比特幣（BTC）市場正在發送混合信號，使投資者想知道是期望反彈還是進一步下降。

比特幣市場正在發送混合的信號，使投資者想知道是期望反彈還是進一步下降。

The Bitcoin (BTC) market is currently sending mixed signals, leaving investors unsure whether to expect a rebound or further decline.

比特幣（BTC）市場目前正在發送混合信號，使投資者不確定是否期望反彈或進一步下降。

On the Thinking Crypto podcast, Tony Edward and Brian Quinlivan from Santiment discussed the current, complex landscape.

在思想加密播客中，Santiment的Tony Edward和Brian Quinlivan討論了當前的複雜景觀。

While Quinlivan acknowledged that the past few months have been challenging for BTC and altcoins, the last couple of days have shown signs of optimism. However, with sentiment shifting back toward bullishness, there is a risk of a bull trap, where prices may stagnate or even dip before finding more stability. He advised market participants to exercise caution to avoid getting it wrong while whales and sharks drive the market’s true direction.

昆利文（Quinlivan）承認，過去幾個月對BTC和Altcoins一直具有挑戰性，但最近幾天表現出了樂觀的跡象。但是，隨著情緒轉向看漲，有牛陷阱的風險，在找到更大的穩定性之前，價格可能會停滯甚至下降。他建議市場參與者謹慎行事，以免在鯨魚和鯊魚推動市場的真實方向時避免弄錯。

Notably, between February 20th and March 3rd, wallets holding 10+ BTC sold over 11,000 BTC, causing a sharp price drop.

值得注意的是，在2月20日至3月3日之間，持有10+ BTC的錢包售出了11,000多個BTC，導致價格下降。

However, since then, those same wallets have bought back a substantial portion of those coins. This suggests that whales might be accumulating again, which typically points to positive market conditions.

但是，從那時起，那些相同的錢包已經回購了這些硬幣的很大一部分。這表明鯨魚可能會再次積累，這通常指向積極的市場狀況。

Quinlivan also provided data on the stablecoin holdings of whales. Specifically, he tracked wallets between $100K and $10M in USDT stablecoins, often considered “smart money.” He noted that their Tether holdings have risen from 21% to 21.6% since mid-February. This indicates fresh capital is entering the market. USDC holdings have also increased slightly.

昆利文還提供了有關鯨魚穩定持有的數據。具體來說，他追踪了$ 100k至1000萬美元的美元股份，這通常被認為是“聰明的錢”。他指出，自2月中旬以來，他們的繩索持有量從21％上升到21.6％。這表明新鮮資本正在進入市場。 USDC持有也有所增加。

These movements suggest that despite fears of a bearish outlook, there is fresh capital entering the crypto ecosystem.

這些運動表明，儘管擔心看跌前景，但仍有新的資本進入加密生態系統。

However, while whale activity and stablecoin trends indicate positive market behavior, Bitcoin supply on exchanges tells a more cautious tale.

但是，儘管鯨魚活動和穩定趨勢表明市場行為積極，但交流中的比特幣供應告訴了一個更加謹慎的故事。

Since early February, over 35,000 BTC have moved onto exchanges, a trend that could indicate traders are preparing to sell. If this increase in exchange balances continues, it could create sell pressure that would slow or reverse the rally.

自2月初以來，超過35,000個BTC轉移到交易所，這一趨勢可能表明交易者準備出售。如果這種交換餘額的增加，它可能會造成銷售壓力，從而減緩或扭轉集會。

Quinlivan pointed out that while the situation isn’t alarming yet, this trend is worth monitoring closely, particularly as we approach potential macroeconomic shifts in the coming months.

昆利文指出，儘管情況尚不令人震驚，但這種趨勢值得密切監視，尤其是當我們在未來幾個月內接近潛在的宏觀經濟轉變時。