超流動的鯨魚和機構投資者從比特幣價格進行拔河比賽

比特幣的價格變動發生了一個有趣的轉變，標誌著超流動鯨與機構投資者之間的拔河戰。

Bitcoin’s price movements have taken an interesting turn, marked by a tug-of-war between Hyperliquid whales and institutional investors. While whales are massively short on the derivatives market, institutional players are accumulating Bitcoin, signaling contrasting market forces at play.

比特幣的價格變動發生了一個有趣的轉變，標誌著超流動鯨與機構投資者之間的拔河戰。儘管鯨魚在衍生品市場上大致缺乏，但機構參與者正在累積比特幣，這表明了對比的市場力量在起作用。

This battle between short and long positions is crucial as it could determine Bitcoin’s short-term price trajectory.

短期和長位置之間的這場戰鬥至關重要，因為它可以決定比特幣的短期價格軌跡。

Hyperliquid Whales Bet On Bitcoin Decline

超流動鯨在比特幣下降下注

Hyperliquid whales, or large traders with significant capital, have been increasing their short positions on Bitcoin. According to data from Coinglass, these traders now hold $1.62 billion in open positions on Hyperliquid, a platform that tracks large-scale trades.

鯨魚過度鯨魚或具有巨大資本的大型交易者一直在增加其在比特幣上的短股份。根據Coinglass的數據，這些交易員現在在Hyperliquid上持有16.2億美元的空缺職位，該平台跟踪了大規模交易的平台。

Out of these positions, 54.15%, or approximately $876 million, are short positions, a significant portion of the total capital deployed. This concentration of bets on Bitcoin’s decline could indicate a growing belief that the market is headed for a downturn.

在這些職位中，有54.15％或約8.76億美元是短職位，是部署總資本的很大一部分。對比特幣下降的賭注的集中可能表明，人們越來越相信市場正在衰退。

Typically, when a substantial portion of market participants are betting against an asset, it can create bearish pressure, leading to further declines.

通常，當大部分市場參與者押注資產時，它會造成看跌壓力，從而進一步下降。

The negative sentiment from Hyperliquid whales is reflected in recent market movements. Bitcoin’s price dropped almost 3% in the last 24 hours, aligning with the surge in short positions. Long traders, those betting on Bitcoin’s rise, are currently facing losses.

超流動鯨的負面情緒反映在最近的市場變動中。在過去的24小時內，比特幣的價格下跌了近3％，與急速升高的位置保持一致。長期交易者，那些對比特幣崛起的投注，目前正面臨損失。

Data shows that long positions are down by $45.5 million, while short positions have gained $125.75 million, indicating that bearish strategies have been more profitable during this period.

數據表明，長頭寸的降低了4,550萬美元，而短職位上的職位上漲了1.2575億美元，這表明在此期間，看跌策略更加有利可圖。

Institutions Are Buying Bitcoin

機構正在購買比特幣

In contrast to Hyperliquid whales, institutional investors have been buying Bitcoin, signaling a different outlook on the market. Over the past 24 hours, institutional investors purchased $165.7 million worth of Bitcoin, as tracked by netflows.

與超流暢的鯨魚相反，機構投資者一直在購買比特幣，這表明市場上的前景不同。在過去的24小時內，機構投資者購買了價值1.657億美元的比特幣，如Netflows所追踪。

This suggests that there is still strong institutional interest in Bitcoin, even as whales push for a price decline.

這表明，即使鯨魚推動價格下跌，對比特幣仍然有強烈的機構興趣。

Additionally, the Fund Market Premium, which compares Bitcoin prices on institutional investment platforms to the broader spot market, is showing a positive trend. The metric remains above neutral levels, reflecting that institutional investors are willing to buy Bitcoin at current prices, supporting the bullish sentiment in the market.

此外，將機構投資平台上比特幣價格與更廣闊的現貨市場進行比較的基金市場溢價正在顯示積極的趨勢。該度量仍然保持到中立水平，這反映了機構投資者願意以當前價格購買比特幣，從而支持市場上的看漲情緒。

Interestingly, this buying behavior from institutional investors aligns with the actions of long-term holders, who have also been accumulating Bitcoin.

有趣的是，機構投資者的這種購買行為與也積累比特幣的長期持有人的行動保持一致。

Data shows that Coin Days Destroyed (CDD)—a measure of the movement of Bitcoin held for long periods—has dropped significantly. With a Binary CDD reading of 0.285, it suggests that long-term holders are holding onto their Bitcoin rather than selling, reinforcing the view that institutional players are betting on Bitcoin’s long-term growth.

數據表明，硬幣天被破壞（CDD），這是長期以來持有的比特幣運動的量度。通過二進制CDD的讀數為0.285，這表明長期持有人正在堅持自己的比特幣，而不是出售，這強化了機構參與者押注比特幣長期增長的觀點。

U.S. Investors Follow The Path Of Hyperliquid Whales By Selling Bitcoin

美國投資者通過出售比特幣遵循超流動鯨的道路

On the flip side, U.S. investors are following the path of Hyperliquid whales by selling Bitcoin. The Coinbase Premium, a metric indicating the difference between Bitcoin prices on Coinbase and other exchanges, has dropped to -0.04.

另一方面，美國的投資者通過出售比特幣遵循鯨魚過度鯨魚的道路。 Coinbase Premium是一個指示Coinbase和其他交易所比特幣價格之間的差異的度量，已降至-0.04。

When this premium enters negative territory, it reflects a trend of selling, which could be bearish for Bitcoin’s price. Historically, U.S. investors have had a significant influence on Bitcoin’s long-term price movements.

當這種溢價進入負面領土時，它反映了銷售的趨勢，這可能是比特幣價格的看跌。從歷史上看，美國投資者對比特幣的長期價格變動產生了重大影響。

If selling pressure continues to rise from U.S. traders, Bitcoin could face further declines. However, if the selling pressure begins to ease, institutional buying could help reverse the downturn and lead to a price recovery.

如果銷售壓力繼續從美國貿易商那裡增加，則比特幣可能會進一步下降。但是，如果銷售壓力開始緩解，機構購買可以幫助扭轉低迷並導致價格恢復。

The balance between these contrasting forces will shape Bitcoin’s price direction in the coming months.

這些對比力之間的平衡將在未來幾個月內塑造比特幣的價格方向。