儘管價格延長，但比特幣（BTC）仍表現出鏈上的強度

根據富達數字資產研究副總裁克里斯·庫珀（Chris Kuiper）的說法，旗艦加密貨幣仍然處於其“加速階段”，即

According to a May 16 report by CryptoQuant contributor Darkfost, the sustained selling pressure in the derivatives market is posing a structural barrier to Bitcoin’s breakout attempts despite favorable on-chain conditions and widespread anticipation of a move to new all-time highs.

根據CryptoFant貢獻者DarkFost的5月16日報告，儘管有利的鏈上的條件和人們普遍期待轉向新的歷史最高高點，但衍生品市場持續的銷售壓力正構成了比特幣突破嘗試的結構性障礙。

Cumulative net taker volume has remained largely negative since Bitcoin reclaimed the $100,000 level,suggesting that short positions have outweighed longs, generating sustained selling pressure.

自比特幣收回了100,000美元的水平以來，累積淨收入者的數量一直保持負面，這表明短職位超過了渴望，從而造成了持續的銷售壓力。

This imbalance is evident in the persistent downward trend of the indicator, especially over the past two weeks, despite a brief rally in mid-April.

在指標的持續下降趨勢中，尤其是在過去兩周中，儘管在4月中旬進行了短暫集會，但這種失衡很明顯。

The bearish positioning indicates that traders are skeptical of a near-term move to new all-time highs and are actively betting against further upside.

看跌的定位表明，交易者對近期邁向新歷史高潮的持懷疑態度，並積極押注進一步的上升空間。

However, if this imbalance persists, Bitcoin’s upward potential remains capped despite favorable conditions in spot and on-chain markets.

但是，如果這種不平衡持續下去，儘管現場和鏈市場上有有利的條件，但比特幣的向上潛力仍然封閉。

The report also highlighted that derivatives activity has been a recurring theme throughout Bitcoin’s recent price movements.

該報告還強調，在比特幣最近的價格變動中，衍生品活動一直是一個反復出現的主題。

During periods of strong accumulation, such as March and early April, when institutions and high-net-worth individuals engaged in sustained buying activity, leading to a reduction in coins available in exchanges and a spike in on-chain fees, there was a simultaneous increase in bearish positioning in the derivatives market.

在諸如3月和4月初的強勁積累期間，當時的機構和高淨值個人從事持續的購買活動，導致交流中可用的硬幣減少，鏈上費用的飆升，同時在衍生品市場中持有看跌的位置。

However, despite these signals of bullish momentum, which would usually favor a breakout attempt, institutions' buying pressure was met with selling pressure from derivatives traders, preventing a decisive breakout.

然而，儘管這些看漲的勢頭信號通常會有利於突破性嘗試，但機構的購買壓力仍承受著衍生品交易員的銷售壓力，以防止果斷的突破。

This scenario played out several times in March and April, showcasing a friction point in Bitcoin’s price discovery process.

這種情況在三月和四月播放了多次，展示了比特幣的價格發現過程中的摩擦點。

The report concluded that the sustained selling pressure from derivatives traders is a structural factor hindering Bitcoin’s breakout potential despite favorable on-chain fundamentals and signals of institutional accumulation.

該報告得出的結論是，儘管有利的鏈基本面和機構積累的信號，但衍生品交易者的持續銷售壓力是阻礙比特幣突破潛力的結構性因素。

For institutions to fully exert their impact and drive Bitcoin to new highs, they need to overwhelm the selling pressure in the derivatives market, which seems like a difficult but not impossible feat.

為了使機構充分發揮其影響並將比特幣推向新高點，他們需要壓倒衍生品市場的銷售壓力，這似乎是一個困難但並非不可能的壯舉。

Ultimately, the direction of Bitcoin's price will depend on which trader category manages to exert greater influence on the market.

最終，比特幣價格的方向將取決於哪個交易者類別對市場產生更大的影響。

The post Derivatives traders are placing a structural barrier to Bitcoin’s breakout attempts despite favorable on-chain conditions and widespread anticipation of a move to new all-time highs, according to a May 16 report by CryptoQuant contributor Darkfost.

根據CryptoQuants貢獻者DarkFost的一份報告，衍生品交易者儘管有利的鏈條件，並廣泛期待遷移到新的歷史最高點，但仍在對比特幣的突破嘗試構成結構性障礙。

The sustained selling pressure in the derivatives market is preventing a structural breakout despite favorable signals in the spot and on-chain markets,suggesting that short positions have outweighed longs, generating sustained selling pressure.

儘管在現場和鏈上市場上有利的信號，但衍生品市場持續的銷售壓力仍阻止結構性突破，這表明短職位超過了渴望，從而造成了持續的銷售壓力。

This imbalance is evident in the persistent downward trend of the indicator, especially over the past two weeks, despite a brief rally in mid-April.

在指標的持續下降趨勢中，尤其是在過去兩周中，儘管在4月中旬進行了短暫集會，但這種失衡很明顯。

The bearish positioning indicates that traders are skeptical of a near-term move to new all-time highs and are actively betting against further upside.

看跌的定位表明，交易者對近期邁向新歷史高潮的持懷疑態度，並積極押注進一步的上升空間。

However, if this imbalance persists, Bitcoin’s upward potential remains capped despite favorable conditions in spot and on-chain markets.

但是，如果這種不平衡持續下去，儘管現場和鏈市場上有有利的條件，但比特幣的向上潛力仍然封閉。

The report also highlighted that derivatives activity has been a recurring theme throughout Bitcoin’s recent price movements.

該報告還強調，在比特幣最近的價格變動中，衍生品活動一直是一個反復出現的主題。

During periods of strong accumulation, such as March and early April, when institutions and high-net-worth individuals engaged in sustained buying activity, leading to a reduction in coins available in exchanges and a spike in on-chain fees, there was a simultaneous increase in bearish positioning in the derivatives market.

在諸如3月和4月初的強勁積累期間，當時的機構和高淨值個人從事持續的購買活動，導致交流中可用的硬幣減少，鏈上費用的飆升，同時在衍生品市場中持有看跌的位置。

Despite these signals of bullish momentum, which would usually favor a breakout attempt, institutions' buying pressure was met with selling pressure from derivatives traders, preventing a decisive breakout.

儘管這些看漲的勢頭信號通常會有利於突破性嘗試，但機構的購買壓力仍承受著衍生品交易員的銷售壓力，從而阻止了果斷的突破。

This scenario played out several times in March and April, showcasing a friction point in Bitcoin’s price discovery process.

這種情況在三月和四月播放了多次，展示了比特幣的價格發現過程中的摩擦點。

The report concluded that the sustained selling pressure from derivatives traders is a structural factor hindering Bitcoin’s breakout potential despite favorable on-chain fundamentals and signals of institutional accumulation.

該報告得出的結論是，儘管有利的鏈基本面和機構積累的信號，但衍生品交易者的持續銷售壓力是阻礙比特幣突破潛力的結構性因素。

For institutions to fully exert their impact and drive Bitcoin to new highs, they need to overwhelm the selling pressure in the derivatives market, which seems like a difficult but not impossible feat.

為了使機構充分發揮其影響並將比特幣推向新高點，他們需要壓倒衍生品市場的銷售壓力，這似乎是一個困難但並非不可能的壯舉。

Ultimately, the direction of Bitcoin's price will depend on which trader category manages to exert greater influence on the market.

最終，比特幣價格的方向將取決於哪個交易者類別對市場產生更大的影響。