三隻鯨魚跌入超過比特幣的超過比特幣，加密數據支持健康的牛市

超級流動性的三鯨在比特幣上以40倍的槓桿作用在比特幣上獲得了驚人的$ 10億美元

Three whales on Hyperliquid have placed massive long positions on Bitcoin (BTC) with 40x leverage, collectively holding $1.03 billion in positions as of May 21, 2025.

超流動性上的三鯨在比特幣（BTC）上以40倍的槓桿作用置於大量長位置，截至2025年5月21日，總共持有10.3億美元的位置。

The first whale, identified as 0x5078, longed BTC at $105,033.4, and is currently up $15.83 million with a liquidation price at $100,270.

第一鯨，被確定為0x5078，渴望BTC的價格為105,033.4美元，目前上漲了1583萬美元，清算價格為100,270美元。

As the market price of BTC stands at $106,901.2, this trader seems to be in a favorable position to exit their trade.

由於BTC的市場價格為106,901.2美元，該交易員似乎處於退出交易的好處。

Source: Hyperliquid

資料來源：超級流動

The second whale, 0xc653, entered at $106,901.2, and is currently up $107,490 with liquidation at $93,560.

第二鯨，0xC653，以106,901.2美元的價格進入，目前上漲了$ 107,490，清算為93,560美元。

The third, 0x46e3, joined the bullish ranks by longing at $107,132.6, facing a $142,800 loss and a liquidation price of $100,430.

第三個，0x46E3，以107,132.6美元的渴望加入看漲等級，面臨142,800美元的虧損和清算價格100,430美元。

These positions, which add up to over $1 billion in size, are remarkable for their sheer magnitude and the high leverage employed by the whales. With 40x leverage, any price movement, whether up or down, is amplified significantly.

這些職位的規模總計超過10億美元，其巨大幅度和鯨魚所採用的高槓桿作用是顯著的。憑藉40倍的槓桿作用，任何價格變動，無論是上下的，都會大大放大。

In contrast to the bullish whales, a lone trader, 0x51d9, has taken a bearish stance, shorting Bitcoin BTC at $107,091.9 with a position size of $88 million, also at 40x leverage. This trader is currently up $149,509, with a liquidation price at $108,500.

與看漲的鯨魚相反，一個孤獨的商人0x51d9採取了看跌姿態，短幣BTC的價格為107,091.9美元，頭寸大小為8800萬美元，槓桿率也為40倍。該交易員目前上漲了149,509美元，清算價格為108,500美元。

The clash between these massive long and short positions has created a billion-dollar showdown, drawing attention from the crypto community.

這些巨大的長位和短職位之間的衝突創造了十億美元的攤牌，引起了加密貨幣社區的關注。

The use of 40x leverage, a level that amplifies both gains and risks, suggests a powerful conviction in Bitcoin’s (BTC) near-term growth. This could be interpreted as a bold prediction of a significant price breakout, potentially driven by their analysis of market trends, such as Bitcoin’s recent climb past $107,000 and growing institutional adoption as evidenced in record inflows for Bitcoin and Ethereum ETFs and JPMorgan’s shift in stance.

使用40倍槓桿（擴大了增益和風險的水平）表明，比特幣（BTC）的近期增長有力定罪。這可以被解釋為對價格突破的大膽預測，這可能是由於他們對市場趨勢的分析而推動的，例如比特幣最近的攀升至107,000美元的攀升和機構採用的越來越多，這證明了比特幣和以太坊ETF的創紀錄流入以及JPMorgan在立場上的轉變。

Alternatively, some speculate that these whales might have access to insider information, such as upcoming regulatory developments or major market-moving announcements. For instance, earlier in 2025, a whale’s leveraged long position on Bitcoin and Ethereum, closed just before a U.S. cryptocurrency strategic reserve announcement, raised suspicions of insider trading. While there’s no direct evidence of such knowledge in this case, the timing of these trades fuels speculation that these whales might know something and take action.

另外，有些人推測這些鯨魚可能可以訪問內部信息，例如即將到來的監管發展或主要的營銷公告。例如，在2025年初，一條鯨魚在比特幣和以太坊上的長期位置在美國加密貨幣戰略儲備公告之前關閉，引起了內幕交易的懷疑。儘管在這種情況下沒有直接證據表明這種知識，但這些行業的時機燃料猜測這些鯨魚可能知道某事並採取行動。

Hyperliquid Referral Code

超流利轉介代碼

4% Lifetime Discount on Trading Fees

交易費用4％終身折扣

Code Valid: May 2025

代碼有效：2025年5月

CryptoQuant: It’s not yet time to exit

加密量：還沒有該退出的時間

Let’s delve into on-chain analytics to better understand Bitcoin’s future price movements.

讓我們深入研究鏈分析，以更好地了解比特幣的未來價格變動。

On May 20, 2025, CryptoQuant suggests that Bitcoin’s recent price rebound, currently sitting at $106,000, lacks signs of overheating, a positive indicator for a sustainable bull market.

2025年5月20日，CryptoQuant表明，比特幣最近的價格籃板目前為106,000美元，缺乏過熱的跡象，這是可持續牛市的積極指標。

Source: CryptoQuant

資料來源：加密

CryptoQuant highlights a recurring pattern in Bitcoin’s price cycles: during this bull run, each time Bitcoin reached a new all-time high, Binance recorded sharp spikes in market buy volume and funding rates, followed by corrections due to market overheating (Chart – Boxes 1 and 2).

加密量突出了比特幣的價格週期的反復出現的模式：在這次公牛運行期間，每次比特幣都達到了新的歷史最高，二手幣在市場購買量和籌資速度上的急劇尖峰，然後由於市場過度而導致更正（圖表1和2）。

These overheated phases led to prolonged corrections, during which investor sentiment weakened, and many traders exited the market. However, as the market “lightened” from reduced selling pressure, Bitcoin eventually surged to new highs.

這些過熱的階段導致了延長的糾正，在此期間，投資者的情緒削弱了，許多交易者離開了市場。但是，隨著市場從銷售壓力降低的減輕，比特幣最終飆升至新高點。

Now, as Bitcoin appears poised to break through its previous highs again after a recent correction, the pattern is notably different (Chart – Box 3). Unlike the previous rallies, this rebound is occurring without an overheated funding rate, and Binance market buy volume is trending downward, signaling a more cautious market.

現在，由於比特幣似乎準備在最近的校正後再次突破其先前的高點，因此模式截然不同（圖表3）。與以前的集會不同，這種反彈是在沒有過熱的資金率的情況下發生的，而二元市場購買量正在向下趨勢，這表明市場更加謹慎。

While some might view the declining buy volume as a sign of weak momentum, CryptoQuant argues it reflects a healthier rally. They point to two key reasons:

儘管有些人可能認為下降的購買量是弱勢勢頭的跡象，但隱reptoquant認為它反映了更健康的集會。他們指出了兩個關鍵原因：

First, the rapid overheating in the previous two rallies triggered significant corrections that dampened sentiment and shook out weaker hands. In contrast, the current “lightweight” market, with moderate funding rates and lower buy volume, suggests a more stable foundation for growth, reducing the risk of a sharp downturn.

首先，在前兩次集會中的快速過熱引發了重大糾正，使情緒抑制並震驚了弱的手。相比之下，目前的“輕量級”市場具有適中的融資率和較低的買入，這表明增長的基礎更加穩定，從而降低了急劇下滑的風險。

Second, despite short-term fluctuations, Binance market buy volume has shown a steady upward trend since 2023 (Chart – Yellow Arrow), indicating sustained buying interest over the long term.

其次，儘管短期波動，但自2023年（圖表 - 黃色箭頭）以來，Binance Market Buy量表現出穩定的上升趨勢，這表明長期以來持續的購買利息。

This persistent buying sentiment supports the

這種持續的購買情緒支持