投机性食欲从加密货币市场消失

由于最近在Memecoin骗局和宏观经济不确定性浪潮之后，投资者正在寻找更安全的数字资产投资，因此投机性的胃口正在消失。

Speculative appetite is vanishing from the crypto markets, as investors are looking for safer digital asset investments following the recent wave of memecoin scams and macroeconomic uncertainty.

由于最近在Memecoin骗局和宏观经济不确定性浪潮之后，投资者正在寻找更安全的数字资产投资，因此投机性的胃口正在消失。

Bitcoin’s hot supply metric, which measures the Bitcoin (BTC) aged one week or less, is down over 50%, from 5.9% at the end of November to just 2.3% on March 20, Glassnode data shows.

GlassNode数据显示，比特币的热供应指标衡量了一周或更短的比特币（BTC），比11月底的5.9％下降了50％以上，而不是3月20日的2.3％。

The metric’s decline signals an investor shift to safer investment positioning amid the recent market volatility, according to Ryan Lee, chief analyst at Bitget Research.

Bitget Research首席分析师瑞安·李（Ryan Lee）表示，该指标的下降标志着投资者在最近的市场波动中转移了更安全的投资定位。

Bitcoin hot supply metric. Source: Glassnode

比特币热源指标。来源：玻璃节

Global trade tensions and fluctuating market dynamics are making investors reconsider their strategies, the analyst told Cointelegraph, adding:

分析师告诉Cointelegraph，全球贸易紧张局势和波动的市场动态使投资者重新考虑其策略，并补充说：

“This trend isn't solely rooted in fear, it also reflects a more pragmatic approach to investing.”

“这种趋势不仅源于恐惧，还反映了一种更务实的投资方法。”

Related: Bitcoin experiencing ‘shakeout,’ not end of 4-year cycle: Analysts

相关：比特币经历“摇摆”的比特币，不是4年结束：分析师

The stablecoin supply ratio (SSR), which measures the ratio between Bitcoin and stablecoin supply, also suggests that investors are still hesitant to take on significant new positions.

衡量比特币和Stablecoin供应之间比率的Stablecoin供应比（SSR）也表明，投资者仍然不愿担任重要的新职位。

BTC SSR ratio, 1-year chart. Source: Glassnode

BTC SSR比率，1年图表。来源：玻璃节

The SSR ratio stood at an over four-month low of 8, last seen at the beginning of November 2024, when Bitcoin was trading at $67,000, just before the post-election rally took BTC to a new all-time high of $109,000.

SSR的比率在2024年11月初，当时比特币的交易价格为67,000美元，在大选后的交易中，在四个月以上的8个月以上，在大选后拉力赛之前将BTC带到了109,000美元的新高点。

Historically, SSR values below 10 are considered low, indicating that there is relatively low stablecoin buying power among investors, compared to Bitcoin’s market cap.

从历史上看，与比特币的市值相比，投资者之间的SSR值低于10，这表明投资者的稳定股票购买力相对较低。

The cautious crypto investor positioning aligns with the sentiment among traditional market participants, according to Enmanuel Cardozo, market analyst at Brickken real-world asset (RWA) tokenization platform.

Brickken Real-World Asset（RWA）Tokenization平台的市场分析师Enmanuel Cardozo表示，谨慎的加密投资者定位与传统市场参与者之间的情感保持一致。

The market analyst told Cointelegraph:

市场分析师告诉Cointelegraph：

Asset performance post-Trump administration takeover. Source: Thomas Fahrer

资产绩效在贸易行政后收购。资料来源：托马斯司机

Despite the growing investor caution, Bitcoin outperformed all major global assets since US President Donald Trump’s election, including the stock market, equities, US treasuries, real estate and precious metals.

尽管投资者的警告不断增长，但自美国总统唐纳德·特朗普（Donald Trump）的当选以来，比特币（Bitcoin）表现出色，包括股票市场，股票，美国国债，房地产和贵金属。

Related: Whale closes $516M 40x Bitcoin short, pockets $9.4M profit in 8 days

相关：鲸鱼关闭$ 5.16亿美元40倍比特币短，口袋在8天内的利润940万美元

Speculative appetite is “fading” among crypto investors

投机性食欲是加密投资者的“淡出”

The cooldown in Bitcoin’s hot supply metric shows faltering speculative appetite, according to technical analyst Kyledoops, who wrote in a March 21 X post:

根据技术分析师Kyledoops的说法，比特币热供应指标中的冷却性供应表明，他在3月21日X帖子中写道：

“This means fewer fresh coins in circulation, reduced liquidity, and lower market participation,” added the analyst.

分析师补充说：“这意味着流通量减少，流动性降低和降低市场参与。”

Despite the current lack of risk appetite, analysts remain optimistic on Bitcoin’s price trajectory for the rest of 2025, with price predictions ranging from $160,000 to above $180,000.

尽管目前缺乏风险食欲，但分析师对比特币在2025年其余时间的价格轨迹仍然乐观，价格预测范围从160,000美元到180,000美元不等。