比特币需求在减半前大幅下滑，投资者需谨慎

在地缘政治紧张局势下，随着 4 月份 ETF 资金流入激增，比特币需求出现下降。数据显示需求增长下降，伴随着交易量和未平仓合约的下降。此外，Tether（USDT）主导地位的上升表明加密资产向稳定币的转换增加，反映了市场的不确定性和购买压力的减少。需求的平静可能是由于对矿商潜在抛售比特币的担忧所影响。

Weakened Bitcoin Demand Prior to Halving: Patience Urged for Investors

减半前比特币需求减弱：投资者需保持耐心

Amidst geopolitical tensions escalating in the Middle East, Bitcoin [BTC] has experienced a decline in demand growth, as evidenced by a drop in exchange-traded fund (ETF) inflows in April.

在中东地缘政治紧张局势升级的情况下，比特币 [BTC] 的需求增长出现下滑，四月份交易所交易基金 (ETF) 流入量下降就证明了这一点。

Data from CryptoQuant, a leading cryptocurrency analysis firm, reveals that Bitcoin's demand has witnessed a significant drop, as highlighted by a chart shared by Julio Moreno, the firm's head of research.

领先的加密货币分析公司 CryptoQuant 的数据显示，正如该公司研究主管 Julio Moreno 分享的图表所强调的那样，比特币的需求已大幅下降。

Furthermore, the trading volume and open interest behind Bitcoin have been steadily decreasing since late March, according to data from Coinglass. This trend suggests that the market has been dominated by selling pressure due to an abundance of supply and relatively low demand.

此外，根据 Coinglass 的数据，自 3 月下旬以来，比特币的交易量和未平仓合约一直在稳步下降。这一趋势表明，由于供应充足和需求相对较低，市场一直受到抛售压力的主导。

The increase in Tether (USDT) Dominance, which measures the proportion of the crypto market capitalization held in the stablecoin USDT, indicates that market participants are increasingly converting their assets into USDT. This typically occurs during periods of market uncertainty when investors seek safety in stablecoins.

Tether (USDT) 主导地位（衡量稳定币 USDT 持有的加密货币市值比例）的增加表明，市场参与者越来越多地将其资产转换为 USDT。这种情况通常发生在市场不确定时期，投资者寻求稳定币的安全。

The current rise in USDT Dominance bears some resemblance to the period leading up to the 2020 Bitcoin halving. From May 4th to 18th of that year, USDT Dominance surged, followed by a lateral movement at 3.47% for eight weeks.

目前 USDT 主导地位的上升与 2020 年比特币减半之前的时期有一些相似之处。当年5月4日至18日，USDT统治力飙升，随后以3.47%的水平横向波动了八周。

If historical patterns repeat themselves, crypto prices could remain rangebound for the next month or two. However, the ETH/BTC chart suggests that further dominance increases are possible.

如果历史模式重演，加密货币价格可能会在未来一两个月内保持区间波动。然而，ETH/BTC 图表表明，主导地位有可能进一步增加。

Benjamin Cowen, founder of Into The Cryptoverse, observed that ETH/BTC has recently broken below a key technical support level, a phenomenon last seen in July 2019. Following this event, both Bitcoin Dominance and Tether Dominance rose for two months, suggesting altcoin capitulation.

Into The Cryptoverse 创始人 Benjamin Cowen 观察到，ETH/BTC 最近跌破了关键技术支撑位，这种现象上次出现于 2019 年 7 月。此事件发生后，比特币主导地位和 Tether 主导地位均上升了两个月，表明山寨币投降。

Investors should be aware that a similar scenario could unfold in the coming months, leading to further dominance gains by Bitcoin and USDT.

投资者应该意识到，未来几个月可能会出现类似的情况，导致比特币和 USDT 进一步占据主导地位。

In conclusion, Bitcoin demand has weakened in the lead-up to the halving event, largely attributed to geopolitical tensions and uncertain market conditions. While a revival is anticipated, investors are advised to exercise patience and monitor market developments closely. The rise in Tether Dominance and potential dominance gains by Bitcoin and altcoins warrant careful consideration.

总之，比特币需求在减半事件之前有所减弱，这主要归因于地缘政治紧张局势和不确定的市场状况。尽管预计会出现复苏，但建议投资者保持耐心并密切关注市场发展。 Tether 主导地位的上升以及比特币和山寨币的潜在主导地位值得仔细考虑。