尽管本月早些时候短暂接近98,000美元，但比特币（BTC）在5月努力维持势头

现在，全球领先的加密货币年仅上涨了1.2％，截至5月6日，徘徊在$ 94,000- $ 95,000的区域

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.

加密货币市场在5月的趋势中遇到了不同的趋势，尽管5月初短暂地接近了98,000美元的大关，但比特币仍在努力维持上升势头。现在，全球领先的加密货币年仅上涨了1.2％，交易近94,000美元至95,000美元。同时，SUI（SUI）的表现不佳，YTD下降了近20％，目前在今年早些时候达到2.19美元的高价后，目前的交易价格接近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，趋势似乎很清楚：比特币是主导的，而山寨币则落后。但是在表面下，有早期的迹象表明这种叙述可能正在转移。

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.

最近的指标暗示，基于美国的鲸鱼的BTC支持削弱了，这是由负面的Coinbase溢价和持有超过1,000 BTC的地址下降的强调。同时，玻璃节和加密数据显示，尽管价格上涨，但比特币网络活动迟钝，表明估值与使用之间存在断开连接。

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闪烁了一系列早期的看涨信号，包括积累的迹象，反弹网络参与以及日益增加的社会利益。尽管它仍然远低于其历史最高水平，但技术和链线提示意味着潜在的逆转正在酝酿中。

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?

随着宏观波动的挥之不去，在全球速率削减期望并更新了美国 - 中国贸易紧张局势的情况下，问题出现了：在未来几个月中，像Sui Outpace Butpace Butpace Beatscoin能否被低估？

SUI Sees Strong On-Chain Revival, Bullish Technicals

Sui认为强大的链链复兴，看涨技术

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的链链基本面在过去一个月中急剧改善，其DEFI总值锁定（TVL）飙升了41％以上，至近17.5亿美元。此举将SUI推向了TVL的前10个区块链，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，循环的Stablecoin市值接近了9亿美元，这反映了其生态系统中不断增长的用户互动和流动性深度。由Cetus，Momentum和Bluefin等协议领导的七天内，分散的交换量超过了29亿美元。

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.

同时，八个小时的资金率呈正变，并继续上升。这一转变表明，交易者正在为永久合同支付溢价，预计价格上涨。提高牵引力，资本流入和看涨资金数据的增加，表明对SUI恢复潜力的信心提高。

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​​术方面，SUI/USD对形成了一种看涨的技术模式，称为Falling Wedge，该模式通常会与看涨的逆转相关联。两个向下倾斜的趋势趋势线形成了该模式，反映出随着波动性的增长，销售压力减弱。

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.

尽管该结构暗示了潜在的上行突破，但价格尚未在上层电阻线上果断地关闭。该模式的投影目标位于$ 6.90的水平附近，通过测量楔子的高度从其最宽点的高度进行计算，并将其投射到顶点上方。但是，这仍然是理论上的，直到Sui突破并以信念固定在楔子的上边界上方。

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，该令牌未能维持超过下降的阻力后，徘徊在3.25美元左右。这种拒绝表示在短期内警告。公牛需要在上层趋势线上进行清洁的蜡烛结构，以确认突破。在发生这种情况之前，该模式仍未确认，并且楔形内的下行重新测试仍然可能。

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.

鉴于积极的融资率并改善了链活动，楔形结构应受到密切监控。但是到目前为止，技术突破仍在等待中 - 尚未实现。

Bitcoin Faces Whale Sell Pressure Despite Elevated Price Levels

尽管价格水平升高，但比特币面临鲸鱼的销售压力

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.

比特币的价格弹性约为94,000美元，这是掩盖了鲸鱼分配的明显迹象。最新的加密数据显示，Coinbase Premium的负数为负，这表明BTC与Binance相比，基于美国的Coinbase以折扣价进行交易。

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.

从历史上看，这种溢价反映了美国在负面的情况下进行的强大机构购买活动，通常表明鲸鱼正在卸载位置。这种行为与玻璃节的链上数据保持一致，该数据显示了持有1,000多个BTC的地址数量停滞。

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年初达到顶峰之后，即使比特币再次接近其历史最高点，该队列也下降了。在2019 - 2021年周期中，鲸鱼积极积累，有助于推动广泛的集会。相比之下，当前的结构显示，价格上涨，而没有相应的大钱包持有量增加，这是一种异常且潜在的看跌差异。

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.

这样的趋势表明，大型持有人将当前的高价作为出口区而不是积累水平。价格上涨与鲸鱼降落之间的这种差异凸显了长期投资者的信念降低。

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

加密的网络活动数据支持这种谨慎的观点。主动地址和交易计数