經過幾個月的憂鬱，比特幣可能最終找到了基礎

經過數月的不穩定和黯淡的前景，比特幣可能最終找到了地面。近四個月來，加密貨幣市場被悲觀籠罩

After months of instability and a gloomy outlook, Bitcoin (BTC) may finally be finding its footing. For nearly four months, the crypto market was clouded by pessimism, mainly fueled by concerns over macroeconomic conditions. But that may be changing. Recent signs point to a potential return of the bull market, and the shift in sentiment is being felt across the board.

經過數月的不穩定和憂鬱的態度，比特幣（BTC）可能最終找到了地面。在近四個月的時間裡，加密貨幣市場被悲觀籠罩，主要是由於對宏觀經濟條件的擔憂而引起的。但這可能正在改變。最近的跡象表明，牛市的潛在回歸，情緒的轉變正在全面感受到。

A Glimpse of Optimism Returns

一瞥樂觀的回報

The first spark of hope appeared just a few days ago. Bitcoin’s Sentiment Vote-Up or Down metric, as noted by Axel Adler, turned green for the first time in months. When this metric turns green, it indicates that the majority of participants are expecting a rise in Bitcoin Price. Simply put, the crowd is starting to feel bullish again.

希望的第一個火花出現在幾天前。正如阿克塞爾·阿德勒（Axel Adler）指出的那樣，比特幣的情緒投票或降低度量標準是幾個月來首次變成綠色。當該度量變綠色時，這表明大多數參與者期望比特幣價格上漲。簡而言之，人群開始再次看漲。

This change reflects a key shift in crowd psychology, from fear to cautious optimism. And when sentiment begins to lean bullish, it often sets the stage for a market comeback.

這種變化反映了人群心理學的關鍵轉變，從恐懼到謹慎的樂觀情緒。當情感開始傾斜時，它通常為市場復出奠定了基礎。

Whales Make a Comeback

鯨魚捲土重來

An interesting part of Bitcoin turning green is large investors known as whales’ sudden enthusiasm for BTC. At Q1 2025 start 2,054 wallets were holding over 1k BTC, but the number dropped significantly due to market uncertainty. However, this situation changed as whales re-entered the market with renewed energy. Now the holdings over the same 1k BTC increased to 2,106, a new record in 2025.

比特幣轉向綠色的有趣部分是大型投資者被稱為鯨魚對BTC的突然熱情。在第1季度開始，開始2,054錢包持有超過1K BTC，但由於市場不確定性，數量大大下降。但是，這種情況發生了變化，隨著鯨魚用新的能源重新進入市場。現在，在同一1K BTC上的持股增加到2,106，這是2025年的新記錄。

This uptick shows that whales are not just returning, they’re accumulating aggressively. Their confidence could signal that the Bitcoin Price is preparing to move upward.

這個上升表明鯨魚不僅在返回，而且積累了積累。他們的信心可能表明比特幣價格正準備向上移動。

Exchange Behaviour Shows Conviction

交換行為表明信念

Supporting this narrative is some key on-chain data. For five days straight, whales have recorded a sustained negative Exchange Ratio. This means more Bitcoin is moving out of exchanges than into them, often seen as a sign that holders are in it for the long haul rather than preparing to sell.

支持這種敘述是一些關鍵的鍊鍊數據。連續五天，鯨魚記錄了持續的負相位比率。這意味著比比特幣從交易所中移出的更多，通常被視為持有人在其中長期而不是準備出售的標誌。

This trend doesn’t just apply to whales. Even regular participants in the market are beginning to show signs of optimism, a major turnaround from the fear-driven behaviour seen just weeks ago.

這種趨勢不僅適用於鯨魚。即使是市場上的常規參與者也開始表現出樂觀的跡象，這是幾週前所看到的以恐懼驅動的行為的重大轉變。

One of the most notable shifts has come from U.S. institutional investors. The Coinbase Premium Index, a metric that tracks buying pressure from U.S. institutions, turned positive for the first time in 17 days. This is a strong indicator that even big players are warming up to the next Bitcoin Price.

最著名的轉變之一來自美國的機構投資者。 Coinbase Premium Index是一個跟踪美國機構購買壓力的指標，在​​17天內首次取得了積極的態度。這是一個有力的指標，即使大型球員也正在加熱下一個比特幣價格。

Institutional interest plays a critical role in driving long-term trends, and their renewed confidence could help sustain momentum if other factors hold steady.

機構興趣在推動長期趨勢中起著至關重要的作用，如果其他因素保持穩定，他們的新信心可以幫助維持動力。

The recent change in mood is more than just a blip, it could be the start of something bigger. If this optimism sticks around, Bitcoin Price could push toward the $86,190 mark. A strong move beyond that even hit $88,500.

最近的情緒變化不僅僅是浮躁，這可能是更大的事情的開始。如果這種樂觀情緒持續下去，比特幣的價格可能會推向$ 86,190。超越這一巨大的舉動甚至達到了88,500美元。

However, if momentum fades or if whales decide to go risk-off again, Bitcoin could slip back to $81,616. Right now, the market stands at a delicate turning point. The path forward depends heavily on whether bullish sentiment continues to grow.

但是，如果動量逐漸消失，或者鯨魚決定再次冒險，則比特幣可能會降至81,616美元。目前，市場正處於一個微妙的轉折點。前進的道路在很大程度上取決於看漲的情緒是否繼續增長。

For now, one thing is clear: the winds are starting to shift, and Bitcoin’s next move could be just around the corner.

就目前而言，一件事很清楚：風開始改變，比特幣的下一步可能在拐角處。