比特幣[BTC]下降了3％，因為超流鯨傾倒了其持有量

上週獲得1.59％的收益後，比特幣[BTC]在過去24小時內採取了不同的路線。實際上，上述時期看到加密貨幣幾乎損失了其價值的3％。

Bitcoin [BTC] took a different route over the last 24 hours, compared to last week, which saw the crypto gaining by 1.59%. In fact, the aforementioned period saw the crypto lose almost 3% of its value.

比特幣[BTC]在過去24小時內採取了不同的路線，與上週相比，加密貨幣的增長率增長了1.59％。實際上，上述時期看到加密貨幣幾乎損失了其價值的3％。

This is interesting, especially since AMBCrypto’s analysis revealed that this decline could be continuing as Hyperliquid whales took control of the derivatives market with a huge negative net BTC position. So, can these institutional investors regain ground and reverse the downturn?

這很有趣，尤其是因為Ambcrypto的分析表明，由於超流利的鯨魚控制了衍生物市場，其淨負BTC位置巨大，因此這種下降可能會繼續下降。那麼，這些機構投資者能否恢復地面並扭轉不景氣？

Hyperliquid whales bet on a major drop

高液體鯨在重大下注

According to Coinglass, there has been a surge in derivative positions on Hyperliquid – A platform that monitors large traders’ positions – with figures for the same climbing to $1.62 billion.

根據Coinglass的說法，Hyperliquid上的衍生品位置激增（該平台可以監視大型交易者的職位 - 相同的數字攀升至16.2億美元。

Interestingly, short positions seemed to account for 54.15% of these open positions, which were valued at $876 million. Usually, when market data reveals activity skewed in favor of the bears, it might hint at a lack of interest from top market participants. This could, in turn, lead to a major market decline on the charts. Mentioned in this context is that fact that traders who placed opposing bets—long trades—are at a loss now. At the time of writing, Long Profit and Loss was down by $45.5 million, while short traders gained $125.75 million within this period.

有趣的是，短職位似乎佔此類空缺職位的54.15％，價值為8.76億美元。通常，當市場數據揭示偏向熊的活動時，可能會暗示頂級市場參與者缺乏興趣。反過來，這可能會導致圖表上的主要市場下降。在這種情況下，提到的事實是，現在虧損的交易者已經虧損了。在撰寫本文時，長期利潤和損失下降了4,550萬美元，而短交易者在此期間獲得了1.2575億美元。

To put it simply, this suggested that selling has been more profitable — Something that may have influenced Bitcoin’s decline in the last 24 hours. But, AMBCrypto also found that institutional players are actively buying, likely for the long term.

簡而言之，這表明銷售更加有利可圖 - 這可能影響了比特幣在過去24小時內的下降。但是，Ambcrypto還發現，從長遠來看，機構參與者正在積極購買。

Institutions keep accumulating

機構不斷積累

While whales on Hyperliquid are predominantly selling, institutions have been actively purchasing Bitcoin. This can be evidenced by the netflows tracking inflows and outflows. According to the same, investors purchased a total of $165.7 million worth of BTC over the last 24 hours. Such a significant amount is a sign of a high level of interest in Bitcoin.

雖然超流動性的鯨魚主要是出售的，但機構一直在積極購買比特幣。 Netfrows跟踪流入和流出可以證明這一點。同樣的是，在過去的24小時內，投資者購買了價值1.657億美元的BTC。如此大量的跡象表明對比特幣具有很高的興趣。

The Fund Market Premium, another key metric comparing Bitcoin prices on institutional investment platforms to the broader spot market, showed buying activity from these platforms. At the time of writing, the metric sat above the neutral level of 0.

基金市場保費是另一個主要的指標，將機構投資平台上比特幣價格與更廣泛的現貨市場進行了比較，它顯示了這些平台的購買活動。在撰寫本文時，公制坐落在0的中性水平以上。

This institutional buying sentiment also seemed to be in line with long-term holders’ decisions to accumulate, as their movement of assets in the past seven days has notably declined, with a Binary CDD (Coin Days Destroyed) reading of 0.285.

這種機構購買情緒似乎也與長期持有人積累的決定相一致，因為過去七天的資產移動顯著下降，二進制CDD（硬幣日被銷毀）讀數為0.285。

Here, Binary CDD tracks long-term holders’ activity based on a scale from 1 to 0. The closer it is to 0, like in the present case, the more buying and holding activities are going on. This is a sign that these investors are regaining a bullish outlook across the market.

在這裡，二進制CDD基於1到0的量表跟踪長期持有人的活動。越接近0，就像在當前情況下一樣，購買和持有活動的越多。這表明這些投資者正在重新獲得整個市場的看漲前景。

U.S investors are selling

美國投資者正在銷售

Finally, American investors are following the same path as Hyperliquid whales, currently selling, as reflected by the Coinbase premium dropping to -0.04. When this premium enters negative territory, it alludes to significant selling pressure.

最後，美國投資者遵循與目前銷售的超流利鯨相同的道路，因為Coinbase Premium降至-0.04。當這種溢價進入負地區時，它暗示著巨大的銷售壓力。

Usually, U.S investors influence Bitcoin’s long-term movement, meaning that if their selling pressure continues to climb, Bitcoin could fall further. However, if selling eases, Bitcoin could rebound in line with the institutional investors’ bullish wave.

通常，美國投資者會影響比特幣的長期運動，這意味著，如果他們的銷售壓力繼續攀升，則比特幣可能會進一步下降。但是，如果放鬆出售，比特幣可以根據機構投資者的看漲浪潮而反彈。

Overall, a key shift in either direction—bullish or bearish—will lend us more clarity on Bitcoin’s next few weeks and months.

總體而言，這兩個方向的關鍵轉變（bullish或看跌）將使我們對比特幣接下來的幾周和幾個月更加清晰。