比特幣正在以104,000美元的價格調情，但散戶投資者的熱情崩潰了

Google搜索和交易應用程序下載量達到了前所未有的低點。這種對比揭示了令人擔憂的悖論：在這個歷史悠久的公牛週期中，零售投資者在哪裡？

Despite Bitcoin flirting with the $104,000 mark and a historic bull cycle unfolding, retail investor enthusiasm is reportedly collapsing.

儘管比特幣以104,000美元的成績調情，並且歷史悠久的公牛週期正在展開，但據報導，零售投資者的熱情卻崩潰了。

Google searches for the term "Bitcoin" have returned to levels seen in June 2024, when BTC was trading around $66,000. Similarly, the Coinbase app, a classic barometer of retail demand, fell to 15th place in the finance category of the U.S. app store, close to its ranking mid-last year.

Google搜索“比特幣”一詞已恢復到2024年6月BTC交易約66,000美元的水平。同樣，Coinbase App是一種經典的零售需求晴雨表，在美國App Store的財務類別中跌至第15位，接近其中期的排名。

This low activity contrasts with Bitcoin's bullish movements, suggesting retail investors are waiting for a clearer signal or a clear breakthrough of a record to return strongly.

這種低活動與比特幣的看漲動作形成鮮明對比，這表明零售投資者正在等待更清晰的信號或紀錄的明顯突破以返回。

However, this lack of interest contrasts sharply with the bullish performance of Bitcoin in recent months. Since the beginning of 2025, several indicators suggest that small investors have been net sellers of Bitcoin.

但是，這種缺乏興趣與近幾個月來比特幣的看漲表現形成鮮明對比。自2025年初以來，一些指標表明，小型投資者一直是比特幣的淨賣方。

According to Glassnode data cited by Blockware Solutions, retail investors were overall net sellers in 2025. They sold an estimated 247,000 BTC, valued at approximately $23 billion at the average price for the period.

根據Blockware Solutions引用的GlassNode數據，散戶投資者在2025年全面銷售商。他​​們售出了約247,000 BTC，價值約為230億美元，價格為當時的平均價格。

In contrast, companies have been making the majority of Bitcoin purchases. These purchases, largely driven by well-known figures like Michael Saylor, have seen professional entities concentrate their acquisition strategies, leading them to accumulate 157,000 BTC.

相比之下，公司一直在進行大多數比特幣購買。這些購買主要是由邁克爾·賽勒（Michael Saylor）等知名人物驅動的，已經看到專業實體集中了他們的收購策略，導致他們積累了157,000 BTC。

This movement highlights a gradual transfer of BTC market control towards more experienced players, reducing the active share of retail investors in price formation.

這一運動強調了BTC市場控制逐漸向更有經驗的參與者轉移，從而減少了散戶投資者在價格形成中的積極份額。

As the Bitcoin price broke through crucial levels in November 2024 and March 2025, interest from retail investors, measured by Google Trends data, predictably surged.

隨著2024年11月和2025年3月的至關重要水平的比特幣價格破裂，通過Google趨勢數據衡量的散戶投資者的興趣可以預見。

However, this interest arrived relatively late compared to the market's reaction. Notably, the peak in Google searches occurred about a week after the Bitcoin price peak in March 2025.

但是，與市場的反應相比，這種興趣相對較晚。值得注意的是，Google搜索的峰值發生在2025年3月的比特幣價格峰值之後的一周。

Furthermore, following the breakout of $90,000 in November 2024, there was a delay in the response of trading apps. After the rally began in March 2025, the Coinbase app climbed to third place in the finance category of the U.S. app store, but it quickly fell to 15th place by mid-August.

此外，在2024年11月的90,000美元中斷之後，交易應用程序的響應延遲。集會於2025年3月開始之後，Coinbase應用程序在美國App Store的財務類別中升至第三名，但在8月中旬迅速下降至第15位。

This pattern suggests that retail investors usually react with a delay of a week or two after a historic event, such as a new all-time high or the breakout of a crucial price level.

這種模式表明，零售投資者通常在歷史性事件之後的一兩個星期延遲反應，例如新的歷史高潮或關鍵價格水平的突破。

However, this late entry into the Bitcoin market exposes them to several risks, mainly losing most of the gains.

但是，進入比特幣市場的遲到使他們面臨幾種風險，主要失去了大部分收益。

Tracking Google searches and trading app rankings provides a valuable tool to anticipate retail investor behaviors. These leading indicators reveal not only the current demand but also predict the emergence of renewed interest. For example, a decrease in searches for "Bitcoin" might signal a pending decline in demand from small investors. Conversely, an increase in searches could indicate an upcoming surge in retail buying pressure.

跟踪Google搜索和交易應用程序排名為預測散戶投資者行為提供了寶貴的工具。這些領先的指標不僅揭示了當前的需求，而且還可以預測新的興趣的出現。例如，對“比特幣”的搜索減少可能表明小型投資者的需求待定下降。相反，搜索的增加可能表明即將到來的零售購買壓力激增。

Moreover, this monitoring method provides an additional analytical window complementary to financial data, essential for understanding retail investor psychology and its impact on the cryptocurrency market.

此外，這種監控方法提供了對財務數據的額外分析窗口，這對於了解零售投資者心理學及其對加密貨幣市場的影響至關重要。

Overall, this analysis showcases the shifting dynamics in the Bitcoin market, with institutions taking the lead while retail investors appear to be pulling back from the crypto scene. As the bull cycle continues, it remains to be seen how these trends will unfold further, especially with experts discussing several scenarios for altseason 2025 that could influence the overall market dynamics.

總體而言，該分析展示了比特幣市場的變化動態，機構佔據領先地位，而散戶投資者似乎正在從加密貨幣場景中退縮。隨著公牛週期的繼續，這些趨勢將如何進一步發展，尤其是專家討論了2025年Altseason的幾種情況，這些方案可能會影響整體市場動態。