主要 ETF 流出和美國政府可能出售比特幣的消息引發比特幣 (BTC) 價格調整

比特幣（BTC）價格本周大幅下跌，在短暫突破 10 萬美元後跌破 95,000 美元大關。這項價格調整是在一系列市場事件的背景下發生的，包括比特幣交易所交易基金（ETF）的大量資金外流，以及美國政府可能很快出售從臭名昭著的絲綢之路市場上扣押的比特幣的消息。

Bitcoin (BTC) price experienced a sharp decline this week, dropping below the $95,000 mark after briefly surpassing $100,000. This price correction comes amid a combination of market events, including substantial outflows from Bitcoin exchange-traded funds (ETFs) and news that the U.S. government may soon sell seized Bitcoin from the infamous Silk Road marketplace.

比特幣（BTC）價格本周大幅下跌，在短暫突破 10 萬美元後跌破 95,000 美元大關。這次價格調整是在一系列市場事件的背景下發生的，包括比特幣交易所交易基金（ETF）的大量資金流出，以及美國政府可能很快就會出售從臭名昭著的絲綢之路市場上扣押的比特幣的消息。

Major ETF Outflows Trigger Bitcoin’s Price Drop

ETF 資金大量流出引發比特幣價格下跌

On January 10, 2025, Bitcoin saw its second-largest daily ETF outflow in history, with a total of $568.8 million withdrawn from Bitcoin-focused funds. This sudden shift followed three consecutive days of positive inflows, indicating a rapid reversal of investor sentiment.

2025 年 1 月 10 日，比特幣出現史上第二大每日 ETF 流出，從專注於比特幣的基金中撤資總計 5.688 億美元。這一突然轉變是在連續三天出現資金流入之後發生的，顯示投資者情緒迅速逆轉。

Fidelity's Wise Origin Bitcoin Fund was at the forefront of the outflows, with $258.7 million withdrawn in a single day. This represents nearly half of the total Bitcoin ETF outflows. Ark 21Shares' ARKB and BlackRock's IBIT ETF also saw significant withdrawals, with $148.3 million and $124 million, respectively, leaving their funds.

富達旗下的 Wise Origin 比特幣基金位居資金流出前列，單日撤資 2.587 億美元。這佔比特幣 ETF 總流出量的近一半。 Ark 21Shares 的 ARKB 和 BlackRock 的 IBIT ETF 也出現了大量撤資，分別撤出 1.483 億美元和 1.24 億美元。

These large-scale outflows have raised concerns about the stability of Bitcoin’s price in the short term. ETF investors, who often represent institutional money, may be reacting to various factors, including broader market volatility and the evolving regulatory landscape.

這些大規模資金流出引發了人們對比特幣價格短期穩定性的擔憂。 ETF 投資者通常代表機構資金，可能會對各種因素做出反應，包括更廣泛的市場波動和不斷變化的監管環境。

U.S. Government’s Potential Bitcoin Sale Adds to Market Pressure

美國政府潛在的比特幣銷售增加了市場壓力

Adding further pressure to Bitcoin’s price, news broke that the U.S. government had received approval to liquidate approximately 69,000 Bitcoin, valued at around $6.5 billion, which was seized from the Silk Road marketplace. This news comes just weeks after indications that the government may not pursue the sale, leaving market participants unsure about the timing and scale of the liquidation.

有消息稱，美國政府已獲準清算從絲綢之路市場查獲的約 69,000 枚比特幣，價值約 65 億美元，這給比特幣價格帶來了進一步的壓力。這一消息是在有跡象表明政府可能不會尋求出售後幾週發布的，這使得市場參與者不確定清算的時間和規模。

Historically, the sale of large quantities of Bitcoin by a government entity could have a significant impact on market prices, as the increased supply could put downward pressure on demand. The potential sale of these 69,000 BTC, if executed, is likely to be closely monitored by investors and could influence market sentiment further.

從歷史上看，政府實體出售大量比特幣可能會對市場價格產生重大影響，因為供應增加可能會對需求造成下行壓力。這 69,000 枚 BTC 的潛在出售一旦執行，可能會受到投資者的密切關注，並可能進一步影響市場情緒。

On-Chain Metrics Signal Cooling Market Activity

鏈上指標顯示市場活動正在降溫

Bitcoin’s price drop below $95,000 is also reflected in on-chain metrics, which show an increase in sell-side activity. The Taker Buy/Sell Ratio, a key indicator of market sentiment, has been trending downward since Bitcoin’s surge to new all-time highs in March 2024. This shift suggests that the market may be cooling, with more traders opting to sell rather than buy.

比特幣價格跌破 95,000 美元也反映在鏈上指標上，該指標顯示賣方活動增加。自2024 年3 月比特幣飆升至歷史新高以來，作為市場情緒關鍵指標的Taker 買入/賣出比率一直呈下降趨勢。入。

Additionally, the Short-Term Spent Output Profit Ratio (SOPR) has fallen below 1, indicating that many short-term holders are currently selling their Bitcoin at a loss. This is a typical sign of a market correction, as investors who bought at higher prices are liquidating their positions.

此外，短期支出產出利潤率（SOPR）已降至 1 以下，顯示許多短期持有者目前正在虧本出售比特幣。這是市場調整的典型跡象，因為以較高價格買入的投資者正在清算其部位。

The Crypto Fear & Greed Index, which tracks market sentiment, has also shown signs of moderation. The index, which had been in the “Extreme Greed” zone just a month ago, has now dropped to “Greed” as market optimism fades. This shift in sentiment is a reflection of the ongoing price fluctuations and the uncertainty surrounding Bitcoin’s short-term future.

追蹤市場情緒的加密貨幣恐懼與貪婪指數也顯示出溫和的跡象。該指數一個月前還處於「極度貪婪」區域，隨著市場樂觀情緒消退，現已跌至「貪婪」區域。這種情緒的轉變反映了持續的價格波動和比特幣短期未來的不確定性。

Analysts Weigh in on the Price Movement

分析師對價格走勢的影響

Market analysts have provided various explanations for Bitcoin’s recent price action. Ryan Lee, Chief Analyst at Bitget Research, pointed to strong U.S. economic data suggesting that interest rate hikes could be on the horizon, which may be weighing on risk assets like Bitcoin. Higher interest rates often make traditional investments more attractive, leading some investors to pull funds from more speculative assets like cryptocurrencies.

市場分析師對比特幣最近的價格走勢提供了各種解釋。 Bitget Research 首席分析師 Ryan Lee 指出，強勁的美國經濟數據表明昇息可能即將到來，這可能會對比特幣等風險資產造成壓力。較高的利率通常會使傳統投資更具吸引力，導致一些投資者從加密貨幣等更具投機性的資產中撤出資金。

Daan Crypto Trades, a well-known trading expert, also noted the choppy nature of the market at the beginning of the year. He cautioned against drawing definitive conclusions from short-term price movements, as early-year volatility is a common occurrence in financial markets.

知名交易專家 Daan Crypto Trades 也指出了年初市場的波動性。他警告不要從短期價格變動中得出明確的結論，因為年初的波動在金融市場中很常見。

Ethereum ETFs Show Resilience Amid Market Turmoil

以太坊 ETF 在市場動盪中表現出韌性

While Bitcoin has faced significant challenges, Ethereum (ETH) ETFs have shown more resilience in recent months. Despite some recent outflows, Ethereum funds saw a strong inflow of $35 billion in 2024, indicating that investor confidence in Ethereum remains relatively stable compared to Bitcoin. In contrast, Bitcoin’s ETFs have been more prone to volatility, with large-scale outflows occurring more frequently.

儘管比特幣面臨重大挑戰，但以太幣 (ETH) ETF 最近幾個月表現出更強的彈性。儘管最近出現了一些資金流出，但以太坊基金在 2024 年仍強勁流入 350 億美元，這表明與比特幣相比，投資者對以太坊的信心仍然相對穩定。相比之下，比特幣ETF更容易出現波動，大規模資金流出的情況更為頻繁。

Ethereum’s resilience in the ETF space could be a sign that institutional investors are increasingly confident in the future of the Ethereum network, particularly as Ethereum continues to make strides in its transition to Ethereum 2.0 and its focus on scalability and sustainability.

以太坊在ETF 領域的彈性可能表明機構投資者對以太坊網路的未來越來越有信心，特別是隨著以太坊在向以太坊2.0 的過渡以及對可擴展性和可持續性的關注方面繼續取得進展。

What’s Next for Bitcoin?

比特幣的下一步是什麼？

As Bitcoin’s price remains below $95,000, many investors are watching closely for any signs of a reversal or further decline. The current market conditions, including the potential sale of Silk Road Bitcoin

由於比特幣的價格仍低於 95,000 美元，許多投資者正在密切關注任何逆轉或進一步下跌的跡象。當前的市場狀況，包括絲路比特幣的潛在銷售