尽管价格延长，但比特币（BTC）仍表现出链上的强度

根据富达数字资产研究副总裁克里斯·库珀（Chris Kuiper）的说法，旗舰加密货币仍然处于其“加速阶段”，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.

根据CryptoFant贡献者DarkFost的5月16日报告，尽管有利的链上的条件和人们普遍期待转向新的历史最高高点，但衍生品市场持续的销售压力正构成了比特币突破尝试的结构性障碍。

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.

自比特币收回了100,000美元的水平以来，累积净收入者的数量一直保持负面，这表明短职位超过了渴望，从而造成了持续的销售压力。

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.

在指标的持续下降趋势中，尤其是在过去两周中，尽管在4月中旬进行了短暂集会，但这种失衡很明显。

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，交易者对近期迈向新历史高潮的持怀疑态度，并积极押注进一步的上升空间。

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

但是，如果这种不平衡持续下去，尽管现场和链市场上有有利的条件，但比特币的向上潜力仍然封闭。

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

该报告还强调，在比特币最近的价格变动中，衍生品活动一直是一个反复出现的主题。

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.

在诸如3月和4月初的强劲积累期间，当时的机构和高净值个人从事持续的购买活动，导致交流中可用的硬币减少，链上费用的飙升，同时在衍生品市场中持有看跌的位置。

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，尽管这些看涨的势头信号通常会有利于突破性尝试，但机构的购买压力仍承受着衍生品交易员的销售压力，以防止果断的突破。

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

这种情况在三月和四月播放了多次，展示了比特币的价格发现过程中的摩擦点。

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.

该报告得出的结论是，尽管有利的链基本面和机构积累的信号，但衍生品交易者的持续销售压力是阻碍比特币突破潜力的结构性因素。

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.

为了使机构充分发挥其影响并将比特币推向新高点，他们需要压倒衍生品市场的销售压力，这似乎是一个困难但并非不可能的壮举。

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

最终，比特币价格的方向将取决于哪个交易者类别对市场产生更大的影响。

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.

根据CryptoQuants贡献者DarkFost的一份报告，衍生品交易者尽管有利的链条件，并广泛期待迁移到新的历史最高点，但仍在对比特币的突破尝试构成结构性障碍。

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.

尽管在现场和链上市场上有利的信号，但衍生品市场持续的销售压力仍阻止结构性突破，这表明短职位超过了渴望，从而造成了持续的销售压力。

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.

在指标的持续下降趋势中，尤其是在过去两周中，尽管在4月中旬进行了短暂集会，但这种失衡很明显。

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，交易者对近期迈向新历史高潮的持怀疑态度，并积极押注进一步的上升空间。

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

但是，如果这种不平衡持续下去，尽管现场和链市场上有有利的条件，但比特币的向上潜力仍然封闭。

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

该报告还强调，在比特币最近的价格变动中，衍生品活动一直是一个反复出现的主题。

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.

在诸如3月和4月初的强劲积累期间，当时的机构和高净值个人从事持续的购买活动，导致交流中可用的硬币减少，链上费用的飙升，同时在衍生品市场中持有看跌的位置。

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.

尽管这些看涨的势头信号通常会有利于突破性尝试，但机构的购买压力仍承受着衍生品交易员的销售压力，从而阻止了果断的突破。

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

这种情况在三月和四月播放了多次，展示了比特币的价格发现过程中的摩擦点。

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.

该报告得出的结论是，尽管有利的链基本面和机构积累的信号，但衍生品交易者的持续销售压力是阻碍比特币突破潜力的结构性因素。

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.

为了使机构充分发挥其影响并将比特币推向新高点，他们需要压倒衍生品市场的销售压力，这似乎是一个困难但并非不可能的壮举。

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

最终，比特币价格的方向将取决于哪个交易者类别对市场产生更大的影响。