比特币正在以104,000美元的价格调情，但散户投资者的热情崩溃了

Google搜索和交易应用程序下载量达到了前所未有的低点。这种对比揭示了令人担忧的悖论：在这个历史悠久的公牛周期中，零售投资者在哪里？

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

尽管比特币以104,000美元的成绩调情，并且历史悠久的公牛周期正在展开，但据报道，零售投资者的热情却崩溃了。

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“比特币”一词已恢复到2024年6月BTC交易约66,000美元的水平。同样，Coinbase App是一种经典的零售需求晴雨表，在美国App Store的财务类别中跌至第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.

这种低活动与比特币的看涨动作形成鲜明对比，这表明零售投资者正在等待更清晰的信号或纪录的明显突破以返回。

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，这种缺乏兴趣与近几个月来比特币的看涨表现形成鲜明对比。自2025年初以来，一些指标表明，小型投资者一直是比特币的净卖方。

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.

根据Blockware Solutions引用的GlassNode数据，散户投资者在2025年全面销售商。他​​们售出了约247,000 BTC，价值约为230亿美元，价格为当时的平均价格。

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，公司一直在进行大多数比特币购买。这些购买主要是由迈克尔·赛勒（Michael Saylor）等知名人物驱动的，已经看到专业实体集中了他们的收购策略，导致他们积累了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.

这一运动强调了BTC市场控制逐渐向更有经验的参与者转移，从而减少了散户投资者在价格形成中的积极份额。

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.

随着2024年11月和2025年3月的至关重要水平的比特币价格破裂，通过Google趋势数据衡量的散户投资者的兴趣可以预见。

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，与市场的反应相比，这种兴趣相对较晚。值得注意的是，Google搜索的峰值发生在2025年3月的比特币价格峰值之后的一周。

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美元中断之后，交易应用程序的响应延迟。集会于2025年3月开始之后，Coinbase应用程序在美国App Store的财务类别中升至第三名，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.

这种模式表明，零售投资者通常在历史性事件之后的一两个星期延迟反应，例如新的历史高潮或关键价格水平的突破。

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

但是，进入比特币市场的迟到使他们面临几种风险，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搜索和交易应用程序排名为预测散户投资者行为提供了宝贵的工具。这些领先的指标不仅揭示了当前的需求，而且还可以预测新的兴趣的出现。例如，对“比特币”的搜索减少可能表明小型投资者的需求待定下降。相反，搜索的增加可能表明即将到来的零售购买压力激增。

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，这种监控方法提供了对财务数据的额外分析窗口，这对于了解零售投资者心理学及其对加密货币市场的影响至关重要。

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.

总体而言，该分析展示了比特币市场的变化动态，机构占据领先地位，而散户投资者似乎正在从加密货币场景中退缩。随着公牛周期的继续，这些趋势将如何进一步发展，尤其是专家讨论了2025年Altseason的几种情况，这些方案可能会影响整体市场动态。