随着零售需求的减少，比特币市场动态转移，黄金收益青睐

迈克尔·塞勒（Michael Saylor）的神秘社交媒体帖子（Cryptic Social Media Post）在Microstrategy在比特币收购中停了下来，引发了人们的猜测。

Michael Saylor's cryptic social media post has sparked speculation, especially in light of MicroStrategy pausing its Bitcoin acquisitions. The crypto community awaits Saylor's next move amid possible shifts in corporate strategy.

迈克尔·塞勒（Michael Saylor）的神秘社交媒体帖子引发了人们的猜测，尤其是鉴于微观策略暂停了其比特币的收购。加密社区在公司战略发生可能的转变中等待Saylor的下一步行动。

As the financial landscape continues to evolve, governments and institutions are increasingly exploring the role of cryptocurrency in public funds. Bitcoin, as the leading digital asset, 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?

随着金融格局的不断发展，政府和机构越来越多地探索加密货币在公共资金中的作用。作为领先的数字资产，比特币已成为财务多元化，透明度和管理公共资源效率的潜在工具。但是，加密货币可以真正在公共财政中发挥可持续作用吗？

Bitcoin is currently facing weak retail demand, with the number of addresses holding between 0 and 1 BTC declining. This trend raises concerns about retail investor participation in the crypto market, as smallholders play a significant role in driving demand and liquidity.

比特币目前面临的零售需求疲软，持有0到1 BTC之间的地址数量正在下降。这种趋势引起了人们对散户投资者参与加密市场的担忧，因为小农在推动需求和流动性方面发挥了重要作用。

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

尽管比特币的持续合并阶段，其交易量低于其历史最高（ATH）109,000美元，但市场仍然波动。目前，比特币的价格约为97,249美元，反映出比以前的收盘价略有下降0.74％。尽管机构兴趣仍然很大，但小型比特币持有人的数量减少表明市场动态发生了变化。

Experts attribute this decline in retail participation to several factors, including high transaction fees, increased market uncertainty, and shifting investment preferences. Many retail investors are turning to alternative assets such as gold, stablecoins, or other cryptocurrencies that offer lower volatility and perceived stability.

专家将零售参与下降的这种下降归因于几个因素，包括高交易费用，增加市场不确定性和转移投资偏好。许多散户投资者正在转向替代资产，例如黄金，稳定币或其他具有较低波动性和感知稳定性的加密货币。

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

链上的数据表明，净实现的利润/损失（NRPL）接近零，从历史上标则标志着巩固阶段的终结和向上动量的开始。但是，没有强劲的零售需求，比特币保持突破的能力仍然不确定。

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.

一些分析师仍然乐观，预测比特币到2025年可能会超过200,000美元。这种看涨前景的主要驱动力包括增加的机构采用，启动比特币交易所交易资金（ETFS）以及有利的监管发展。但是，持续的零售参与对于长期价格赞赏至关重要。

The decline in small Bitcoin holders also highlights broader market trends, including 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, concerns over regulatory crackdowns and taxation policies may be discouraging new entrants.

小比特币持有人的下降还强调了更广泛的市场趋势，包括对可及性和负担能力的担忧。随着比特币的价格不断上涨，散户投资者可能会发现越来越难以积累完整的硬币，从而减少了参与。此外，对监管镇压和税收政策的担忧可能会阻止新进入者。

In contrast, gold has been gaining favor among investors as Bitcoin struggles to maintain its previous momentum. Economic uncertainties and inflation fears have driven demand for the precious metal, providing an alternative store of value for risk-averse investors.

相比之下，随着比特币努力维持以前的势头，黄金在投资者中受到青睐。经济不确定性和通货膨胀恐惧促使人们对贵金属的需求，为规避风险投资者提供了另一种价值存储。

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

比特币的短期绩效将取决于其保持关键支持水平的能力，尤其是$ 98,000。持续的价格高于此水平，可以重新启动看涨的势头并吸引新的投资者。但是，无法维持这种支持可能会导致进一步下降，从而测试需求区域。

As the market evolves, the role of retail investors will remain a crucial factor in Bitcoin's long-term growth. Monitoring changes in retail participation will provide insights into the overall health and sustainability of the cryptocurrency market. Furthermore, as public funds look toward innovative financial strategies, Bitcoin's potential role in government reserves and financial management remains a topic of intense debate.

随着市场的发展，散户投资者的作用将是比特币长期增长的关键因素。监测零售参与的变化将为加密货币市场的整体健康和可持续性提供见解。此外，随着公共资金着眼于创新的财务战略，比特币在政府储备和财务管理中的潜在作用仍然是激烈辩论的话题。