專家對比特幣（BTC）價格的預測：這就是阻礙加密貨幣飆升的因素

在有關比特幣價格表現的持續討論中，彭博分析師 Eric Balchunas 認為，比特幣 ETF 正在積極影響加密貨幣的價值

Some financial analysts are debating whether Bitcoin ETFs are helping or hindering the cryptocurrency’s price performance.

一些金融分析師正在爭論比特幣 ETF 是否有助於或阻礙加密貨幣的價格表現。

Bloomberg analyst Eric Balchunas maintains that Bitcoin ETFs are having a positive influence on the cryptocurrency’s value, despite expectations of a dramatic price surge not being met.

彭博社分析師 Eric Balchunas 堅稱，比特幣 ETF 正在對加密貨幣的價值產生積極影響，儘管價格大幅上漲的預期並未得到滿足。

Meanwhile, financial analyst Jim Bianco has expressed concerns about Bitcoin’s stagnation, highlighting that despite over $12 billion in inflows into spot Bitcoin ETFs, the price has actually fallen 4% since its all-time high in March.

同時，金融分析師吉姆·比安科(Jim Bianco)對比特幣的停滯表示了擔憂，他強調，儘管已有超過120億美元的資金流入比特幣現貨ETF，但比特幣價格自3月份創下的歷史高點以來實際上已經下跌了4%。

According to Bianco, a significant portion of the ETF capital may be attributed to existing cryptocurrency holders shifting their funds rather than new investments, which could limit Bitcoin’s price growth.

Bianco 表示，ETF 資本的很大一部分可能歸因於現有加密貨幣持有者轉移資金，而不是新的投資，這可能會限制比特幣的價格成長。

However, Balchunas points out that the price of Bitcoin has doubled since BlackRock’s ETF filing in early 2023, and he credits the stability to these ETFs making Bitcoin more accessible to risk-averse investors.

然而，Balchunas 指出，自貝萊德在 2023 年初提交 ETF 申請以來，比特幣的價格已經翻了一番，他認為這些 ETF 的穩定性使厭惡風險的投資者更容易獲得比特幣。

While short-term price movements may be muted, Balchunas believes that the long-term presence of well-regarded ETFs will enhance Bitcoin’s mainstream adoption.

儘管短期價格波動可能不大，但 Balchunas 認為，備受推崇的 ETF 的長期存在將提高比特幣的主流採用率。

In other news, some analysts have identified trading strategies like cash-and-carry as a factor contributing to the limited price growth of Bitcoin.

在其他消息中，一些分析師認為現金自運等交易策略是導致比特幣價格成長有限的因素。

This strategy enables traders to capitalize on price differentials without increasing demand, as they purchase Bitcoin in the spot market while simultaneously selling futures contracts.

這種策略使交易者能夠在不增加需求的情況下利用價差，因為他們在現貨市場購買比特幣，同時出售期貨合約。

Institutions trading on platforms like the CME have been employing this method, which has resulted in low upward price pressure and record open interest in Bitcoin futures.

在芝加哥商品交易所等平台上進行交易的機構一直在採用這種方法，這導致比特幣期貨的價格上漲壓力較低，未平倉合約創歷史新高。

Despite the current price stabilization, many experts still believe that Bitcoin’s fundamentals are strong.

儘管目前價格穩定，但許多專家仍然認為比特幣的基本面強勁。

BlackRock CEO Larry Fink has expressed optimism, stating that as Bitcoin becomes a preferred hedge against inflation, real demand may ultimately outweigh the effects of these trading strategies, potentially leading to sustained price growth in the future.

貝萊德執行長 Larry Fink）對此表示樂觀，他表示，隨著比特幣成為抵禦通貨膨脹的首選對沖工具，實際需求可能最終會超過這些交易策略的影響，從而有可能導致未來價格持續成長。