并非所有的好消息都是买信号。有时，最积极的头条标志着转折点 - 一种现象的投资者对“出售新闻”非常了解。

2025年5月的第一周，有许多积极的标题涌入加密货币市场。自一月以来，比特币首次飙升了103,000美元。

The cryptocurrency market experienced a week of rapid price swings and shifting investor sentiment, leading to the familiar phenomenon of “Sell the News.”

加密货币市场经历了一周的快速价格波动和转移的投资者情绪，导致了“出售新闻”的熟悉现象。

As May 8 unfolded, a wave of positive headlines began rolling into the crypto sphere. Bitcoin price surged past $103,000 for the first time since January, smashing through the $100,000 psychological barrier. The market also witnessed a significant increase in the Fear & Greed Index, which jumped from 48 to 70 in just three days.

随着5月8日的展开，一波积极的标题开始滚入加密球体。自1月以来，比特币的价格首次飙升了103,000美元，在100,000美元的心理障碍中粉碎了。该市场还见证了恐惧和贪婪指数的显着增长，该指数在短短三天内从48升至70。

Additionally, the total global crypto market cap surged by over $160 billion, surpassing the $3.2 trillion mark. At the same time, U.S. jobless claims dropped to 228,000, falling below expectations of 234,000. This economic news fueled investor optimism that the Federal Reserve might keep interest rates stable or even initiate a rate-cutting cycle in Q3.

此外，全球加密货币总上限飙升了1600亿美元，超过了3.2万亿美元。同时，美国失业者索赔下降到228,000，低于234,000的预期。这一经济新闻激发了投资者的乐观情绪，即美联储可能会保持利率稳定，甚至启动第三季度的降价周期。

The bullish sentiment sent altcoins like SOL, AVAX, TON, and INJ soaring by more than 15% over just four trading sessions. However, within less than 48 hours, the market underwent a sharp reversal. Bitcoin slipped below $101,800, while Ethereum fell back to around $2,100. Several altcoins also shed between 5% and 10% of their value as capital rotated out of the week’s top gainers.

看涨的情绪使Sol，Avax，Ton和Inj等山寨币仅在四次交易中飙升了15％以上。但是，在不到48小时的时间内，市场发生了急剧的逆转。比特币低于$ 101,800，而以太坊降至2,100美元左右。随着资本从本周的最高涨幅中旋转，几个山寨币也降低了其价值的5％至10％。

The rapid shifts in crypto prices and the subsequent selloffs had investors discussing a common phrase: “Sell the News.” In traditional finance, the saying “Buy the rumor, sell the news” is an unwritten rule backed by decades of market behavior. But in crypto, where reactions are faster and greed often outweighs fundamentals, this phenomenon becomes even more pronounced.

加密价格的快速变化以及随后的抛售使投资者讨论了一个共同的短语：“卖出新闻”。在传统的金融中，“购买谣言，出售新闻”是一项不成文的规则，受到数十年的市场行为的支持。但是在加密货币中，反应更快且贪婪通常超过基本面，这种现象变得更加明显。

One of the most classic examples was the launch of the ProShares Bitcoin Futures ETF (BITO) in October 2021. In the lead-up to approval, BTC rallied nearly 40%, advancing from $43,000 to an all-time high of $67,000. However, just three days after the ETF began trading on the NYSE, Bitcoin reversed sharply and entered a months-long correction, finally ending the year at $47,000.

最经典的例子之一是2021年10月的Proshares比特币期货ETF（BITO）推出。在获得批准的领先优势中，BTC涨到了近40％，从43,000美元上涨至历史高处67,000美元。但是，在ETF开始交易纽约证券交易所的三天后，比特币急剧扭转并进行了一个月的更正，最终以47,000美元的价格结束。

As the dust settled, it became clear that investors had expected good news to drive fresh inflows, but instead, it marked a sentiment top.

随着尘埃落定，很明显投资者期望好消息推动新的流入，但它标志着情绪上衣。

A similar pattern emerged in January 2024 when the SEC rejected multiple Spot Ethereum ETFs and markets dipped only modestly. Later, as rumors of approval resurfaced in late February, ETH experienced a surge from $1,650 to $2,300 in just 10 days. But after the SEC officially greenlit four Spot ETH ETFs in March, unexpectedly, ETH dropped 12% during the first week following the announcement.

在2024年1月，SEC拒绝多个位置以太坊ETF和市场的类似模式出现。后来，随着2月下旬批准的谣言浮出水面，ETH在短短10天内经历了从1,650美元增加到2,300美元。但是，在三月份出乎意料的是，SEC在3月正式绿色的四个ETH ETF之后，ETH在宣布后的第一周下降了12％。

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More recently, in April 2025, Pudgy Penguins’ $PENGU token soared to $0.48 following a Walmart partnership announcement and a spike in Google Trends interest. Remarkably, just one day later, the token crashed by over 60% as the team unlocked a large tranche of tokens for the community.

最近，在2025年4月，沃尔玛（Walmart）合作伙伴关系公告和Google Trends兴趣激增之后，Pudgy Penguins的$ Pengu代币飙升至0.48美元。值得注意的是，仅仅一天后，由于该团队为社区解锁了一大批代币，因此代币坠毁了60％。

The meme coin market has also repeatedly echoed this pattern. For instance, BONK on Solana experienced a surge of over 300% in six days with rumors circulating about a major centralized exchange partnership. However, just two days after the news was confirmed, BONK lost nearly half its value within 48 hours.

模因硬币市场也反复回应了这种模式。例如，索拉纳（Solana）的邦克（Bonk）在六天内经历了超过300％的激增，谣言传播了有关主要的集中式交流伙伴关系。但是，在消息得到确认仅两天后，邦克在48小时内就失去了近一半的价值。

The “Sell the News” phenomenon usually occurs not because the news itself is bad, but rather because the market has already ‘priced in’ the good news, with expectations outrunning reality.

“卖出新闻”现象通常发生并不是因为新闻本身很糟糕，而是因为市场已经在“好消息”中'定价，期望的现实超出了现实。

According to CryptoQuant, between April 28 and May 10, stablecoin inflows to exchanges increased by 27%, suggesting that investors were preparing liquidity to ‘ride the news.’

据CryptoQuant称，在4月28日至5月10日之间，Stablecoin向交易所的流入增长了27％，这表明投资者正在准备流动性来“乘以新闻”。

Source: CryptoQuant

资料来源：加密

However, during the same period, the number of whale wallets, defined as wallets holding between 1,000 and 10,000 BTC, remained largely flat. This observation might indicate that the new inflows stemmed primarily from short-term speculators.

但是，在同一时期，定义为容纳1,000至10,000 BTC的钱包的数量在很大程度上保持平坦。该观察结果可能表明，新的流入主要来自短期投机者。

The technical indicators also flashed warnings. On May 9, the daily RSI for both Bitcoin and ETH crossed the 70 level, which is commonly associated with overbought conditions. At the same time, trading volume began to decrease despite the price continuing to rise—a classic technical divergence that often precedes a price reversal.

技术指标还闪烁了警告。 5月9日，比特币和ETH的每日RSI越过了70级，这通常与过度买卖条件有关。同时，尽管价格持续上涨，但交易量开始下降，这是经典的技术分歧，通常在价格逆转之前。

Data from Glassnode showed a slight uptick in BTC deposits to exchanges on May 10, which coincided with the market's short-term top.

GlassNode的数据显示，BTC沉积物在5月10日对交易所的交流略有上升，这与市场的短期顶部相吻合。

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好消息并不总是买信号：解码'