比特幣面臨著疲軟的零售需求，對其在公共財政中的作用引起了擔憂

隨著金融格局的不斷發展，政府和機構越來越多地探索加密貨幣在公共資金中的作用。

As the financial landscape continues to evolve, governments and institutions are increasingly exploring the role of cryptocurrency in public funds. With Bitcoin being the leading digital asset, it has emerged as a potential tool for financial diversification, transparency, and efficiency in managing public resources. But can cryptocurrency truly play a sustainable role in public finances?

隨著金融格局的不斷發展，政府和機構越來越多地探索加密貨幣在公共資金中的作用。由於比特幣是領先的數字資產，它已成為財務多元化，透明度和管理公共資源效率的潛在工具。但是，加密貨幣可以真正在公共財政中發揮可持續作用嗎？

Bitcoin retail demand seems to be waning as the number of addresses holding between 0 and 1 BTC continues to decline. This trend raises concerns as smaller彙款人たち play a significant role in driving demand and liquidity in the crypto market.

隨著0到1 BTC之間的地址數量繼續下降，比特幣零售需求似乎正在減弱。這種趨勢引起了人們的關注，因為較小的匯款人たち在加密市場的驅動需求和流動性中發揮了重要作用。

Despite being priced below its all-time high (ATH) of $109,000 in its ongoing consolidation phase, the market remains volatile. At present, Bitcoin is priced around $97,249, with a slight decline of 0.74% from the previous close. While institutional interest remains strong in Bitcoin, the decreasing number of small Bitcoin holders suggests a shift in market dynamics.

儘管在持續合併階段的價格低於其歷史最高（ATH）109,000美元的價格，但市場仍然波動。目前，比特幣的價格約為97,249美元，比以前的收盤價略有下降0.74％。儘管比特幣的機構興趣仍然很大，但小型比特幣持有人的數量減少表明市場動態發生了變化。

According to experts, this decline in retail participation can be attributed to several factors. These include high transaction fees, increased market uncertainty, and shifting investment preferences. Many retail investors are turning to alternative assets like gold, stablecoins, or other cryptocurrencies that offer lower volatility and perceived stability.

專家認為，零售參與的這種下降可以歸因於幾個因素。這些包括高交易費用，增加市場不確定性以及轉移投資偏好。許多散戶投資者正在轉向替代資產，例如黃金，穩定幣或其他具有較低波動性和感知穩定性的加密貨幣。

On-chain data indicates that the Net Realized Profit/Loss (NRPL) is approaching zero, which has historically marked the end of consolidation phases and the beginning of upward momentum. However, without strong retail demand, Bitcoin’s ability to sustain a breakout appears uncertain.

鏈上的數據表明，淨實現的盈利/損失（NRPL）接近零，這在歷史上已經標誌著整合階段的終結和向上動量的開始。但是，沒有強勁的零售需求，比特幣維持突破的能力似乎不確定。

Some analysts remain optimistic, predicting that Bitcoin could surpass $200,000 by 2025. Key drivers of this bullish outlook include increased institutional adoption, the launch of Bitcoin exchange-traded funds (ETFs), and favorable regulatory developments. However, sustained retail participation is crucial for long-term price appreciation.

一些分析師仍然樂觀，預測比特幣到2025年可能會超過200,000美元。這種看漲前景的主要驅動力包括增加的機構採用，啟動比特幣交易所交易資金（ETFS）以及有利的監管發展。但是，持續的零售參與對於長期價格讚賞至關重要。

The decline in small Bitcoin holders also highlights broader market trends, such as concerns over accessibility and affordability. As Bitcoin's price continues to rise, retail investors may find it increasingly difficult to accumulate full coins, leading to reduced participation. Additionally, there are concerns over regulatory crackdowns and taxation policies that may be discouraging new entrants.

小型比特幣持有人的下降還強調了更廣泛的市場趨勢，例如對可訪問性和負擔能力的擔憂。隨著比特幣的價格不斷上漲，散戶投資者可能會發現越來越難以積累完整的硬幣，從而減少了參與。此外，人們對可能阻礙新進入者的監管鎮壓和稅收政策感到擔憂。

In contrast to Bitcoin's struggles, gold has been gaining favor among investors. This shift in preference is occurring as economic uncertainties and inflation fears drive demand for the precious metal, presenting it as an alternative store of value for risk-averse investors.

與比特幣的掙扎相反，黃金在投資者中受到青睞。隨著經濟不確定性和通貨膨脹的擔憂推動對貴金屬的需求，這種偏好的轉變正在發生，這是對規避風險投資者的價值替代品。

Bitcoin's short-term performance will depend on its ability to hold critical support levels, especially around $98,000. A sustained price above this level could attract new investors and bolster bullish momentum. However, failure to maintain this support may lead to further declines, testing lower demand zones.

比特幣的短期績效將取決於其保持關鍵支持水平的能力，尤其是$ 98,000。持續的價格高於此水平，可以吸引新的投資者並增強看漲的勢頭。但是，未能維持這種支持可能會導致進一步下降，從而測試需求區域。

As the market continues to evolve, the role of retail investors will remain a crucial factor in Bitcoin's long-term growth. Monitoring changes in retail participation will provide valuable insights into the overall health and sustainability of the cryptocurrency market. Moreover, as public funds consider innovative financial strategies, Bitcoin's potential role in government reserves and financial management is a topic of ongoing discussion.

隨著市場的不斷發展，散戶投資者的作用將仍然是比特幣長期增長的關鍵因素。監視零售參與的變化將為加密貨幣市場的整體健康和可持續性提供寶貴的見解。此外，由於公共資金考慮了創新的財務策略，比特幣在政府儲備中的潛在作用和財務管理是一個持續討論的話題。