隨著大持有人的增加交換活動，比特幣（BTC）交換鯨比飆升至2024

根據CryptoQuant分析師的最新鏈數據，比特幣（BTC）遇到了新的市場壓力，因為大持有人會增加交換活動，而投資者的情緒惡化。

CryptoQuant analysts observed a shift in the market as large Bitcoin (BTC) holders increased their exchange activity and investor sentiment deteriorated, according to recent on-chain data.

根據最近的鍊鍊數據，加密分析師觀察到市場發生了變化，因為大型比特幣（BTC）持有人增加了交換活動，投資者情緒惡化。

EgyHash, a certified analyst at CryptoQuant, noted that the Bitcoin Exchange Whale Ratio, measuring the top 10 inflows versus total exchange inflows, had risen to levels last seen in 2024. This metric, serving as a proxy for whale behavior, showed that large entities currently held a dominant share of exchange deposits.

CryptoQuant的認證分析師Egyhash指出，比特幣交換鯨的比率衡量了前10名流入與總交換流入率，已上升到2024年最後一次看到的水平。該指標是鯨魚行為的代理，顯示了當前大型實體目前持有交易台的主要份額。

Historically, such conditions have coincided with local price corrections, as large holders tend to front-run broader market moves due to their ability to affect liquidity.

從歷史上看，這種情況與當地價格更正相吻合，因為大型持有人由於影響流動性的能力而傾向於進行更廣泛的市場轉移。

“This contrasts with periods where smaller investors are more evenly distributed across the market, leading to a more gradual response to price trends,” EgyHash added.

Egyhash補充說：“這與較小的投資者在整個市場上更平均分配的時期形成對比，從而導致對價格趨勢的逐漸反應。”

The whale ratio surge comes as Bitcoin remains closely bound to its all-time high but lacks sustained upward momentum. With price action stalling, the movement of significant volumes to exchanges may indicate broader risk-off sentiment among large stakeholders.

鯨魚比率的增加是因為比特幣仍然與歷史最高的高度綁定，但缺乏持續的勢頭。隨著價格行動的停滯，大量交換的運動可能表明大利益相關者的風險更大。

If whales continue shifting funds to centralized platforms, the probability of increased sell-side activity may rise, placing additional weight on the market structure in the short term.

如果鯨魚繼續將資金轉移到集中式平台，則賣方活動增加的可能性可能會增加，從而在短期內增加了市場結構。

Chart: EgyHash, CryptoQuant

圖表：Egyhash，加密量

Whale behavior also tends to affect retail confidence. High-volume transfers to exchanges are often tracked by automated analytics tools and flagged in real time across public dashboards. These signals can prompt smaller investors to adopt more defensive postures, potentially reinforcing downward pressure across spot and derivatives markets.

鯨魚行為也傾向於影響零售信心。自動分析工具通常會跟踪向交流的大量轉移，並在公共儀表板上實時標記。這些信號可能會促使小型投資者採取更具防禦性的姿勢，從而有可能在現場和衍生品市場上加劇向下壓力。

Sentiment reverts to pre-rally levels

情緒恢復到領先的水平

Concurrently, investor sentiment has declined sharply, according to metrics from CryptoQuant verified author Axel Adler Jr. The Bitcoin Sentiment Vote — Up or Down chart aggregates trader and investor outlooks over time and has returned to levels last seen in September.

同時，據CryptoQuant驗證的作者Axel Adler Jr.的指標，投資者的情緒急劇下降。比特幣情緒投票 - 隨著時間的推移，Trocketress Trader和Investor Outlooks隨著時間的流逝，UPOR或DOWN CHART COMPRETING CORTIMENT COMPLETIMTS COTHIENT CORTIMENT COTHIENT COMPERT COMERTIMTS COTHIENT，隨著時間的流逝，匯總了Chartert Chartergations投票。

This period immediately preceded the market’s last major rally, suggesting that optimism has reverted to pre-breakout conditions.

這一時期緊接在市場的最後一次重大集會之前，表明樂觀情緒已恢復為爆發前的條件。

The drop in sentiment follows Bitcoin’s recent failure to maintain momentum after reaching a new all-time high. While some profit-taking is to be expected in such instances, the broader shift in perception suggests a weakening belief in sustained upside.

情緒下降是在比特幣最近未能保持新的歷史最高水平後保持動力的情況。儘管在這種情況下可以預期一些利潤，但感知的更廣泛的轉變表明對持續上漲空間的信念降低。

This dynamic is reflected in reduced bullish positioning and a rise in neutral or bearish outlooks across social and trading platforms.

這種動態反映在減少看漲的定位以及社會和交易平台中的中性或看跌前景的上升。

A sentiment reset at these levels indicates that market participants are less confident in Bitcoin’s short-term trajectory despite strong macro fundamentals and continued institutional involvement.

這些級別的情緒重置表明，儘管宏觀基礎和持續的機構參與，市場參與者對比特幣的短期軌蹟的信心較小。

Such dislocations between price action and sentiment often create choppy trading environments, with lower conviction on both sides of the order book.

價格行動和情感之間的這種脫位通常會創造出波動的交易環境，在訂單書的兩邊都有信念較低。

The combination of whale-driven exchange activity and waning sentiment highlights a cautious tone in the current market. Analysts believe interest from long-term investors and institutions will be key to Bitcoin breaking the current sideways action.

鯨魚驅動的交流活動和衰落情緒的結合強調了當前市場的謹慎基調。分析師認為，長期投資者和機構的興趣將是比特幣打破當前側向行動的關鍵。

In a recent report, Bitfinex highlighted how “deeper-pocketed investors” must absorb the ongoing profit-taking action to boost prices, which seems to be happening.

在最近的一份報告中，Bitfinex強調了“更深的投資者”必須如何吸收持續的利潤行動以提高價格，這似乎正在發生。

After a streak of outflows, Bitcoin exchange-traded funds (ETFs) registered over $700 million in inflows for the past five trading days, according to Farside Investors’ data. This softens by nearly half the $1.6 billion in monthly outflows registered until March 20.

根據Farside Investors的數據，經過一系列流出後，比特幣交易所交易基金（ETF）在過去五個交易日內註入了超過7億美元的流入。直到3月20日，每月流出的16億美元流出量減少了近一半。