降息希望減弱和 ETF 興奮減弱，比特幣下跌

由於聯準會降息預期下降以及交易所交易基金（ETF）需求減弱，比特幣自 3 月中旬以來已暴跌 10%。此次下跌是在經濟前景表明利率將在較長時期內保持較高水平的情況下發生的。

Bitcoin Plunges Amid Waning Rate-Cut Expectations and Subdued ETF Enthusiasm

降息預期減弱和 ETF 熱情減弱，比特幣暴跌

New York, April 1, 2024 - Bitcoin, the leading cryptocurrency, has experienced a significant decline, losing approximately 10% since its mid-March peak of $74,000. This downturn has been attributed to a combination of factors, including diminishing market expectations for interest rate cuts by the Federal Reserve and waning interest in cryptocurrency exchange-traded funds (ETFs).

紐約，2024 年 4 月 1 日 - 領先的加密貨幣比特幣經歷了大幅下跌，自 3 月中旬 74,000 美元的峰值以來下跌了約 10%。這種低迷是由多種因素造成的，包括市場對聯準會降息的預期減弱以及對加密貨幣交易所交易基金（ETF）的興趣減弱。

The Federal Reserve's recent hawkish tone has dampened market optimism for a swift shift in monetary policy. Investors had previously anticipated a more accommodative stance from the central bank, which would have favored risky assets like Bitcoin. However, the Fed's commitment to raising interest rates in a bid to contain inflation has led to a reassessment of market expectations for near-term monetary easing.

聯準會近期的強硬語氣削弱了市場對貨幣政策迅速轉變的樂觀情緒。投資人先前預期央行會採取更寬鬆的立場，這將有利於比特幣等風險資產。然而，聯準會升息以抑制通膨的承諾導致市場重新評估近期貨幣寬鬆的預期。

The recent sluggish performance of Bitcoin ETFs has also contributed to the digital asset's decline. Despite the launch of several Bitcoin ETFs in the past year, their trading volumes have fallen short of expectations. Some analysts have attributed this to a decline in interest from institutional investors, who were initially seen as a key driver of ETF growth.

比特幣ETF近期表現低迷也導致了該數位資產的下跌。儘管過去一年推出了多隻比特幣ETF，但它們的交易量仍低於預期。一些分析師將此歸因於機構投資者興趣下降，而機構投資者最初被視為 ETF 成長的關鍵驅動力。

The waning demand for Bitcoin ETFs has, in turn, reduced the flow of capital into the cryptocurrency market. Institutional investors typically prefer to gain exposure to Bitcoin through regulated and transparent investment vehicles like ETFs. The lackluster performance of these ETFs has made it more challenging for Bitcoin to attract new institutional money.

對比特幣 ETF 的需求減弱反過來又減少了流入加密貨幣市場的資本。機構投資者通常更喜歡透過 ETF 等受監管且透明的投資工具來獲得比特幣投資。這些 ETF 的低迷表現使得比特幣吸引新的機構資金變得更具挑戰性。

Furthermore, the broader macroeconomic outlook remains challenging for Bitcoin. The escalating geopolitical tensions and the ongoing global economic slowdown have created uncertainty and risk aversion among investors. As a result, investors have been shifting their portfolios toward safer assets, such as government bonds and precious metals.

此外，更廣泛的宏觀經濟前景對比特幣來說仍然充滿挑戰。不斷升級的地緣政治緊張局勢和持續的全球經濟放緩給投資者帶來了不確定性和避險情緒。因此，投資者一直將投資組合轉向更安全的資產，例如政府債券和貴金屬。

Analysts have expressed mixed views on Bitcoin's future prospects. Some maintain that the long-term fundamentals of Bitcoin remain strong, while others believe that the current downturn could extend further. However, the recent decline serves as a reminder that Bitcoin is a highly volatile asset and subject to significant price swings.

分析師對比特幣的未來前景表達了不同的看法。有些人認為比特幣的長期基本面依然強勁，而有些人則認為當前的低迷可能會進一步延續。然而，最近的下跌提醒人們，比特幣是一種高度波動的資產，並且會受到大幅價格波動的影響。