比特幣 (BTC) 逼近 71,000 美元的歷史高點——（紐約）散戶觀望

比特幣正逼近歷史高點，徘徊在 71,000 美元附近，但散戶交易員的明顯缺席掩蓋了這一漲勢。

Bitcoin is nearing its record high, trading close to $71,000, but this rally is notably lacking in retail participation.

比特幣正接近歷史新高，交易價格接近 71,000 美元，但這次反彈明顯缺乏散戶參與。

Coinbase reported that a decline in retail trading contributed to lower-than-expected revenue for Q3.

Coinbase 報告稱，零售交易下降導致第三季營收低於預期。

“This year in particular, there was a lot of negative sentiment which likely deterred traders,” said Adam Morgan McCarthy, an analyst at data firm Kaiko.

數據公司 Kaiko 的分析師 Adam Morgan McCarthy 表示：“尤其是今年，出現了很多負面情緒，這可能會讓交易者望而卻步。”

The exchange warned that the volatility in crypto prices during October could pose further challenges in the upcoming quarter.

該交易所警告稱，10 月加密貨幣價格的波動可能會為下一季帶來進一步的挑戰。

Despite Bitcoin’s ascent, Coinbase now expects Q4 revenue from its subscription and services unit to be in the range of $505 million to $580 million, a 7% decline from Q3. This projection is influenced by a 10% decline in Ethereum prices compared to the Q3 average, and lower interest rates.

儘管比特幣價格上漲，Coinbase 目前預計第四季訂閱和服務部門的營收將在 5.05 億美元至 5.8 億美元之間，比第三季下降 7%。這項預測受到以太坊價格與第三季平均值相比下降 10% 以及較低利率的影響。

The muted retail participation is evident, as many investors remain hesitant to engage in crypto trading. Coinbase’s forecast, coupled with missed earnings targets, led to a 9% drop in its shares on Thursday.

散戶參與度低迷是顯而易見的，因為許多投資者仍然對參與加密貨幣交易猶豫不決。 Coinbase 的預測，加上未達到的獲利目標，導致其股價週四下跌 9%。

The crypto landscape has seen a significant influx of larger institutional investors, which has resulted in a 40% reduction in Bitcoin’s volatility from 2020 to September, according to data from Volmex.

Volmex 的數據顯示，大型機構投資者大量湧入加密貨幣領域，導致 2020 年至 9 月比特幣的波動性下降了 40%。

Morgan McCarthy pointed out that recent major selling events, including actions from the German government and bankrupt firms such as Mt. Gox, have compounded the prevailing pessimism.

摩根麥卡錫指出，最近發生的重大拋售事件，包括德國政府和 Mt. Gox 等破產公司的行動，加劇了普遍的悲觀情緒。

It’s not just Coinbase feeling the impact. PayPal reported an almost 11% decrease in the amount of cryptocurrency it holds on behalf of customers from Q2 to Q3, despite Bitcoin’s price increase during that timeframe.

感受到影響的不僅是 Coinbase。 PayPal 報告稱，從第二季度到第三季度，儘管比特幣價格上漲，但其代表客戶持有的加密貨幣數量減少了近 11%。

This trend highlights the growing dominance of institutional investors in the market, with research by CryptoQuant indicating that demand for Bitcoin spot ETFs from so-called “whales” is now twice that of retail investors.

這一趨勢凸顯了機構投資者在市場上日益佔據的主導地位，CryptoQuant 的研究表明，所謂的「鯨魚」對比特幣現貨 ETF 的需求現在是散戶投資者的兩倍。

Nevertheless, there are signs of resilience in the retail trading sector. “We’ve seen volumes bounce back somewhat,” McCarthy noted, adding that Bitcoin trading volumes on Coinbase have increased at a faster rate than on Binance, suggesting that retail interest may not be entirely extinguished.

儘管如此，零售貿易領域還是出現了復甦的跡象。麥卡錫指出：「我們已經看到交易量有所回升。」他補充說，Coinbase 上的比特幣交易量增長速度快於幣安，這表明散戶興趣可能不會完全消失。