比特幣（BTC）零售市場參與正在上升

零售參與比特幣（BTC）市場正在上升，因為鏈上數據表明，較小的投資者正在逐漸重新進入該空間。

The article discusses the increasing participation of retail investors in the Bitcoin (BTC) market, which is often an indicator of the next leg up in price.

文章討論了散戶投資者在比特幣（BTC）市場中的參與日益加劇，這通常是下一個價格上漲的指標。

On-chain data from CryptoQuant indicates that smaller investors, defined as wallets holding less than $10,000 worth of BTC, are gradually returning to the market.

來自CryptoQuant的鏈上數據表明，定義為持有少於10,000美元的BTC的錢包的較小投資者正在逐漸返回市場。

This activity is in contrast to the behavior of institutional investors, who typically remain engaged in the market throughout bear and bull markets.

這項活動與機構投資者的行為相反，機構投資者通常在整個熊和牛市中都從事市場。

Retail investors, on the other hand, tend to exit the market in times of distress and are usually the last to enter when confidence returns.

另一方面，散戶投資者傾向於在遇險時期退出市場，通常是在信心返回時最後一次進入的市場。

This renewed activity is a positive sign for Bitcoin and could act as a catalyst for further price gains.

這種新的活動是比特幣的積極信號，可以作為進一步價格上漲的催化劑。

According to on-chain analyst Carmelo Aleman, retail participants are returning to the market.

根據鏈分析師Carmelo Aleman的說法，零售參與者正在返回市場。

While these smaller investors may not time the market as effectively as institutional players, their behavior remains a key part of understanding the broader market sentiment.

儘管這些較小的投資者可能無法像機構參與者那樣有效地付出市場，但他們的行為仍然是了解更廣泛的市場情緒的關鍵部分。

As more retail investors join, they tend to create a positive feedback loop, reinforcing bullish narratives and driving increased buying pressure, which can attract even more participants.

隨著越來越多的零售投資者的加入，他們傾向於創建一個積極的反饋循環，增強看漲的敘述並驅動增加的購買壓力，這會吸引更多的參與者。

This activity is visible in the BTC: Retail Investor 30-Day Change indicator, which turned positive on April 28 and has shown a 3.4% increase in retail buying through May 13.

在BTC：零售投資者30天變更指標中可見這項活動，該指標在4月28日變化為正面，並顯示零售價增加了3.4％，直到5月13日。

This signals a strong resurgence in small-investor activity, especially considering that it typically takes around 180 days for retail investors to fully re-enter the market after a bear market.

這標誌著小型投資者活動的強烈復興，尤其是考慮到零售投資者通常需要180天大約需要180天的時間才能在熊市之後完全重新進入市場。

If Bitcoin maintains its upward momentum, the broader crypto market could benefit as retail investors begin diversifying into other assets in search of higher returns.

如果比特幣保持上升勢頭，那麼更廣泛的加密貨幣市場可能會受益，因為散戶投資者開始多樣化，以尋求更高的回報。

This could benefit the entire crypto space, as small investors are likely to diversify into other projects, including DeFi, staking, futures, and other instruments.

這可能會使整個加密貨幣領域受益，因為小型投資者可能會多元化到其他項目，包括Defi，Staking，Futures和其他工具。

All signs point to this shift in retail behavior being the start of a new wave of mass adoption in the cryptocurrency market.

所有跡像都表明，零售行為的這種轉變是加密貨幣市場中新批量採用的開始。

Other on-chain indicators such as active addresses, unspent transaction output (UTXO) count, new addresses, and transfer volume often rise in tandem with growing retail activity.

其他鏈上的指標，例如主動地址，未進行交易輸出（UTXO）計數，新地址和轉移量通常與零售活動不斷增長的同時。

However, a few red flags suggest caution. Notably, the Exchange Stablecoins Ratio (USD) recently surged to 5.3 during Bitcoin’s rally to $104,000.

但是，一些危險信號表示謹慎。值得注意的是，在比特幣集會上，最近的交易所穩定比率（USD）飆升至5.3美元，至104,000美元。

This suggests that BTC reserves on exchanges now exceed stablecoin balances – a signal that selling pressure could be building.

這表明BTC儲備金現在超過了Stablecoin餘額，這表明銷售壓力可能正在建立。

According to CryptoQuant contributor EgyHash, a reading above 5.0 is historically significant. A similar spike to 6.1 in January was followed by a sharp price correction, indicating that investors may be rotating from BTC back into cash.

根據CryptoQuant的貢獻者Egyhash的說法，高於5.0的讀物在歷史上很重要。一月份的尖峰與6.1相似，隨後進行了急劇的價格校正，表明投資者可能會從BTC返回現金。

Despite some cautionary indicators, Bitcoin continues to exhibit bullish momentum. The Stochastic RSI is showing renewed strength, and other technical signals suggest the rally could continue. At press time, BTC trades at $103,993, up 0.3% in the past 24 hours.

儘管有一些警告指標，但比特幣仍表現出看漲的勢頭。隨機RSI顯示出更新的強度，其他技術信號表明該集會可以繼續。發稿時，BTC的交易價格為103,993美元，在過去24小時內增長了0.3％。