零售比特币持有人正在出售 - 2020年重复？

零售比特币持有人（均衡1 BTC）正在卸载其硬币，以使人联想到2020年后期投降阶段。

Retail Bitcoin holders, defined as those with balances smaller than 1 BTC, are gradually selling off their coins, a pattern strikingly similar to the capitulation phase observed in late 2020.

零售比特币持有者定义为余额小于1 BTC的零售持有人，逐渐出售其硬币，这一模式与2020年底观察到的投降阶段非常相似。

This activity, often fueled by fear, uncertainty, and doubt (FUD), usually prompts smaller investors to liquidate their positions, exiting the market.

这项活动通常是由于恐惧，不确定性和怀疑的推动力（FUD），通常会促使较小的投资者清算其头寸，从而退出市场。

Despite selling, these retail investors currently hold around 1.75 million BTC, a figure 35% larger than the total held during the 2020 sell-off. This disparity highlights a key point—despite the liquidation trends, overall retail accumulation has increased substantially over the past few years.

尽管出售，这些零售投资者目前持有约175万BTC，图比2020年售罄期间持有的总数大35％。这种差异突出了一个关键点 - 尽管清算趋势，但在过去几年中，总体零售积累却大大增加。

While retail capitulation is frequently observed at market bottoms, with weaker hands selling before stronger hands begin accumulating, it could also be a byproduct of persistent macroeconomic conditions and regulatory uncertainty, potentially pushing Bitcoin prices further down in the short term.

尽管在市场底部经常观察到零售投降，但在强大的手开始积累之前，销售较弱，这也可能是持续的宏观经济状况和监管不确定性的副产品，在短期内可能会进一步下跌。

As the cryptocurrency market continues to evolve, investors will be closely monitoring the activity of whales and institutional investors. A shift towards accumulation by these major players could indicate confidence in Bitcoin’s long-term potential.

随着加密货币市场的不断发展，投资者将密切监视鲸鱼和机构投资者的活动。这些主要参与者向积累的转变可能表明对比特币的长期潜力有信心。

Furthermore, shifts in macroeconomic factors, such as interest rates and inflation data, are likely to exert a significant influence on market sentiment, ultimately determining the fate of this unfolding chapter in the Bitcoin saga.

此外，宏观经济因素的转变（例如利率和通货膨胀数据）可能会对市场情绪产生重大影响，最终确定了比特币传奇中这种不断发展的章节的命运。