比特幣（BTC）交換鯨魚流入活動一直在關稅新聞周期之前下降

關稅新聞周期在比特幣市場上發動了一波FUD。這是最大交易所上的鯨魚對此做出反應的方式。

The tariff news cycle has unleashed a wave of FUD on the Bitcoin market. Here’s how the whales on the largest exchange have been reacting to it.

關稅新聞周期在比特幣市場上發動了一波FUD。這是最大交易所上的鯨魚對此做出反應的方式。

Recently, one analyst at CryptoQuant has been looking at how the Bitcoin Binance whales have been behaving.

最近，一位CryptoQuant的分析師一直在研究比特幣二氧化鯨的表現。

The first indicator the quant shared is the Exchange Whale Ratio. This metric measures the ratio between the sum of the top 10 deposits and the total exchange inflow for any given platform.

第一個指標共享的量子是交換鯨比。該度量標準衡量了前10個存款和任何給定平台的總交換流入之間的比率。

The ten largest transfers to an exchange generally correspond to the activity of the whales. Thus, the Exchange Whale Ratio tells us about how the whale inflow activity compares against that of the entire platform.

向交換的十大轉移通常與鯨魚的活動相對應。因此，交換鯨的比率告訴我們鯨魚流入活動與整個平台的比較。

As the below chart shows the 365-day exponential moving average (EMA) of the Bitcoin Exchange Whale Ratio for Binance has been climbing up throughout this cycle, meaning that the whales have been making up for an increasingly larger share of the deposits to the exchange.

如下圖顯示了比特幣交換鯨的365天指數移動平均值（EMA）在整個週期中一直在攀升，這意味著鯨魚已經彌補了越來越大的交易所存款份額。

Generally, investors deposit their coins to exchanges when they want to sell, so the Exchange Whale Ratio having a large value can suggest whales are making up for a big part of the selling activity on the platform.

通常，投資者在想出售時將硬幣存放到交換中，因此具有較大價值的交換鯨比可以表明鯨魚正在彌補平台上銷售活動的很大一部分。

The 365-day EMA of the Binance Exchange Whale Ratio has continued to rise recently, implying the bigger picture continues to be that the whales on the largest cryptocurrency exchange are still ramping up their selling pressure.

最近365天的EMA最近繼續上升，這意味著最大的加密貨幣交易所的鯨魚仍在增加他們的銷售壓力。

In the short-term view (30-day EMA), however, whales have been losing inflow dominance. It’s possible that this is only a temporary deviation and the trend would go back to that of an increase soon, but in the scenario that it’s truly an early sign of a trend shift, then Bitcoin could see a bullish effect from this.

但是，在短期觀點（30天EMA）中，鯨魚一直在失去流入優勢。這可能只是一個暫時的偏差，趨勢將恢復到很快的增長，但是在這種情況下，這確實是趨勢轉變的早期跡象，然後比特幣可以從中看到看漲的效果。

The Exchange Whale Ratio only measures what part of the total inflows the whales make up for. Here is another metric that shows the size of the whale exchange inflows themselves:

交換鯨比僅測量鯨魚彌補的總流入中的哪一部分。這是另一個顯示鯨魚交換本身大小的指標：

As displayed in the above graph, the 30-day sum of the Binance Whale to Exchange Flow measured at around $8.5 billion during last year’s peak. Today, the metric has come down to just $4.9 billion.

如上圖所示，在去年的峰值期間，交換流量的30天總和約為85億美元。今天，該指標降至僅49億美元。

Thus, it would seem that the whales have significantly lowered their deposit activity during the last few months. The trend is interesting, given that the market has been going through a phase of a panic recently owing to all the news related to the tariffs.

因此，似乎鯨魚在過去幾個月中顯著降低了其存款活動。鑑於市場最近經歷了與關稅有關的所有新聞，因此該市場一直在經歷恐慌的階段，因此這一趨勢很有趣。

“In conclusion, during this complicated period, it appears that Binance whales are not panicking,” notes the analyst.

分析師指出：“總而言之，在這個複雜的時期，二元鯨似乎並不感到恐慌。”

BTC Price

BTC價格

Following a recovery surge of over 7% during the past week, Bitcoin has returned back above the $85,000 level.

在過去一周的恢復速度超過7％之後，比特幣返回了高於85,000美元的水平。