比特币需求达到了过去一年的最低水平

市场态度的重大变化是由于比特币需求达到了过去一年的最低水平。来自加密量的链上数据表明，明显的需求已变为负面

A major shift in market attitude is evident as Bitcoin demand reaches its lowest level in the past year, according to on-chain data from CryptoQuant. The apparent demand, which measures the change between newly supplied tokens and those remaining dormant for over a year, has turned negative, a crucial indicator suggesting fewer BTC are being actively acquired.

CryptoFunt的链链数据显示，随着比特币需求在过去一年中达到其最低水平，市场态度的重大转变是显而易见的。明显的需求衡量了新提供的令牌与剩余的休眠状态之间的变化一年多，这是负面的，这是一个关键的指标，表明积极获取BTC更少。

This trend sparks questions about investor confidence, market stability, and possible influence on the price path of Bitcoin.

这种趋势引发了有关投资者信心，市场稳定以及对比特币价格路径的可能影响的问题。

Weakest Bitcoin Demand Of The Year

年度最弱的比特币需求

"Demand has been decreasing since December and keeps going down with time. This suggests that investors are becoming more cautious and may be shifting toward less risky assets."

“自12月以来的需求一直在减少，并且随着时间的流逝而不断下降。这表明投资者变得越来越谨慎，可能正在转向较小的风险资产。”

The most recent research by CryptoQuant shows a clear decline in the apparent demand for Bitcoin, which measures the difference between newly supplied tokens and those that have remained inactive for more than a year. The indicator remained positive until late February, according to the chart, but it has now slipped into negative territory.

CryptoQuant的最新研究表明，对比特币的明显需求明显下降，这衡量了新提供的代币与一年以上不活动的代币之间的差异。根据图表的数据，该指标一直保持积极，直到2月下旬，但现在已滑入负面领域。

Historically, when apparent demand falls below zero, it indicates that either investors are actively selling or are indifferent to buying Bitcoin, which reduces accumulation rates.

从历史上看，当明显的需求低于零时，这表明投资者正在积极销售或对购买比特币无动于衷，这会降低积累率。

The ongoing decrease in demand since December hints at increasing investor caution, perhaps influenced by macroeconomic uncertainty, regulatory pressure, and shifting risk appetites.

自12月以来的需求持续下降暗示，投资者的谨慎态度可能会受到宏观经济不确定性，监管压力和风险偏好的影响。

How The Market Is Reacting: Volatility And Price Weakness

市场的反应方式：波动和价格弱点

With decreasing demand, the price of the asset has struggled to gain momentum. The graph shows a strong correlation between demand weakness and price movement, with the price falling sharply in early March as demand turned negative.

随着需求的减少，资产的价格一直在努力获得动力。该图显示了需求弱点与价格变动之间的密切相关性，由于需求变为负面，3月初的价格在3月初急剧下降。

The market is becoming more volatile as BTC fails to hold key support levels. Should the trend continue, Bitcoin may experience more negative pressure, especially if new demand fails to counter the selling pressure from long-term holders.

由于BTC未能保持关键支持水平，因此市场变得越来越波动。如果趋势继续下去，比特币可能会承受更大的负压，尤其是如果新需求未能应对长期持有人的销售压力。

The red bars in the graph, which show negative demand, suggest that the current market cycle is entering a high-risk phase where selling pressure might outpace accumulation.

图表中的红色条显示出负面需求，这表明当前的市场周期正在进入高风险阶段，销售压力可能会超过空间的积累。

Investor Sentiment And Market Implications

投资者的情绪和市场影响

The persistent decrease in demand showcases increasing uncertainty among investors. Factors such as rising interest rates, geopolitical tensions, and the broader risk-off sentiment in traditional financial markets could contribute to reduced Bitcoin accumulation.

需求的持续下降显示，投资者的不确定性增加了。诸如利率上升，地缘政治紧张局势以及传统金融市场中更广泛的冒险情绪等因素可能导致比特币积累的累积。

However, Bitcoin has historically seen swings in demand before major recoveries. While the current pattern is bearish, long-term investors might see this as an opportunity to acquire BTC at lower price points.

但是，从历史上看，比特币在重大恢复之前就已经看到了需求。尽管当前的模式是看跌的，但长期投资者可能会认为这是以较低价格获取BTC的机会。

The next direction will be largely decided in the coming weeks. If demand remains negative, we might see the price of Bitcoin facing more downward pressure, and if the demand increases, so does the price.

下一个方向将在接下来的几周内主要决定。如果需求仍然为负，我们可能会看到比特币的价格面临更大的向下压力，如果需求增加，价格也会增加。