以太坊的零售差距提出了更多上行空间

根据链链数据提供商加利证的最新分析，以太坊的当前市场动态揭示了零售投资者的显着缺乏

The crypto market has seen some interesting trends in recent times, especially with the absence of retail traders in Ethereum's rally, a factor that might signal the rally is far from over yet.

加密市场近代已经看到了一些有趣的趋势，尤其是在以太坊集会中没有零售商人的情况下，这可能表明集会还远远没有结束。

According to a recent analysis by on-chain data provider CryptoQuant, Ethereum's current market dynamics are revealing a notable absence of retail investors. This is a surprising turn of events, considering the common narrative that altcoins tend to attract more retail interest during bull markets.

根据链上数据提供商加密富特的最新分析，以太坊的当前市场动态表明零售投资者显着缺席。考虑到altcoins在牛市期间倾向于吸引更多零售兴趣的常见叙述，这是一个令人惊讶的事件。

Historically, Ethereum has shown clear patterns during bull markets. In the 2021 cycle, retail trading frequency spiked significantly every time ETH reached a local top. Retail traders, often seen entering late, typically marked the final leg of big price moves. But this time around, the setup looks different.

从历史上看，以太坊在牛市上表现出明显的模式。在2021周期中，每当ETH到达本地顶部时，零售交易频率都会大大提高。零售交易员经常看到迟到，通常标志着最终的大价动作。但是这次，设置看起来有所不同。

Despite Bitcoin's impressive surge from $16,000 to over $111,000, Ethereum hasn't matched the traditional altcoin outperformance narrative. CryptoQuant notes a brief rise in retail interest in December 2024 — marked visually by green dots in their data models — but this momentum was quickly stifled by market jitters.

尽管比特币令人印象深刻的收益从16,000美元到111,000美元以上，但以太坊尚未与传统的Altcoin效果较高的叙述相匹配。 CryptoQuant指出，2024年12月，零售利益的短暂上升，其数据模型中是由绿色点进行视觉标记的 - 但是这种势头很快就被市场烦恼所扼杀。

President Trump's aggressive tariff policies sparked turbulence in the market, ultimately burning through the sliver of retail interest in Ethereum just as it was beginning to build.

特朗普总统的积极关税政策在市场上引发了动荡，最终通过以太坊的零售兴趣燃烧，就像它开始建设一样。

That drop-off suggests retail investors are still sitting on the sidelines, potentially waiting for clearer signals or more favorable conditions before returning in greater numbers.

该下车表明，零售投资者仍在旁观者旁，有可能等待更清晰的信号或更有利的条件，然后再返回更多。

What It Means for Ethereum's Price Action

这对以太坊的价格行动意味着什么

CryptoQuant's analysts suggest that this subdued retail presence might be bullish in disguise. In many past cycles, retail buyers entered late — meaning their absence could point to ETH still being in the early stages of a broader rally. With retail yet to fully jump in, there could be "unpriced upside" left in Ethereum.

加密的分析师表明，这种柔和的零售存在可能是伪装的。在过去的许多周期中，零售买家进入迟到 - 这意味着他们的缺席可能表明ETH仍处于更广泛的集会的早期阶段。随着零售业尚未完全跳入，以太坊可能还会留下“无价上涨”。