由於宏觀恐慌和全球債券潰敗加速了加密貨幣價格的拋售，比特幣 (BTC) 週三抹去了 2025 年初的所有漲幅

在美國交易時段，最大的加密貨幣跌至 92,600 美元的盤中低點，兩天內較週一高於 102,000 美元的峰值下跌近 10%。

Bitcoin (BTC) erased all its early-2025 gains on Wednesday as macro jitters and the global bond rout accelerated the sell-off in crypto prices.

由於宏觀恐慌和全球債券潰敗加速了加密貨幣價格的拋售，比特幣 (BTC) 週三抹去了 2025 年初的所有漲幅。

The largest crypto slipped to a session low of $92,600 during U.S. trading hours, shedding nearly 10% in two days from its Monday peak above $102,000. It has recovered some of the losses and recently traded at $94,300, still down 2.5% over the past 24 hours.

在美國交易時段，最大的加密貨幣跌至 92,600 美元的盤中低點，兩天內較週一高於 102,000 美元的峰值下跌近 10%。該股已收復部分失地，近期交易價格為 94,300 美元，在過去 24 小時內仍下跌 2.5%。

Cardano's ADA, Render's RNDR and Aptos' APT led losses in the broad-market benchmark CoinDesk 20 Index, which slipped over 3% over the same period.

Cardano 的 ADA、Render 的 RNDR 和 Aptos 的 APT 導致大市場基準 CoinDesk 20 指數下跌，同期下跌超過 3%。

The violent two-day plunge liquidated nearly $1 billion worth of leveraged derivatives positions across crypto assets, predominantly longs betting on higher prices, CoinGlass data showed. The slide also pushed BTC temporarily below where it started the year. At the recent price, it was up 1% from its Jan. 1 opening.

CoinGlass 數據顯示，兩天的劇烈暴跌平倉了加密資產中價值近 10 億美元的槓桿衍生品頭寸，其中主要是押注價格上漲的多頭頭寸。此次下跌也導致比特幣價格暫時低於年初水準。以近期價格計算，較 1 月 1 日開盤價上漲 1%。

Crypto-related stocks weren't spared. Several bitcoin miners, including TeraWulf (WULF), Bit Digital (BTBT), Bitdeer (BTDR), IREN (IREN) and Hut 8 (HUT) endured 5%-8% declines. Medical devices producer Semler Scientific, which adopted a BTC treasury strategy following MicroStrategy's (MSTR) footsteps, dropped nearly 10% through the day and is now down more than 15% for the week and roughly 40% from its late December high. MSTR was down 2.2% on Wednesday.

加密貨幣相關股票也未能倖免。 TeraWulf (WULF)、Bit Digital (BTBT)、Bitdeer (BTDR)、IREN (IREN) 和 Hut 8 (HUT) 等幾家比特幣礦商的股價下跌了 5%-8%。醫療設備生產商 Semler Scientific 追隨 MicroStrategy (MSTR) 的腳步，採用了 BTC 資金策略，該公司全天下跌近 10%，目前本週下跌超過 15%，較 12 月底的高點下跌約 40%。 MSTR 週三下跌 2.2%。

Several analysts warned crypto traders of a treacherous January, with potential macro headwinds for risk assets lying ahead, including a hawkish Federal Reserve, rapidly surging long-term government bond yields, sticky inflation readings and the possibility of a U.S. government shutdown.

幾位分析師警告加密貨幣交易者，一月份將是危險的一年，風險資產未來可能面臨宏觀阻力，包括鷹派的聯準會、長期政府債券殖利率迅速飆升、通膨數據黏性以及美國政府關閉的可能性。

What appeared to kickstart the pullback across all assets was Tuesday's strong U.S. economic data prints that had investors pare back their rate cut expectations for the year. Notably, Fed governor Christopher J. Waller came out on Wednesday in support of further interest rate cuts through the year and allay fears of inflation from potential tariffs enacted by incoming President Dinald Trump. However, that didn't change investors' interest rate outlook much, as the CME FedWatch showed.

週二強勁的美國經濟數據似乎引發了所有資產的回調，投資者削減了今年的降息預期。值得注意的是，聯準會理事克里斯托弗·J·沃勒(Christopher J. Waller)週三表態支持年內進一步降息，並緩解對即將上任的總統迪納德·特朗普(Dinald Trump)可能實施的關稅引發的通脹擔憂。然而，正如芝商所聯準會觀察所顯示的那樣，這並沒有太大改變投資者的利率前景。

Released Wednesday afternoon during U.S. hours, minutes from the Fed's most recent policy meeting showed most believing the upside risks to inflation had increased and also evidenced some worry that Trump's tariff policy could have more effect on price levels than previously assumed.

週三下午美國時段發布的聯準會最新政策會議紀錄顯示，大多數人認為通膨上行風險增加，同時也證明一些人擔心川普的關稅政策對物價水準的影響可能比之前的預期更大。

Bitcoin bounce incoming? With Wednesday's drop, bitcoin returned to the lower bound of its range it has been trading since late November. BTC will likely see a bounce from the lows in the coming days, but prices could stay consolidating rangebound and possibly pull back to lower levels before setting new all-time highs, according to well-followed cross-asset trader Bob Loukas, founder of Station3 NYC.

比特幣反彈來襲？隨著週三的下跌，比特幣回到了自 11 月底以來交易區間的下限。 Station3 創辦人、備受關注的跨資產交易員 Bob Loukas 表示，未來幾天，比特幣可能會從低點反彈，但價格可能會繼續在區間內盤整，並可能回落至較低水平，然後再創歷史新高。

"Doesn't have to be uber bearish, but we might need to fiddle around in a range and get more comfortable with $100k prints before we can really leave this area behind," he said in an X post.

他在 X 帖子中表示：“不一定要極度悲觀，但我們可能需要在一個區間內調整，並在 10 萬美元的印刷品上更加放心，然後才能真正離開這個區域。”

Friday's U.S. non-farm payrolls data report and the Fed meeting later this month will influence BTC's trajectory, hedge fund QCP noted in a Telegram broadcast, forecasting a bounce as Trump's inauguration on January 20 nears.

對沖基金QCP 在Telegram 廣播中指出，週五的美國非農就業數據報告和本月晚些時候的聯準會會議將影響BTC 的走勢，並預測隨著1 月20 日川普就職典禮的臨近，比特幣將出現反彈。

"With market anticipation building, we believe bitcoin's pullback is merely a pause, setting the stage for a bullish rally as Trump's inauguration fuels optimism," QCP analysts said.

QCP 分析師表示：“隨著市場預期的增強，我們認為比特幣的回調只是一個暫停，為川普就職引發樂觀情緒的看漲反彈奠定了基礎。”