随着零售利益的减弱，比特币的集会面临现实检查。这是暂时的呼吸还是更深层校正的迹象？

Bitcoin Chill Pill: Retail Participation Cools as Demand Slows

比特币寒意药：随着需求的减慢，零售参与会冷却

Bitcoin's been on a wild ride, huh? But lately, things have felt a little…different. The buzz isn't quite as loud, and that FOMO feeling? Not as intense. Let's dive into what's happening with Bitcoin, retail participation, and this apparent slowdown in demand.

比特币一直在疯狂骑行，是吗？但是最近，事情感觉有些不同。嗡嗡声并不那么大声，而Fomo的感觉？不那么激烈。让我们深入了解比特币，零售参与以及需求明显放缓的情况。

The Cooling Phase: What the Data Says

冷却阶段：数据所说的

According to Glassnode, a crypto analytics platform, Bitcoin's market has entered a "cooling phase." This comes after Bitcoin failed to consistently stay above the $111,000 level. The real kicker? "Softening retail participation and a retreat from aggressive buying," which is evident with the Spot Cumulative Volume Delta (CVD) turning bearish. That's a fancy way of saying the buying pressure isn't what it used to be.

根据加密分析平台GlassNode的说法，比特币的市场进入了“冷却阶段”。这是在比特币未能始终保持超过111,000美元的水平之后。真正的踢脚？ “减轻零售参与和积极购买的撤退”，这很明显，当时累积的数量达美（CVD）变成看跌。这是一种奇特的说法，说购买压力不是过去的样子。

Think of it like this: the Spot CVD is like a barometer for the spot market. When it's rising, everyone's buying. When it's falling, people are getting a little spooked.

这样想：现场CVD就像是现货市场的晴雨表。当它上升时，每个人都在购买。当它跌倒时，人们会有些惊吓。

Even though inflows to spot Bitcoin ETFs have been strong (institutional demand is still there, folks!), on-chain activity isn't showing the same enthusiasm. Lower fees, stagnant active addresses, and moderate transfer volumes paint a picture of less organic activity.

即使流入以发现比特币ETF的水平很强（伙计们！），链活动并没有表现出同样的热情。较低的费用，停滞的主动地址和中等转移量的图片描绘了有机活动较少的图片。

The $150,000 Question (and Beyond!)

$ 150,000的问题（及以后！）

While some analysts are still throwing around figures like $150,000 to $250,000 by the end of the year, more conservative estimates are in the $120,000 to $150,000 range. A project like Rexas Finance is also trying to ride the Bitcoin wave. But remember, hype doesn't always equal reality.

到年底，一些分析师仍在抛弃$ 150,000至250,000美元，但更保守的估计在120,000美元至150,000美元之间。像Rexas Finance这样的项目也试图骑比特币浪潮。但是请记住，炒作并不总是等于现实。

What's Next? A Potential Sell-Off?

接下来是什么？潜在的抛售？

Here's a slightly concerning stat: almost 97% of the Bitcoin supply is currently in profit. That's fantastic for holders, but it also creates a risk. If demand doesn't pick back up from both retail and institutional investors, we could see a significant sell-off.

这是一个有点关注的统计数据：目前，几乎97％的比特币供应量都在获利。对于持有人来说，这是很棒的，但这也会带来风险。如果需求没有从零售和机构投资者那里得到备份，我们会看到大量抛售。

My Two Satoshis

我的两个satoshis

While the current cooling phase might seem a bit unsettling, it's important to remember that markets are cyclical. Bitcoin's had an incredible run, and a bit of a breather is probably healthy. The key is to watch for signs of renewed retail interest and continued institutional support. If those factors return, we could see Bitcoin regain its upward momentum. If not, buckle up for a potentially bumpy ride.

尽管当前的冷却阶段似乎有些不安，但重要的是要记住市场是周期性的。比特币的跑步令人难以置信，喘口气可能很健康。关键是要注意新零售利息的迹象和持续的机构支持。如果这些因素返回，我们可以看到比特币会重新获得其向上的动力。如果没有，请搭扣，以进行潜在的颠簸。

The Bottom Line

底线

So, is this the end of the Bitcoin party? Probably not. But it's a good reminder that nothing goes up forever. Stay informed, manage your risk, and don't let FOMO drive your decisions. And hey, maybe use this time to catch up on some sleep – you'll need it for the next bull run!

那么，这是比特币党的终结吗？可能不是。但这是一个很好的提醒，什么都没有上升。保持知情，管理您的风险，不要让FOMO推动您的决定。嘿，也许用这段时间来赶上睡眠 - 您将需要下一次公牛跑步！