与反抗资本有关的钱包存入了930万LDO，价值约1,010万美元，进行了主要交易所。

其中包括二手固定，OKX，BYBIT和GATE.IO在过去48小时内。这样的大规模流入通常表示计划抛售，尤其是在价格下跌期间。

DeFiance Capital, a major crypto hedge fund, has reportedly been transferring large amounts of Lido DAO (LDO) tokens to leading cryptocurrency exchanges.

据报道，主要的加密对冲基金Defiance Capital一直在将大量的Lido Dao（LDO）代币转移到领先的加密货币交易所。

According to on-chain analytics firm Santiment, a wallet linked to the hedge fund deposited 9.3 million LDO, currently valued at $10.1 million, to Binance, OKX, Bybit, and Gate.io over the last 48 hours.

根据链分析公司Santiment的说法，与对冲基金有关的钱包在过去的48小时内存入了930万LDO，目前价值为1,010万美元，目前价值1010万美元，OKX，BYBIT和GATE.IO。

A tier-1 hedge fund known for its DeFi investments, DeFiance Capital, has been moving large amounts of

一级对冲基金以其挑战投资而闻名

$LDO to major exchanges. In the last 48 hours, 9.3 million LDO tokens, valued at around $10.1 million, were deposited to Binance, OKX, Bybit, and Gate.io.

$ ldo进行主要交流。在过去的48小时中，将930万个LDO令牌存入了Binance，OKX，BYBIT和GATE.IO。

As shown above, the brightness of the on-chain activity has been steadily decreasing. At the moment, Daily Active Addresses are at 139, transaction count has dropped to 72, and a close-up shows a clear downward trend. As user engagement lessens, it typically leads to reduced organic demand for the token.

如上所示，链活动的亮度一直在稳步下降。目前，每天的主动地址为139，交易数量下降到72，特写镜头显示出明显的下降趋势。随着用户参与度的减少，通常会导致对令牌的有机需求减少。

Moreover, network inactivity often coincides with price stagnation or correction. When large holders begin moving their tokens to exchanges amid weak participation, the result tends to be negative.

此外，网络不活动通常与价格停滞或更正相吻合。当大型持有人开始将其代币转移到弱参与时交换时，结果往往是负面的。

Furthermore, as shown in the chart, Price DAA Divergence stands at -6.55%, which signifies that the recent price action lacked strength from users. In most cases, price increases that outpace user growth do not last for long periods. This gap indicates an unstable rally. When the price climbs without support from users, the risk of correction increases sharply. Unless participation rises, price will likely retreat again.

此外，如图所示，价格DAA的分歧为-6.55％，这表明最近的价格动作缺乏用户的实力。在大多数情况下，价格上涨的价格超过了用户长期持续的价格。此差距表示不稳定的集会。当价格在没有用户支持的情况下攀升时，更正的风险就会急剧增加。除非参与增加，否则价格可能会再次撤退。

Finally, as shown below, the MVRV Z-Score stands at -0.133, highlighting a mild undervaluation. This score indicates that LDO holders are close to the point where they broke even on their initial investment. However, the signal does not yet show strong accumulation pressure. In previous cycles, deeper MVRV lows often triggered significant price rebounds.

最后，如下所示，MVRV z得分为-0.133，突出了轻度低估。该分数表明，LDO持有人即使在最初的投资上也打破了。但是，信号尚未显示出强大的积累压力。在以前的周期中，更深的MVRV低点通常会触发大量的价格篮板。

At the moment, buyers seem hesitant, and the level is neutral, suggesting that a reversal is not yet in sight. This keeps LDO vulnerable to further downside. For recovery to build, we’ll need to see stronger signals of undervaluation in market metrics. Right now, the incentive to buy is not yet strong enough.

目前，买家似乎很犹豫，水平是中立的，这表明逆转还没有看到。这使LDO容易受到进一步的不利影响。为了恢复建立，我们需要看到市场指标低估的更强烈的信号。目前，购买的动机还不够强大。

Derivatives metrics show caution as buyers are hesitant

由于买家犹豫不决，衍生品指标表现出谨慎

As of Monday morning, LDO’s MVRV Z-Score stands at -0.133, suggesting a mild undervaluation and hinting that most LDO holders are close to breaking even on their investment. However, the signal does not yet show strong accumulation pressure, as deeper MVRV lows usually sparked noteworthy rallies from oversold levels.

截至周一早上，LDO的MVRV Z得分为-0.133，这表明轻度低估了，并暗示大多数LDO持有人即使在投资方面也接近打破。但是，该信号尚未显示出强大的积累压力，因为更深层次的MVRV低点通常会引起过分级别的值得注意的集会。

Moreover, LDO’s derivatives market is displaying a lackluster performance. Compared to Sunday morning, LDO’s trading volume has decreased by 24.22%, now at $172.36 million. Additionally, Open Interest has slipped by 9.79%, settling at $129.93 million.

此外，LDO的衍生品市场表现出平淡的表现。与周日早上相比，LDO的交易量减少了24.22％，现在为1.7236亿美元。此外，开放兴趣下跌了9.79％，达到了1.2993亿美元。

These steep reductions indicate that traders are actively closing their positions and displaying a strong aversion to initiating new ones. Such behavior typically stifles volatility and limits the potential for upward momentum, especially when considering that derivatives traders are largely responsible for amplifying price trends with leverage.

这些陡峭的降低表明，交易者正在积极关闭自己的立场，并表现出强烈的厌恶来发起新的职位。这种行为通常会扼杀波动，并限制了向上势头的潜力，尤其是在考虑衍生品交易者在很大程度上负责用杠杆扩大价格趋势时。

However, the lack of derivatives activity often follows bearish price trends, suggesting that traders may be becoming increasingly cautious due to concerns about further downside potential.

但是，缺乏衍生品活动通常遵循看跌的价格趋势，这表明由于对进一步的下行潜力的担忧，交易者可能变得越来越谨慎。