比特幣的出色價格業績不再保證零售市場利益

Bitwise Asset Management首席執行官Hunter Horsley已回應了比特幣對Google趨勢的搜索量的震驚下降

Hunter Horsley, CEO of Bitwise Asset Management, has responded to the startling drop in Bitcoin’s search volume on Google Trends—a development that is in keeping with Bitcoin’s outstanding price performance this year.

Bitwise Asset Management的首席執行官Hunter Horsley對比特幣對Google趨勢的搜索量的震驚下降做出了回應，這一發展與今年比特幣的出色價格業績保持一致。

As reported by Benzinga earlier, despite Bitcoin setting fresh all-time highs in 2024, public interest, especially among ordinary investors, has decreased substantially. Even when Bitcoin surpassed $74,000, Google Trends data showed that search interest for the coin declined to its lowest level in a year. This paradox implies that, unlike in past cycles, most especially in 2017 and 2021, price action by itself no longer stimulates widespread participation.

正如Benzinga早些時候報導的那樣，儘管比特幣在2024年設定了新鮮的歷史最高點，但公共利益，尤其是在普通投資者中，卻有所下降。即使比特幣超過74,000美元，Google趨勢數據顯示，硬幣的搜索興趣下降到一年中的最低水平。這種悖論意味著，與過去的周期不同，尤其是在2017年和2021年，價格行動本身不再刺激廣泛的參與。

One main cause of the decline is still cautious retail investors following the horrific tragedies of earlier market cycles. Many regular investors were demoralised when big platforms including FTX, Celsius, and Terra collapsed. Once lost, trust takes time to heal; for many, the recovery of Bitcoin was insufficient to generate fresh enthusiasm.

造成這種下降的主要原因是在較早的市場週期的可怕悲劇之後，零售投資者仍然謹慎。當FTX，Celsius和Terra在內的大型平台崩潰時，許多常規投資者被士氣低落。一旦迷失，信任就需要時間來治愈。對於許多人來說，比特幣的恢復不足以產生新的熱情。

Unlike past bull runs when public hysteria and media anticipation drove enormous search volumes, the present cycle is witnessing a more subdued retail reaction. Horsley highlighted that retail players are more discriminating, dubious, and less prone to act impulsively, even if the Bitcoin ecosystem has become more robust generally.

與過去的公牛跑步時，公共歇斯底里和媒體的預期推動了巨大的搜索量，目前的周期目睹了更柔和的零售反應。 Horsley強調，即使比特幣生態系統變得更加強大，零售參與者更加歧視，懷疑和不易行動。

The emergence of meme coins which have captivated a fresh crop of speculative investors, is another important influence. Particularly on fast, low-cost networks like Solana and platforms like Pump. Fun has made launching and trading fresh memecoins quite simple for consumers.

迷住了新鮮投資投資者的模因硬幣的出現是另一個重要的影響。尤其是在諸如Solana之類的快速低成本網絡和泵等平台上。 Fun使啟動和交易新鮮的模因對消費者來說非常簡單。

Data reveals that searches for "memecoin" jumped sharply during the same period when Bitcoin search interest dropped. This implies that although general interest in cryptocurrencies is still vibrant, the emphasis now is on more speculative, high-risk bets instead of well-known cryptocurrencies.

數據表明，在比特幣搜索興趣下降的同一時期，搜索“ Memecoin”急劇跳躍。這意味著，儘管對加密貨幣的普遍興趣仍然充滿活力，但現在的重點是更投機，高風險的賭注，而不是眾所周知的加密貨幣。

Memecoins give many younger investors the promise of fast, large returns; something Bitcoin, now viewed by some as a "boomer coin," no longer offers as powerfully.

Memecoins為許多年輕的投資者提供了快速，巨額回報的承諾；比特幣現在被某些人視為“嬰兒潮硬幣”的東西不再有力地提供。

Fascinatingly, institutions have become more involved with Bitcoin, while regular investors have backed away slightly.

令人著迷的是，機構變得更加參與比特幣，而常規投資者則略有退縮。

Horsley noted that even while public interest seems to be declining, institutional flows into Bitcoin ETFs and funds have stayed robust. Viewed more as a long-term store of value than a transient speculating instrument, major asset managers, pension funds, and family offices are progressively increasing their exposure to Bitcoin. This institutional acceptance offers a degree of stability and might shield Bitcoin from some of the volatility brought about by changes in retail attitude.

霍斯利指出，即使公共利益似乎正在下降，機構流入比特幣ETF和資金仍然保持了強勁。主要資產經理，養老基金和家庭辦事處逐漸增加了其對比特幣的接觸，而不是瞬態投機工具，而不是瞬態的投機工具。這種機構認可提供了一定程度的穩定性，並可能使比特幣免受零售態度變化帶來的一些波動率。

The drop in search volume does not necessarily mean doom for Bitcoin. Instead, it highlights a shifting market dynamic: retail enthusiasm is no longer the sole driver of Bitcoin's expansion narrative.

搜索量的下降並不一定意味著比特幣的厄運。取而代之的是，它突出了一個不斷變化的市場動態：零售熱情不再是比特幣擴展敘事的唯一驅動力。

As the next generation of investors explores other coins and ideas, Bitcoin is gradually becoming an institutional-grade asset. Anyone interested in following Bitcoin's future trajectory needs to understand this transition.

隨著下一代投資者探索其他硬幣和想法，比特幣逐漸成為機構級的資產。任何有興趣遵循比特幣未來軌蹟的人都需要了解這種過渡。