比特幣牛市是否超前了？

過去一周，比特幣繼續經歷過山車般的走勢，飆升至 73,800 美元的歷史高點，隨後大幅下跌至 63,000 美元以下。以太幣和山寨幣也有所下跌，目前以太幣價格低於 3,300 美元。儘管最近出現波動，但值得注意的頭條新聞包括日本GPIF 考慮比特幣投資、Grayscale 降低ETF 費用、幣安創始人CZ 的教育計劃、Coinbase 質疑以太坊被歸類為證券以及Do Kwon 的引渡鬥爭進入新階段。

Did the Bitcoin Bulls Overreach?

比特幣牛市是否過度了？

Over the past week, Bitcoin (BTC) has experienced a rollercoaster ride, reaching new all-time highs before tumbling down significantly. Last Thursday, BTC soared to $73,800, but just a day later, it plummeted to $66,000. Since then, it has continued to decline, struggling to stay above $63,000 today. What caused this sudden change in sentiment?

過去一周，比特幣經歷了過山車般的走勢，在大幅下跌之前創下歷史新高。上週四，BTC 飆升至 73,800 美元，但僅僅一天后，就暴跌至 66,000 美元。此後，它繼續下跌，今天努力維持在 63,000 美元以上。是什麼導致了情緒的突然轉變？

Spot ETF Outflows Dampen BTC's Recovery

現貨 ETF 資金流出抑制了 BTC 的復甦

Minor outflows from spot Bitcoin ETFs and concerns about the Tuesday FOMC meeting initially dragged BTC down. However, after the meeting, BTC briefly rebounded, rising 4% and reaching $68,000 on Wednesday morning. However, ETF outflows have continued, with yesterday marking the fourth consecutive day of withdrawals. This has further weighed on BTC's price, preventing it from recovering and leading to today's sell-off.

現貨比特幣 ETF 的小幅資金流出以及對週二 FOMC 會議的擔憂最初拖累了 BTC 的下跌。然而，會議結束後，BTC 短暫反彈，週三上午上漲 4%，觸及 68,000 美元。然而，ETF 資金流出仍在繼續，昨天已是連續第四天撤資。這進一步打壓了比特幣的價格，使其無法恢復並導致今天的拋售。

Altcoins Follow Suit, Suffering Similar Declines

山寨幣也緊跟其後，遭受類似的下跌

Most altcoins have accompanied BTC's downward trajectory. Ethereum (ETH), for instance, surpassed $4,000 last week but now hovers around $3,300. Other notable altcoins like ADA, DOT, MATIC, and NEAR have also faced double-digit declines within the same timeframe.

大多數山寨幣都伴隨著比特幣的下跌軌跡。例如，以太幣 (ETH) 上週突破了 4,000 美元，但目前徘徊在 3,300 美元左右。其他著名的山寨幣，如 ADA、DOT、MATIC 和 NEAR 在同一時間內也面臨兩位數的跌幅。

Notable Crypto Headlines

著名的加密貨幣頭條新聞

• Japan's $1.5 Trillion Pension Fund Considers Bitcoin Investment: Despite recent price volatility, BTC's strong performance in recent months has attracted interest from institutional investors. Japan's GPIF, the world's largest pension fund, is reportedly exploring Bitcoin investments.
• Grayscale Lowers Fees on Spot Bitcoin ETF: In response to competition from rival ETF providers, Grayscale has announced fee reductions on its spot Bitcoin ETF. The asset manager previously lost a significant portion of its BTC holdings after its flagship fund converted to a spot ETF due to higher fees than competitors.
• Binance Founder Launches Education Project Amid Legal Challenges: Changpeng Zhao, co-founder and former CEO of Binance, has announced a new non-profit project focused on mass education. However, he continues to face legal troubles in the US.
• Coinbase Defends Ethereum as Non-Security Amid SEC Scrutiny: The crypto community has already successfully advocated for spot Bitcoin ETFs, but the next battleground is Ethereum. Industry experts, including Coinbase's CLO, maintain that ETH is not a security and should not be classified as such by the SEC.
• Bitcoin's Pullback May Have Bottomed Out: Analyst Willy Woo claims that Bitcoin's recent price drops and over $12,000 decline within a week may have ended. He believes that Bitcoin has already reached its lowest point.
• Montenegro Court Upholds Do Kwon's Extradition to South Korea: Do Kwon, co-founder of Terraform Labs, will likely face prosecution in South Korea after Montenegro's Court of Appeal upheld the extradition ruling.

日本1.5兆美元退休基金考慮投資比特幣：儘管近期價格波動較大，但比特幣近幾個月的強勁表現吸引了機構投資者的興趣。據報道，全球最大的退休基金日本 GPIF 正在探索比特幣投資。Grayscale 降低現貨比特幣 ETF 的費用：為了應對競爭對手 ETF 提供者的競爭，Grayscale 宣布降低其現貨比特幣 ETF 的費用。由於費用高於競爭對手，該資產管理公司先前在其旗艦基金轉換為現貨ETF 後損失了很大一部分 BTC 持有量。幣安創始人在法律挑戰中推出教育項目：幣安聯合創始人兼前執行長趙長鵬宣布了一個新的專注於大眾教育的非營利項目。然而，他在美國繼續面臨法律麻煩。Coinbase 在 SEC 審查中捍衛以太坊不安全：加密社區已經成功倡導現貨比特幣 ETF，但下一個戰場是以太坊。包括Coinbase 的 CLO 在內的行業專家堅持認為，ETH 不是證券，不應被SEC 歸類為證券。比特幣的回檔可能已經觸底：分析師Willy Woo 聲稱，比特幣最近的價格下跌，一周內跌幅超過12,000 美元，可能已經觸底反彈。結束了。他認為比特幣已經到了最低點。黑山法院維持將 Do Kwon 引渡到韓國的判決：在黑山上訴法院維持引渡裁決後，Terraform Labs 聯合創始人 Do Kwon 很可能在韓國面臨起訴。