自4月中旬以来，比特币[BTC]显示了投资者行为的重大变化

鲸鱼和零售活动之间的这种差异表明市场情绪变化。

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月中旬以来，投资者对比特币的行为发生了重大变化[BTC]。根据GlassNode数据，鲸鱼流入从$ 5B下降到$ 3B，而零售参与则从$ 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.

鲸鱼和零售活动之间的这种差异表明市场情绪发生了变化。尽管大型投资者变得越来越谨慎，但零售价继续增加，但仍低于以前的历史高潮。根据CCDATA的说法，尽管零售流入已经增长，但它们仍然落后于历史最高点。

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.

市场情绪在看跌吗？根据Binance数据，BTC的长期比率显示出56.99％的账户职位职位短，而只有43.01％的人数很长。这表明，随着越来越多的贸易商将自己定位为低迷，这表明了看跌的情绪。短职位的主导地位表明怀疑性增加。因此，波动性可能会提高，特别是如果发生短暂的挤压。

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.

同时，BTC的社会优势下降到20.6％，截至发稿时，社会量为853。从以前的水平下降表明市场热情冷却。社交媒体参与在推动零售利益方面起着至关重要的作用。因此，如果BTC的社会嗡嗡声继续下降，它可能会阻碍其维持动力的能力。

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.

加密市场情报公司CCDATA的最新报告进一步强调了这一点。根据他们的分析，与上个月相比，2024年4月的总投资者活动减少了，净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，尽管全部活动的下降，但零售参与也有所转移。根据他们的数据，考虑到过去30天，衍生品交易所的净流入量通常由零售商人大量使用，达到144亿美元。相比之下，通常由机构交易者首选的现货交易所的净流入量为67亿美元。

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.

分解流入活动的零售交易者表现出更强的参与，与上个月相比，净流入量减少了76％。但是，这一卷保持相对较高，为144亿美元。相比之下，机构交易者活动比上个月下降了93％，净流入量达到67亿美元。

Interestingly, whales haven’t completely left.

有趣的是，鲸鱼还没有完全离开。

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数据从4月下旬开始显示，大型投资者继续积累了BTC约9.5万美元。 30天的变化显示机构利益增加了101.14％。但是，-1586.71％的7天变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.

尽管短期波动，但过去一个月的积极净流趋势表明，机构对BTC的未来潜力仍然有信心。

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

在短期内，投资者行为的转变可能会对BTC的价格趋势产生影响。

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

整体投资者活动的减少可能表明，随着市场参与者变得更加谨慎，合并或侧向交易期。

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，零售商人和大型投资者持续积累的大量流入表明，BTC可能会遇到支持水平并继续遇到购买压力，尤其是在面临任何重大回调的情况下。

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.

强大的零售参与与大型投资者的积累结合，信号是一个平衡的市场，这可以很好地训练BTC的价格稳定性和持续集会的潜力。

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和链分析平台的数据突出了加密货币市场中不断变化的动态，零售投资者和持续的机构兴趣更强。

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

投资者行为的这种转变可能会对未来几个月的BTC价格趋势和整体市场情绪产生影响。

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