從歷史高點撤退的比特幣（BTC）價格撤退可能受到鯨魚活動的影響

更令人驚訝的是，一條大型比特幣鯨可能是看跌價格行動的原因。

Hyperliquid is a cryptocurrency exchange that allows users to trade digital assets at optimal prices in a single transaction.

Hyproliquid是一種加密貨幣交換，允許用戶在一次交易中以最佳價格交易數字資產。

The exchange provides optimal pricing, liquidity, and execution for trades in a single transaction.

該交易所為單一交易中的交易提供了最佳定價，流動性和執行。

Hyperliquid's mission is to empower users with the best possible trading experience.

Hyperliquid的使命是使用戶能夠獲得最佳的交易經驗。

The exchange offers a wide range of digital assets to choose from, and its advanced technology ensures that trades are executed quickly and efficiently.

該交易所提供了廣泛的數字資產可供選擇，其先進技術可確保交易快速有效地執行。

Hyperliquid is a secure and reliable exchange that is committed to providing its users with the best possible service.

Hyperliquid是一種安全可靠的交換，致力於為其用戶提供最佳的服務。

One interesting tidbit that was uncovered by DeCrypt is that a mega Bitcoin whale on Hyperliquid was pivoting from bullish to bearish.

解密發現的一個有趣的花絮是，一條超級流動性的巨型比特幣鯨從看漲到看跌。

This is an important observation because analysts have been treating the whale’s movement as a market signal.

這是一個重要的觀察結果，因為分析師一直將鯨魚的運動視為市場信號。

The Hyperliquid whale’s trading activity aligned with external market data suggesting an expanding bearish footprint.

超流動的鯨魚的交易活動與外部市場數據一致，這表明看跌的佔地面積不斷擴大。

The exchange-whale ratio on CryptoQuant surged as high as 0.65 on Saturday. This was not only the highest exchange/whale ratio observed last week but it was also a multi-month high. The last time it visited the same levels was on 16 July 2024.

週六，加密量的交換旋轉比率高達0.65。這不僅是上週觀察到的最高交換/鯨魚比，而且還高度高。它上次訪問相同的水平是2024年7月16日。

The spike in exchange/whale ratio confirmed that most of the Bitcoin being deposited onto exchanges came from whales. In other words, whales that purchased BTC at or near its lowest levels in April accelerated profit-taking last week.

交換/鯨魚比的尖峰證實，大多數被沉積在交換中的比特幣都來自鯨魚。換句話說，上週在4月份或其最低水平上購買BTC的鯨魚上週加速了盈利。

Could the outcome signal more downside in the coming week? Extended downside in Bitcoin price action would be likely especially if the profit-taking extends to institutions. This is why Bitcoin ETF flows could set the pace for price action this week.

下週的結果信號是否會更加不利？比特幣價格行動的不利方面可能會尤其是如果獲利擴展到機構。這就是為什麼比特幣ETF流可以在本週為價格行動設定步伐的原因。

In the meantime, past data offered some interesting insights regarding the potential outcomes. The exchange/whale ratio’s spike in July last year had a lot of similarities with Bitcoin’s present situation.

同時，過去的數據為潛在結果提供了一些有趣的見解。去年7月，交換/鯨魚比率與比特幣的現狀有很多相似之處。

Price was deeply overbought after a substantial rally on both occasions. However, it is worth noting that BTC pulled back initially and then regained its bullish momentum for the remaining part of July 2024. A massive pullback followed in August and was exasperated by the Japanese Yen carry trade unwind.

在兩次進行實質性集會之後，價格被深深地購買。但是，值得注意的是，BTC最初退縮了，然後在2024年7月的其餘部分重新獲得了看漲的勢頭。八月隨後發生了巨大的回調，並因日元攜帶貿易而感到憤怒。

A brief pullback closer to the $100,000 was probable as sell pressure appeared to be building. However, Bitcoin could still push higher and possibly to a new ATH above the current one in the days to come. Another rally would likely attract more retail activity, thus providing more exit liquidity for whales.

由於賣出壓力似乎正在建設，因此很可能會有短暫的回調接近100,000美元。但是，在接下來的幾天裡，比特幣仍然可以將比特幣升高到當前的ATH上。另一個集會可能會吸引更多的零售活動，從而為鯨魚提供更多的出口流動性。

Interestingly, such an outcome similar to the July 2024 Bitcoin price movement is probable considering recent market data. We previously highlighted the possibility of another unexpected bearish event in June due to President Trump’s plans to re-ignite tariff wars, with the EU as the next major target.

有趣的是，考慮到最近的市場數據，這種結果類似於2024年7月的比特幣價格變動。我們此前曾強調，由於特朗普總統計劃重新點燃關稅戰爭的計劃，歐盟以歐盟作為下一個主要目標，這是6月份發生的一次意外看跌事件的可能性。

In the meantime, BTC short-term profit-taking was in full swing during the weekend. Spot outflows in the last 3 days amounted to more than $1 billion. However, exchange flows were still at levels observed more than a year ago.

同時，BTC短期盈利在周末處於如火如荼地進行。在過去3天中，現場流出量超過10億美元。但是，交換流量仍處於一年前的觀察水平。

Exchange flow data revealed that exchange outflows were slightly higher in the last 24 hours compared to exchange inflows. In other words, demand was still outpacing sell pressure. An outcome that was not expected during instances of rising profit-taking.

交換流數據顯示，與交換流入相比，過去24小時的交換流出略高。換句話說，需求仍然超過賣出壓力。在利潤增加的情況下，預期的結果不是預期的。

The exchange flow data may support the idea that whales were recently engaged in price manipulation. Especially since Bitcoin open interest clocked a new ATH last week, meaning derivatives traders have been aggressively active as observed in Hyperliquid.

交換流數據可能支持鯨魚最近從事價格操縱的想法。尤其是自從比特幣開放興趣上週提高了一個新的ATH以來，這意味著衍生品交易者在超流動中觀察到的積極活躍。