经过13.95％的下降，虚拟协议（虚拟）已成为加密货币市场的关注焦点

虚拟协议（虚拟）在短短24小时内下降了13.95％，在主要数字资产中造成了损失，已成为加密货币市场的关注中心。

Cryptocurrency behemoths, or "whales," now control an astounding 93% of the total VIRTUAL (VIRTUAL) token supply, according to blockchain analytics firm Nansen. This staggering level of ownership has reached unprecedented levels, with just 100 addresses holding the vast majority of the altcoin.

根据区块链分析公司Nansen的说法，加密货币庞然大物或“鲸鱼”现在控制着惊人的93％的虚拟（虚拟）令牌供应。这个惊人的所有权水平达到了前所未有的水平，只有100个地址拥有绝大多数Altcoin。

While such consolidation can sometimes be a sign of confidence in the asset, it also presents a significant vulnerability. With a handful of wallets controlling most of the supply, even modest selloffs from these large holders could trigger steeper declines than usual.

尽管这种合并有时可能是对资产信心的迹象，但它也带来了一个重大的脆弱性。借助少数钱包来控制大部分供应，即使是这些大型持有人的适度抛售也可能会触发比平常更陡峭的下降。

This risk is especially pertinent in highly speculative markets like crypto, which is already characterized by volatility, low liquidity in some instances, and the presence of leveraged positions that can amplify price swings.

这种风险在高度投机的市场（例如加密货币）中尤其相关，加密货币的特征是波动性，在某些情况下流动性低以及可以放大价格波动的杠杆位置的存在。

Adding to the concerns, the same whale wallets are reported to be in profit over the past 24 hours, as "smart money" wallets—known for their calculated and often profitable moves—are showing 14.35% gains during the downturn.

据报道，在过去的24小时内据报道，相同的鲸鱼钱包是有利可图的，因为“智能货币”钱包（以其计算出的且经常有利可图的举动而闻名），在低迷时期显示了14.35％的收益。

If these large holders decide to lock in profits by selling, the ensuing flood of supply could intensify the downward momentum, potentially overwhelming the already fragile market.

如果这些大型持有人决定通过销售锁定利润，那么随之而来的供应泛滥可能会增强下降势头，并有可能压倒已经脆弱的市场。

However, despite this bleak technical backdrop, spot traders are displaying surprising resilience. In a surprising turn, retail investors appear to be buying the dip.

但是，尽管技术背景黯淡，但现货交易者仍表现出令人惊讶的弹性。令人惊讶的是，散户投资者似乎正在购买蘸酱。

Data from CoinGlass reveals that $1.42 million worth of VIRTUAL was purchased on spot markets in the last 24 hours, and over the past week, total spot accumulation has reached $10.8 million. This ongoing buying streak suggests a disconnect between whale behavior and retail sentiment, as smaller investors bet on a reversal or see long-term value in VIRTUAL.

Coinglass的数据显示，过去24小时内在现货市场上购买了价值142万美元的虚拟，并且在过去一周中，总现货累积已达到10080万美元。这种持续的购买条纹表明鲸鱼行为与零售情绪之间存在脱节，因为较小的投资者下注逆转或虚拟的长期价值。

Yet, such optimism may be premature. From a technical standpoint, VIRTUAL continues to shows signs of weakness. The altcoin recently fell through two key support levels—the first at $1.62, then at $1.46. These breaches signal increasing selling pressure and open the door to further losses. Should this trend persist, analysts expect the next support levels to emerge around $1.27 and, if broken, potentially $1.064—a level that could mark a new local low.

然而，这种乐观可能为时过早。从技术的角度来看，虚拟继续显示弱点的迹象。 Altcoin最近通过两个关键支持水平下降了，第一笔$ 1.62，然后是1.46美元。这些漏洞信号增加了销售压力，并为进一步的损失打开了大门。如果这种趋势持续下去，分析师预计下一个支持水平将出现在1.27美元左右，如果破损，可能是1.064美元，这一水平可能标志着新的本地低点。

Momentum indicators provide little comfort either. The Relative Strength Index (RSI), a widely used metric to gauge whether an asset is overbought or oversold, currently stands at 35.60. Although still above the critical 30 mark, which denotes oversold conditions, the downtrend in RSI suggests that selling momentum remains strong. If the RSI dips below 30, a technical bounce could follow—but such recoveries are often short-lived without broader fundamental support.

动量指标也几乎没有舒适感。相对强度指数（RSI）是一种广泛使用的度量，用于衡量资产是否过多或超额售出，目前为35.60。尽管仍然超过30大关，这表示过多的条件，但RSI的下降表明销售势头仍然很强。如果RSI下降到30以下，则可能会进行技术反弹，但是这种回收通常是短暂的，而没有更广泛的基本支持。

The underlying risk is clear: As retail traders accumulate VIRTUAL, their impact is likely limited compared to whales. If large holders decide to exit en masse, smaller traders will struggle to absorb the selling pressure, potentially leading to rapid price declines.

潜在的风险很明显：随着零售交易者积累虚拟的累积，与鲸鱼相比，其影响可能受到限制。如果大型持有人决定大批退出，那么较小的商人将难以吸收销售压力，这可能会导致价格迅速下降。

Additionally, the recent decline in price has not yet triggered significant panic among whales, but that could change quickly in response to market volatility or negative sentiment.

此外，最近的价格下跌尚未引起鲸鱼之间的严重恐慌，但是由于市场波动或负面情绪，这种恐慌可能会迅速改变。

What complicates the outlook even further is the current macro backdrop. With markets overall leaning risk-off due to economic uncertainty and regulatory scrutiny, smaller altcoins like VIRTUAL are especially vulnerable to sudden shifts in investor risk appetite.

目前的宏观背景使前景更加复杂。由于经济不确定性和监管审查，市场总体上倾向于风险，诸如Virtual之类的较小的高级币尤其容易受到投资者风险食欲突然转变的影响。

In such an environment, tokens like VIRTUAL, already largely dominated by whale wallets, can see disproportionate moves both up and down, depending on the trading actions of a few key players. This makes it nearly impossible for smaller traders to predict market direction or capitalize on trends.

在这样的环境中，像虚拟这样的代币已经在很大程度上以鲸鱼钱包为主导，可以看到不成比例的移动在上下移动，具体取决于一些关键参与者的交易行动。这使小型交易者几乎不可能预测市场方向或利用趋势。

In conclusion, while VIRTUAL is seeing short-term buying interest from retail investors, the overwhelming concentration of supply in the hands of a few whales poses a serious systemic risk.

总之，尽管Virtual正在从散户投资者那里看到短期购买权益，但几只鲸鱼手中的压倒性供应集中却带来了严重的系统性风险。

Unless the distribution of holdings becomes more balanced or a new wave of institutional interest returns to absorb the selling pressure, the token remains highly susceptible to manipulation and sudden price drops. Technical indicators suggest further downside potential, and only a clear reversal in whale behavior or stronger fundamental demand can alter VIRTUAL’s current bearish trajectory.

除非持股的分配变得更加平衡，否则机构利益的新一波收益率会吸收销售压力，否则令牌仍然很容易受到操纵和突然价格下跌的影响。技术指标提出了进一步的下行潜力，并且只有明显的鲸鱼行为或更强大的基本需求可以改变Virtual当前的看跌轨迹。