<h2><strong>关键要点</strong></h2>
<h3><em>是什么导致了 Pump.fun 的下跌？</em></h3>
<p>团队钱包向交易所转移了 4.365 亿美元，而回购减少，削弱了支撑并施压价格。</p>
<h3><em>PUMP 大户现在的反应如何？</em></h3>
<p>主要持有者增加了 200 亿个代币，尽管市场情绪看跌，但仍显示出积累的迹象，并可能在 $0.0022 附近进行测试。</p>
<hr/>
<p>随着加密市场陷入长期下行趋势，一些山寨币，包括 Pump.fun，遭受了重创。</p>
<p>在这种压力下，Pump.fun [PUMP] 团队大幅增加了交易所存款，重新引发了市场抛售的担忧。</p>
<h2><strong>Pump.fun 向交易所转移了 4.365 亿美元</strong></h2>
<p>Lookonchain 数据显示，Pump.fun 稳定地抛售 USDC。自 10 月 15 日以来，它向 Kraken 存入了 4.365 亿美元的 USDC。</p>
<p>在同一时期，537.6 万美元的 USDC 从 Kraken 流向 Circle，经过钱包 DTQK7G。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/pump-deposits.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/pump-deposits.jpg"/></p>
<p>来源：Lookonchain</p>
<p>如此大规模的 CEX 转移之前与卖出阶段相一致。在 2024 年 5 月 19 日至 2025 年 8 月 12 日期间，团队出售了价值 7.57 亿美元的 419 万 SOL。</p>
<p>这一历史使得市场情绪脆弱。投资者通常将团队主导的交易所流入视为看跌，这往往会鼓励其他持有者跟风抛售。</p>
<h2><strong>回购大幅下降</strong></h2>
<p>Pump.fun 还减少了代币回购。Artemis 数据显示，回购支出下降了 36.5%，降至 886,000 美元，低于 100 万美元的水平。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/Pump.fun-revenue-buybacks.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/Pump.fun-revenue-buybacks.jpeg"/></p>
<p>来源：Artemis</p>
<p>这一变化导致支撑减少，暗示团队信心减弱，PUMP 进一步下跌。在没有稳定流入的情况下，下行风险加大。</p>
<h2><strong>大户采取相反立场</strong></h2>
<p>尽管如此，大户利用下跌进行积累。Coinalyze 显示，在过去 7 天中，买方主导了 4 天，而卖方仅占 2 天。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/pump-buy-volume.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/pump-buy-volume.png"/></p>
<p>来源：Coinalyze</p>
<p>自 11 月 20 日以来，PUMP 记录了 392.3 亿的买入量，显示出广泛的现货需求。</p>
<p>此外，Nansen 数据显示，主要持有者在同一时期增加了 200 亿个代币的余额。余额变化也保持正值，表明鲸鱼分配最小。</p>
<p>尽管价格表现不佳，这种积累表明鲸鱼预期未来升值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/top-holders-pump.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/top-holders-pump.jpeg"/></p>
<p>来源：Nansen</p>
<h2><strong>下跌还是反转？</strong></h2>
<p>PUMP 两周前拒绝了 $0.0048，并在一个下降通道内交易，触及 $0.0024 的低点。截至发稿时，代币交易价格为 $0.0026，日跌幅 3.76%，周跌幅 21.3%。</p>
<p>DMI 随机动量指数降至 -55，而直方图转为深度负值。PUMP 还低于其 EMA20、EMA50、EMA100 和 EMA200，确认了强烈的看跌动能。</p>
<p>市场条件仍然使 PUMP 面临更多损失。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/pump-smidmi.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/pump-smidmi.jpeg"/></p>
<p>来源：TradingView</p>
<p>如果 Pump.fun 继续抛售，而鲸鱼未能吸收供应，PUMP 可能会滑向 $0.0022。</p>
<p>成功反转需要买方重新夺回 $0.0030，并向 $0.0033 的 EMA20 推进。</p>

ProPetro控股

<p>Pump.fun 面临亏损，因为团队钱包向交易所转移了 4.365 亿美元，削弱了支持。尽管市场情绪看跌，但鲸鱼们累计了 200 亿个代币，表明未来可能会升值。PUMP 的交易价格为 0.0026 美元，周跌幅为 21.3%，并且有强烈的看跌指标。持续的抛售可能会将 PUMP 压至 0.0022 美元，而反转需要买家重新夺回 0.0030 美元并瞄准 0.0033 美元</p>

<h2><strong>Key Takeaways</strong></h2>
<div class="lb-trans"><h2><strong>关键要点</strong></h2>
</div><h3><em>What drove Pump.fun’s decline?</em></h3>
<div class="lb-trans"><h3><em>是什么导致了 Pump.fun 的下跌？</em></h3>
</div><p>Team wallets sent $436.5 million to exchanges while buybacks fell, weakening support and pressuring the price.</p>
<div class="lb-trans"><p>团队钱包向交易所转移了 4.365 亿美元，而回购减少，削弱了支撑并施压价格。</p>
</div><h3><em>How are PUMP whales reacting now?</em></h3>
<div class="lb-trans"><h3><em>PUMP 大户现在的反应如何？</em></h3>
</div><p>Top holders added 20 billion tokens, showing accumulation despite bearish momentum and a potential test near $0.0022.</p>
<div class="lb-trans"><p>主要持有者增加了 200 亿个代币，尽管市场情绪看跌，但仍显示出积累的迹象，并可能在 $0.0022 附近进行测试。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p>With the crypto market stuck in a prolonged downtrend, some altcoins, including Pump.fun, have taken heavy damage.</p>
<div class="lb-trans"><p>随着加密市场陷入长期下行趋势，一些山寨币，包括 Pump.fun，遭受了重创。</p>
</div><p>Amid this pressure, the Pump.fun [PUMP] team sharply increased exchange deposits, raising renewed fears of dumping across the market.</p>
<div class="lb-trans"><p>在这种压力下，Pump.fun [PUMP] 团队大幅增加了交易所存款，重新引发了市场抛售的担忧。</p>
</div><h2><strong>Pump.fun moved $436.5 million to exchanges</strong></h2>
<div class="lb-trans"><h2><strong>Pump.fun 向交易所转移了 4.365 亿美元</strong></h2>
</div><p>Lookonchain data showed Pump.fun steadily offloaded USDC. It deposited $436.5 million USDC into Kraken since the 15th of October.</p>
<div class="lb-trans"><p>Lookonchain 数据显示，Pump.fun 稳定地抛售 USDC。自 10 月 15 日以来，它向 Kraken 存入了 4.365 亿美元的 USDC。</p>
</div><p>During the same period, $537.6 million USDC flowed from Kraken to Circle via wallet DTQK7G.</p>
<div class="lb-trans"><p>在同一时期，537.6 万美元的 USDC 从 Kraken 流向 Circle，经过钱包 DTQK7G。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/pump-deposits.jpg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/11/pump-deposits.jpg"/></p>
<p>Source: Lookonchain</p>
<div class="lb-trans"><p>来源：Lookonchain</p>
</div><p>Such heavy CEX transfers previously aligned with selling phases. Between the 19th of May 2024 and the 12th of August 2025, the team sold 4.19 million SOL worth $757 million.</p>
<div class="lb-trans"><p>如此大规模的 CEX 转移之前与卖出阶段相一致。在 2024 年 5 月 19 日至 2025 年 8 月 12 日期间，团队出售了价值 7.57 亿美元的 419 万 SOL。</p>
</div><p>That history kept sentiment fragile. Investors generally interpret increased team-led exchange flows as bearish, which often encourages copycat selling from other holders.</p>
<div class="lb-trans"><p>这一历史使得市场情绪脆弱。投资者通常将团队主导的交易所流入视为看跌，这往往会鼓励其他持有者跟风抛售。</p>
</div><h2><strong>Buybacks fall sharply</strong></h2>
<div class="lb-trans"><h2><strong>回购大幅下降</strong></h2>
</div><p>Pump.fun also scaled back token buybacks. Artemis data showed buyback spending dropped 36.5% to $886k, holding below the $1 million line.</p>
<div class="lb-trans"><p>Pump.fun 还减少了代币回购。Artemis 数据显示，回购支出下降了 36.5%，降至 886,000 美元，低于 100 万美元的水平。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/Pump.fun-revenue-buybacks.jpeg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/11/Pump.fun-revenue-buybacks.jpeg"/></p>
<p>Source: Artemis</p>
<div class="lb-trans"><p>来源：Artemis</p>
</div><p>That shift set up the reduced support, suggesting weaker team conviction as PUMP extended its decline. Without stabilizing flows, downside risk strengthened.</p>
<div class="lb-trans"><p>这一变化导致支撑减少，暗示团队信心减弱，PUMP 进一步下跌。在没有稳定流入的情况下，下行风险加大。</p>
</div><h2><strong>Whales take the opposite stance</strong></h2>
<div class="lb-trans"><h2><strong>大户采取相反立场</strong></h2>
</div><p>Even so, whales used the drop to accumulate. Coinalyze showed buyers dominated 4 of the last 7 days, while sellers prevailed only twice.</p>
<div class="lb-trans"><p>尽管如此，大户利用下跌进行积累。Coinalyze 显示，在过去 7 天中，买方主导了 4 天，而卖方仅占 2 天。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/pump-buy-volume.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/11/pump-buy-volume.png"/></p>
<p>Source: Coinalyze</p>
<div class="lb-trans"><p>来源：Coinalyze</p>
</div><p>PUMP recorded 39.23 billion in Buy Volume since the 20th of November, signaling broad Spot demand.</p>
<div class="lb-trans"><p>自 11 月 20 日以来，PUMP 记录了 392.3 亿的买入量，显示出广泛的现货需求。</p>
</div><p>On top of that, Nansen data showed Top Holders increased balances by 20 billion tokens during the same period. Balance Change also stayed positive, indicating minimal whale distribution.</p>
<div class="lb-trans"><p>此外，Nansen 数据显示，主要持有者在同一时期增加了 200 亿个代币的余额。余额变化也保持正值，表明鲸鱼分配最小。</p>
</div><p>This accumulation, despite poor price actio,n suggested whales anticipated future appreciation.</p>
<div class="lb-trans"><p>尽管价格表现不佳，这种积累表明鲸鱼预期未来升值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/top-holders-pump.jpeg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/11/top-holders-pump.jpeg"/></p>
<p>Source: Nansen</p>
<div class="lb-trans"><p>来源：Nansen</p>
</div><h2><strong>Dip or reversal?</strong></h2>
<div class="lb-trans"><h2><strong>下跌还是反转？</strong></h2>
</div><p>PUMP rejected $0.0048 two weeks ago and traded inside a descending channel, hitting a $0.0024 low. At press time, the token traded at $0.0026, down 3.76% on the day and 21.3% on the week.</p>
<div class="lb-trans"><p>PUMP 两周前拒绝了 $0.0048，并在一个下降通道内交易，触及 $0.0024 的低点。截至发稿时，代币交易价格为 $0.0026，日跌幅 3.76%，周跌幅 21.3%。</p>
</div><p>The DMI Stochastic Momentum Index dropped to -55, while the histogram turned deeply negative. PUMP also traded below its EMA20, EMA50, EMA100, and EMA200, confirming strong bearish momentum.</p>
<div class="lb-trans"><p>DMI 随机动量指数降至 -55，而直方图转为深度负值。PUMP 还低于其 EMA20、EMA50、EMA100 和 EMA200，确认了强烈的看跌动能。</p>
</div><p>Market conditions still exposed PUMP to more losses.</p>
<div class="lb-trans"><p>市场条件仍然使 PUMP 面临更多损失。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/pump-smidmi.jpeg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/11/pump-smidmi.jpeg"/></p>
<p>Source: TradingView</p>
<div class="lb-trans"><p>来源：TradingView</p>
</div><p>If Pump.fun continues selling and whales fail to absorb supply, PUMP could slide toward $0.0022.</p>
<div class="lb-trans"><p>如果 Pump.fun 继续抛售，而鲸鱼未能吸收供应，PUMP 可能会滑向 $0.0022。</p>
</div><p>A successful reversal would require buyers to reclaim $0.0030 and push toward the EMA20 at $0.0033.</p>
<div class="lb-trans"><p>成功反转需要买方重新夺回 $0.0030，并向 $0.0033 的 EMA20 推进。</p>
</div>

Pump.fun 尽管有 200 亿的鲸鱼积累，仍面临严重亏损——原因如下！