比特幣（BTC）價格隨著市場主導地位下降而下跌，但偏向上行

在新的代幣標準和不斷增加的交易量的推動下，比特幣的區塊鏈頻寬使用率在減半後超過了 90%。這種激增表明網路活動增加。

Bitcoin’s blockchain bandwidth use exceeded 90% post-halving, powered by new token standards and increasing transaction volume. This surge signals increased network activity. Despite encountering an ‘extended level’ of Fear, Uncertainty, and Doubt (FUD), Bitcoin’s adoption rate, transaction, and trading activity remained unmoved.

在新的代幣標準和不斷增加的交易量的推動下，比特幣的區塊鏈頻寬使用率在減半後超過了 90%。這種激增表明網路活動增加。儘管遇到了「更大程度」的恐懼、不確定性和懷疑（FUD），但比特幣的採用率、交易和交易活動仍然沒有改變。

Dune Analytics user Cryptokoryo’s chart displayed the defining moment on June 20, where Bitcoin’s 91.4% dominance out-powered 6.8% for Runes, 1.6% for BRC-20, and 0.2% for Ordinals in the transactional share.

Dune Analytics 用戶 Cryptokoryo 的圖表顯示了 6 月 20 日的決定性時刻，其中比特幣在交易份額中佔據了 91.4% 的主導地位，超過了 Runes 的 6.8%、BRC-20 的 1.6% 和 Ordinals 的 0.2%。

The surge in bandwidth use after the halving can be mainly attributed to the adoption of new token standards, such as BRC-20 and Runes. Dune Analytics data shows considerable growth in both token standards, mainly on April 23, 2024, when Runes transactions surpassed 750,000.

減半後頻寬使用量的激增主要歸因於新代幣標準的採用，例如 BRC-20 和 Runes。 Dune Analytics 數據顯示，兩種代幣標準都出現了相當大的成長，主要是在 2024 年 4 月 23 日，當時 Runes 交易量超過 75 萬筆。

New Token Standards

新的代幣標準

While speaking to reporters, Bitfinex analysts highlighted that:

Bitfinex 分析師在接受記者採訪時強調：

“New token standards such as BRC-20 and Ordinals have also contributed to more incentivization to build on BTC rather than other chains as the Bitcoin ecosystem keeps gaining more mindshare.”

“隨著比特幣生態系統不斷獲得更多關注，BRC-20 和 Ordinals 等新的代幣標準也激發了更多人在 BTC 而非其他鏈上構建的動力。”

Runes were created to establish fungible tokens on the BTC blockchain and they gained massive traction, resulting in increased transaction volume.

符文的創建是為了在 BTC 區塊鏈上建立可替代代幣，它們獲得了巨大的吸引力，從而導致交易量增加。

Coupled with the adoption of BRC-20 tokens, the rise of more complex transactions and BTC blockchain interaction considerably increased the chain’s bandwidth load.

再加上 BRC-20 代幣的採用，更複雜的交易和 BTC 區塊鏈互動的興起大大增加了鏈的頻寬負載。

The recent April BTC halving event, which cut block rewards for miners by 50%, pushed miners to prioritize transactions with higher fees to compensate for the slashing of rewards.

最近 4 月的 BTC 減半事件將礦工的區塊獎勵削減了 50%，促使礦工優先考慮費用較高的交易，以補償獎勵的大幅削減。

On the topic of the halving event’s effect on the Bitcoin blockchain, Bitfinex analysts told reporters:

關於減半事件對比特幣區塊鏈的影響，Bitfinex 分析師告訴記者：

“[After] the halving event, there is typically heightened on-chain activity. Traders and investors adjust their positions, leading to more transactions being broadcast to the network.”

「減半事件之後，鏈上活動通常會加劇。交易員和投資者調整頭寸，導致更多交易被廣播到網路上。

The normal pattern resulted in a growing number of transactions getting processed and powered momentum to the consistent surge in Bitcoin’s blockchain bandwidth use.

正常模式導致越來越多的交易得到處理，並推動比特幣區塊鏈頻寬使用持續激增。

Bitcoin was struggling on June 21 and dropped to its lowest in over a month, largely due to outflows from BTC ETFs and a drop in market dominance as altcoins gained momentum. Its 2.3% plunge pushed BTC to $63,500.

6 月 21 日，比特幣陷入困境，跌至一個多月以來的最低點，這主要是由於 BTC ETF 資金流出以及山寨幣上漲勢頭導致市場主導地位下降。 BTC 暴跌 2.3% 至 63,500 美元。

Bitcoin’s price drop came after days of outflows from its U.S.-based spot ETFs. Interestingly, the investment vehicles have seen almost $500 million in withdrawals since June 10.

比特幣價格下跌是在美國現貨 ETF 連續幾天資金流出之後發生的。有趣的是，自 6 月 10 日以來，投資工具的提款額已接近 5 億美元。

These ETF outflows coincide with a surge in the US dollar’s strength compared to several top currencies, highlighting an increasing risk-off mood among investors. This comes after mixed macroeconomic data from the US and the Fed dropping its possibility of rate cuts from four to only one in 2024.

這些 ETF 資金流出恰逢美元相對幾種主要貨幣的強勢飆升，突顯投資者的避險情緒日益增強。此前，美國宏觀經濟數據好壞參半，聯準會將 2024 年降息的可能性從四次降至僅一次。

An increased interest rate scenario helps reduce the opportunity cost of holding riskier assets such as cryptos, a sentiment that seems to have burdened Bitcoin priced down recently, including the latest plunge.

利率上升有助於降低持有加密貨幣等風險較高資產的機會成本，這種情緒似乎給最近比特幣價格下跌帶來了負擔，包括最近的暴跌。

Bitcoin’s recent losses coincide with its dropping share in the crypto market.

比特幣最近的損失與其在加密貨幣市場份額的下降同時發生。

Interestingly, the Bitcoin Dominance Index (BTC.D), which measures Bitcoin’s market cap versus the rest of the crypto market, lost 0.55% to 75.14% on June 21. This is a continuation of its drop from the local top of 75.69% established on June 18.

有趣的是，衡量比特幣相對於其他加密貨幣市場市值的比特幣優勢指數（BTC.D）在6 月21 日下跌了0.55%，至75.14%。結果。

On that note, most investors have rotated their capital out of the Bitcoin market seeking opportunities in altcoins, specifically in the wake of the U.S. Securities and Exchange Commission’s (SEC) decision to end its investigation into Ethereum, the top altcoin by market cap.

在這一點上，大多數投資者已將資金從比特幣市場轉移到山寨幣中尋找機會，特別是在美國證券交易委員會（SEC）決定結束對市值最高的山寨幣以太坊的調查之後。

The trends are also seen among institutional investors, with the CoinShares weekly report displaying investors withdrawing capital from Bitcoin-based investment funds but increasing their exposure to the altcoins, mostly Ether. CoinShares wrote:

機構投資者也看到了這種趨勢，CoinShares 每週報告顯示，投資者從基於比特幣的投資基金撤資，但增加了對山寨幣（主要是以太幣）的投資。幣股寫道：

“The outflows were entirely focussed on Bitcoin, seeing US$621 million outflows, the bearishness also prompted US$1.8 million inflows into short-bitcoin.”

“資金流出完全集中在比特幣上，流出了 6.21 億美元，看跌情緒還促使 180 萬美元流入做空比特幣。”

Bitcoin’s losses are part of a widespread correction happening within its current bull flag pattern. Remarkably, bull flags are bullish continuation patterns characterized by two downward-sloping, parallel trendlines after a huge upside movement. As a rule of technical analysis, the pattern resolves after the price surges above the upper trendline and gains up to the height of the past upside movement.

比特幣的損失是其當前牛旗模式內發生的廣泛修正的一部分。值得注意的是，牛市旗形是看漲的持續模式，其特徵是在巨大的上行走勢之後出現兩條向下傾斜的平行趨勢線。作為技術分析的規則，當價格飆升至上方趨勢線並上漲至過去上漲走勢的高度後，模式就會消失。

As of June 21, Bitcoin’s price was pulling back after it tested the upper trendline of its bull flag pattern, targeting another plunge toward the lower trendline below $60,000, which it might hit by the end of June.

截至 6 月 21 日，比特幣價格在測試牛旗形態的上趨勢線後開始回調，目標是再次跌向 60,000 美元以下的下趨勢線，該水平可能在 6 月底觸及。

Nevertheless, Bitcoin’s general bias is skewed to the upside, targeting a breakout above the

儘管如此，比特幣的整體傾向偏向上行，目標是突破