加密貨幣市場退縮，由BTC和ETH的下降和散戶投資者從大型車中旋轉時退縮

在過去的24小時內，加密貨幣市場撤退了，這是由主要硬幣下降的帶領，因為零售投資者從大型代幣轉換為較小，更具投機性的資產。

Cryptocurrency prices pulled back slightly over the last 24 hours, led by declines in major coins as retail investors switched out of large-cap tokens and into smaller, more speculative assets, according to an over-the-counter trader at Wintermute.

根據Wintermute的一家非處方交易商的說法，在過去的24小時內，加密貨幣價格略有下降，這是由主要硬幣下降的引導，因為零售投資者從大型代幣中轉換為較小，更具投機性的資產。

Both bitcoin and ether dropped around 2% and the CoinDesk 20 Index (CD20), a measure of the broad market, fell 2.7%.

比特幣和以太幣都下降了約2％，而Coindesk 20指數（CD20）（衡量廣泛市場）下降了2.7％。

"We’ve observed a significant week-on-week increase in retail participation, reinforcing the broader narrative of rising optimism," the trader, Jake O, said in a note on Thursday. "The shift down the risk curve is most evident in retail screen flows."

交易員傑克·奧（Jake O）在周四的一份報告中說：“我們已經觀察到零售參與的一周一周大幅度增加，從而增強了更廣泛的樂觀敘事。” “在零售屏幕流中，降低風險曲線的變化最為明顯。”

Institutional investors, for their part, have been more conservative. They're still stocking up on bitcoin, ether and XRP, while easing off positions in solana which has faced "sustained presures."

機構投資者在他們的角度更加保守。他們仍然在比特幣，以太和XRP上庫存，同時緩解了索拉納的位置，該位置面臨“持續的呈現”。

"Some are viewing SOLETH underperformance as an opportunity to position for Solana topside," Jake noted, pointing to steady buying in $200 Solana call options ahead of June and July.

傑克指出：“有些人認為索雷斯的表現不佳是索拉納·托斯特（Solana Topside）的定位機會。”

Other options activity suggests traders are hedging for volatility ahead. Call spreads on ether were unwound and some traders moved into collar structures - strategies often used to protect against price swings - signaling caution after recent gains.

其他選項活動表明，交易者正在對沖提前波動。以太的呼叫點差是開闊的，一些交易者進入了衣領結構 - 通常用於防止價格波動的策略 - 近期收益後的信號謹慎。

The growing hedging activity adds a note of caution to retail's swing to speculation. Economic uncertainty, lingering inflation pressures and U.S. tariff policy are all weighing on risk appetite in crypto as well as traditional markets.

越來越多的對沖活動增加了謹慎的注意，零售業的潮流引起了人們的猜測。經濟不確定性，通貨膨脹壓力和美國關稅政策都在加密和傳統市場中的風險胃口。

Global asset managers, in fact, currently have their largest underweight position in the U.S. dollar in 19 years. Even though President Donald Trump secured a major investment deal with Qatar and a temporary reduction in U.S.-China tariffs, these outcomes may lead to further downside: Spanish bank Bankinter said in a note that the market has shown fatigue over the last trading session.

實際上，全球資產經理目前在19年內擁有美元的體重不足。儘管唐納德·特朗普總統達成了與卡塔爾的一項重大投資協議，並暫時降低了美中的關稅，但這些結果可能會導致進一步的缺點：西班牙銀行銀行在一份指明中表示，該市場在上一次交易會中表現出疲勞。

"We still think the damage is done: both EPS and prices should feel the strain, with rising inflationary pressures preventing the Fed from cutting rates as much as the market expects," the bank's analysts wrote. Market participants are set to now focus on producer price inflation and retail sales data, as well as on Fed Chair Jerome Powell's speech later today.

該銀行分析師寫道：“我們仍然認為損害已經造成：每股收益和價格都應該感受到壓力，而通貨膨脹壓力不斷增加，阻止美聯儲的削減速度正如市場所期望的那樣。”現在，市場參與者將重點關註生產者的價格通貨膨脹和零售數據，以及聯邦政府主席Jerome Powell今天晚些時候的講話。

For the crypto market, a re-test of the all-time high isn't out of the picture.

對於加密市場而言，有史以來最高高的重新測試並不是不可能的。

"Looking ahead, we believe there is further room for digital assets to rally, especially as Coinbase's inclusion into the S&P 500 on 19 May draws closer," Singapore-based QCP Capital wrote. Stay alert!

總部位於新加坡的QCP Capital寫道：“展望未來，我們相信數字資產還有進一步的餘地，尤其是當Coinbase在5月19日將標準普爾500指數納入標準普爾500指數時。”保持警覺！

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CoinDesk's Consensus is taking place in Toronto on May 14-16. Use code DAYBOOK and save 15% on passes.

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Source: Farside Investors

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