比特币的出色价格业绩不再保证零售市场利益

Bitwise Asset Management首席执行官Hunter Horsley已回应了比特币对Google趋势的搜索量的震惊下降

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的首席执行官Hunter Horsley对比特币对Google趋势的搜索量的震惊下降做出了回应，这一发展与今年比特币的出色价格业绩保持一致。

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早些时候报道的那样，尽管比特币在2024年设定了新鲜的历史最高点，但公共利益，尤其是在普通投资者中，却有所下降。即使比特币超过74,000美元，Google趋势数据显示，硬币的搜索兴趣下降到一年中的最低水平。这种悖论意味着，与过去的周期不同，尤其是在2017年和2021年，价格行动本身不再刺激广泛的参与。

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.

造成这种下降的主要原因是在较早的市场周期的可怕悲剧之后，零售投资者仍然谨慎。当FTX，Celsius和Terra在内的大型平台崩溃时，许多常规投资者被士气低落。一旦迷失，信任就需要时间来治愈。对于许多人来说，比特币的恢复不足以产生新的热情。

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.

与过去的公牛跑步时，公共歇斯底里和媒体的预期推动了巨大的搜索量，目前的周期目睹了更柔和的零售反应。 Horsley强调，即使比特币生态系统变得更加强大，零售参与者更加歧视，怀疑和不易行动。

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.

迷住了新鲜投资投资者的模因硬币的出现是另一个重要的影响。尤其是在诸如Solana之类的快速低成本网络和泵等平台上。 Fun使启动和交易新鲜的模因对消费者来说非常简单。

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.

数据表明，在比特币搜索兴趣下降的同一时期，搜索“ Memecoin”急剧跳跃。这意味着，尽管对加密货币的普遍兴趣仍然充满活力，但现在的重点是更投机，高风险的赌注，而不是众所周知的加密货币。

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为许多年轻的投资者提供了快速，巨额回报的承诺；比特币现在被某些人视为“婴儿潮硬币”的东西不再有力地提供。

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

令人着迷的是，机构变得更加参与比特币，而常规投资者则略有退缩。

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，机构流入比特币ETF和资金仍然保持了强劲。主要资产经理，养老基金和家庭办事处逐渐增加了其对比特币的接触，而不是瞬态投机工具，而不是瞬态的投机工具。这种机构认可提供了一定程度的稳定性，并可能使比特币免受零售态度变化带来的一些波动率。

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.

搜索量的下降并不一定意味着比特币的厄运。取而代之的是，它突出了一个不断变化的市场动态：零售热情不再是比特币扩展叙事的唯一驱动力。

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.

随着下一代投资者探索其他硬币和想法，比特币逐渐成为机构级的资产。任何有兴趣遵循比特币未来轨迹的人都需要了解这种过渡。