聯準會宣布降息後，比特幣 (BTC) 從歷史高點回落 12%

11 月初唐納德·川普連任後，比特幣經歷了前所未有的飆升。上週早些時候，BTC 創下了多個歷史新高 (ATH)，接近 11 萬美元。

After Donald Trump's re-election in early November, BTC experienced an unprecedented surge. Earlier last week, BTC made several new all-time highs (ATH) coming close to US$110k. So, BTC’s recent 12% drop from the ATH might be just a breather.

11月初唐納德·川普連任後，比特幣經歷了前所未有的飆升。上週早些時候，BTC 創下了多個歷史新高 (ATH)，接近 11 萬美元。因此，BTC 最近較 ATH 下跌 12% 可能只是暫時的。

The high of six days ago, the US Fed’s announcement of potentially only two rate cuts, along with Fed Chair Jerome Powell’s negative comments about a Bitcoin reserve, sent the largest crypto tumbling.

六天前的高點，聯準會宣布可能僅兩次降息，加上聯準會主席鮑威爾對比特幣儲備的負面評論，導致加密貨幣出現最大的暴跌。

Is this just a momentary dip or is this really Bitcoin losing its “steam”, as Swissblock analysts wrote in a recent note to investors?

這只是暫時的下跌還是真的像 Swissblock 分析師在最近給投資者的報告中所寫的那樣，比特幣正在失去「動力」？

In a positive note, they wrote that despite taking a hit, they haven't heard a “bell”, signalling defeat.

他們在積極的方面寫道，儘管受到了打擊，但他們沒有聽到表明失敗的「鐘聲」。

Interestingly, profit-taking has been consistent and increased last week, though with less intensity than before, mainly due to long-term holders liquidating their positions. This trend leaves room for potential increased buying pressure from other market participants, the analysts added.

有趣的是，上週獲利了結一直持續並增加，但強度較之前減弱，這主要是由於長期持有者平倉。分析師補充說，這種趨勢為其他市場參與者潛在增加的購買壓力留下了空間。

Guess who has also been taking some profits off the table? After 15 days without net outflows, the US Spot Bitcoin exchange-traded funds (ETFs) experienced two days of net negative flows.

猜猜誰也從桌上拿走了一些利潤？在連續 15 天沒有出現淨流出之後，美國現貨比特幣交易所交易基金 (ETF) 經歷了兩天的淨負流量。

Thursday and Friday last week saw a combined US$948.9 million (AU$1.51 billion) leave the ETFs. That's the first time since November 26 that these funds have had a net outflow.

上週週四和週五，ETF 流出資金總計 9.489 億美元（15.1 億澳元）。這是自11月26日以來這些資金首次出現淨流出。

Despite the hefty profit taking, the ETFs still hold a combined 1.139 million BTC or 5.425% of the total supply.

儘管獲利頗豐，ETF 仍總共持有 113.9 萬枚 BTC，佔總供應量的 5.425%。

As the chart below shows, the ETFs have had a huge volume of inflows over the past two months, similarly to February and March, following the initial approval – just without the large outflows (of Grayscale's Bitcoin Trust).

如下圖所示，在最初批准後，與 2 月和 3 月類似，過去兩個月 ETF 出現了大量資金流入，但沒有（灰階的比特幣信託基金）出現大量資金流出。

The largest Spot Bitcoin ETF worldwide, BlackRock's iShares Bitcoin Trust (IBIT), holds a whopping 2.636%, which is currently 553,464 Bitcoin. The fund is one of the fastest growing ETFs in history, managing to gather almost twice the amount of money as BlackRock's gold-based ETF in less than a year.

全球最大的現貨比特幣 ETF，貝萊德的 iShares 比特幣信託基金 (IBIT)，持有高達 2.636% 的比特幣，目前為 553,464 個比特幣。該基金是歷史上成長最快的 ETF 之一，在不到一年的時間內籌集的資金幾乎是貝萊德黃金 ETF 的兩倍。