比特币（BTC）交换鲸的比率飙升至2024高，随着大持有人增加交换活动

根据CryptoQuant分析师的最新链数据，比特币（BTC）遇到了新的市场压力，因为大持有人会增加交换活动，而投资者的情绪恶化。

CryptoQuant analysts observed a shift in the market as large Bitcoin (BTC) holders increased their exchange activity and investor sentiment deteriorated, according to recent on-chain data.

根据最近的链链数据，加密分析师观察到市场发生了变化，因为大型比特币（BTC）持有人增加了交换活动，投资者情绪恶化。

EgyHash, a certified analyst at CryptoQuant, noted that the Bitcoin Exchange Whale Ratio, measuring the top 10 inflows versus total exchange inflows, had risen to levels last seen in 2024. This metric, serving as a proxy for whale behavior, showed that large entities currently held a dominant share of exchange deposits.

CryptoQuant的认证分析师Egyhash指出，比特币交换鲸的比率衡量了前10名流入与总交换流入率，已上升到2024年最后一次看到的水平。该指标是鲸鱼行为的代理，显示了当前大型实体目前持有交易台的主要份额。

Historically, such conditions have coincided with local price corrections, as large holders tend to front-run broader market moves due to their ability to affect liquidity.

从历史上看，这种情况与当地价格更正相吻合，因为大型持有人由于影响流动性的能力而倾向于进行更广泛的市场转移。

“This contrasts with periods where smaller investors are more evenly distributed across the market, leading to a more gradual response to price trends,” EgyHash added.

Egyhash补充说：“这与较小的投资者在整个市场上更平均分配的时期形成对比，从而导致对价格趋势的逐渐反应。”

The whale ratio surge comes as Bitcoin remains closely bound to its all-time high but lacks sustained upward momentum. With price action stalling, the movement of significant volumes to exchanges may indicate broader risk-off sentiment among large stakeholders.

鲸鱼比率的增加是因为比特币仍然与历史最高的高度绑定，但缺乏持续的势头。随着价格行动的停滞，大量交换的运动可能表明大利益相关者的风险更大。

If whales continue shifting funds to centralized platforms, the probability of increased sell-side activity may rise, placing additional weight on the market structure in the short term.

如果鲸鱼继续将资金转移到集中式平台，则卖方活动增加的可能性可能会增加，从而在短期内增加了市场结构。

Chart: EgyHash, CryptoQuant

图表：Egyhash，加密量

Whale behavior also tends to affect retail confidence. High-volume transfers to exchanges are often tracked by automated analytics tools and flagged in real time across public dashboards. These signals can prompt smaller investors to adopt more defensive postures, potentially reinforcing downward pressure across spot and derivatives markets.

鲸鱼行为也倾向于影响零售信心。自动分析工具通常会跟踪向交流的大量转移，并在公共仪表板上实时标记。这些信号可能会促使小型投资者采取更具防御性的姿势，从而有可能在现场和衍生品市场上加剧向下压力。

Sentiment reverts to pre-rally levels

情绪恢复到领先的水平

Concurrently, investor sentiment has declined sharply, according to metrics from CryptoQuant verified author Axel Adler Jr. The Bitcoin Sentiment Vote — Up or Down chart aggregates trader and investor outlooks over time and has returned to levels last seen in September.

同时，据CryptoQuant验证的作者Axel Adler Jr.的指标，投资者的情绪急剧下降。比特币情绪投票 - 随着时间的推移，Trocketress Trader和Investor Outlooks随着时间的流逝，UPOR或DOWN CHART COMPRETING CORTIMENT COMPLETIMTS COTHIENT CORTIMENT COTHIENT COMPERT COMERTIMTS COTHIENT，随着时间的流逝，汇总了Chartert Chartergations投票。

This period immediately preceded the market’s last major rally, suggesting that optimism has reverted to pre-breakout conditions.

这一时期紧接在市场的最后一次重大集会之前，表明乐观情绪已恢复为爆发前的条件。

The drop in sentiment follows Bitcoin’s recent failure to maintain momentum after reaching a new all-time high. While some profit-taking is to be expected in such instances, the broader shift in perception suggests a weakening belief in sustained upside.

情绪下降是在比特币最近未能保持新的历史最高水平后保持动力的情况。尽管在这种情况下可以预期一些利润，但感知的更广泛的转变表明对持续上涨空间的信念降低。

This dynamic is reflected in reduced bullish positioning and a rise in neutral or bearish outlooks across social and trading platforms.

这种动态反映在减少看涨的定位以及社会和交易平台中的中性或看跌前景的上升。

A sentiment reset at these levels indicates that market participants are less confident in Bitcoin’s short-term trajectory despite strong macro fundamentals and continued institutional involvement.

这些级别的情绪重置表明，尽管宏观基础和持续的机构参与，市场参与者对比特币的短期轨迹的信心较小。

Such dislocations between price action and sentiment often create choppy trading environments, with lower conviction on both sides of the order book.

价格行动和情感之间的这种脱位通常会创造出波动的交易环境，在订单书的两边都有信念较低。

The combination of whale-driven exchange activity and waning sentiment highlights a cautious tone in the current market. Analysts believe interest from long-term investors and institutions will be key to Bitcoin breaking the current sideways action.

鲸鱼驱动的交流活动和衰落情绪的结合强调了当前市场的谨慎基调。分析师认为，长期投资者和机构的兴趣将是比特币打破当前侧向行动的关键。

In a recent report, Bitfinex highlighted how “deeper-pocketed investors” must absorb the ongoing profit-taking action to boost prices, which seems to be happening.

在最近的一份报告中，Bitfinex强调了“更深的投资者”必须如何吸收持续的利润行动以提高价格，这似乎正在发生。

After a streak of outflows, Bitcoin exchange-traded funds (ETFs) registered over $700 million in inflows for the past five trading days, according to Farside Investors’ data. This softens by nearly half the $1.6 billion in monthly outflows registered until March 20.

根据Farside Investors的数据，经过一系列流出后，比特币交易所交易基金（ETF）在过去五个交易日内注入了超过7亿美元的流入。直到3月20日，每月流出的16亿美元流出量减少了近一半。