<p>比特幣的交易所供應信號出現顯著變化：鯨魚級別的轉賬在 11 月底的恐慌水平後急劇下降，這表明大型持有者不再以同樣的緊迫感按下賣出按鈕。</p>
<p><strong>比特幣鯨魚的賣壓減弱</strong></p>
<p>CryptoQuant 的貢獻者 Darkfost 表示，目前的數據表明 “鯨魚交易明顯減少”，特別是比特幣流入交易所，這意味着 “大型持有者向交易平台發送的比特幣顯著減少。”</p>
<p>在帖子中，圖表重點關注了按交易規模劃分的 Binance 流入，涵蓋了從 100 BTC 到超過 10,000 BTC 的最大轉賬，這些流入通常被解讀為當它們進入交易所時的潛在賣方定位。</p>
<p>Darkfost 討論的關鍵背景是鯨魚行為在市場 2025 年底回調時的迅速變化。“12 月對這些投資者來説尤其具有挑戰性，” 分析師寫道，並補充説鯨魚通常 “更加謹慎”，對市場波動 “比散户參與者的敏感度低”，往往表現出 “更大的紀律性和耐心。”</p>
<p>這種紀律似乎在比特幣從接近 126,000 美元的最新歷史高點回落時出現了裂痕。Darkfost 描述了在 11 月底比特幣 “繼續修正” 時，鯨魚流入 Binance 的激增，平均每月總額在比特幣 “跌回 90,000 美元以下” 的期間達到了 “近 80 億美元”。</p>
<p>“這一階段顯然觸發了恐慌驅動的舉動，” 帖子中寫道。“在價格跌破 85,000 美元水平時，100 到 10,000 BTC 之間的交易顯著增加。這種行為反映了某些鯨魚之間的真實壓力，他們選擇迅速出售以限制損失，從而加大了市場的賣壓。”</p>
<p>關鍵在於自那一集羣以來發生了什麼變化。“今天，情況看起來截然不同，” Darkfost 寫道。這些 Binance 流入 “減少了三分之一，現在約為 27.4 億美元”，而 “每日變動” 變得 “遠不如 11 月底觀察到的集羣時頻繁。”</p>
<p>分析師將這一下降視為可觀察到的行為轉變，而不是單日異常。“這種動態的變化表明鯨魚的行為發生了變化，” Darkfost 寫道。“他們不再積極出售，現在似乎更傾向於等待。”</p>
<p><strong>機構需求依然強勁</strong></p>
<p>雖然 Darkfost 的帖子將鯨魚相關的流入作為潛在賣壓的代理，但 CryptoQuant 首席執行官 Ki Young Ju 指出投資者應關注賬目的另一面：機構的積累。</p>
<p>“對比特幣的機構需求依然強勁，” Ki 在 X 上寫道。“美國保管錢包通常每個持有 100–1,000 BTC。排除交易所和礦工，這大致反映了機構需求，包括 ETF 持有。”</p>
<p>Ki 補充説，“過去一年增加了 577K BTC（530 億美元），並且仍在流入，” 將這一趨勢描述為持續的，而不是已完成的波動。</p>
<p>截至發稿時，比特幣交易價格為 90,885 美元。</p>

<p>比特幣鯨魚活動顯著減少，大額轉賬至幣安大幅下降，表明賣壓減輕。CryptoQuant 的 Darkfost 指出鯨魚交易量下降，暗示大户不太傾向於激進賣出。這一變化發生在 11 月底比特幣價格下跌時的恐慌性拋售之後。機構對比特幣的需求依然強勁，過去一年累計增加了 577K BTC。目前，比特幣的交易價格為 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>比特幣的交易所供應信號出現顯著變化：鯨魚級別的轉賬在 11 月底的恐慌水平後急劇下降，這表明大型持有者不再以同樣的緊迫感按下賣出按鈕。</p>
</div><p><strong>Selling Pressure From Bitcoin Whales Fade</strong></p>
<div class="lb-trans"><p><strong>比特幣鯨魚的賣壓減弱</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 的貢獻者 Darkfost 表示，目前的數據表明 “鯨魚交易明顯減少”，特別是比特幣流入交易所，這意味着 “大型持有者向交易平台發送的比特幣顯著減少。”</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，圖表重點關注了按交易規模劃分的 Binance 流入，涵蓋了從 100 BTC 到超過 10,000 BTC 的最大轉賬，這些流入通常被解讀為當它們進入交易所時的潛在賣方定位。</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 討論的關鍵背景是鯨魚行為在市場 2025 年底回調時的迅速變化。“12 月對這些投資者來説尤其具有挑戰性，” 分析師寫道，並補充説鯨魚通常 “更加謹慎”，對市場波動 “比散户參與者的敏感度低”，往往表現出 “更大的紀律性和耐心。”</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>這種紀律似乎在比特幣從接近 126,000 美元的最新歷史高點回落時出現了裂痕。Darkfost 描述了在 11 月底比特幣 “繼續修正” 時，鯨魚流入 Binance 的激增，平均每月總額在比特幣 “跌回 90,000 美元以下” 的期間達到了 “近 80 億美元”。</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>“這一階段顯然觸發了恐慌驅動的舉動，” 帖子中寫道。“在價格跌破 85,000 美元水平時，100 到 10,000 BTC 之間的交易顯著增加。這種行為反映了某些鯨魚之間的真實壓力，他們選擇迅速出售以限制損失，從而加大了市場的賣壓。”</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>關鍵在於自那一集羣以來發生了什麼變化。“今天，情況看起來截然不同，” Darkfost 寫道。這些 Binance 流入 “減少了三分之一，現在約為 27.4 億美元”，而 “每日變動” 變得 “遠不如 11 月底觀察到的集羣時頻繁。”</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>分析師將這一下降視為可觀察到的行為轉變，而不是單日異常。“這種動態的變化表明鯨魚的行為發生了變化，” Darkfost 寫道。“他們不再積極出售，現在似乎更傾向於等待。”</p>
</div><p><strong>Institutional Demand Side Remains Robust</strong></p>
<div class="lb-trans"><p><strong>機構需求依然強勁</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>雖然 Darkfost 的帖子將鯨魚相關的流入作為潛在賣壓的代理，但 CryptoQuant 首席執行官 Ki Young Ju 指出投資者應關注賬目的另一面：機構的積累。</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>“對比特幣的機構需求依然強勁，” Ki 在 X 上寫道。“美國保管錢包通常每個持有 100–1,000 BTC。排除交易所和礦工，這大致反映了機構需求，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 補充説，“過去一年增加了 577K BTC（530 億美元），並且仍在流入，” 將這一趨勢描述為持續的，而不是已完成的波動。</p>
</div><p>At press time, Bitcoin traded at $90,885.</p>
<div class="lb-trans"><p>截至發稿時，比特幣交易價格為 90,885 美元。</p>
</div>

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

- 比特幣鯨魚向交易所的轉入量明顯下降，表明大型持有者已不再急於出售。  
- 當前數據顯示，鯨魚交易明顯減少，特別是比特幣流入交易所的情況。  
- 機構對比特幣的需求仍然強勁，過去一年增加了 577K BTC。

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比特幣巨鯨的恐慌情緒消退：幣安平台上的賣出壓力大幅下降