比特幣（BTC）市場已被實質性的更正動搖，降至76,589美元的低點

比特幣市場通過實質性的更正被震撼，在截至發稿時重新獲得80,000美元以上的地面，降至76,589美元。

The Bitcoin market has been shaken by a substantial correction, dipping to a low of $76,589 before regaining ground above $80,000 at press time.

比特幣市場通過實質性的更正被震撼，在截至發稿時重新獲得80,000美元以上的地面，降至76,589美元。

Even with the recovery, the price remains 27% down from the all-time high of $109,900 reached on January 20. Several high-profile crypto experts have shared their perspectives on the sudden downturn, comparing the current backdrop to the notable price retracements seen in Bitcoin’s history.

即使恢復，價格仍然比1月20日達到的109,900美元的歷史高處下降了27％。幾位備受矚目的加密專家分享了他們對突然下滑的看法，將當前的背景與比特幣歷史上顯著的價格回溯相比。

Bitcoin Pullback Feels Similar To 2017

比特幣的回調感覺與2017年相似

Bill Barhydt, founder and CEO of Abra—a global platform for digital asset prime services and wealth management—took to social media to highlight the cyclical nature of Bitcoin corrections.

ABRA（全球數字資產主要服務和財富管理平台）的創始人兼首席執行官Bill Barhydt向社交媒體介紹了比特幣校正的周期性性質。

Writing on X, Barhydt stated: “Ya’ll never change. Bitcoin is now experiencing its 11th 25%+ correction in ten years and every time everyone reacts like the sky is falling and every time everyone screams that it’s different this time. This pullback looks, smells and feels 100% just like 2017 to me. Rising fiat liquidity leading to massive asset price gains.”

Barhydt在X上寫道：“您永遠不會改變。現在，比特幣正在經歷十年來的第11個25％以上的校正，每次每個人都會像天空一樣反應時，每次每個人都在尖叫這次是不同的。這種回調的外觀，聞起來和100％像2017年對我來說。菲亞特流動性上升，導致大量資產價格上漲。”

Barhydt underscored the possibility that supportive monetary and fiscal policies could continue to fuel capital flows into risk assets, noting the US administration has decided to lower treasury rates to refinance debt, lower mortgage rates to unlock the housing and CRE markets and lower treasury rates to save banks from their collective insolvency.

Barhydt強調了支持貨幣和財政政策可能繼續將資本流動到風險資產中的可能性，並指出美國政府已決定降低國庫利率以使債務降低再融資債務，降低抵押貸款利率以釋放住房和CRE市場，並降低國庫券，並降低銀行從集體不支付的行為中儲蓄銀行。

“China is in a deep recession and needs lower US rates to support its own money printing regime. And print they will. We’re likely going to see massive job cuts via government cuts, tech cuts and housing related cuts. At the same time ISM will likely rise for the next several months. All of this tells us liquidity will continue to flow and the markets will do what they always do in this type of cycle. That liquidity will flow into stocks, Bitcoin, crypto and real estate. Once again… buckle up,” Barhydt predicts.

“中國處於深層衰退狀態，需要較低的美國利率來支持自己的貨幣印刷制度。並打印他們會的。我們很可能會通過政府削減，削減技術和相關的削減措施來看到大量的裁員。同時，ISM可能會在接下來的幾個月內上升。所有這些都告訴我們，流動性將繼續流動，市場將在這種週期中做他們始終做的事情。這種流動性將流入股票，比特幣，加密貨幣和房地產。再一次……扣緊。”巴爾希特預測。

Credit: Benzinga

學分：苯金加

Cathie Wood Weighs In On Trump, Fed And Rolling Recession

凱茜·伍德（Cathie Wood）在特朗普，餵養和滾動衰退

Meanwhile, Cathie Woods, CEO of ARK Invest, struck a similar chord. In her post on X, Woods suggested that market participants may be discounting the concluding phase of a “rolling recession.”

同時，方舟投資首席執行官Cathie Woods引起了類似的和弦。伍茲在她在X上的帖子中建議，市場參與者可能會打算在“滾動衰退”的結論階段。

She indicated that, in her view, such an environment could create leeway for both the Trump Administration and the Federal Reserve:

她指出，在她看來，這樣的環境可以為特朗普政府和美聯儲造成餘地：

“In our view, the market today is discounting the last leg of a rolling recession, which will give the Trump Administration and the Powell Fed many more degrees of freedom than investors expect, setting up the US economy for a deflationary boom in the second half of this year.”

“在我們看來，當今的市場正在打擊滾動經濟衰退的最後一站，這將使特朗普政府和鮑威爾在今年下半年為美國經濟設定了國會經濟的自由度比投資者預期的要多得多。”

Woods’ analysis aligns with Barhydt’s in expecting policymakers to mobilise considerable liquidity levers that, in turn, could boost risk-on assets—including Bitcoin.

伍茲的分析與Barhydt的分析期望決策者動員相當大的流動性槓桿，反過來又可以提高風險耗資資產（包括比特幣）。

Among the optimistic outlooks, some industry voices remain cautious. Charles Edwards, founder of Capriole Investments, highlighted traditional market indicators such as the S&P 500 and credit spreads as crucial gauges for determining whether this is a transient dip or the beginning of a broader trend.

在樂觀的前景中，一些行業的聲音仍然謹慎。 Capriole Investments的創始人查爾斯·愛德華茲（Charles Edwards）強調了傳統的市場指標，例如標準普爾500標準普爾500號和信用差價，作為確定這是短暫傾角還是更廣泛趨勢的開始。

He shared on X: “SP500 is crashing. Is this a dip opportunity or the start of something bigger? Sentiment metrics are at extremes which suggest an opportunity, but a number of other metrics are at key inflection points. Importantly, credit spreads and Junk/Treasuries are at key inflection points. When the big dog money moves out of risk to treasuries, you do not want to be exposed. TL;DR: we don’s want Credit Spreads to rally from here.”

他在X上分享了：“ SP500正在崩潰。這是一個傾斜的機會還是更大的東西的開始？情緒指標處於極端情況，這表明了機會，但是許多其他指標處於關鍵的拐點處。重要的是，信貸差價和垃圾/國庫處於關鍵拐點處。當大狗錢擺脫國債的風險時，您不想被暴露。 tl; dr：我們不希望從這裡開始積極地將集會傳播到集會上。”

Edwards furthered his analysis with a comment on market dynamics, adding: “It simply means the market is allocating more to risk-off assets. Markets tend to trend, especially bond markets, so this level would mark the potential start of a new risk-off trend (pending policy action to intervene). Add on the fear/reflexivity dynamic and you tend to see this (and many other) metrics move in waves as panic/fomo sets in.”

愛德華茲（Edwards）對市場動態的評論進一步分析，並補充說：“這僅意味著市場正在為冒險資產分配更多的資產。市場傾向於趨勢，尤其是債券市場，因此該水平將標誌著新的風險趨勢的潛在開始（待乾預的政策行動）。加上恐懼/反思性動態，您傾向於看到這（以及許多其他）指標隨著恐慌/FOMO的設定而在波浪中移動。”

At press time, BTC traded at $80,631.

發稿時，BTC的交易價格為80,631美元。