比特幣（BTC）的價格可能很快在鯨魚開始將其持有轉移到交流時面對下降壓力

在過去一周中，比特幣的價格大部分都在側面，並在3月20日（星期四）的87,000美元中進行了調情。

The price of Bitcoin (BTC) has been facing difficulties in breaking out of a specific trading range despite previous reports suggesting an impending breakout. As Bitcoin hovers around $87,000, new on-chain analysis from CryptoQuant suggests that the crypto giant might be at risk of downward pressure in the coming weeks.

儘管以前的報導表明即將發生突破，但比特幣（BTC）的價格（BTC）在闖入特定交易範圍方面面臨困難。隨著比特幣徘徊在87,000美元左右，加密素養的新鏈分析表明，在接下來的幾週內，加密巨頭可能有下降壓力的風險。

On-chain analyst at CryptoQuant, known as EgyHash on the platform, highlighted a concerning trend: the increasing activity of Bitcoin whales on major exchanges. This observation is based on changes in the "Exchange Whale Ratio."

CryptoQuant的鏈分析師（在平台上被稱為Egyhash）強調了一個有關趨勢：比特幣鯨在主要交易所上的活動的增加。該觀察結果基於“交換鯨比”的變化。

This indicator measures the ratio between the sum of the top 10 largest exchange inflows and the total exchange inflow. The 10 largest exchange inflows are from whale addresses—entities with substantial cryptocurrency holdings, granting them significant market influence.

該指標衡量了前10個最大交換流入和總交換流入之間的比率。 10個最大的交換流入來自鯨魚地址 - 具有大量加密貨幣持有的本質，賦予了它們的重大市場影響力。

This Exchange Whale Ratio provides insight into the activity of this investor class relative to other investors in the cryptocurrency market. A high value for this metric suggests that the 10 largest exchange inflows are cumulatively larger than the incoming transfers from the rest of the market. Conversely, when the Exchange Whale Ratio is low, it implies that whales contribute a relatively healthy part of the funds flowing into exchanges.

這種交換鯨的比率提供了有關該投資者階級相對於加密貨幣市場中其他投資者的活動的見解。該指標的高價值表明，10個最大的交換流入累計大於市場其他地方的傳入轉移。相反，當交換鯨比較低時，這意味著鯨魚貢獻了流向交換的資金中相對健康的部分。

According to the Quicktake analyst, the Bitcoin Exchange Whale Ratio has reached levels last seen in the previous year. The chart below shows this metric has been increasing since December 2024 and recently hit a high of over 0.6 in the past week—the highest reading since September 2024.

根據QuickTake分析師的說法，比特幣交換鯨的比率已達到上一年的最後水平。下圖顯示，自2024年12月以來，該指標一直在增加，最近在過去一周中達到0.6的高點，這是自2024年9月以來的最高讀數。

Typically, higher levels of exchange inflows tend to exert downward pressure on the value of the world’s leading cryptocurrency as these platforms facilitate selling services.

通常，隨著這些平台促進銷售服務，較高水平的交換流入傾向於對世界領先的加密貨幣的價值施加下降壓力。

As seen in the chart above, whenever the Bitcoin Exchange Whale Ratio increases, the price of the crypto giant tends to decrease shortly after. This aligns with the broader market narrative that sustained selling activity can lower prices, especially when considering the role of large investors in price movements.

如上圖所示，每當比特幣交換鯨比增加時，加密巨頭的價格都會在不久後下降。這與更廣泛的市場敘述相吻合，即持續的銷售活動可以降低價格，尤其是在考慮大型投資者在價格變動中的作用時。

Therefore, the sustained rise in the Exchange Whale Ratio could be a bearish signal for the price of Bitcoin as it indicates that large investors might be pulling out of the market to sell their coins.

因此，交換鯨比的持續上升可能是比特幣價格的看跌信號，因為這表明大型投資者可能會退出市場來出售硬幣。

Moreover, whales transferring their assets to exchanges can trigger a sell-off cascade as other investor cohorts often monitor their trades due to their significant market influence. Ultimately, the selling pressure that might result from the rising Exchange Whale Ratio could threaten Bitcoin’s future trajectory.

此外，將其資產轉移到交易所的鯨魚可能會引發售罄的級聯，因為其他投資者同夥由於市場的巨大影響而經常監測其交易。最終，銷售壓力可能是由於增加的交換鯨比可能威脅到比特幣的未來軌跡。