从历史高点撤退的比特币（BTC）价格撤退可能受到鲸鱼活动的影响

更令人惊讶的是，一条大型比特币鲸可能是看跌价格行动的原因。

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

Hyproliquid是一种加密货币交换，允许用户在一次交易中以最佳价格交易数字资产。

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

该交易所为单一交易中的交易提供了最佳定价，流动性和执行。

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

Hyperliquid的使命是使用户能够获得最佳的交易经验。

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

该交易所提供了广泛的数字资产可供选择，其先进技术可确保交易快速有效地执行。

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

Hyperliquid是一种安全可靠的交换，致力于为其用户提供最佳的服务。

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

解密发现的一个有趣的花絮是，一条超级流动性的巨型比特币鲸从看涨到看跌。

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

这是一个重要的观察结果，因为分析师一直将鲸鱼的运动视为市场信号。

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

超流动的鲸鱼的交易活动与外部市场数据一致，这表明看跌的占地面积不断扩大。

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.

周六，加密量的交换旋转比率高达0.65。这不仅是上周观察到的最高交换/鲸鱼比，而且还高度高。它上次访问相同的水平是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.

交换/鲸鱼比的尖峰证实，大多数被沉积在交换中的比特币都来自鲸鱼。换句话说，上周在4月份或其最低水平上购买BTC的鲸鱼上周加速了盈利。

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.

下周的结果信号是否会更加不利？比特币价格行动的不利方面可能会尤其是如果获利扩展到机构。这就是为什么比特币ETF流可以在本周为价格行动设定步伐的原因。

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.

同时，过去的数据为潜在结果提供了一些有趣的见解。去年7月，交换/鲸鱼比率与比特币的现状有很多相似之处。

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.

在两次进行实质性集会之后，价格被深深地购买。但是，值得注意的是，BTC最初退缩了，然后在2024年7月的其余部分重新获得了看涨的势头。八月随后发生了巨大的回调，并因日元携带贸易而感到愤怒。

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.

由于卖出压力似乎正在建设，因此很可能会有短暂的回调接近100,000美元。但是，在接下来的几天里，比特币仍然可以将比特币升高到当前的ATH上。另一个集会可能会吸引更多的零售活动，从而为鲸鱼提供更多的出口流动性。

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，考虑到最近的市场数据，这种结果类似于2024年7月的比特币价格变动。我们此前曾强调，由于特朗普总统计划重新点燃关税战争的计划，欧盟以欧盟作为下一个主要目标，这是6月份发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.

同时，BTC短期盈利在周末处于如火如荼地进行。在过去3天中，现场流出量超过10亿美元。但是，交换流量仍处于一年前的观察水平。

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.

交换流数据显示，与交换流入相比，过去24小时的交换流出略高。换句话说，需求仍然超过卖出压力。在利润增加的情况下，预期的结果不是预期的。

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.

交换流数据可能支持鲸鱼最近从事价格操纵的想法。尤其是自从比特币开放兴趣上周提高了一个新的ATH以来，这意味着衍生品交易者在超流动中观察到的积极活跃。