比特币[BTC]下降了3％，因为超流鲸倾倒了其持有量

上周获得1.59％的收益后，比特币[BTC]在过去24小时内采取了不同的路线。实际上，上述时期看到加密货币几乎损失了其价值的3％。

Bitcoin [BTC] took a different route over the last 24 hours, compared to last week, which saw the crypto gaining by 1.59%. In fact, the aforementioned period saw the crypto lose almost 3% of its value.

比特币[BTC]在过去24小时内采取了不同的路线，与上周相比，加密货币的增长率增长了1.59％。实际上，上述时期看到加密货币几乎损失了其价值的3％。

This is interesting, especially since AMBCrypto’s analysis revealed that this decline could be continuing as Hyperliquid whales took control of the derivatives market with a huge negative net BTC position. So, can these institutional investors regain ground and reverse the downturn?

这很有趣，尤其是因为Ambcrypto的分析表明，由于超流利的鲸鱼控制了衍生物市场，其净负BTC位置巨大，因此这种下降可能会继续下降。那么，这些机构投资者能否恢复地面并扭转不景气？

Hyperliquid whales bet on a major drop

高液体鲸在重大下注

According to Coinglass, there has been a surge in derivative positions on Hyperliquid – A platform that monitors large traders’ positions – with figures for the same climbing to $1.62 billion.

根据Coinglass的说法，Hyperliquid上的衍生品位置激增（该平台可以监视大型交易者的职位 - 相同的数字攀升至16.2亿美元。

Interestingly, short positions seemed to account for 54.15% of these open positions, which were valued at $876 million. Usually, when market data reveals activity skewed in favor of the bears, it might hint at a lack of interest from top market participants. This could, in turn, lead to a major market decline on the charts. Mentioned in this context is that fact that traders who placed opposing bets—long trades—are at a loss now. At the time of writing, Long Profit and Loss was down by $45.5 million, while short traders gained $125.75 million within this period.

有趣的是，短职位似乎占此类空缺职位的54.15％，价值为8.76亿美元。通常，当市场数据揭示偏向熊的活动时，可能会暗示顶级市场参与者缺乏兴趣。反过来，这可能会导致图表上的主要市场下降。在这种情况下，提到的事实是，现在亏损的交易者已经亏损了。在撰写本文时，长期利润和损失下降了4,550万美元，而短交易者在此期间获得了1.2575亿美元。

To put it simply, this suggested that selling has been more profitable — Something that may have influenced Bitcoin’s decline in the last 24 hours. But, AMBCrypto also found that institutional players are actively buying, likely for the long term.

简而言之，这表明销售更加有利可图 - 这可能影响了比特币在过去24小时内的下降。但是，Ambcrypto还发现，从长远来看，机构参与者正在积极购买。

Institutions keep accumulating

机构不断积累

While whales on Hyperliquid are predominantly selling, institutions have been actively purchasing Bitcoin. This can be evidenced by the netflows tracking inflows and outflows. According to the same, investors purchased a total of $165.7 million worth of BTC over the last 24 hours. Such a significant amount is a sign of a high level of interest in Bitcoin.

虽然超流动性的鲸鱼主要是出售的，但机构一直在积极购买比特币。 Netfrows跟踪流入和流出可以证明这一点。同样的是，在过去的24小时内，投资者购买了价值1.657亿美元的BTC。如此大量的迹象表明对比特币具有很高的兴趣。

The Fund Market Premium, another key metric comparing Bitcoin prices on institutional investment platforms to the broader spot market, showed buying activity from these platforms. At the time of writing, the metric sat above the neutral level of 0.

基金市场保费是另一个主要的指标，将机构投资平台上比特币价格与更广泛的现货市场进行了比较，它显示了这些平台的购买活动。在撰写本文时，公制坐落在0的中性水平以上。

This institutional buying sentiment also seemed to be in line with long-term holders’ decisions to accumulate, as their movement of assets in the past seven days has notably declined, with a Binary CDD (Coin Days Destroyed) reading of 0.285.

这种机构购买情绪似乎也与长期持有人积累的决定相一致，因为过去七天的资产移动显着下降，二进制CDD（硬币日被销毁）读数为0.285。

Here, Binary CDD tracks long-term holders’ activity based on a scale from 1 to 0. The closer it is to 0, like in the present case, the more buying and holding activities are going on. This is a sign that these investors are regaining a bullish outlook across the market.

在这里，二进制CDD基于1到0的量表跟踪长期持有人的活动。越接近0，就像在当前情况下一样，购买和持有活动的越多。这表明这些投资者正在重新获得整个市场的看涨前景。

U.S investors are selling

美国投资者正在销售

Finally, American investors are following the same path as Hyperliquid whales, currently selling, as reflected by the Coinbase premium dropping to -0.04. When this premium enters negative territory, it alludes to significant selling pressure.

最后，美国投资者遵循与目前销售的超流利鲸相同的道路，因为Coinbase Premium降至-0.04。当这种溢价进入负地区时，它暗示着巨大的销售压力。

Usually, U.S investors influence Bitcoin’s long-term movement, meaning that if their selling pressure continues to climb, Bitcoin could fall further. However, if selling eases, Bitcoin could rebound in line with the institutional investors’ bullish wave.

通常，美国投资者会影响比特币的长期运动，这意味着，如果他们的销售压力继续攀升，则比特币可能会进一步下降。但是，如果放松出售，比特币可以根据机构投资者的看涨浪潮而反弹。

Overall, a key shift in either direction—bullish or bearish—will lend us more clarity on Bitcoin’s next few weeks and months.

总体而言，这两个方向的关键转变（bullish或看跌）将使我们对比特币接下来的几周和几个月更加清晰。