比特币（BTC）的价格可能很快在鲸鱼开始将其持有转移到交流时面对下降压力

在过去一周中，比特币的价格大部分都在侧面，并在3月20日（星期四）的87,000美元中进行了调情。

The price of Bitcoin (BTC) has been facing difficulties in breaking out of a specific trading range despite previous reports suggesting an impending breakout. As Bitcoin hovers around $87,000, new on-chain analysis from CryptoQuant suggests that the crypto giant might be at risk of downward pressure in the coming weeks.

尽管以前的报道表明即将发生突破，但比特币（BTC）的价格（BTC）在闯入特定交易范围方面面临困难。随着比特币徘徊在87,000美元左右，加密素养的新链分析表明，在接下来的几周内，加密巨头可能有下降压力的风险。

On-chain analyst at CryptoQuant, known as EgyHash on the platform, highlighted a concerning trend: the increasing activity of Bitcoin whales on major exchanges. This observation is based on changes in the "Exchange Whale Ratio."

CryptoQuant的链分析师（在平台上被称为Egyhash）强调了一个有关趋势：比特币鲸在主要交易所上的活动的增加。该观察结果基于“交换鲸比”的变化。

This indicator measures the ratio between the sum of the top 10 largest exchange inflows and the total exchange inflow. The 10 largest exchange inflows are from whale addresses—entities with substantial cryptocurrency holdings, granting them significant market influence.

该指标衡量了前10个最大交换流入和总交换流入之间的比率。 10个最大的交换流入来自鲸鱼地址 - 具有大量加密货币持有的本质，赋予了它们的重大市场影响力。

This Exchange Whale Ratio provides insight into the activity of this investor class relative to other investors in the cryptocurrency market. A high value for this metric suggests that the 10 largest exchange inflows are cumulatively larger than the incoming transfers from the rest of the market. Conversely, when the Exchange Whale Ratio is low, it implies that whales contribute a relatively healthy part of the funds flowing into exchanges.

这种交换鲸的比率提供了有关该投资者阶级相对于加密货币市场中其他投资者的活动的见解。该指标的高价值表明，10个最大的交换流入累计大于市场其他地方的传入转移。相反，当交换鲸比较低时，这意味着鲸鱼贡献了流向交换的资金中相对健康的部分。

According to the Quicktake analyst, the Bitcoin Exchange Whale Ratio has reached levels last seen in the previous year. The chart below shows this metric has been increasing since December 2024 and recently hit a high of over 0.6 in the past week—the highest reading since September 2024.

根据QuickTake分析师的说法，比特币交换鲸的比率已达到上一年的最后水平。下图显示，自2024年12月以来，该指标一直在增加，最近在过去一周中达到0.6的高点，这是自2024年9月以来的最高读数。

Typically, higher levels of exchange inflows tend to exert downward pressure on the value of the world’s leading cryptocurrency as these platforms facilitate selling services.

通常，随着这些平台促进销售服务，较高水平的交换流入倾向于对世界领先的加密货币的价值施加下降压力。

As seen in the chart above, whenever the Bitcoin Exchange Whale Ratio increases, the price of the crypto giant tends to decrease shortly after. This aligns with the broader market narrative that sustained selling activity can lower prices, especially when considering the role of large investors in price movements.

如上图所示，每当比特币交换鲸比增加时，加密巨头的价格都会在不久后下降。这与更广泛的市场叙述相吻合，即持续的销售活动可以降低价格，尤其是在考虑大型投资者在价格变动中的作用时。

Therefore, the sustained rise in the Exchange Whale Ratio could be a bearish signal for the price of Bitcoin as it indicates that large investors might be pulling out of the market to sell their coins.

因此，交换鲸比的持续上升可能是比特币价格的看跌信号，因为这表明大型投资者可能会退出市场来出售硬币。

Moreover, whales transferring their assets to exchanges can trigger a sell-off cascade as other investor cohorts often monitor their trades due to their significant market influence. Ultimately, the selling pressure that might result from the rising Exchange Whale Ratio could threaten Bitcoin’s future trajectory.

此外，将其资产转移到交易所的鲸鱼可能会引发售罄的级联，因为其他投资者同伙由于市场的巨大影响而经常监测其交易。最终，销售压力可能是由于增加的交换鲸比可能威胁到比特币的未来轨迹。