加密货币市场退缩，由BTC和ETH的下降和散户投资者从大型车中旋转时退缩

在过去的24小时内，加密货币市场撤退了，这是由主要硬币下降的带领，因为零售投资者从大型代币转换为较小，更具投机性的资产。

Cryptocurrency prices pulled back slightly over the last 24 hours, led by declines in major coins as retail investors switched out of large-cap tokens and into smaller, more speculative assets, according to an over-the-counter trader at Wintermute.

根据Wintermute的一家非处方交易商的说法，在过去的24小时内，加密货币价格略有下降，这是由主要硬币下降的引导，因为零售投资者从大型代币中转换为较小，更具投机性的资产。

Both bitcoin and ether dropped around 2% and the CoinDesk 20 Index (CD20), a measure of the broad market, fell 2.7%.

比特币和以太币都下降了约2％，而Coindesk 20指数（CD20）（衡量广泛市场）下降了2.7％。

"We’ve observed a significant week-on-week increase in retail participation, reinforcing the broader narrative of rising optimism," the trader, Jake O, said in a note on Thursday. "The shift down the risk curve is most evident in retail screen flows."

交易员杰克·奥（Jake O）在周四的一份报告中说：“我们已经观察到零售参与的一周一周大幅度增加，从而增强了更广泛的乐观叙事。” “在零售屏幕流中，降低风险曲线的变化最为明显。”

Institutional investors, for their part, have been more conservative. They're still stocking up on bitcoin, ether and XRP, while easing off positions in solana which has faced "sustained presures."

机构投资者在他们的角度更加保守。他们仍然在比特币，以太和XRP上库存，同时缓解了索拉纳的位置，该位置面临“持续的呈现”。

"Some are viewing SOLETH underperformance as an opportunity to position for Solana topside," Jake noted, pointing to steady buying in $200 Solana call options ahead of June and July.

杰克指出：“有些人认为索雷斯的表现不佳是索拉纳·托斯特（Solana Topside）的定位机会。”

Other options activity suggests traders are hedging for volatility ahead. Call spreads on ether were unwound and some traders moved into collar structures - strategies often used to protect against price swings - signaling caution after recent gains.

其他选项活动表明，交易者正在对冲提前波动。以太的呼叫点差是开阔的，一些交易者进入了衣领结构 - 通常用于防止价格波动的策略 - 近期收益后的信号谨慎。

The growing hedging activity adds a note of caution to retail's swing to speculation. Economic uncertainty, lingering inflation pressures and U.S. tariff policy are all weighing on risk appetite in crypto as well as traditional markets.

越来越多的对冲活动增加了谨慎的注意，零售业的潮流引起了人们的猜测。经济不确定性，通货膨胀压力和美国关税政策都在加密和传统市场中的风险胃口。

Global asset managers, in fact, currently have their largest underweight position in the U.S. dollar in 19 years. Even though President Donald Trump secured a major investment deal with Qatar and a temporary reduction in U.S.-China tariffs, these outcomes may lead to further downside: Spanish bank Bankinter said in a note that the market has shown fatigue over the last trading session.

实际上，全球资产经理目前在19年内拥有美元的体重不足。尽管唐纳德·特朗普总统达成了与卡塔尔的一项重大投资协议，并暂时降低了美中的关税，但这些结果可能会导致进一步的缺点：西班牙银行银行在一份指明中表示，该市场在上一次交易会中表现出疲劳。

"We still think the damage is done: both EPS and prices should feel the strain, with rising inflationary pressures preventing the Fed from cutting rates as much as the market expects," the bank's analysts wrote. Market participants are set to now focus on producer price inflation and retail sales data, as well as on Fed Chair Jerome Powell's speech later today.

该银行分析师写道：“我们仍然认为损害已经造成：每股收益和价格都应该感受到压力，而通货膨胀压力不断增加，阻止美联储的削减速度正如市场所期望的那样。”现在，市场参与者将重点关注生产者的价格通货膨胀和零售数据，以及联邦政府主席Jerome Powell今天晚些时候的讲话。

For the crypto market, a re-test of the all-time high isn't out of the picture.

对于加密市场而言，有史以来最高高的重新测试并不是不可能的。

"Looking ahead, we believe there is further room for digital assets to rally, especially as Coinbase's inclusion into the S&P 500 on 19 May draws closer," Singapore-based QCP Capital wrote. Stay alert!

总部位于新加坡的QCP Capital写道：“展望未来，我们相信数字资产还有进一步的余地，尤其是当Coinbase在5月19日将标准普尔500指数纳入标准普尔500指数时。”保持警觉！

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Source: Farside Investors

资料来源：Farside Investors

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