<p>比特币的交易所供应信号出现显著变化：鲸鱼级别的转账在 11 月底的恐慌水平后急剧下降，这表明大型持有者不再以同样的紧迫感按下卖出按钮。</p>
<p><strong>比特币鲸鱼的卖压减弱</strong></p>
<p>CryptoQuant 的贡献者 Darkfost 表示，目前的数据表明 “鲸鱼交易明显减少”，特别是比特币流入交易所，这意味着 “大型持有者向交易平台发送的比特币显著减少。”</p>
<p>在帖子中，图表重点关注了按交易规模划分的 Binance 流入，涵盖了从 100 BTC 到超过 10,000 BTC 的最大转账，这些流入通常被解读为当它们进入交易所时的潜在卖方定位。</p>
<p>Darkfost 讨论的关键背景是鲸鱼行为在市场 2025 年底回调时的迅速变化。“12 月对这些投资者来说尤其具有挑战性，” 分析师写道，并补充说鲸鱼通常 “更加谨慎”，对市场波动 “比散户参与者的敏感度低”，往往表现出 “更大的纪律性和耐心。”</p>
<p>这种纪律似乎在比特币从接近 126,000 美元的最新历史高点回落时出现了裂痕。Darkfost 描述了在 11 月底比特币 “继续修正” 时，鲸鱼流入 Binance 的激增，平均每月总额在比特币 “跌回 90,000 美元以下” 的期间达到了 “近 80 亿美元”。</p>
<p>“这一阶段显然触发了恐慌驱动的举动，” 帖子中写道。“在价格跌破 85,000 美元水平时，100 到 10,000 BTC 之间的交易显著增加。这种行为反映了某些鲸鱼之间的真实压力，他们选择迅速出售以限制损失，从而加大了市场的卖压。”</p>
<p>关键在于自那一集群以来发生了什么变化。“今天，情况看起来截然不同，” Darkfost 写道。这些 Binance 流入 “减少了三分之一，现在约为 27.4 亿美元”，而 “每日变动” 变得 “远不如 11 月底观察到的集群时频繁。”</p>
<p>分析师将这一下降视为可观察到的行为转变，而不是单日异常。“这种动态的变化表明鲸鱼的行为发生了变化，” Darkfost 写道。“他们不再积极出售，现在似乎更倾向于等待。”</p>
<p><strong>机构需求依然强劲</strong></p>
<p>虽然 Darkfost 的帖子将鲸鱼相关的流入作为潜在卖压的代理，但 CryptoQuant 首席执行官 Ki Young Ju 指出投资者应关注账目的另一面：机构的积累。</p>
<p>“对比特币的机构需求依然强劲，” Ki 在 X 上写道。“美国保管钱包通常每个持有 100–1,000 BTC。排除交易所和矿工，这大致反映了机构需求，包括 ETF 持有。”</p>
<p>Ki 补充说，“过去一年增加了 577K BTC（530 亿美元），并且仍在流入，” 将这一趋势描述为持续的，而不是已完成的波动。</p>
<p>截至发稿时，比特币交易价格为 90,885 美元。</p>

<p>比特币鲸鱼活动显著减少，大额转账至币安大幅下降，表明卖压减轻。CryptoQuant 的 Darkfost 指出鲸鱼交易量下降，暗示大户不太倾向于激进卖出。这一变化发生在 11 月底比特币价格下跌时的恐慌性抛售之后。机构对比特币的需求依然强劲，过去一年累计增加了 577K BTC。目前，比特币的交易价格为 90,885 美元</p>

<p>Bitcoin’s exchange-side supply signal is flashing a notable change: whale-sized transfers into Binance have dropped sharply from late-November panic levels, suggesting large holders are no longer leaning on the sell button with the same urgency.</p>
<div class="lb-trans"><p>比特币的交易所供应信号出现显著变化：鲸鱼级别的转账在 11 月底的恐慌水平后急剧下降，这表明大型持有者不再以同样的紧迫感按下卖出按钮。</p>
</div><p><strong>Selling Pressure From Bitcoin Whales Fade</strong></p>
<div class="lb-trans"><p><strong>比特币鲸鱼的卖压减弱</strong></p>
</div><p>CryptoQuant contributor Darkfost said current data shows a “clear decline in whale transactions,” specifically BTC inflows to exchanges, meaning “large holders are sending significantly less BTC to trading platforms than before.”</p>
<div class="lb-trans"><p>CryptoQuant 的贡献者 Darkfost 表示，目前的数据表明 “鲸鱼交易明显减少”，特别是比特币流入交易所，这意味着 “大型持有者向交易平台发送的比特币显著减少。”</p>
</div><p>In the post, the chart focus was Binance inflows segmented by transaction size, spanning transfers from 100 BTC up to the largest prints above 10,000 BTC, flows that are commonly interpreted as potential sell-side positioning when they hit an exchange.</p>
<div class="lb-trans"><p>在帖子中，图表重点关注了按交易规模划分的 Binance 流入，涵盖了从 100 BTC 到超过 10,000 BTC 的最大转账，这些流入通常被解读为当它们进入交易所时的潜在卖方定位。</p>
</div><p>The key backdrop in Darkfost’s thread is how quickly whale behavior shifted around the market’s late-2025 drawdown. “December has been particularly challenging, even for these investors,” the analyst wrote, adding that whales are typically “more cautious” and “less sensitive to market movements than retail participants,” often acting with “greater discipline and patience.”</p>
<div class="lb-trans"><p>Darkfost 讨论的关键背景是鲸鱼行为在市场 2025 年底回调时的迅速变化。“12 月对这些投资者来说尤其具有挑战性，” 分析师写道，并补充说鲸鱼通常 “更加谨慎”，对市场波动 “比散户参与者的敏感度低”，往往表现出 “更大的纪律性和耐心。”</p>
</div><p>That discipline appeared to crack as Bitcoin rolled over from its latest all-time high near $126,000. Darkfost described a surge in whale inflows to Binance at the end of November as BTC “continued its correction,” with the “average monthly total” reaching “nearly $8 billion” during a period when BTC “fell back below the $90,000 level.”</p>
<div class="lb-trans"><p>这种纪律似乎在比特币从接近 126,000 美元的最新历史高点回落时出现了裂痕。Darkfost 描述了在 11 月底比特币 “继续修正” 时，鲸鱼流入 Binance 的激增，平均每月总额在比特币 “跌回 90,000 美元以下” 的期间达到了 “近 80 亿美元”。</p>
</div><p>“This phase clearly triggered a panic-driven move,” the post said. “Transactions ranging between 100 and 10,000 BTC increased significantly, especially as price broke below the $85,000 level. This behavior reflects real stress among certain whales, who chose to sell quickly in order to limit losses, thereby reinforcing selling pressure on the market.”</p>
<div class="lb-trans"><p>“这一阶段显然触发了恐慌驱动的举动，” 帖子中写道。“在价格跌破 85,000 美元水平时，100 到 10,000 BTC 之间的交易显著增加。这种行为反映了某些鲸鱼之间的真实压力，他们选择迅速出售以限制损失，从而加大了市场的卖压。”</p>
</div><p>The crux is what changed since that cluster. “Today, the situation looks very different,” Darkfost wrote. Those Binance inflows “have been divided by three and now stand at around $2.74 billion,” with “daily movements” becoming “far less frequent than during the cluster observed at the end of November.”</p>
<div class="lb-trans"><p>关键在于自那一集群以来发生了什么变化。“今天，情况看起来截然不同，” Darkfost 写道。这些 Binance 流入 “减少了三分之一，现在约为 27.4 亿美元”，而 “每日变动” 变得 “远不如 11 月底观察到的集群时频繁。”</p>
</div><p>The analyst framed the drop as an observable behavioral pivot rather than a single-day anomaly. “This shift in dynamics suggests that whales have changed their behavior,” Darkfost wrote. “They are no longer selling aggressively and now appear to favor waiting.”</p>
<div class="lb-trans"><p>分析师将这一下降视为可观察到的行为转变，而不是单日异常。“这种动态的变化表明鲸鱼的行为发生了变化，” Darkfost 写道。“他们不再积极出售，现在似乎更倾向于等待。”</p>
</div><p><strong>Institutional Demand Side Remains Robust</strong></p>
<div class="lb-trans"><p><strong>机构需求依然强劲</strong></p>
</div><p>While Darkfost’s post focuses on whale-associated inflows as a proxy for potential sell pressure, CryptoQuant CEO Ki Young Ju pointed investors to the other side of the ledger: institutional accumulation.</p>
<div class="lb-trans"><p>虽然 Darkfost 的帖子将鲸鱼相关的流入作为潜在卖压的代理，但 CryptoQuant 首席执行官 Ki Young Ju 指出投资者应关注账目的另一面：机构的积累。</p>
</div><p>“Institutional demand for Bitcoin remains strong,” Ki wrote on X. “US custody wallets typically hold 100–1,000 BTC each. Excluding exchanges and miners, this gives a rough read on institutional demand. ETF holdings included.”</p>
<div class="lb-trans"><p>“对比特币的机构需求依然强劲，” Ki 在 X 上写道。“美国保管钱包通常每个持有 100–1,000 BTC。排除交易所和矿工，这大致反映了机构需求，包括 ETF 持有。”</p>
</div><p>Ki added that “577K BTC ($53B) [was] added over the past year, and still flowing in,” characterizing the trend as ongoing rather than a completed wave.</p>
<div class="lb-trans"><p>Ki 补充说，“过去一年增加了 577K BTC（530 亿美元），并且仍在流入，” 将这一趋势描述为持续的，而不是已完成的波动。</p>
</div><p>At press time, Bitcoin traded at $90,885.</p>
<div class="lb-trans"><p>截至发稿时，比特币交易价格为 90,885 美元。</p>
</div>

Bitcoin Whale Panic Fades: Sell Pressure On Binance Falls Off A Cliff

- 比特币鲸鱼向交易所的转入量明显下降，表明大型持有者已不再急于出售。  
- 当前数据显示，鲸鱼交易明显减少，特别是比特币流入交易所的情况。  
- 机构对比特币的需求仍然强劲，过去一年增加了 577K BTC。

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比特币巨鲸的恐慌情绪消退：币安平台上的卖出压力大幅下降