经过几个月的忧郁，比特币可能最终找到了基础

经过数月的不稳定和黯淡的前景，比特币可能最终找到了地面。近四个月来，加密货币市场被悲观笼罩

After months of instability and a gloomy outlook, Bitcoin (BTC) may finally be finding its footing. For nearly four months, the crypto market was clouded by pessimism, mainly fueled by concerns over macroeconomic conditions. But that may be changing. Recent signs point to a potential return of the bull market, and the shift in sentiment is being felt across the board.

经过数月的不稳定和忧郁的态度，比特币（BTC）可能最终找到了地面。在近四个月的时间里，加密货币市场被悲观笼罩，主要是由于对宏观经济条件的担忧而引起的。但这可能正在改变。最近的迹象表明，牛市的潜在回归，情绪的转变正在全面感受到。

A Glimpse of Optimism Returns

一瞥乐观的回报

The first spark of hope appeared just a few days ago. Bitcoin’s Sentiment Vote-Up or Down metric, as noted by Axel Adler, turned green for the first time in months. When this metric turns green, it indicates that the majority of participants are expecting a rise in Bitcoin Price. Simply put, the crowd is starting to feel bullish again.

希望的第一个火花出现在几天前。正如阿克塞尔·阿德勒（Axel Adler）指出的那样，比特币的情绪投票或降低度量标准是几个月来首次变成绿色。当该度量变绿色时，这表明大多数参与者期望比特币价格上涨。简而言之，人群开始再次看涨。

This change reflects a key shift in crowd psychology, from fear to cautious optimism. And when sentiment begins to lean bullish, it often sets the stage for a market comeback.

这种变化反映了人群心理学的关键转变，从恐惧到谨慎的乐观情绪。当情感开始倾斜时，它通常为市场复出奠定了基础。

Whales Make a Comeback

鲸鱼卷土重来

An interesting part of Bitcoin turning green is large investors known as whales’ sudden enthusiasm for BTC. At Q1 2025 start 2,054 wallets were holding over 1k BTC, but the number dropped significantly due to market uncertainty. However, this situation changed as whales re-entered the market with renewed energy. Now the holdings over the same 1k BTC increased to 2,106, a new record in 2025.

比特币转向绿色的有趣部分是大型投资者被称为鲸鱼对BTC的突然热情。在第1季度开始，开始2,054钱包持有超过1K BTC，但由于市场不确定性，数量大大下降。但是，这种情况发生了变化，随着鲸鱼用新的能源重新进入市场。现在，在同一1K BTC上的持股增加到2,106，这是2025年的新记录。

This uptick shows that whales are not just returning, they’re accumulating aggressively. Their confidence could signal that the Bitcoin Price is preparing to move upward.

这个上升表明鲸鱼不仅在返回，而且积累了积累。他们的信心可能表明比特币价格正准备向上移动。

Exchange Behaviour Shows Conviction

交换行为表明信念

Supporting this narrative is some key on-chain data. For five days straight, whales have recorded a sustained negative Exchange Ratio. This means more Bitcoin is moving out of exchanges than into them, often seen as a sign that holders are in it for the long haul rather than preparing to sell.

支持这种叙述是一些关键的链链数据。连续五天，鲸鱼记录了持续的负相位比率。这意味着比比特币从交易所中移出的更多，通常被视为持有人在其中长期而不是准备出售的标志。

This trend doesn’t just apply to whales. Even regular participants in the market are beginning to show signs of optimism, a major turnaround from the fear-driven behaviour seen just weeks ago.

这种趋势不仅适用于鲸鱼。即使是市场上的常规参与者也开始表现出乐观的迹象，这是几周前所看到的以恐惧驱动的行为的重大转变。

One of the most notable shifts has come from U.S. institutional investors. The Coinbase Premium Index, a metric that tracks buying pressure from U.S. institutions, turned positive for the first time in 17 days. This is a strong indicator that even big players are warming up to the next Bitcoin Price.

最著名的转变之一来自美国的机构投资者。 Coinbase Premium Index是一个跟踪美国机构购买压力的指标，在​​17天内首次取得了积极的态度。这是一个有力的指标，即使大型球员也正在加热下一个比特币价格。

Institutional interest plays a critical role in driving long-term trends, and their renewed confidence could help sustain momentum if other factors hold steady.

机构兴趣在推动长期趋势中起着至关重要的作用，如果其他因素保持稳定，他们的新信心可以帮助维持动力。

The recent change in mood is more than just a blip, it could be the start of something bigger. If this optimism sticks around, Bitcoin Price could push toward the $86,190 mark. A strong move beyond that even hit $88,500.

最近的情绪变化不仅仅是浮躁，这可能是更大的事情的开始。如果这种乐观情绪持续下去，比特币的价格可能会推向$ 86,190。超越这一巨大的举动甚至达到了88,500美元。

However, if momentum fades or if whales decide to go risk-off again, Bitcoin could slip back to $81,616. Right now, the market stands at a delicate turning point. The path forward depends heavily on whether bullish sentiment continues to grow.

但是，如果动量逐渐消失，或者鲸鱼决定再次冒险，则比特币可能会降至81,616美元。目前，市场正处于一个微妙的转折点。前进的道路在很大程度上取决于看涨的情绪是否继续增长。

For now, one thing is clear: the winds are starting to shift, and Bitcoin’s next move could be just around the corner.

就目前而言，一件事很清楚：风开始改变，比特币的下一步可能在拐角处。