零售规模交易的比特币交易量最近大幅下降

正如 CrypoQuant 作者 Axel Adler Jr 在 X 上的一篇新文章中所解释的，价值在 1,000 美元到 10,000 美元之间的交易的 BTC 传输总量

On-chain data reveals that the Bitcoin transfer volume for transactions valued between $1,000 and $10,000 has sharply declined recently.

链上数据显示，近期1000美元至10000美元交易的比特币转账量大幅下降。

This “transfer volume” metric tracks the total amount of BTC (in USD) that addresses on the network are moving around daily, as opposed to the “trading volume,” which usually only includes the volume involved in trades on spot exchanges.

这个“转账量”指标跟踪网络上地址每天移动的 BTC 总量（以美元计），而不是“交易量”，后者通常只包括现货交易所交易的交易量。

When this metric is valued high, it signifies that users are moving large sums of Bitcoin on the network, indicating that investors are actively interested in trading the asset.

当该指标估值较高时，表明用户正在网络上转移大量比特币，表明投资者对交易该资产非常感兴趣。

In contrast,低い metric suggests that holders may not be paying attention to the cryptocurrency as they aren't participating in much activity on the network.

相比之下，低い指标表明持有者可能不会关注加密货币，因为他们没有参与网络上的太多活动。

Here's a chart that shows the trend in the 30-day moving average (MA) Bitcoin transfer volume for transactions that involve moving coins worth at least $1,000 and at most $10,000:

下面的图表显示了涉及转移价值至少 1,000 美元和最多 10,000 美元的代币的交易的 30 天移动平均线 (MA) 比特币转移量的趋势：

As you can see from the chart, the Bitcoin transfer volume for transactions of this size spiked to relatively high levels during the rally earlier this year.

从图表中可以看出，在今年早些时候的反弹期间，这种规模交易的比特币传输量飙升至相对较高的水平。

The $1,000 to $10,000-sized transfers are considered relatively small, which would indicate the activity of the smallest investors in the market: retail.

1,000 美元到 10,000 美元规模的转账被认为相对较小，这表明市场上最小投资者的活动：散户。

The increase in this metric from earlier in the year suggests that the price surge ignited interest in the asset from these investors. A similar trend can be observed in the chart during the previous bull run.

该指标较今年早些时候的增长表明，价格飙升引发了这些投资者对该资产的兴趣。在上一次牛市期间，可以在图表中观察到类似的趋势。

Sharp price action is generally exciting to retail investors, so it's no surprise that they tend to become more active during rallies. This increased interest is what makes any surge sustainable for extended periods.

剧烈的价格走势通常会让散户投资者感到兴奋，因此他们在反弹期间往往变得更加活跃也就不足为奇了。这种兴趣的增加使得任何激增都可以长期持续。

As such, only rallies that can attract retail interest can hope to last. As the chart shows, the Bitcoin transfer volume for retail-sized moves peaked in May and has since seen a sharp ۳0 drawdown, indicating that the bearish price action has made these investors vanish.

因此，只有能够吸引散户兴趣的反弹才有希望持续下去。如图所示，散户规模的比特币转账量在 5 月份达到顶峰，此后急剧下降了 30，这表明看跌的价格走势已经使这些投资者消失了。

Interestingly, the downtrend in the indicator persisted even when Bitcoin had made a recovery back above $70,000 a few weeks ago, which could have been a potential foreshadowing that this rally would never stay.

有趣的是，即使比特币几周前回升至 70,000 美元以上，该指标的下降趋势仍然持续，这可能预示着这种反弹永远不会持续。

With the 30-day retail transfer volume floating at the same lows as during the bearish period in July 2021, any new recovery runs could also be set up for failure unless the indicator shows a revival.

由于 30 天零售转账量与 2021 年 7 月看跌期间的低点相同，任何新的复苏运行也可能会失败，除非指标显示复苏。

BTC Price

比特币价格

At the time of writing, Bitcoin is trading at around $62,200, down over 4% in the past week.

截至撰写本文时，比特币交易价格约为 62,200 美元，过去一周下跌超过 4%。