自4月中旬以來，比特幣[BTC]顯示了投資者行為的重大變化

鯨魚和零售活動之間的這種差異表明市場情緒變化。

Since mid-April, there have been significant changes in investor behavior towards Bitcoin [BTC]. According to Glassnode data, Whale Inflows dropped from $5B to $3B, while retail participation rose from $12B to $15B.

自4月中旬以來，投資者對比特幣的行為發生了重大變化[BTC]。根據GlassNode數據，鯨魚流入從$ 5B下降到$ 3B，而零售參與則從$ 12B上升到$ 15B。

This divergence between whale and retail activity signaled a shift in market sentiment. While large investors had become more cautious, retail inflows continued to increase but remained below previous all-time highs. According to CCData, although retail inflows have grown, they still trail historical highs.

鯨魚和零售活動之間的這種差異表明市場情緒發生了變化。儘管大型投資者變得越來越謹慎，但零售價繼續增加，但仍低於以前的歷史高潮。根據CCDATA的說法，儘管零售流入已經增長，但它們仍然落後於歷史最高點。

Is market sentiment turning bearish? According to Binance data, BTC’s Long-Short Ratio showed 56.99% of accounts held short positions, while only 43.01% were long. This revealed a bearish sentiment as more traders were positioning themselves for a downturn. The dominance of short positions suggests increased skepticism. Consequently, volatility could rise, especially if a short squeeze occurs.

市場情緒在看跌嗎？根據Binance數據，BTC的長期比率顯示出56.99％的賬戶職位職位短，而只有43.01％的人數很長。這表明，隨著越來越多的貿易商將自己定位為低迷，這表明了看跌的情緒。短職位的主導地位表明懷疑性增加。因此，波動性可能會提高，特別是如果發生短暫的擠壓。

Meanwhile, BTC’s Social Dominance dropped to 20.6%, with a Social Volume of 853 as of press time. This decline from previous levels suggests a cooling of market enthusiasm. Social media engagement plays a critical role in driving retail interest. Therefore, if BTC’s social buzz continues to decline, it could hinder its ability to sustain momentum.

同時，BTC的社會優勢下降到20.6％，截至發稿時，社會量為853。從以前的水平下降表明市場熱情冷卻。社交媒體參與在推動零售利益方面起著至關重要的作用。因此，如果BTC的社會嗡嗡聲繼續下降，它可能會阻礙其維持動力的能力。

This point was further highlighted by crypto market intelligence firm CCData's latest report. According to their analysis, overall investor activity in April 2024 decreased compared to the previous month, with a 10% drop in both net inflow and outflow volumes.

加密市場情報公司CCDATA的最新報告進一步強調了這一點。根據他們的分析，與上個月相比，2024年4月的總投資者活動減少了，淨流入和流出量下降了10％。

However, despite the decline in total activity, there was a shift towards retail participation. According to their data, considering the past 30 days, net inflow volumes from derivatives exchanges, typically used more heavily by retail traders, reached $14.4 billion. In contrast, net inflow volumes from spot exchanges, usually preferred by institutional traders, were $6.7 billion.

但是，儘管全部活動的下降，但零售參與也有所轉移。根據他們的數據，考慮到過去30天，衍生品交易所的淨流入量通常由零售商人大量使用，達到144億美元。相比之下，通常由機構交易者首選的現貨交易所的淨流入量為67億美元。

Breaking down the inflow activity, retail traders exhibited stronger participation, with a 76% decrease in net inflow volumes compared to the previous month. However, this volume remained relatively high at $14.4 billion. In contrast, institutional trader activity saw a steeper decline of 93% from the previous month, reaching $6.7 billion in net inflow volume.

分解流入活動的零售交易者表現出更強的參與，與上個月相比，淨流入量減少了76％。但是，這一卷保持相對較高，為144億美元。相比之下，機構交易者活動比上個月下降了93％，淨流入量達到67億美元。

Interestingly, whales haven’t completely left.

有趣的是，鯨魚還沒有完全離開。

Large Holder Netflow data from late April revealed that large investors continued to accumulate BTC around $95K. The 30-day change showed a +101.14% increase in institutional interest. However, the 7-day change of -1586.71% indicated some short-term outflows.

大型持有人的NetFlow數據從4月下旬開始顯示，大型投資者繼續積累了BTC約9.5萬美元。 30天的變化顯示機構利益增加了101.14％。但是，-1586.71％的7天變化表明一些短期流出。

Despite short-term fluctuations, the positive netflow trend over the past month suggests that institutions remain confident in BTC’s future potential.

儘管短期波動，但過去一個月的積極淨流趨勢表明，機構對BTC的未來潛力仍然有信心。

The shift in investor behavior could have implications for BTC's price trends in the short term.

在短期內，投資者行為的轉變可能會對BTC的價格趨勢產生影響。

The decrease in overall investor activity might indicate a period of consolidation or sideways trading as market participants become more cautious.

整體投資者活動的減少可能表明，隨著市場參與者變得更加謹慎，合併或側向交易期。

However, the strong inflows from retail traders and the ongoing accumulation by large investors suggest that BTC could encounter support levels and continue to encounter buying pressure, especially if it faces any significant pullbacks.

但是，零售商人和大型投資者持續積累的大量流入表明，BTC可能會遇到支持水平並繼續遇到購買壓力，尤其是在面臨任何重大回調的情況下。

The combination of strong retail participation and large investors' accumulation signals a balanced market with broad participation, which could bode well for BTC's price stability and potential for sustained rallies.

強大的零售參與與大型投資者的積累結合，信號是一個平衡的市場，這可以很好地訓練BTC的價格穩定性和持續集會的潛力。

The data from CCData and on-chain analysis platforms highlight the changing dynamics in the crypto market, with a stronger presence of retail investors and persistent institutional interest.

CCDATA和鏈分析平台的數據突出了加密貨幣市場中不斷變化的動態，零售投資者和持續的機構興趣更強。

This shift in investor behavior could have implications for BTC's price trends and overall market sentiment in the coming months.

投資者行為的這種轉變可能會對未來幾個月的BTC價格趨勢和整體市場情緒產生影響。

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