随着投资者将重点转移到更安全的资产，比特币投机交易会冷静下来

投机性比特币交易正在冷静下来，因为投资者将重点转移到更安全的数字资产上。据报道，市场不确定性，全球贸易紧张局势和最近的成员骗局已导致风险食欲降低。

Speculative Bitcoin (BTC) trading has cooled off in recent months as investors adjusted their portfolios to favor safer digital assets amid market uncertainty, according to a recent report by Coindesk.

根据Coindesk最近的一份报告，近几个月来，投机性比特币（BTC）交易已经冷静下来，因为投资者调整了投资组合以在市场不确定性的情况下对更安全的数字资产偏爱更安全的数字资产。

The report, which cites data from Glassnode, highlights a significant drop in Bitcoin’s “hot supply” - the percentage of BTC held for a week or less - from 5.9% in late November to just 2.3% by March 20.

该报告引用了GlassNode的数据，该报告强调了比特币的“热供应”的大幅下降 - BTC的百分比一周或更短 - 从11月下旬的5.9％到3月20日到3月20日的2.3％。

This substantial decline suggests that fewer investors are actively trading Bitcoin, opting instead for more stable positions. Another sign of waning speculation is the stablecoin supply ratio (SSR), which measures Bitcoin’s supply relative to stablecoins. The SSR has fallen to 8, its lowest level in over four months. It was reportedly last seen when Bitcoin traded around $67,000 before its post-election rally.

这种大幅下降表明，更少的投资者正在积极交易比特币，而是选择更稳定的头寸。斯塔贝克辛供应率（SSR）的另一个迹象是，它相对于稳定币的供应量（SSR）。 SSR跌至8个，是四个月来最低水平。据报道，这是最后一次出现在比特币在大选后集会之前交易约67,000美元的时候。

According to the report, an SSR below 10 historically indicates limited buying power for Bitcoin compared to its market cap.

根据该报告，与市值相比，比特币的购买力有限。

Despite the growing cautious sentiment, Bitcoin has outpaced traditional asset classes since the U.S. presidential election. Compared to stocks, real estate, and precious metals, Bitcoin remains a top-performing asset. One key economic metric, the ICE/BofA U.S. High Yield Index Option-Adjusted Spread (OAS), has dropped from 3.4% to 3.2%, signaling temporary relief for risk assets, including Bitcoin and equities.

尽管人们的情绪越来越谨慎，但比特币自美国总统大选以来已经超过了传统资产班。与股票，房地产和贵金属相比，比特币仍然是最佳的资产。一个关键的经济指标，ICE/BOFA美国高收益指数期权调整差异（OAS）已从3.4％下降到3.2％，这表明了包括比特币和股票在内的风险资产的暂时缓解。

This spread measures the difference in yields between high-yield corporate bonds and U.S. Treasuries and serves as a gauge of economic sentiment. However, some analysts warn that this relief may be short-lived. As Trump’s tariff policies take effect, the OAS spread could widen, triggering renewed risk aversion.

这种传播衡量了高收益公司债券与美国国债之间的收益率差异，并用作经济情绪的衡量标准。但是，一些分析师警告说，这种救济可能是短暂的。随着特朗普的关税政策生效，OAS的传播可能会扩大，从而引发了新的风险规避。