比特币交易所鲸鱼比率触及 2022 年 11 月以来的最高值，BTC 价格走势看起来看跌

根据价格走势数据，10 月的最后两周是比特币价格历史上最看涨的时期。然而，为什么这不是故事

The price of Bitcoin has failed to capitalize on its recent bullish momentum, falling to as low as $65,000 at some point in the past week. This lackluster performance has left many investors wondering why the بازار ارز دیجیتال’s strongest bullish period—the last two weeks of October—hasn’t been the story for BTC over the past two weeks.

比特币的价格未能利用近期的看涨势头，在过去一周的某个时间点跌至 65,000 美元。这种低迷的表现让许多投资者想知道，为什么 10 月的最后两周——巴巴多斯最强劲的看涨期——在过去两周里却没有成为 BTC 的故事。

An interesting observation from the on-chain analysis front might provide some insight into this matter.

来自链上分析前沿的有趣观察可能会为此事提供一些见解。

On-chain data now shows that the Bitcoin “Exchange Whale Ratio” has seen a notable surge in recent weeks. This metric measures the ratio between the sum of the top 10 largest transfers into centralized exchanges and the total exchange inflow.

现在链上数据显示，比特币“交易所鲸鱼比率”在最近几周出现了显着飙升。该指标衡量中心化交易所前 10 笔最大转账总和与交易所总流入量之间的比率。

To provide some context, it is assumed that the 10 largest inflows into exchanges are executed by whales, which are entities that wield significant influence on the market due to their substantial crypto holdings. The Exchange Whale Ratio essentially assesses the level of activity of this cohort of investors compared to the rest of the market.

为了提供一些背景信息，假设流入交易所的 10 笔最大资金是由鲸鱼执行的，这些鲸鱼是由于持有大量加密货币而对市场产生重大影响的实体。交易所鲸鱼比率本质上是评估这群投资者与市场其他投资者相比的活动水平。

A high Exchange Whale Ratio indicates that the top 10 largest exchange inflows dwarves the incoming transfers from the rest of the market. On the other hand, when the value of this metric is low, it suggests that the whales only make up a relatively healthy part of funds flowing into centralized exchanges.

高交易所鲸鱼比率表明前 10 名最大的交易所流入量使来自市场其他部分的传入转账相形见绌。另一方面，当该指标的值较低时，表明鲸鱼仅占流入中心化交易所的资金中相对健康的部分。

According to data from CryptoQuant, the seven-day moving average of Bitcoin’s Exchange Whale Ratio hit its highest value since November 2022 recently.

据CryptoQuant数据显示，近期比特币交易巨鲸比率7日均线触及2022年11月以来最高值。

The Quicktake analyst pointed out that the spike in this metric could be bearish for the value of the flagship cryptocurrency. This is because the metric implies that whales might be putting a significant amount of selling pressure on the market.

Quicktake 分析师指出，该指标的飙升可能对旗舰加密货币的价值不利。这是因为该指标意味着鲸鱼可能会给市场带来巨大的抛售压力。

Inflows into centralized exchanges typically have a bearish impact on the Bitcoin price, as selling is one of the services offered by these platforms. Moreover, whales moving their funds to trading platforms can set off a sell-off cascade, as other investors often watch their moves due to their market influence.

流入中心化交易所通常会对比特币价格产生看跌影响，因为出售是这些平台提供的服务之一。此外，鲸鱼将资金转移到交易平台可能会引发一连串抛售，因为其他投资者经常因其市场影响力而关注他们的举动。

At the time of writing, the price of Bitcoin is trading around $66,700, which reflects an almost 2% decline in the past 24 hours. This single-day performance underscores how sluggish the premier cryptocurrency has been in recent days. According to CoinGecko data, the price of BTC is down by over 3% in the past week.

截至撰写本文时，比特币价格约为 66,700 美元，在过去 24 小时内下跌了近 2%。这一单日表现凸显了这种主要加密货币最近几天的低迷程度。根据CoinGecko数据，过去一周BTC价格下跌超过3%。