超流动的鲸鱼和机构投资者从比特币价格进行拔河比赛

比特币的价格变动发生了一个有趣的转变，标志着超流动鲸与机构投资者之间的拔河战。

Bitcoin’s price movements have taken an interesting turn, marked by a tug-of-war between Hyperliquid whales and institutional investors. While whales are massively short on the derivatives market, institutional players are accumulating Bitcoin, signaling contrasting market forces at play.

比特币的价格变动发生了一个有趣的转变，标志着超流动鲸与机构投资者之间的拔河战。尽管鲸鱼在衍生品市场上大致缺乏，但机构参与者正在累积比特币，这表明了对比的市场力量在起作用。

This battle between short and long positions is crucial as it could determine Bitcoin’s short-term price trajectory.

短期和长位置之间的这场战斗至关重要，因为它可以决定比特币的短期价格轨迹。

Hyperliquid Whales Bet On Bitcoin Decline

超流动鲸在比特币下降下注

Hyperliquid whales, or large traders with significant capital, have been increasing their short positions on Bitcoin. According to data from Coinglass, these traders now hold $1.62 billion in open positions on Hyperliquid, a platform that tracks large-scale trades.

鲸鱼过度鲸鱼或具有巨大资本的大型交易者一直在增加其在比特币上的短股份。根据Coinglass的数据，这些交易员现在在Hyperliquid上持有16.2亿美元的空缺职位，该平台跟踪了大规模交易的平台。

Out of these positions, 54.15%, or approximately $876 million, are short positions, a significant portion of the total capital deployed. This concentration of bets on Bitcoin’s decline could indicate a growing belief that the market is headed for a downturn.

在这些职位中，有54.15％或约8.76亿美元是短职位，是部署总资本的很大一部分。对比特币下降的赌注的集中可能表明，人们越来越相信市场正在衰退。

Typically, when a substantial portion of market participants are betting against an asset, it can create bearish pressure, leading to further declines.

通常，当大部分市场参与者押注资产时，它会造成看跌压力，从而进一步下降。

The negative sentiment from Hyperliquid whales is reflected in recent market movements. Bitcoin’s price dropped almost 3% in the last 24 hours, aligning with the surge in short positions. Long traders, those betting on Bitcoin’s rise, are currently facing losses.

超流动鲸的负面情绪反映在最近的市场变动中。在过去的24小时内，比特币的价格下跌了近3％，与急速升高的位置保持一致。长期交易者，那些对比特币崛起的投注，目前正面临损失。

Data shows that long positions are down by $45.5 million, while short positions have gained $125.75 million, indicating that bearish strategies have been more profitable during this period.

数据表明，长头寸的降低了4,550万美元，而短职位上的职位上涨了1.2575亿美元，这表明在此期间，看跌策略更加有利可图。

Institutions Are Buying Bitcoin

机构正在购买比特币

In contrast to Hyperliquid whales, institutional investors have been buying Bitcoin, signaling a different outlook on the market. Over the past 24 hours, institutional investors purchased $165.7 million worth of Bitcoin, as tracked by netflows.

与超流畅的鲸鱼相反，机构投资者一直在购买比特币，这表明市场上的前景不同。在过去的24小时内，机构投资者购买了价值1.657亿美元的比特币，如Netflows所追踪。

This suggests that there is still strong institutional interest in Bitcoin, even as whales push for a price decline.

这表明，即使鲸鱼推动价格下跌，对比特币仍然有强烈的机构兴趣。

Additionally, the Fund Market Premium, which compares Bitcoin prices on institutional investment platforms to the broader spot market, is showing a positive trend. The metric remains above neutral levels, reflecting that institutional investors are willing to buy Bitcoin at current prices, supporting the bullish sentiment in the market.

此外，将机构投资平台上比特币价格与更广阔的现货市场进行比较的基金市场溢价正在显示积极的趋势。该度量仍然保持到中立水平，这反映了机构投资者愿意以当前价格购买比特币，从而支持市场上的看涨情绪。

Interestingly, this buying behavior from institutional investors aligns with the actions of long-term holders, who have also been accumulating Bitcoin.

有趣的是，机构投资者的这种购买行为与也积累比特币的长期持有人的行动保持一致。

Data shows that Coin Days Destroyed (CDD)—a measure of the movement of Bitcoin held for long periods—has dropped significantly. With a Binary CDD reading of 0.285, it suggests that long-term holders are holding onto their Bitcoin rather than selling, reinforcing the view that institutional players are betting on Bitcoin’s long-term growth.

数据表明，硬币天被破坏（CDD），这是长期以来持有的比特币运动的量度。通过二进制CDD的读数为0.285，这表明长期持有人正在坚持自己的比特币，而不是出售，这强化了机构参与者押注比特币长期增长的观点。

U.S. Investors Follow The Path Of Hyperliquid Whales By Selling Bitcoin

美国投资者通过出售比特币遵循超流动鲸的道路

On the flip side, U.S. investors are following the path of Hyperliquid whales by selling Bitcoin. The Coinbase Premium, a metric indicating the difference between Bitcoin prices on Coinbase and other exchanges, has dropped to -0.04.

另一方面，美国的投资者通过出售比特币遵循鲸鱼过度鲸鱼的道路。 Coinbase Premium是一个指示Coinbase和其他交易所比特币价格之间的差异的度量，已降至-0.04。

When this premium enters negative territory, it reflects a trend of selling, which could be bearish for Bitcoin’s price. Historically, U.S. investors have had a significant influence on Bitcoin’s long-term price movements.

当这种溢价进入负面领土时，它反映了销售的趋势，这可能是比特币价格的看跌。从历史上看，美国投资者对比特币的长期价格变动产生了重大影响。

If selling pressure continues to rise from U.S. traders, Bitcoin could face further declines. However, if the selling pressure begins to ease, institutional buying could help reverse the downturn and lead to a price recovery.

如果销售压力继续从美国贸易商那里增加，则比特币可能会进一步下降。但是，如果销售压力开始缓解，机构购买可以帮助扭转低迷并导致价格恢复。

The balance between these contrasting forces will shape Bitcoin’s price direction in the coming months.

这些对比力之间的平衡将在未来几个月内塑造比特币的价格方向。