比特幣（BTC）價格可能會降至70,000美元

Bitmex聯合創始人Arthur Hayes責怪特朗普的關稅政策發生了變化，警告說，隨著對沖基金放鬆自己的職位，比特幣可能會降至70,000美元。

Fresh bloodbath on Satoshi Street, with little hope of recovery.

薩托西街（Satoshi Street）上的新鮮血液，幾乎沒有康復的希望。

Bitcoin’s relentless price decline continued on Feb. 24, dropping below $90,000 after major investors withdrew a record amount from U.S. spot Bitcoin exchange-traded funds (ETFs).

2月24日，比特幣的無情價格下跌持續下跌，主要投資者從美國現貨比特幣交易所交易基金（ETF）撤回了創紀錄的金額後，下跌低於90,000美元。

According to data from証券情報会社クアンタムエコノミクス, a major U.S. spot Bitcoin ETF saw an outflow of $517 million on Thursday, the largest in seven weeks. This marks the fifth consecutive day of withdrawals, with BlackRock’s iShares Bitcoin Trust (IBIT) losing $159 million and Fidelity’s Wise Origin Bitcoin Fund seeing $247 million in outflows. Other funds like Bitwise, Invesco, and Grayscale also saw large withdrawals.

根據量子經濟學的數據，美國主要的比特幣ETF在周四的銷售額為5.17億美元，這是連續第五天的撤軍。明智的比特幣基金看到了2.47億美元的其他基金。提取。

As a result, Bitcoin’s price dropped more than 5% to $91,000, then fell further to $89,175, dropping by 2.25% in the last hour.

結果，比特幣的價格下跌了5％以上，至91,000美元，然後下降到89,175美元，最後一個小時下降了2.25％。

panicking over trump's tariff policy changes, BitMEX co-founder Arthur Hayes has warned that Bitcoin could drop to $70,000 as hedge funds unwind their positions.

Bitmex聯合創始人亞瑟·海斯（Arthur Hayes）驚慌失措，他警告說，隨著對沖基金放鬆自己的職位，比特幣可能會降至70,000美元。

Many of these funds simultaneously invested in Bitcoin ETFs and bet against Bitcoin futures on the Chicago Mercantile Exchange (CME). This strategy, known as a “basis trade,” allowed them to earn profits with minimal risk by exploiting the price gap between spot Bitcoin ETFs and futures contracts.

這些資金中的許多同時投資了比特幣ETF，並在芝加哥商業交易所（CME）上對比特幣期貨進行了賭注。該策略被稱為“基礎貿易”，使他們能夠通過利用現貨比特幣ETF和期貨合約之間的價格差距來賺取最小的風險利潤。

However, as Bitcoin’s price falls, hedge funds are seeing their profits dwindle and are now exiting by selling their ETF shares and buying back their CME futures. Hayes expects this to continue during U.S. trading hours, putting further pressure on Bitcoin’s price.

但是，隨著比特幣的價格下跌，對沖基金的利潤正在減少，現在通過出售其ETF股票並回購CME期貨而退出。海耶斯預計這將在美國交易時間內繼續下去，對比特幣的價格造成進一步的壓力。

Bitcoin could drop to $70,000, warns Hayes

比特幣可能會降至70,000美元。

According to Hayes, this selling could drive Bitcoin down to $70,000. When hedge funds exit a market en masse, it creates a chain reaction — more selling leads to lower prices, which forces other funds to follow suit, making the decline even steeper.

根據海斯的說法，這種銷售可能會使比特幣降至70,000美元。當對沖基金大批退出市場時，它會產生連鎖反應 - 銷售更多的導致價格降低，這迫使其他資金效仿，從而使下降更加陡峭。

Markus Thielen of 10x Research points out that much of the demand for Bitcoin ETFs was driven by hedge funds engaging in this arbitrage trade, rather than long-term investors. Now that these funds are pulling out, Bitcoin’s price is reacting to the sudden lack of demand.

10倍研究的馬庫斯·泰倫（Markus Thielen）指出，對比特幣ETF的大部分需求是由從事這種套利交易的對沖基金而不是長期投資者所驅動的。既然這些資金正在撤出，那麼比特幣的價格對突然缺乏需求的反應做出了反應。

If the futures premium continues to narrow, more funds could be forced to sell their ETF shares and cover their short futures positions, driving Bitcoin even lower.

如果期貨溢價繼續縮小，則可能會強迫更多的資金出售其ETF股票並覆蓋其短期期貨頭寸，從而使比特幣更低。

Bitcoin at a turning point

比特幣在轉折點

Bitcoin surged past $100,000 after Trump's election victory, fueled by hopes of a Bitcoin strategic reserve. However, with ETF investors exiting and hedge funds unwinding their trades, Bitcoin is struggling to maintain its strength.

在特朗普當選勝利之後，比特幣飆升了100,000美元，這是由於比特幣戰略儲備的希望所推動的。但是，隨著ETF投資者退出和對沖基金放鬆其交易，比特幣正在努力保持其實力。

If new buyers don't step in, Hayes' warning of Bitcoin dropping to $70,000 could become a reality. The market is now eagerly awaiting the next batch of ETFs to enter the market and inject fresh capital into the system to help it recover from this downmarket.

如果新買家不介入，海耶斯對比特幣的警告降至70,000美元，可能會成為現實。現在，市場正在急切地等待下一批ETF進入市場，並將新鮮資本注入系統，以幫助其從這個偏低的市場中恢復。