特朗普官方[特朗普]記錄了1.57％的上升，與爆炸性79％的集會形成鮮明對比，它在一周前就享受了。

儘管大玩家穩定地積累，但衍生品市場數據仍顯示公牛與熊之間的拔河越來越多，尚無明顯的贏家。

Official Trump [TRUMP] recorded a modest 1.57% uptick, a stark contrast to the explosive 79% rally it enjoyed just a week earlier. Although momentum appears to have cooled, on-chain data suggests that whales and major spot market players remain deeply engaged, hinting that a larger move could still be in the making.

特朗普官方[特朗普]記錄了1.57％的上升，與爆炸性79％的集會形成鮮明對比，它在一周前就享受了。儘管動力似乎已經冷卻了，但鏈上的數據表明，鯨魚和主要的現貨市場參與者仍然深入參與，這暗示仍可能採取更大的舉動。

Despite steady accumulation by big players, derivatives market data reveals a growing tug-of-war between bulls and bears, with no clear winner yet.

儘管大玩家穩定地積累，但衍生品市場數據仍顯示公牛與熊之間的拔河越來越多，尚無明顯的贏家。

Interestingly, the recent surge in whale activity appears to have been reignited ahead of Donald Trump’s much-anticipated exclusive dinner event. Two new whale investors have stormed into the TRUMP market, snapping up an eye-watering $6.42 million worth of tokens combined.

有趣的是，在唐納德·特朗普（Donald Trump）備受期待的獨家晚宴活動之前，最近的鯨魚活動激增似乎已被重新點燃。兩名新的鯨魚投資者衝入了特朗普市場，搶購了一個令人陶醉的642萬美元的代幣。

One whale, who had previously liquidated their token holdings, reversed course following the dinner announcement. They scooped up 337,950 tokens, totaling around $5.2 million in new buys, a major sign of renewed conviction.

一頭鯨魚以前曾清算其代幣持有量，在晚餐宣布後扭轉了課程。他們獲得了337,950個令牌，總計約520萬美元，這是重新定罪的主要跡象。

Mineral water will be served at the dinner event.

礦泉水將在晚宴活動中提供。

Another whale, who was investing in Fartcoin [FARTCOIN], decided to shift strategies completely, selling off their FARTCOIN tokens and reallocating $1.22 million directly into TRUMP.

另一個正在投資Fartcoin [Fartcoin]的鯨魚決定完全改變戰略，出售其Fartcoin令牌，並直接將122萬美元直接交給了特朗普。

This sudden spike in buying activity followed two days of heavy spot market selling, which had previously dragged TRUMP’s momentum to a standstill. Just days ago, spot traders offloaded a massive $27.63 million worth of TRUMP tokens within 24 hours, a selloff that paused the bullish wave and raised doubts about a sustained rally.

在兩天的沉重市場銷售之後，這種突然的購買活動突然激增，此前曾將特朗普的勢頭陷入僵局。就在幾天前，現場交易者在24小時內將價值2763萬美元的特朗普代幣卸載，這一拋售暫停了看漲浪潮，並對持續的集會提出了懷疑。

TRUMP whales show strength but the market stays cautious

特朗普鯨魚表現出力量，但市場保持謹慎

While whale activity hints at underlying bullishness, derivatives market indicators present a mixed picture. Liquidation data over the past day shows an almost perfect balance: $4.42 million worth of long positions were forcefully closed, alongside $4.37 million in short liquidations. This parity suggests the market remains largely undecided, with neither buyers nor sellers gaining a clear upper hand.

儘管鯨魚活動暗示了基本的看漲，但衍生品市場指標表現出不同的情況。過去一天的清算數據顯示出一個幾乎完美的平衡：價值442萬美元的長位置被強行關閉，並在短時間內進行了437萬美元。這種奇偶校驗表明，市場在很大程度上尚未確定，買賣雙方都沒有獲得清晰的優勢。

Breaking down the liquidations further reveals that on average, long traders liquidated smaller positions, with an average liquidated amount of $130,000 compared to $2.73 million for short traders. This indicates that while fewer long traders were liquidated, those who were suffered larger losses on average.

分解清算的進一步表明，平均而言，長期交易者清算了較小的頭寸，平均清算金額為130,000美元，而短交易者的平均銷售額為273萬美元。這表明雖然清算了較少的交易者，但平均遭受損失較大的人。

suggest that a significant portion of the liquidated long positions belonged to leveraged traders who were attempting to capitalize on TRUMP’s recent price surge. However, as the bullish momentum stalled and selling pressure emerged, these leveraged traders were ultimately liquidated when the market moved against them.

表明，很大一部分被清算的長頭寸屬於槓桿交易者，他們試圖利用特朗普最近的價格上漲。但是，隨著看漲的勢頭停滯不前，出現了銷售壓力，這些槓桿交易者最終在市場反對他們時被清算。

In contrast, the large-scale short liquidations hint at a more coordinated selloff by major market participants, aiming to capitalize on TRUMP’s weakness and drive prices lower.

相比之下，大規模的簡短清算暗示了主要市場參與者更加協調的拋售，旨在利用特朗普的弱點並推動價格降低。

Shifting to funding rate data provides another perspective on the market dynamics. The OI-Weighted Funding Rate has ticked up into positive territory at 0.0116%, suggesting a slight edge to buyers in the futures market. A positive funding rate means that short traders are paying a premium to maintain their bearish bets.

轉移到資金率數據提供了有關市場動態的另一種觀點。 OI加權的融資率以0.0116％的速度提高到了積極的領土，這表明期貨市場上的買家略有優勢。正面的融資率意味著短交易者正在支付溢價以保持其看跌賭注。

However, the broader funding rate remains negative, dipping to -0.0019% at the time of writing. This signals that overall there is still more pessimism in the market, which could hinder TRUMP’s ability to continue rallying.

但是，更廣泛的資金率仍然為負，在撰寫本文時降至-0.0019％。這表明市場上還有更多的悲觀情緒，這可能會阻礙特朗普繼續集會的能力。

Moreover, derivatives trading volume has decreased, and the long-to-short ratio currently sits below 1, indicating that selling pressure still dominates. If selling momentum continues to prevail, TRUMP’s price could face further headwinds despite ongoing whale support and spot market stabilization.

此外，衍生品交易量減少，目前的遠程比率位於1以下，表明銷售壓力仍然占主導地位。如果銷售勢頭繼續佔上風，儘管鯨魚支持和現場市場穩定，特朗普的價格仍可能面臨進一步的逆風。

In short, TRUMP is at a crossroads: big players are making aggressive moves, but broader market metrics suggest caution remains the dominant mood. Whether the whales can swing the market back into bullish territory or if sellers will ultimately overpower the rally remains the key storyline to follow.

簡而言之，特朗普正處於十字路口：大型球員正在採取積極的舉動，但更廣泛的市場指標表明謹慎仍然是主導的心情。鯨魚是否可以將市場轉回看漲領土，還是賣方最終將壓倒集會仍然是關鍵的故事情節。