隨著鯨魚的積累，比特幣（BTC）價格面臨波動，散戶參與仍不平衡

比特幣價格最近開始大幅回升，今天早些時候重回 66,000 美元大關。價格表現的突然積極性

Bitcoin price recently began a major recovery, reclaiming the $66,000 mark earlier today. This sudden positivity in price performance has sparked debates on whether retail investors and newcomers have returned to the market.

比特幣價格最近開始大幅復甦，今天早些時候重回 66,000 美元大關。價格表現的突然積極性引發了關於散戶投資者和新投資者是否已重返市場的爭論。

While there has been speculation so far about increased retail participation, a detailed analysis reveals a more nuanced picture.

儘管迄今為止一直有人猜測零售參與度會增加，但詳細的分析揭示了更微妙的情況。

Bitcoin Price Braces For Volatility Ahead Of Chinese Stimulus Speculations, Options Expiry

在中國的刺激猜測和選擇權到期之前，比特幣價格將面臨波動

A Closer Look At Retail Participation

仔細觀察零售參與

According to a CryptoQuant analyst, BinhDang, in a recent post on the CryptoQuant QuickTake platform, the trends among smaller retail groups show growth and stagnation in different areas, reflecting a complicated dynamic in the current market cycle.

CryptoQuant 分析師 BinhDang 在 CryptoQuant QuickTake 平台上最近發表的一篇文章中表示，小型零售集團的趨勢在不同領域表現出成長和停滯，反映了當前市場週期的複雜動態。

In the post titled “1 Year Change – From Plankton to Fish Addresses,” BinhDang broke down Bitcoin wallet activity into several categories of retail investors, including plankton (addresses holding more than 0 but less than or equal to 0.1 BTC), shrimp (holding more than 0.1 but less than 1 BTC), and fish (holding between 10 and 100 BTC).

在題為「一年的變化——從浮游生物到魚類地址」的帖子中，BinhDang 將比特幣錢包活動分為幾類散戶投資者，包括浮游生物（持有超過0 但小於或等於0.1 BTC的地址）、蝦（持有超過 0.1 但少於 1 BTC）和魚（持有 10 到 100 BTC）。

These smaller groups were analyzed because they better represent retail investors than larger wallet categories like whales or humpbacks, which tend to be dominated by institutional players or exchanges.

對這些較小的群體進行分析是因為它們比鯨魚或座頭鯨等較大的錢包類別更能代表散戶投資者，而鯨魚或座頭鯨往往由機構參與者或交易所主導。

One of the key observations made by BinhDang is that the growth in retail addresses is uneven, particularly among the smallest investors. The plankton addresses, representing individuals holding tiny amounts of Bitcoin, have shown almost negligible growth from 2023 to the present day.

BinhDang 的主要觀察之一是零售地址的成長不平衡，尤其是在最小的投資者中。浮游生物地址代表持有少量比特幣的個人，從 2023 年到現在的成長幾乎可以忽略不計。

This starkly contrasts previous cycles, where significant price increases were accompanied by a sharp rise in the number of retail investors holding small amounts of Bitcoin.

這與先前的周期形成鮮明對比，在先前的周期中，價格大幅上漲，同時持有少量比特幣的散戶投資者數量也急劇增加。

The analyst explained that this slower growth could reflect broader economic conditions, including the global decline in monetary flows over the past few years, which may have discouraged new entrants from investing in Bitcoin.

這位分析師解釋說，這種成長放緩可能反映了更廣泛的經濟狀況，包括過去幾年全球貨幣流動的下降，這可能阻礙了新進業者投資比特幣。

Potential For Future FOMO In Bitcoin’s Bull Cycle

比特幣牛市週期中未來 FOMO 的可能性

The uneven growth in retail addresses points to a cautious return of retail investors to the Bitcoin market. However, there are still positive signs that the current cycle has room to expand.

散戶地址成長的不均衡顯示散戶投資者對比特幣市場的回歸持謹慎態度。不過，仍有正面跡象顯示當前週期還有擴張空間。

BinhDang highlighted the trend of retail investors, particularly those in the “fish” category (holding between 10 and 100 BTC), who have continued accumulating Bitcoin, suggesting that while smaller investors may be hesitant, more seasoned participants are preparing for the next phase of the bull cycle.

BinhDang 強調了散戶投資者的趨勢，特別是「魚」類別（持有10 至100 BTC）的散戶投資者，他們持續累積比特幣，這表明雖然規模較小的投資者可能會猶豫不決，但經驗豐富的參與者正在為下一階段的投資做準備。

The data indicates that while retail participation is not as strong as in previous cycles, there remains the potential for a final wave of FOMO (Fear of Missing Out) that could drive Bitcoin to new heights.

數據表明，雖然零售參與度不如之前的周期那麼強勁，但仍有可能出現最後一波 FOMO（害怕錯過），這可能將比特幣推向新的高度。

The analyst particularly wrote in the post:

這位分析師在帖子中特別寫道：

So, the data suggests that future FOMO waves are still possible in this cycle. […] Based on these observations, I conclude there is still a basis to look forward to a final wave in this cycle.

因此，數據表明，未來的 FOMO 浪潮在這個週期中仍有可能出現。 [……]基於這些觀察，我得出的結論是，仍有基礎期待本週期的最後一波。

Featured image created with DALL-E, Chart from TradingView

使用 DALL-E 建立的特色圖片，來自 TradingView 的圖表