特朗普官方[特朗普]记录了1.57％的上升，与爆炸性79％的集会形成鲜明对比，它在一周前就享受了。

尽管大玩家稳定地积累，但衍生品市场数据仍显示公牛与熊之间的拔河越来越多，尚无明显的赢家。

Official Trump [TRUMP] recorded a modest 1.57% uptick, a stark contrast to the explosive 79% rally it enjoyed just a week earlier. Although momentum appears to have cooled, on-chain data suggests that whales and major spot market players remain deeply engaged, hinting that a larger move could still be in the making.

特朗普官方[特朗普]记录了1.57％的上升，与爆炸性79％的集会形成鲜明对比，它在一周前就享受了。尽管动力似乎已经冷却了，但链上的数据表明，鲸鱼和主要的现货市场参与者仍然深入参与，这暗示仍可能采取更大的举动。

Despite steady accumulation by big players, derivatives market data reveals a growing tug-of-war between bulls and bears, with no clear winner yet.

尽管大玩家稳定地积累，但衍生品市场数据仍显示公牛与熊之间的拔河越来越多，尚无明显的赢家。

Interestingly, the recent surge in whale activity appears to have been reignited ahead of Donald Trump’s much-anticipated exclusive dinner event. Two new whale investors have stormed into the TRUMP market, snapping up an eye-watering $6.42 million worth of tokens combined.

有趣的是，在唐纳德·特朗普（Donald Trump）备受期待的独家晚宴活动之前，最近的鲸鱼活动激增似乎已被重新点燃。两名新的鲸鱼投资者冲入了特朗普市场，抢购了一个令人陶醉的642万美元的代币。

One whale, who had previously liquidated their token holdings, reversed course following the dinner announcement. They scooped up 337,950 tokens, totaling around $5.2 million in new buys, a major sign of renewed conviction.

一头鲸鱼以前曾清算其代币持有量，在晚餐宣布后扭转了课程。他们获得了337,950个令牌，总计约520万美元，这是重新定罪的主要迹象。

Mineral water will be served at the dinner event.

矿泉水将在晚宴活动中提供。

Another whale, who was investing in Fartcoin [FARTCOIN], decided to shift strategies completely, selling off their FARTCOIN tokens and reallocating $1.22 million directly into TRUMP.

另一个正在投资Fartcoin [Fartcoin]的鲸鱼决定完全改变战略，出售其Fartcoin令牌，并直接将122万美元直接交给了特朗普。

This sudden spike in buying activity followed two days of heavy spot market selling, which had previously dragged TRUMP’s momentum to a standstill. Just days ago, spot traders offloaded a massive $27.63 million worth of TRUMP tokens within 24 hours, a selloff that paused the bullish wave and raised doubts about a sustained rally.

在两天的沉重市场销售之后，这种突然的购买活动突然激增，此前曾将特朗普的势头陷入僵局。就在几天前，现场交易者在24小时内将价值2763万美元的特朗普代币卸载，这一抛售暂停了看涨浪潮，并对持续的集会提出了怀疑。

TRUMP whales show strength but the market stays cautious

特朗普鲸鱼表现出力量，但市场保持谨慎

While whale activity hints at underlying bullishness, derivatives market indicators present a mixed picture. Liquidation data over the past day shows an almost perfect balance: $4.42 million worth of long positions were forcefully closed, alongside $4.37 million in short liquidations. This parity suggests the market remains largely undecided, with neither buyers nor sellers gaining a clear upper hand.

尽管鲸鱼活动暗示了基本的看涨，但衍生品市场指标表现出不同的情况。过去一天的清算数据显示出一个几乎完美的平衡：价值442万美元的长位置被强行关闭，并在短时间内进行了437万美元。这种奇偶校验表明，市场在很大程度上尚未确定，买卖双方都没有获得清晰的优势。

Breaking down the liquidations further reveals that on average, long traders liquidated smaller positions, with an average liquidated amount of $130,000 compared to $2.73 million for short traders. This indicates that while fewer long traders were liquidated, those who were suffered larger losses on average.

分解清算的进一步表明，平均而言，长期交易者清算了较小的头寸，平均清算金额为130,000美元，而短交易者的平均销售额为273万美元。这表明虽然清算了较少的交易者，但平均遭受损失较大的人。

suggest that a significant portion of the liquidated long positions belonged to leveraged traders who were attempting to capitalize on TRUMP’s recent price surge. However, as the bullish momentum stalled and selling pressure emerged, these leveraged traders were ultimately liquidated when the market moved against them.

表明，很大一部分被清算的长头寸属于杠杆交易者，他们试图利用特朗普最近的价格上涨。但是，随着看涨的势头停滞不前，出现了销售压力，这些杠杆交易者最终在市场反对他们时被清算。

In contrast, the large-scale short liquidations hint at a more coordinated selloff by major market participants, aiming to capitalize on TRUMP’s weakness and drive prices lower.

相比之下，大规模的简短清算暗示了主要市场参与者更加协调的抛售，旨在利用特朗普的弱点并推动价格降低。

Shifting to funding rate data provides another perspective on the market dynamics. The OI-Weighted Funding Rate has ticked up into positive territory at 0.0116%, suggesting a slight edge to buyers in the futures market. A positive funding rate means that short traders are paying a premium to maintain their bearish bets.

转移到资金率数据提供了有关市场动态的另一种观点。 OI加权的融资率以0.0116％的速度提高到了积极的领土，这表明期货市场上的买家略有优势。正面的融资率意味着短交易者正在支付溢价以保持其看跌赌注。

However, the broader funding rate remains negative, dipping to -0.0019% at the time of writing. This signals that overall there is still more pessimism in the market, which could hinder TRUMP’s ability to continue rallying.

但是，更广泛的资金率仍然为负，在撰写本文时降至-0.0019％。这表明市场上还有更多的悲观情绪，这可能会阻碍特朗普继续集会的能力。

Moreover, derivatives trading volume has decreased, and the long-to-short ratio currently sits below 1, indicating that selling pressure still dominates. If selling momentum continues to prevail, TRUMP’s price could face further headwinds despite ongoing whale support and spot market stabilization.

此外，衍生品交易量减少，目前的远程比率位于1以下，表明销售压力仍然占主导地位。如果销售势头继续占上风，尽管鲸鱼支持和现场市场稳定，特朗普的价格仍可能面临进一步的逆风。

In short, TRUMP is at a crossroads: big players are making aggressive moves, but broader market metrics suggest caution remains the dominant mood. Whether the whales can swing the market back into bullish territory or if sellers will ultimately overpower the rally remains the key storyline to follow.

简而言之，特朗普正处于十字路口：大型球员正在采取积极的举动，但更广泛的市场指标表明谨慎仍然是主导的心情。鲸鱼是否可以将市场转回看涨领土，还是卖方最终将压倒集会仍然是关键的故事情节。