隨著投資者將重點轉移到更安全的資產，比特幣投機交易會冷靜下來

投機性比特幣交易正在冷靜下來，因為投資者將重點轉移到更安全的數字資產上。據報導，市場不確定性，全球貿易緊張局勢和最近的成員騙局已導致風險食慾降低。

Speculative Bitcoin (BTC) trading has cooled off in recent months as investors adjusted their portfolios to favor safer digital assets amid market uncertainty, according to a recent report by Coindesk.

根據Coindesk最近的一份報告，近幾個月來，投機性比特幣（BTC）交易已經冷靜下來，因為投資者調整了投資組合以在市場不確定性的情況下對更安全的數字資產偏愛更安全的數字資產。

The report, which cites data from Glassnode, highlights a significant drop in Bitcoin’s “hot supply” - the percentage of BTC held for a week or less - from 5.9% in late November to just 2.3% by March 20.

該報告引用了GlassNode的數據，該報告強調了比特幣的“熱供應”的大幅下降 - BTC的百分比一周或更短 - 從11月下旬的5.9％到3月20日到3月20日的2.3％。

This substantial decline suggests that fewer investors are actively trading Bitcoin, opting instead for more stable positions. Another sign of waning speculation is the stablecoin supply ratio (SSR), which measures Bitcoin’s supply relative to stablecoins. The SSR has fallen to 8, its lowest level in over four months. It was reportedly last seen when Bitcoin traded around $67,000 before its post-election rally.

這種大幅下降表明，更少的投資者正在積極交易比特幣，而是選擇更穩定的頭寸。斯塔貝克辛供應率（SSR）的另一個跡像是，它相對於穩定幣的供應量（SSR）。 SSR跌至8個，是四個月來最低水平。據報導，這是最後一次出現在比特幣在大選後集會之前交易約67,000美元的時候。

According to the report, an SSR below 10 historically indicates limited buying power for Bitcoin compared to its market cap.

根據該報告，與市值相比，比特幣的購買力有限。

Despite the growing cautious sentiment, Bitcoin has outpaced traditional asset classes since the U.S. presidential election. Compared to stocks, real estate, and precious metals, Bitcoin remains a top-performing asset. One key economic metric, the ICE/BofA U.S. High Yield Index Option-Adjusted Spread (OAS), has dropped from 3.4% to 3.2%, signaling temporary relief for risk assets, including Bitcoin and equities.

儘管人們的情緒越來越謹慎，但比特幣自美國總統大選以來已經超過了傳統資產班。與股票，房地產和貴金屬相比，比特幣仍然是最佳的資產。一個關鍵的經濟指標，ICE/BOFA美國高收益指數期權調整差異（OAS）已從3.4％下降到3.2％，這表明了包括比特幣和股票在內的風險資產的暫時緩解。

This spread measures the difference in yields between high-yield corporate bonds and U.S. Treasuries and serves as a gauge of economic sentiment. However, some analysts warn that this relief may be short-lived. As Trump’s tariff policies take effect, the OAS spread could widen, triggering renewed risk aversion.

這種傳播衡量了高收益公司債券與美國國債之間的收益率差異，並用作經濟情緒的衡量標準。但是，一些分析師警告說，這種救濟可能是短暫的。隨著特朗普的關稅政策生效，OAS的傳播可能會擴大，從而引發了新的風險規避。