隨著美國投資者的退縮，比特幣市場冷卻，但恢復跡像出現了

比特幣最近經歷了下降，其價格下跌至96,800美元，反映出市場上的謹慎感。在一段顯著增長的時期之後，這一衰退是在很大程度上是由於新投資者興趣激增的驅動。

Bitcoin's price has dropped to around $96,800, showing a growing sense of caution in the market. This downturn comes after a period of strong growth, largely driven by a surge in new investor interest.

比特幣的價格已降至96,800美元左右，顯示出市場上的謹慎感。在一段強勁的增長時期，這一不景氣是在新投資者興趣激增的驅動下。

However, the latest market data indicates that buying activity from new investors, especially from the U.S., has slowed down, contributing to the recent price decline. Despite this, some indicators are pointing toward a potential rebound, keeping hope alive for investors.

但是，最新的市場數據表明，從新投資者（尤其是美國）購買活動減慢，導致了最近的價格下跌。儘管如此，一些指標指出了潛在的反彈，使投資者的希望保持活力。

Surge of New Investors Propelled Bitcoin’s Price to New Heights

新投資者的激增將比特幣的價格推向了新高度

Bitcoin's remarkable performance earlier this year can be attributed to a large influx of new investors. This group, eager to capitalize on Bitcoin's rising popularity, was a key driver in pushing the cryptocurrency's price higher.

比特幣今年早些時候的出色表現可以歸因於大量的新投資者。這個小組渴望利用比特幣的日益普及，是推動加密貨幣價格更高的關鍵驅動力。

According to CryptoQuant, a leading blockchain analytics platform, the Ratio of New and Old Bitcoin Supply provides valuable insight into this trend. This ratio compares the number of Bitcoin purchased in the past week to six months to those purchased six to twelve months ago.

根據領先的區塊鏈分析平台CryptoQuant的說法，新的和舊的比特幣供應的比率為這一趨勢提供了寶貴的見解。該比率將過去一周購買的比特幣數量與六到十二個月前購買的比特幣數量相比。

When the ratio of new-to-old Bitcoin purchases increases, as seen in the data, it often signals that more new investors are entering the market. This buying behavior usually coincides with price rallies, which was evident during the early months of 2025.

如數據所示，當新老比特幣的購買比率增加時，它通常表明越來越多的新投資者進入市場。這種購買行為通常與價格集會相吻合，這在2025年初很明顯。

As more new investors bought into Bitcoin, the price surged, contributing to the overall bullish market sentiment. The upward momentum was especially noticeable when the ratio stayed elevated, suggesting a strong demand for Bitcoin that could have pushed its price even higher.

隨著越來越多的新投資者購買比特幣，價格飆升，促成了整體看漲市場情緒。當比率保持升高時，向上的動力尤其明顯，這表明對比特幣的需求強勁，這可能會提高其價格。

U.S. Investors Begin to Cool Off

美國投資者開始冷靜下來

While new investor interest helped Bitcoin rise in price, a closer look at the market shows that U.S. investors, who were largely responsible for the recent surge, are now pulling back. The Coinbase Premium Index, which measures the buying activity of U.S. investors, has shown a noticeable decline.

儘管新投資者的興趣幫助比特幣上漲了價格，但對市場的仔細研究表明，最近負責最近激增的美國投資者正在退縮。衡量美國投資者購買活動的Coinbase Premium指數顯示出明顯下降。

This metric, which had previously been in the positive range, dropped from 0.129 to 0.010, signaling a reduction in buying momentum from this key investor group.

以前曾在正範圍內的該指標從0.129下降到0.010，這表明從這個關鍵投資者組中購買勢頭的減少。

However, the fact that the Coinbase Premium Index remains in positive territory suggests that U.S. investors have simply slowed down their purchases, rather than entirely exiting the market. This deceleration in buying activity may have contributed to Bitcoin's recent price decline, but the overall market sentiment remains cautiously optimistic.

但是，Coinbase Premium指數仍在積極的領土上，這一事實表明，美國的投資者只是減慢了他們的購買，而不是完全退出市場。購買活動的這種減速可能導致比特幣最近的價格下跌，但總體市場情緒仍然謹慎樂觀。

Market Transactions Reflect Shift in Investor Activity

市場交易反映了投資者活動的變化

The cooling of U.S. investor interest is also evident in the transaction volumes. Over the past 24 hours, Bitcoin transactions have decreased to 21,140, a drop from the previously high levels.

在交易量中，美國投資者的興趣也很明顯。在過去的24小時內，比特幣交易已減少到21,140，比以前的高水平下降。

However, the total value of Bitcoin traded during this period still remains significant, with over 606,570 BTC, valued at $59.1 billion, changing hands.

但是，在此期間交易的比特幣的總價值仍然顯著，超過606,570 BTC，價值591億美元，易手。

This data indicates that while Bitcoin's price has experienced a slight dip, there is still considerable market activity. The fact that trading volumes remain high despite a price decline suggests that the buying and selling volumes are closely balanced.

該數據表明，儘管比特幣的價格略有下跌，但仍有大量的市場活動。儘管價格下跌，但交易量仍然很高，這一事實表明買賣量密切相關。

This equilibrium is important because it implies that Bitcoin's price may not be headed into a prolonged downward trend, and there could still be room for growth, especially if buying activity picks up again.

這種均衡很重要，因為它意味著比特幣的價格可能不會延長下降趨勢，並且仍然可能有增長的空間，尤其是如果購買活動再次興起。

Could a Rebound Be on the Horizon?

反彈可以在地平線上嗎？

Amid the market slowdown, there are promising signs that Bitcoin could be poised for a recovery. One of the most significant indicators to watch is the Funding Rate, which reflects the balance between long and short positions in the market.

在市場放緩的情況下，有一個有希望的跡象表明比特幣可以恢復。要注意的最重要指標之一是資金率，這反映了市場中長期和短職位之間的平衡。

When the Funding Rate turns positive, it suggests that the majority of market participants are betting on a price increase, which often drives Bitcoin's price higher.

當籌資率變為正面時，這表明大多數市場參與者都押注價格上漲，這通常會使比特幣的價格更高。

At present, the aggregate Funding Rate for Bitcoin across major exchanges is in positive territory. This is a strong signal that investors are still holding bullish positions and could be preparing for a rebound.

目前，跨主要交易所比特幣的總融資率在積極領域。這是一個強烈的信號，表明投資者仍在擔任看漲的立場，並可能為反彈做準備。

As long as the Funding Rate remains positive, Bitcoin's price may have the support it needs to regain upward momentum.

只要資金率保持積極，比特幣的價格可能需要獲得向上勢頭所需的支持。

However, there is an important nuance to watch: Binance, one of the largest cryptocurrency exchanges, is currently experiencing a negative Funding Rate. Historical trends suggest that Bitcoin tends to see a significant price bounce when the Funding Rate is negative.

但是，要注意的是一個重要的細微差別：Binance是最大的加密貨幣交易所之一，目前正在經歷負資金率。歷史趨勢表明，當籌資率為負時，比特幣往往會看到大量的價格反彈。

If this pattern holds, it could set the stage for a price rally, potentially pushing Bitcoin back above the $100,000 mark in the near future.

如果這種模式成立，它可能會為價格集會奠定基礎，並有可能在不久的將來將比特幣推回超過100,000美元。

The Road Ahead for Bitcoin

比特幣前方的道路

Despite the recent market slowdown, Bitcoin's prospects for the near future remain relatively positive. While U.S. investors have slowed their purchases, the overall market sentiment remains bullish, and positive indicators like the Funding Rate offer hope for a price rebound.

儘管市場最近放緩，但比特幣對不久的將來的前景仍然相對積極。儘管美國的投資者減慢了購買的減慢，但總體市場情緒仍然看漲，諸如籌資率之類的積極指標為價格反彈帶來了希望。

As long as the market maintains a balance between buying and selling activity, Bitcoin's price could stabilize and even resume its upward trajectory.

只要市場在買賣活動之間保持平衡，比特幣的價格就可以穩定，甚至恢復其向上的軌跡。

Looking ahead, it will be crucial for investors to monitor the Funding Rate and transaction volumes closely. If Bitcoin's price experiences another surge, it could push

展望未來，對於投資者而言，密切監視資金率和交易量至關重要。如果比特幣的價格再次增加，它可能會推動