月低点以来，短期钱包以亏损的方式向交易所发送了最多的比特币。”

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

Bitwise 加密资产情绪指数还表明市场情绪从相对看涨转向更为中性的水平。

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 数据进行的进一步分析表明，比特币的供应动态发生了变化。非流动性的比特币供应量已达到历史新高，而高流动性和非流动性的供应量则创下年度低点。这种转变反映了随着越来越多的比特币进入长期持有模式，市场行为发生了变化。

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 研究分析师 Ayush Tripathi 补充说，尽管最近价格下跌，但长期持有者（持有比特币至少 155 天）持有的比特币供应量自 10 月初以来有所增加。这表明即使短期需求减弱，人们仍然对比特币作为长期投资充满信心。

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

*这不是投资建议。继续阅读：分析师表示“比特币的短期卖家已经精疲力竭”，分享了下一步的预期