<h2><strong>關鍵要點</strong></h2>
<h3><em>是什麼導致了 Pump.fun 的下跌？</em></h3>
<p>團隊錢包向交易所轉移了 4.365 億美元，而回購減少，削弱了支撐並施壓價格。</p>
<h3><em>PUMP 大户現在的反應如何？</em></h3>
<p>主要持有者增加了 200 億個代幣，儘管市場情緒看跌，但仍顯示出積累的跡象，並可能在 $0.0022 附近進行測試。</p>
<hr/>
<p>隨着加密市場陷入長期下行趨勢，一些山寨幣，包括 Pump.fun，遭受了重創。</p>
<p>在這種壓力下，Pump.fun [PUMP] 團隊大幅增加了交易所存款，重新引發了市場拋售的擔憂。</p>
<h2><strong>Pump.fun 向交易所轉移了 4.365 億美元</strong></h2>
<p>Lookonchain 數據顯示，Pump.fun 穩定地拋售 USDC。自 10 月 15 日以來，它向 Kraken 存入了 4.365 億美元的 USDC。</p>
<p>在同一時期，537.6 萬美元的 USDC 從 Kraken 流向 Circle，經過錢包 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>來源：Lookonchain</p>
<p>如此大規模的 CEX 轉移之前與賣出階段相一致。在 2024 年 5 月 19 日至 2025 年 8 月 12 日期間，團隊出售了價值 7.57 億美元的 419 萬 SOL。</p>
<p>這一歷史使得市場情緒脆弱。投資者通常將團隊主導的交易所流入視為看跌，這往往會鼓勵其他持有者跟風拋售。</p>
<h2><strong>回購大幅下降</strong></h2>
<p>Pump.fun 還減少了代幣回購。Artemis 數據顯示，回購支出下降了 36.5%，降至 886,000 美元，低於 100 萬美元的水平。</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>來源：Artemis</p>
<p>這一變化導致支撐減少，暗示團隊信心減弱，PUMP 進一步下跌。在沒有穩定流入的情況下，下行風險加大。</p>
<h2><strong>大户採取相反立場</strong></h2>
<p>儘管如此，大户利用下跌進行積累。Coinalyze 顯示，在過去 7 天中，買方主導了 4 天，而賣方僅佔 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>來源：Coinalyze</p>
<p>自 11 月 20 日以來，PUMP 記錄了 392.3 億的買入量，顯示出廣泛的現貨需求。</p>
<p>此外，Nansen 數據顯示，主要持有者在同一時期增加了 200 億個代幣的餘額。餘額變化也保持正值，表明鯨魚分配最小。</p>
<p>儘管價格表現不佳，這種積累表明鯨魚預期未來升值。</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>來源：Nansen</p>
<h2><strong>下跌還是反轉？</strong></h2>
<p>PUMP 兩週前拒絕了 $0.0048，並在一個下降通道內交易，觸及 $0.0024 的低點。截至發稿時，代幣交易價格為 $0.0026，日跌幅 3.76%，周跌幅 21.3%。</p>
<p>DMI 隨機動量指數降至 -55，而直方圖轉為深度負值。PUMP 還低於其 EMA20、EMA50、EMA100 和 EMA200，確認了強烈的看跌動能。</p>
<p>市場條件仍然使 PUMP 面臨更多損失。</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>來源：TradingView</p>
<p>如果 Pump.fun 繼續拋售，而鯨魚未能吸收供應，PUMP 可能會滑向 $0.0022。</p>
<p>成功反轉需要買方重新奪回 $0.0030，並向 $0.0033 的 EMA20 推進。</p>

ProPetro控股

<p>Pump.fun 面臨虧損，因為團隊錢包向交易所轉移了 4.365 億美元，削弱了支持。儘管市場情緒看跌，但鯨魚們累計了 200 億個代幣，表明未來可能會升值。PUMP 的交易價格為 0.0026 美元，周跌幅為 21.3%，並且有強烈的看跌指標。持續的拋售可能會將 PUMP 壓至 0.0022 美元，而反轉需要買家重新奪回 0.0030 美元並瞄準 0.0033 美元</p>

<h2><strong>Key Takeaways</strong></h2>
<div class="lb-trans"><h2><strong>關鍵要點</strong></h2>
</div><h3><em>What drove Pump.fun’s decline?</em></h3>
<div class="lb-trans"><h3><em>是什麼導致了 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>團隊錢包向交易所轉移了 4.365 億美元，而回購減少，削弱了支撐並施壓價格。</p>
</div><h3><em>How are PUMP whales reacting now?</em></h3>
<div class="lb-trans"><h3><em>PUMP 大户現在的反應如何？</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 億個代幣，儘管市場情緒看跌，但仍顯示出積累的跡象，並可能在 $0.0022 附近進行測試。</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>隨着加密市場陷入長期下行趨勢，一些山寨幣，包括 Pump.fun，遭受了重創。</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>在這種壓力下，Pump.fun [PUMP] 團隊大幅增加了交易所存款，重新引發了市場拋售的擔憂。</p>
</div><h2><strong>Pump.fun moved $436.5 million to exchanges</strong></h2>
<div class="lb-trans"><h2><strong>Pump.fun 向交易所轉移了 4.365 億美元</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 數據顯示，Pump.fun 穩定地拋售 USDC。自 10 月 15 日以來，它向 Kraken 存入了 4.365 億美元的 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>在同一時期，537.6 萬美元的 USDC 從 Kraken 流向 Circle，經過錢包 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>來源：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>如此大規模的 CEX 轉移之前與賣出階段相一致。在 2024 年 5 月 19 日至 2025 年 8 月 12 日期間，團隊出售了價值 7.57 億美元的 419 萬 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>這一歷史使得市場情緒脆弱。投資者通常將團隊主導的交易所流入視為看跌，這往往會鼓勵其他持有者跟風拋售。</p>
</div><h2><strong>Buybacks fall sharply</strong></h2>
<div class="lb-trans"><h2><strong>回購大幅下降</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 還減少了代幣回購。Artemis 數據顯示，回購支出下降了 36.5%，降至 886,000 美元，低於 100 萬美元的水平。</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>來源：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>這一變化導致支撐減少，暗示團隊信心減弱，PUMP 進一步下跌。在沒有穩定流入的情況下，下行風險加大。</p>
</div><h2><strong>Whales take the opposite stance</strong></h2>
<div class="lb-trans"><h2><strong>大户採取相反立場</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>儘管如此，大户利用下跌進行積累。Coinalyze 顯示，在過去 7 天中，買方主導了 4 天，而賣方僅佔 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>來源：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 日以來，PUMP 記錄了 392.3 億的買入量，顯示出廣泛的現貨需求。</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 數據顯示，主要持有者在同一時期增加了 200 億個代幣的餘額。餘額變化也保持正值，表明鯨魚分配最小。</p>
</div><p>This accumulation, despite poor price actio,n suggested whales anticipated future appreciation.</p>
<div class="lb-trans"><p>儘管價格表現不佳，這種積累表明鯨魚預期未來升值。</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>來源：Nansen</p>
</div><h2><strong>Dip or reversal?</strong></h2>
<div class="lb-trans"><h2><strong>下跌還是反轉？</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 兩週前拒絕了 $0.0048，並在一個下降通道內交易，觸及 $0.0024 的低點。截至發稿時，代幣交易價格為 $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 隨機動量指數降至 -55，而直方圖轉為深度負值。PUMP 還低於其 EMA20、EMA50、EMA100 和 EMA200，確認了強烈的看跌動能。</p>
</div><p>Market conditions still exposed PUMP to more losses.</p>
<div class="lb-trans"><p>市場條件仍然使 PUMP 面臨更多損失。</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>來源：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 繼續拋售，而鯨魚未能吸收供應，PUMP 可能會滑向 $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>成功反轉需要買方重新奪回 $0.0030，並向 $0.0033 的 EMA20 推進。</p>
</div>

Pump.fun 儘管有 200 億的鯨魚積累，仍面臨嚴重虧損——原因如下！