随着美国投资者的退缩，比特币市场冷却，但恢复迹象出现了

比特币最近经历了下降，其价格下跌至96,800美元，反映出市场上的谨慎感。在一段显着增长的时期之后，这一衰退是在很大程度上是由于新投资者兴趣激增的驱动。

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.

比特币的价格已降至96,800美元左右，显示出市场上的谨慎感。在一段强劲的增长时期，这一不景气是在新投资者兴趣激增的驱动下。

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，最新的市场数据表明，从新投资者（尤其是美国）购买活动减慢，导致了最近的价格下跌。尽管如此，一些指标指出了潜在的反弹，使投资者的希望保持活力。

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

新投资者的激增将比特币的价格推向了新高度

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.

比特币今年早些时候的出色表现可以归因于大量的新投资者。这个小组渴望利用比特币的日益普及，是推动加密货币价格更高的关键驱动力。

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.

根据领先的区块链分析平台CryptoQuant的说法，新的和旧的比特币供应的比率为这一趋势提供了宝贵的见解。该比率将过去一周购买的比特币数量与六到十二个月前购买的比特币数量相比。

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.

如数据所示，当新老比特币的购买比率增加时，它通常表明越来越多的新投资者进入市场。这种购买行为通常与价格集会相吻合，这在2025年初很明显。

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.

随着越来越多的新投资者购买比特币，价格飙升，促成了整体看涨市场情绪。当比率保持升高时，向上的动力尤其明显，这表明对比特币的需求强劲，这可能会提高其价格。

U.S. Investors Begin to Cool Off

美国投资者开始冷静下来

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.

尽管新投资者的兴趣帮助比特币上涨了价格，但对市场的仔细研究表明，最近负责最近激增的美国投资者正在退缩。衡量美国投资者购买活动的Coinbase Premium指数显示出明显下降。

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.

以前曾在正范围内的该指标从0.129下降到0.010，这表明从这个关键投资者组中购买势头的减少。

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指数仍在积极的领土上，这一事实表明，美国的投资者只是减慢了他们的购买，而不是完全退出市场。购买活动的这种减速可能导致比特币最近的价格下跌，但总体市场情绪仍然谨慎乐观。

Market Transactions Reflect Shift in Investor Activity

市场交易反映了投资者活动的变化

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，美国投资者的兴趣也很明显。在过去的24小时内，比特币交易已减少到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，在此期间交易的比特币的总价值仍然显着，超过606,570 BTC，价值591亿美元，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.

该数据表明，尽管比特币的价格略有下跌，但仍有大量的市场活动。尽管价格下跌，但交易量仍然很高，这一事实表明买卖量密切相关。

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.

这种均衡很重要，因为它意味着比特币的价格可能不会延长下降趋势，并且仍然可能有增长的空间，尤其是如果购买活动再次兴起。

Could a Rebound Be on the Horizon?

反弹可以在地平线上吗？

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.

在市场放缓的情况下，有一个有希望的迹象表明比特币可以恢复。要注意的最重要指标之一是资金率，这反映了市场中长期和短职位之间的平衡。

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.

当筹资率变为正面时，这表明大多数市场参与者都押注价格上涨，这通常会使比特币的价格更高。

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，跨主要交易所比特币的总融资率在积极领域。这是一个强烈的信号，表明投资者仍在担任看涨的立场，并可能为反弹做准备。

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

只要资金率保持积极，比特币的价格可能需要获得向上势头所需的支持。

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，要注意的是一个重要的细微差别：Binance是最大的加密货币交易所之一，目前正在经历负资金率。历史趋势表明，当筹资率为负时，比特币往往会看到大量的价格反弹。

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.

如果这种模式成立，它可能会为价格集会奠定基础，并有可能在不久的将来将比特币推回超过100,000美元。

The Road Ahead for Bitcoin

比特币前方的道路

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.

尽管市场最近放缓，但比特币对不久的将来的前景仍然相对积极。尽管美国的投资者减慢了购买的减慢，但总体市场情绪仍然看涨，诸如筹资率之类的积极指标为价格反弹带来了希望。

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

只要市场在买卖活动之间保持平衡，比特币的价格就可以稳定，甚至恢复其向上的轨迹。

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

展望未来，对于投资者而言，密切监视资金率和交易量至关重要。如果比特币的价格再次增加，它可能会推动