![\"Retailov\u00e1](\"https:\/\/www.europesays.com\/cz\/wp-content\/uploads\/2026\/05\/btc-56.png\")
<\/p>\nBitcoin se znovu dost\u00e1v\u00e1 pod tlak a \u010d\u00e1st analytik\u016f za\u010d\u00edn\u00e1 otev\u0159en\u011b mluvit o n\u00e1vratu medv\u011bd\u00ed n\u00e1lady na trh. Data z burzy Binance ukazuj\u00ed v\u00fdrazn\u00fd pokles aktivity drobn\u00fdch investor\u016f, zat\u00edmco agresivn\u00ed prodeje na futures trhu p\u0159ekro\u010dily hranici 2 miliard dolar\u016f. <\/p>\n
Sou\u010dasn\u011b sl\u00e1bne i spotov\u00e1 popt\u00e1vka po bitcoinu, co\u017e komplikuje snahy BTC o stabiln\u011bj\u0161\u00ed r\u016fst nad d\u016fle\u017eit\u00fdmi cenov\u00fdmi \u00farovn\u011bmi.<\/p>\n
Drobn\u00ed investo\u0159i ustupuj\u00ed z trhu<\/p>\n
Dle analytika CryptoQuant vystupuj\u00edc\u00edho pod p\u0159ezd\u00edvkou Darkfost klesla aktivita drobn\u00fdch investor\u016f na Binance na historick\u00e1 minima. Ukazatel sleduj\u00edc\u00ed bitcoinov\u00e9 vklady z pen\u011b\u017eenek s m\u00e9n\u011b ne\u017e 1 BTC aktu\u00e1ln\u011b dosahuje pr\u016fm\u011bru pouze kolem 314 BTC m\u011bs\u00ed\u010dn\u011b.<\/p>\n
<\/p>\n
\t\tRetailov\u00e1 aktivita kles\u00e1 na historick\u00e1 minima, zat\u00edmco p\u0159\u00edliv BTC se propad\u00e1. \u010casto se \u0159\u00edk\u00e1, \u017ee bitcoinov\u00fd trh se neust\u00e1le vyv\u00edj\u00ed a postupn\u011b m\u011bn\u00ed. To je dob\u0159e vid\u011bt zejm\u00e9na na chov\u00e1n\u00ed r\u016fzn\u00fdch \u00fa\u010dastn\u00edk\u016f trhu, p\u0159edev\u0161\u00edm drobn\u00fdch investor\u016f. Retailov\u00ed investo\u0159i v tomto p\u0159\u00edpad\u011b ozna\u010duj\u00ed dr\u017eitele, kte\u0159\u00ed vlastn\u00ed m\u00e9n\u011b ne\u017e 1 BTC. Dnes p\u0159\u00edlivy BTC na Binance od retailov\u00fdch investor\u016f pr\u00e1v\u011b dos\u00e1hly nejni\u017e\u0161\u00ed \u00farovn\u011b v historii m\u011b\u0159en\u00ed. Zdroj: CryptoQuant<\/p>\n
Pro srovn\u00e1n\u00ed, b\u011bhem medv\u011bd\u00edho trhu v roce 2022 dosahovaly vklady drobn\u00fdch investor\u016f zhruba 1 800 BTC m\u011bs\u00ed\u010dn\u011b. V obdob\u00ed lok\u00e1ln\u00edho vrcholu bitcoinu v b\u0159eznu 2024 se pohybovaly okolo 1 200 BTC.<\/p>\n
P\u0159edchoz\u00ed cykly p\u0159itom ukazovaly mnohem vy\u0161\u0161\u00ed aktivitu drobn\u00fdch investor\u016f. V roce 2018 retailov\u00e9 p\u0159\u00edlivy dosahovaly a\u017e 5 400 BTC a b\u011bhem roku 2021 p\u0159ibli\u017en\u011b 2 600 BTC.<\/p>\n
ETF fondy m\u011bn\u00ed chov\u00e1n\u00ed investor\u016f<\/p>\n
Darkfost upozornil, \u017ee \u010d\u00e1st investor\u016f pravd\u011bpodobn\u011b p\u0159esouv\u00e1 sv\u016fj z\u00e1jem ze samotn\u00fdch kryptoburz do spotov\u00fdch bitcoinov\u00fdch ETF fond\u016f. M\u00edsto p\u0159\u00edm\u00e9ho dr\u017een\u00ed BTC na burz\u00e1ch tak vyu\u017e\u00edvaj\u00ed tradi\u010dn\u011bj\u0161\u00ed investi\u010dn\u00ed produkty.<\/p>\n
Ani zm\u00edn\u011bn\u00fd trend ale aktu\u00e1ln\u011b nesta\u010d\u00ed k pos\u00edlen\u00ed trhu. Data CryptoQuant ukazuj\u00ed, \u017ee r\u016fst retailov\u00e9 popt\u00e1vky v\u00fdrazn\u011b zpomaluje. T\u0159icetidenn\u00ed zm\u011bna popt\u00e1vky drobn\u00fdch investor\u016f klesla z 7,39 % na pouh\u00fdch 3,12 % b\u011bhem jedin\u00e9ho t\u00fddne.<\/p>\n
![\"Bitcoin](\"https:\/\/www.europesays.com\/cz\/wp-content\/uploads\/2026\/05\/btc-57.png\")
<\/p>\n
\t\tBitcoin retail investor demand ozna\u010duje popt\u00e1vku po bitcoinu ze strany drobn\u00fdch investor\u016f, tedy b\u011b\u017en\u00fdch lid\u00ed a men\u0161\u00edch trader\u016f. Sleduje se nap\u0159\u00edklad podle n\u00e1kup\u016f BTC, vklad\u016f na burzy nebo aktivity pen\u011b\u017eenek s mal\u00fdm mno\u017estv\u00edm bitcoinu. Vy\u0161\u0161\u00ed retailov\u00e1 popt\u00e1vka obvykle znamen\u00e1 rostouc\u00ed z\u00e1jem ve\u0159ejnosti o trh. Zdroj: CryptoQuant<\/p>\n
P\u0159edchoz\u00ed hodnota p\u0159itom p\u0159edstavovala nejsiln\u011bj\u0161\u00ed r\u016fst retailov\u00e9 popt\u00e1vky od srpna 2025, kdy se bitcoin obchodoval pobl\u00ed\u017e 115 tis\u00edc dolar\u016f.<\/p>\n
Futures trh vys\u00edl\u00e1 dal\u0161\u00ed varovn\u00e9 sign\u00e1ly<\/p>\n
Dal\u0161\u00ed probl\u00e9m p\u0159ich\u00e1z\u00ed z futures trhu. Analytik Amr Taha upozornil na dva v\u00fdrazn\u00e9 n\u00e1r\u016fsty agresivn\u00edch prodejn\u00edch objedn\u00e1vek na Binance b\u011bhem ned\u00e1vn\u00e9ho poklesu ceny bitcoinu.<\/p>\n
![\"Exchange](\"https:\/\/www.europesays.com\/cz\/wp-content\/uploads\/2026\/05\/futures-volume.png\")
<\/p>\n
\t\tExchange futures volume USDT pair je objem obchodov\u00e1n\u00ed futures kontrakt\u016f mezi kryptom\u011bnou a stablecoinem USDT na burze. Nap\u0159\u00edklad u p\u00e1ru BTC\/USDT futures ukazuje, kolik obchod\u016f s p\u00e1kou trade\u0159i otev\u0159eli nebo uzav\u0159eli. Na rozd\u00edl od spot trhu nejde o skute\u010dn\u00fd n\u00e1kup kryptom\u011bny, ale o spekulaci na pohyb ceny. Zdroj: CryptoQuant<\/p>\n
Prvn\u00ed vlna prodej\u016f dos\u00e1hla 15. kv\u011btna p\u0159ibli\u017en\u011b 1,5 miliardy dolar\u016f. Druh\u00e1 p\u0159ekro\u010dila hranici 1,1 miliardy dolar\u016f ve chv\u00edli, kdy bitcoin propadl pod 77 tis\u00edc dolar\u016f.<\/p>\n
Podobn\u00e9 prudk\u00e9 n\u00e1r\u016fsty takzvan\u00e9ho taker sell volume obvykle signalizuj\u00ed siln\u00fd kr\u00e1tkodob\u00fd prodejn\u00ed tlak nebo nucen\u00e9 uzav\u00edr\u00e1n\u00ed pozic obchodn\u00edk\u016f s vysokou p\u00e1kou.<\/p>\n
Spotov\u00e1 popt\u00e1vka zaost\u00e1v\u00e1 za futures<\/p>\n
Tr\u017en\u00ed analytik Crazzyblockk upozornil, \u017ee sou\u010dasn\u00e9mu r\u016fstu bitcoinu chyb\u00ed jeden z\u00e1sadn\u00ed prvek, zdrav\u00e1 spotov\u00e1 popt\u00e1vka.<\/p>\n
![\"Exchange](\"https:\/\/www.europesays.com\/cz\/wp-content\/uploads\/2026\/05\/spot-volume.png\")
<\/p>\n
\t\tExchange spot volume USDT pair je objem obchodov\u00e1n\u00ed na spotov\u00e9m trhu mezi kryptom\u011bnou a stablecoinem USDT (Tether).
Nap\u0159\u00edklad u p\u00e1ru BTC\/USDT ukazuje, kolik bitcoinu se skute\u010dn\u011b nakoupilo a prodalo za USDT na burze b\u011bhem ur\u010dit\u00e9ho \u010dasu. Vy\u0161\u0161\u00ed objem obvykle znamen\u00e1 v\u011bt\u0161\u00ed aktivitu a likviditu trhu. Zdroj: CryptoQuant<\/p>\n
B\u011bhem p\u0159edchoz\u00edch r\u016fstov\u00fdch obdob\u00ed v \u0159\u00edjnu a listopadu 2024 nebo v kv\u011btnu 2025 rostly spotov\u00e9 n\u00e1kupy i futures popt\u00e1vka sou\u010dasn\u011b. Spotov\u00e1 popt\u00e1vka tehdy dosahovala hodnot mezi 97 tis\u00edci a\u017e 190 tis\u00edci BTC.<\/p>\n
Aktu\u00e1ln\u00ed situace je ale v\u00fdrazn\u011b odli\u0161n\u00e1. Futures popt\u00e1vka z\u016fst\u00e1v\u00e1 za posledn\u00edch 30 dn\u00ed pozitivn\u00ed na \u00farovni 193 tis\u00edc BTC, zat\u00edmco spotov\u00e1 popt\u00e1vka z\u016fst\u00e1v\u00e1 z\u00e1porn\u00e1 na \u00farovni minus 28 tis\u00edc BTC. Negativn\u00ed trend p\u0159itom trv\u00e1 u\u017e 65 dn\u00ed v \u0159ad\u011b.<\/p>\n
![\"Bitcoin:](\"https:\/\/www.europesays.com\/cz\/wp-content\/uploads\/2026\/05\/btc-58.png\")
<\/p>\n
\t\tBitcoin: spot and perpetual futures demand growth (30-day sum) je ukazatel, kter\u00fd sleduje celkov\u00fd r\u016fst popt\u00e1vky po bitcoinu za posledn\u00edch 30 dn\u00ed na spotov\u00e9m trhu i na trhu perpetual futures kontrakt\u016f. Ukazuje, zda do BTC p\u0159ich\u00e1z\u00ed nov\u00fd kapit\u00e1l a jestli r\u016fst t\u00e1hnou skute\u010dn\u00e9 n\u00e1kupy (spot), nebo hlavn\u011b spekulace p\u0159es futures. Zdroj: CryptoQuant<\/p>\n
Celkov\u00fd r\u016fst popt\u00e1vky nav\u00edc prudce oslabil. Na za\u010d\u00e1tku kv\u011btna dosahoval p\u0159ibli\u017en\u011b 232 000 BTC, ale do 16. kv\u011btna klesl na pouh\u00fdch 62 000 BTC. Rozd\u00edl p\u0159edstavuje propad o zhruba 73 %.<\/p>\n
Binance ztr\u00e1c\u00ed dominanci na futures trhu<\/p>\n
Analytici si v\u0161\u00edmaj\u00ed tak\u00e9 zm\u011bn mezi nejv\u011bt\u0161\u00edmi kryptoburzami. Binance dlouhodob\u011b ovl\u00e1dala p\u0159ibli\u017en\u011b 40 a\u017e 44 % glob\u00e1ln\u00edho objemu USDT futures kontrakt\u016f mezi \u0159\u00edjnem 2024 a b\u0159eznem 2026.<\/p>\n
V kv\u011btnu 2026 v\u0161ak jej\u00ed pod\u00edl v\u00fdrazn\u011b klesl na 21,1 %. Konkuren\u010dn\u00ed OKX naopak pos\u00edlila a\u017e na 26,3 % trhu.<\/p>\n
Podle analytik\u016f jde o prvn\u00ed v\u00fdrazn\u011bj\u0161\u00ed zm\u011bnu dominance mezi burzami b\u011bhem sou\u010dasn\u00e9ho tr\u017en\u00edho cyklu.<\/p>\n
Z\u00e1v\u011bre\u010dn\u00fd koment\u00e1\u0159<\/p>\n
Sou\u010dasn\u00fd v\u00fdvoj kolem bitcoinu p\u016fsob\u00ed zvl\u00e1\u0161tn\u011b rozpolcen\u011b. Na jedn\u00e9 stran\u011b trh st\u00e1le dr\u017e\u00ed relativn\u011b vysok\u00e9 cenov\u00e9 \u00farovn\u011b a futures aktivita z\u016fst\u00e1v\u00e1 siln\u00e1. Na druh\u00e9 stran\u011b ale sl\u00e1bne n\u011bco, co bylo v minul\u00fdch cyklech pro r\u016fst naprosto z\u00e1sadn\u00ed, nad\u0161en\u00ed drobn\u00fdch investor\u016f.<\/p>\n
Pr\u00e1v\u011b retail obvykle p\u0159in\u00e1\u0161el do trhu novou energii b\u011bhem nejsiln\u011bj\u0161\u00edch r\u016fstov\u00fdch f\u00e1z\u00ed. Kdy\u017e se drobn\u00ed investo\u0159i za\u010dnou stahovat, \u010dasto to znamen\u00e1 opatrn\u011bj\u0161\u00ed prost\u0159ed\u00ed a men\u0161\u00ed ochotu riskovat. Sou\u010dasn\u011b je vid\u011bt, \u017ee trh je st\u00e1le v\u00edce z\u00e1visl\u00fd na deriv\u00e1tech, p\u00e1kov\u00fdch pozic\u00edch a institucion\u00e1ln\u00edch produktech typu ETF.<\/p>\n
Vytv\u00e1\u0159\u00ed to i ur\u010dit\u00e9 riziko. Pokud r\u016fst t\u00e1hne hlavn\u011b futures trh bez odpov\u00eddaj\u00edc\u00ed spotov\u00e9 popt\u00e1vky, b\u00fdv\u00e1 takov\u00fd pohyb mnohem k\u0159eh\u010d\u00ed a citliv\u011bj\u0161\u00ed na prudk\u00e9 v\u00fdprodeje. Pr\u00e1v\u011b proto analytici pozorn\u011b sleduj\u00ed, jestli se do trhu vr\u00e1t\u00ed b\u011b\u017en\u00ed investo\u0159i, nebo zda bude sou\u010dasn\u00e1 slabost pokra\u010dovat i v dal\u0161\u00edch t\u00fddnech.<\/p>\n
Zaj\u00edmav\u00e9 bude tak\u00e9 sledovat prom\u011bnu samotn\u00fdch kryptoburz. Sl\u00e1bnouc\u00ed dominance Binance a rostouc\u00ed vliv konkurence ukazuj\u00ed, \u017ee se struktura trhu d\u00e1l m\u011bn\u00ed i uvnit\u0159 samotn\u00e9ho kryptosektoru.<\/p>\n
Mysl\u00edte si, \u017ee jde jen o kr\u00e1tkodob\u00e9 ochlazen\u00ed trhu nebo se bitcoin za\u010d\u00edn\u00e1 dost\u00e1vat do hlub\u0161\u00ed korekce? Pod\u011blte se o sv\u016fj n\u00e1zor v koment\u00e1\u0159\u00edch. <\/p>\n
Zaregistrujte se na TOP krypto burzu Bybit EU skrze tento odkaz a z\u00edskejte a\u017e 115 USDC! <\/p>\n
Kupte \u010di zde p\u0159esu\u0148te kryptom\u011bny v hodnot\u011b alespo\u0148 100 USD (2200 K\u010d) a za\u010dn\u011bte \u010derpat v\u00fdhody! Pro \u010derp\u00e1n\u00ed v\u00fdhod zde sta\u010d\u00ed kryptom\u011bny v hodnot\u011b 100 USD+ p\u0159esunout odjinud.<\/p>\n","protected":false},"excerpt":{"rendered":"Bitcoin se znovu dost\u00e1v\u00e1 pod tlak a \u010d\u00e1st analytik\u016f za\u010d\u00edn\u00e1 otev\u0159en\u011b mluvit o n\u00e1vratu medv\u011bd\u00ed n\u00e1lady na trh.…\n","protected":false},"author":2,"featured_media":93720,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[12],"tags":[183,28500,3244,15927,67,68,20081,26858,62,12592],"class_list":["post-93719","post","type-post","status-publish","format-standard","has-post-thumbnail","category-byznys","tag-aktuality","tag-binance","tag-bitcoin","tag-btc","tag-business","tag-byznys","tag-etf","tag-medvedi-trh","tag-trh","tag-usd"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116617516765670787","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/93719","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=93719"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/93719\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/93720"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=93719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=93719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=93719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}