比特币（BTC）市场正在发送混合信号，使投资者想知道是期望反弹还是进一步下降。

比特币市场正在发送混合的信号，使投资者想知道是期望反弹还是进一步下降。

The Bitcoin (BTC) market is currently sending mixed signals, leaving investors unsure whether to expect a rebound or further decline.

比特币（BTC）市场目前正在发送混合信号，使投资者不确定是否期望反弹或进一步下降。

On the Thinking Crypto podcast, Tony Edward and Brian Quinlivan from Santiment discussed the current, complex landscape.

在思想加密播客中，Santiment的Tony Edward和Brian Quinlivan讨论了当前的复杂景观。

While Quinlivan acknowledged that the past few months have been challenging for BTC and altcoins, the last couple of days have shown signs of optimism. However, with sentiment shifting back toward bullishness, there is a risk of a bull trap, where prices may stagnate or even dip before finding more stability. He advised market participants to exercise caution to avoid getting it wrong while whales and sharks drive the market’s true direction.

昆利文（Quinlivan）承认，过去几个月对BTC和Altcoins一直具有挑战性，但最近几天表现出了乐观的迹象。但是，随着情绪转向看涨，有牛陷阱的风险，在找到更大的稳定性之前，价格可能会停滞甚至下降。他建议市场参与者谨慎行事，以免在鲸鱼和鲨鱼推动市场的真实方向时避免弄错。

Notably, between February 20th and March 3rd, wallets holding 10+ BTC sold over 11,000 BTC, causing a sharp price drop.

值得注意的是，在2月20日至3月3日之间，持有10+ BTC的钱包售出了11,000多个BTC，导致价格下降。

However, since then, those same wallets have bought back a substantial portion of those coins. This suggests that whales might be accumulating again, which typically points to positive market conditions.

但是，从那时起，那些相同的钱包已经回购了这些硬币的很大一部分。这表明鲸鱼可能会再次积累，这通常指向积极的市场状况。

Quinlivan also provided data on the stablecoin holdings of whales. Specifically, he tracked wallets between $100K and $10M in USDT stablecoins, often considered “smart money.” He noted that their Tether holdings have risen from 21% to 21.6% since mid-February. This indicates fresh capital is entering the market. USDC holdings have also increased slightly.

昆利文还提供了有关鲸鱼稳定持有的数据。具体来说，他追踪了$ 100k至1000万美元的美元股份，这通常被认为是“聪明的钱”。他指出，自2月中旬以来，他们的绳索持有量从21％上升到21.6％。这表明新鲜资本正在进入市场。 USDC持有也有所增加。

These movements suggest that despite fears of a bearish outlook, there is fresh capital entering the crypto ecosystem.

这些运动表明，尽管担心看跌前景，但仍有新的资本进入加密生态系统。

However, while whale activity and stablecoin trends indicate positive market behavior, Bitcoin supply on exchanges tells a more cautious tale.

但是，尽管鲸鱼活动和稳定趋势表明市场行为积极，但交流中的比特币供应告诉了一个更加谨慎的故事。

Since early February, over 35,000 BTC have moved onto exchanges, a trend that could indicate traders are preparing to sell. If this increase in exchange balances continues, it could create sell pressure that would slow or reverse the rally.

自2月初以来，超过35,000个BTC转移到交易所，这一趋势可能表明交易者准备出售。如果这种交换余额的增加，它可能会造成销售压力，从而减缓或扭转集会。

Quinlivan pointed out that while the situation isn’t alarming yet, this trend is worth monitoring closely, particularly as we approach potential macroeconomic shifts in the coming months.

昆利文指出，尽管情况尚不令人震惊，但这种趋势值得密切监视，尤其是当我们在未来几个月内接近潜在的宏观经济转变时。