三只鲸鱼跌入超过比特币的超过比特币，加密数据支持健康的牛市

超级流动性的三鲸在比特币上以40倍的杠杆作用在比特币上获得了惊人的$ 10亿美元

Three whales on Hyperliquid have placed massive long positions on Bitcoin (BTC) with 40x leverage, collectively holding $1.03 billion in positions as of May 21, 2025.

超流动性上的三鲸在比特币（BTC）上以40倍的杠杆作用置于大量长位置，截至2025年5月21日，总共持有10.3亿美元的位置。

The first whale, identified as 0x5078, longed BTC at $105,033.4, and is currently up $15.83 million with a liquidation price at $100,270.

第一鲸，被确定为0x5078，渴望BTC的价格为105,033.4美元，目前上涨了1583万美元，清算价格为100,270美元。

As the market price of BTC stands at $106,901.2, this trader seems to be in a favorable position to exit their trade.

由于BTC的市场价格为106,901.2美元，该交易员似乎处于退出交易的好处。

Source: Hyperliquid

资料来源：超级流动

The second whale, 0xc653, entered at $106,901.2, and is currently up $107,490 with liquidation at $93,560.

第二鲸，0xC653，以106,901.2美元的价格进入，目前上涨了$ 107,490，清算为93,560美元。

The third, 0x46e3, joined the bullish ranks by longing at $107,132.6, facing a $142,800 loss and a liquidation price of $100,430.

第三个，0x46E3，以107,132.6美元的渴望加入看涨等级，面临142,800美元的亏损和清算价格100,430美元。

These positions, which add up to over $1 billion in size, are remarkable for their sheer magnitude and the high leverage employed by the whales. With 40x leverage, any price movement, whether up or down, is amplified significantly.

这些职位的规模总计超过10亿美元，其巨大幅度和鲸鱼所采用的高杠杆作用是显着的。凭借40倍的杠杆作用，任何价格变动，无论是上下的，都会大大放大。

In contrast to the bullish whales, a lone trader, 0x51d9, has taken a bearish stance, shorting Bitcoin BTC at $107,091.9 with a position size of $88 million, also at 40x leverage. This trader is currently up $149,509, with a liquidation price at $108,500.

与看涨的鲸鱼相反，一个孤独的商人0x51d9采取了看跌姿态，短币BTC的价格为107,091.9美元，头寸大小为8800万美元，杠杆率也为40倍。该交易员目前上涨了149,509美元，清算价格为108,500美元。

The clash between these massive long and short positions has created a billion-dollar showdown, drawing attention from the crypto community.

这些巨大的长位和短职位之间的冲突创造了十亿美元的摊牌，引起了加密货币社区的关注。

The use of 40x leverage, a level that amplifies both gains and risks, suggests a powerful conviction in Bitcoin’s (BTC) near-term growth. This could be interpreted as a bold prediction of a significant price breakout, potentially driven by their analysis of market trends, such as Bitcoin’s recent climb past $107,000 and growing institutional adoption as evidenced in record inflows for Bitcoin and Ethereum ETFs and JPMorgan’s shift in stance.

使用40倍杠杆（扩大了增益和风险的水平）表明，比特币（BTC）的近期增长有力定罪。这可以被解释为对价格突破的大胆预测，这可能是由于他们对市场趋势的分析而推动的，例如比特币最近的攀升至107,000美元的攀升和机构采用的越来越多，这证明了比特币和以太坊ETF的创纪录流入以及JPMorgan在立场上的转变。

Alternatively, some speculate that these whales might have access to insider information, such as upcoming regulatory developments or major market-moving announcements. For instance, earlier in 2025, a whale’s leveraged long position on Bitcoin and Ethereum, closed just before a U.S. cryptocurrency strategic reserve announcement, raised suspicions of insider trading. While there’s no direct evidence of such knowledge in this case, the timing of these trades fuels speculation that these whales might know something and take action.

另外，有些人推测这些鲸鱼可能可以访问内部信息，例如即将到来的监管发展或主要的营销公告。例如，在2025年初，一条鲸鱼在比特币和以太坊上的长期位置在美国加密货币战略储备公告之前关闭，引起了内幕交易的怀疑。尽管在这种情况下没有直接证据表明这种知识，但这些行业的时机燃料猜测这些鲸鱼可能知道某事并采取行动。

Hyperliquid Referral Code

超流利转介代码

4% Lifetime Discount on Trading Fees

交易费用4％终身折扣

Code Valid: May 2025

代码有效：2025年5月

CryptoQuant: It’s not yet time to exit

加密量：还没有该退出的时间

Let’s delve into on-chain analytics to better understand Bitcoin’s future price movements.

让我们深入研究链分析，以更好地了解比特币的未来价格变动。

On May 20, 2025, CryptoQuant suggests that Bitcoin’s recent price rebound, currently sitting at $106,000, lacks signs of overheating, a positive indicator for a sustainable bull market.

2025年5月20日，CryptoQuant表明，比特币最近的价格篮板目前为106,000美元，缺乏过热的迹象，这是可持续牛市的积极指标。

Source: CryptoQuant

资料来源：加密

CryptoQuant highlights a recurring pattern in Bitcoin’s price cycles: during this bull run, each time Bitcoin reached a new all-time high, Binance recorded sharp spikes in market buy volume and funding rates, followed by corrections due to market overheating (Chart – Boxes 1 and 2).

加密量突出了比特币的价格周期的反复出现的模式：在这次公牛运行期间，每次比特币都达到了新的历史最高，二手币在市场购买量和筹资速度上的急剧尖峰，然后由于市场过度而导致更正（图表1和2）。

These overheated phases led to prolonged corrections, during which investor sentiment weakened, and many traders exited the market. However, as the market “lightened” from reduced selling pressure, Bitcoin eventually surged to new highs.

这些过热的阶段导致了延长的纠正，在此期间，投资者的情绪削弱了，许多交易者离开了市场。但是，随着市场从销售压力降低的减轻，比特币最终飙升至新高点。

Now, as Bitcoin appears poised to break through its previous highs again after a recent correction, the pattern is notably different (Chart – Box 3). Unlike the previous rallies, this rebound is occurring without an overheated funding rate, and Binance market buy volume is trending downward, signaling a more cautious market.

现在，由于比特币似乎准备在最近的校正后再次突破其先前的高点，因此模式截然不同（图表3）。与以前的集会不同，这种反弹是在没有过热的资金率的情况下发生的，而二元市场购买量正在向下趋势，这表明市场更加谨慎。

While some might view the declining buy volume as a sign of weak momentum, CryptoQuant argues it reflects a healthier rally. They point to two key reasons:

尽管有些人可能认为下降的购买量是弱势势头的迹象，但隐reptoquant认为它反映了更健康的集会。他们指出了两个关键原因：

First, the rapid overheating in the previous two rallies triggered significant corrections that dampened sentiment and shook out weaker hands. In contrast, the current “lightweight” market, with moderate funding rates and lower buy volume, suggests a more stable foundation for growth, reducing the risk of a sharp downturn.

首先，在前两次集会中的快速过热引发了重大纠正，使情绪抑制并震惊了弱的手。相比之下，目前的“轻量级”市场具有适中的融资率和较低的买入，这表明增长的基础更加稳定，从而降低了急剧下滑的风险。

Second, despite short-term fluctuations, Binance market buy volume has shown a steady upward trend since 2023 (Chart – Yellow Arrow), indicating sustained buying interest over the long term.

其次，尽管短期波动，但自2023年（图表 - 黄色箭头）以来，Binance Market Buy量表现出稳定的上升趋势，这表明长期以来持续的购买利息。

This persistent buying sentiment supports the

这种持续的购买情绪支持