儘管本月早些時候短暫接近98,000美元，但比特幣（BTC）在5月努力維持勢頭

現在，全球領先的加密貨幣年僅上漲了1.2％，截至5月6日，徘徊在$ 94,000- $ 95,000的區域

The cryptocurrency markets have seen mixed trends in May, with Bitcoin struggling to sustain upward momentum despite briefly nearing the $98,000 mark earlier in May. The world’s leading cryptocurrency is now up just 1.2% year-to-date, trading near the $94,000-$95,000 zone. Meanwhile, Sui (SUI) has seen sharper underperformance with a nearly 20% YTD decline, currently trading near $1.07 after hitting a high of $2.19 earlier this year.

加密貨幣市場在5月的趨勢中遇到了不同的趨勢，儘管5月初短暫地接近了98,000美元的大關，但比特幣仍在努力維持上升勢頭。現在，全球領先的加密貨幣年僅上漲了1.2％，交易近94,000美元至95,000美元。同時，SUI（SUI）的表現不佳，YTD下降了近20％，目前在今年早些時候達到2.19美元的高價後，目前的交易價格接近1.07美元。

At first glance, the trend seems clear: Bitcoin is dominant, while altcoins are lagging. But beneath the surface, there are early signs that this narrative could be shifting.

乍一看，趨勢似乎很清楚：比特幣是主導的，而山寨幣則落後。但是在表面下，有早期的跡象表明這種敘述可能正在轉移。

Recent indicators hint at weakening BTC support from U.S.-based whales, highlighted by a negative Coinbase Premium and declining addresses holding over 1,000 BTC. Simultaneously, Glassnode and CryptoQuant data show sluggish Bitcoin network activity despite elevated prices, suggesting a disconnection between valuation and usage.

最近的指標暗示，基於美國的鯨魚的BTC支持削弱了，這是由負面的Coinbase溢價和持有超過1,000 BTC的地址下降的強調。同時，玻璃節和加密數據顯示，儘管價格上漲，但比特幣網絡活動遲鈍，表明估值與使用之間存在斷開連接。

In contrast, SUI has flashed a series of early bullish signals, including signs of accumulation, rebounding network participation, and increasing social interest. While it still trades well below its all-time highs, technical and on-chain cues imply that a potential reversal is brewing.

相比之下，Sui閃爍了一系列早期的看漲信號，包括積累的跡象，反彈網絡參與以及日益增加的社會利益。儘管它仍然遠低於其歷史最高水平，但技術和鏈線提示意味著潛在的逆轉正在醞釀中。

With macro volatility lingering amid global rate-cut expectations and renewed U.S.-China trade tensions, the question arises: Could an undervalued altcoin like SUI outpace Bitcoin in the coming months?

隨著宏觀波動的揮之不去，在全球速率削減期望並更新了美國 - 中國貿易緊張局勢的情況下，問題出現了：在未來幾個月中，像Sui Outpace Butpace Butpace Beatscoin能否被低估？

SUI Sees Strong On-Chain Revival, Bullish Technicals

Sui認為強大的鍊鍊復興，看漲技術

Sui's on-chain fundamentals have improved sharply over the past month, with its DeFi total value locked (TVL) surging over 41% to nearly $1.75 billion. The move pushes SUI into the top 10 blockchains by TVL, ahead of Cardano, Avalanche, and Polygon.

SUI的鍊鍊基本面在過去一個月中急劇改善，其DEFI總值鎖定（TVL）飆升了41％以上，至近17.5億美元。此舉將SUI推向了TVL的前10個區塊鏈，在Cardano，Avalanche和Polygon之前。

Stablecoin inflows have also jumped, with the circulating stablecoin market cap nearing the $900 million mark, reflecting growing user interaction and liquidity depth across its ecosystem. Decentralized exchange volume crossed $2.9 billion in seven days, led by protocols like Cetus, Momentum, and Bluefin.

Stablecoin的流入也增加了，循環的Stablecoin市值接近了9億美元，這反映了其生態系統中不斷增長的用戶互動和流動性深度。由Cetus，Momentum和Bluefin等協議領導的七天內，分散的交換量超過了29億美元。

Simultaneously, the eight-hour funding rate has flipped positive and continues to rise. This shift shows that traders are paying a premium on perpetual contracts, expecting price upside. Rising DeFi traction, capital inflows, and bullish funding data combine to suggest increasing confidence in SUI's recovery potential.

同時，八個小時的資金率呈正變，並繼續上升。這一轉變表明，交易者正在為永久合同支付溢價，預計價格上漲。提高牽引力，資本流入和看漲資金數據的增加，表明對SUI恢復潛力的信心提高。

On the technical front, the SUI/USD pair has formed a bullish technical pattern called the falling wedge, which traders typically associate with bullish reversals. Two downward-sloping, converging trendlines form the pattern, reflecting diminishing selling pressure as volatility tightens.

在技​​術方面，SUI/USD對形成了一種看漲的技術模式，稱為Falling Wedge，該模式通常會與看漲的逆轉相關聯。兩個向下傾斜的趨勢趨勢線形成了該模式，反映出隨著波動性的增長，銷售壓力減弱。

While the structure suggests a potential upside breakout, price has not yet closed decisively above the upper resistance line. The pattern's projected target sits near the $6.90 level, calculated by measuring the height of the wedge from its widest point and projecting it above the apex. However, this remains theoretical until SUI breaks and holds above the wedge's upper boundary with conviction.

儘管該結構暗示了潛在的上行突破，但價格尚未在上層電阻線上果斷地關閉。該模式的投影目標位於$ 6.90的水平附近，通過測量楔子的高度從其最寬點的高度進行計算，並將其投射到頂點上方。但是，這仍然是理論上的，直到Sui突破並以信念固定在楔子的上邊界上方。

Currently, the token is hovering around $3.25 after failing to sustain a push above the descending resistance. This rejection signals caution in the near term. Bulls need a clean break above the upper trendline with strong candle structure to confirm the breakout. Until that happens, the pattern remains unconfirmed, and downside retests within the wedge remain possible.

目前，該令牌未能維持超過下降的阻力後，徘徊在3.25美元左右。這種拒絕表示在短期內警告。公牛需要在上層趨勢線上進行清潔的蠟燭結構，以確認突破。在發生這種情況之前，該模式仍未確認，並且楔形內的下行重新測試仍然可能。

The wedge structure deserves close monitoring given the positive funding rate and improving on-chain activity. But as of now, the technical breakout is still in waiting—it has not been realized yet.

鑑於積極的融資率並改善了鏈活動，楔形結構應受到密切監控。但是到目前為止，技術突破仍在等待中 - 尚未實現。

Bitcoin Faces Whale Sell Pressure Despite Elevated Price Levels

儘管價格水平升高，但比特幣面臨鯨魚的銷售壓力

Bitcoin's price resilience at around $94,000 is masking clear signs of whale distribution. The latest CryptoQuant data reveals a negative Coinbase Premium, indicating that BTC is trading at a discount on U.S.-based Coinbase compared to Binance.

比特幣的價格彈性約為94,000美元，這是掩蓋了鯨魚分配的明顯跡象。最新的加密數據顯示，Coinbase Premium的負數為負，這表明BTC與Binance相比，基於美國的Coinbase以折扣價進行交易。

Historically, this premium reflects strong institutional buying activity in the U.S. When it flips negative, it usually signals that whales are offloading positions. This behavior aligns with on-chain data from Glassnode, which shows a stagnation in the number of addresses holding over 1,000 BTC.

從歷史上看，這種溢價反映了美國在負面的情況下進行的強大機構購買活動，通常表明鯨魚正在卸載位置。這種行為與玻璃節的鏈上數據保持一致，該數據顯示了持有1,000多個BTC的地址數量停滯。

After peaking in early 2021, this cohort has declined and remains suppressed even as Bitcoin approaches its all-time highs again. Whales were accumulating aggressively during the 2019-2021 cycle, helping fuel a broad rally. In contrast, the current structure shows price moving higher without a corresponding increase in large wallet holdings—an unusual and potentially bearish divergence.

在2021年初達到頂峰之後，即使比特幣再次接近其歷史最高點，該隊列也下降了。在2019 - 2021年周期中，鯨魚積極積累，有助於推動廣泛的集會。相比之下，當前的結構顯示，價格上漲，而沒有相應的大錢包持有量增加，這是一種異常且潛在的看跌差異。

Such a trend indicates that large holders are using current high prices as exit zones rather than accumulation levels. This divergence between rising prices and falling whale presence highlights a weakening conviction among long-term investors.

這樣的趨勢表明，大型持有人將當前的高價作為出口區而不是積累水平。價格上漲與鯨魚降落之間的這種差異凸顯了長期投資者的信念降低。

CryptoQuant's network activity data supports this cautious view. Active addresses and transaction counts

加密的網絡活動數據支持這種謹慎的觀點。主動地址和交易計數