隨著網絡活動的下降，比特幣降至100,000美元以下

這種低迷與比特幣網絡上的交易活動顯著下降相吻合，使記憶池（MEMPOOL）的體積達到了2024年3月以來的最低水平。

Bitcoin price fell below the crucial $100,000 level on March 1, as the broader crypto market experienced heightened volatility.

由於更廣泛的加密貨幣市場的波動率提高，比特幣的價格低於至關重要的100,000美元水平。

This downturn coincided with a significant decline in transaction activity on the Bitcoin network, bringing mempool volume to its lowest level since March 2024.

這一低迷與比特幣網絡上的交易活動大幅下降相吻合，使Mempool量達到了2024年3月以來的最低水平。

The decline follows US President Donald Trump’s decision to enforce stringent tariffs on major trading partners, including Canada.

下降是在美國總統唐納德·特朗普（Donald Trump）決定對包括加拿大在內的主要貿易夥伴（包括加拿大）的主要貿易夥伴徵收嚴格關稅的決定。

The administration claims the move is designed to curb the flow of undocumented immigrants and illicit substances into the US. However, the tariffs have sparked concerns about inflationary pressure on American consumers.

政府聲稱，此舉旨在遏制無證移民和非法物質進入美國的流動。但是，關稅引發了人們對美國消費者通貨膨脹壓力的擔憂。

In response, Canadian Prime Minister Justin Trudeau announced retaliatory measures, imposing 25% tariffs on $106 billion worth of American imports.

作為回應，加拿大總理賈斯汀·特魯多（Justin Trudeau）宣布了報復措施，對價值1006億加元的美國進口措施徵收了25％的關稅。

The first round of levies, targeting $30 billion in goods, will take effect immediately, with an additional $125 billion in tariffs scheduled in the coming weeks.

第一輪稅款針對300億美元的商品，將立即生效，在未來幾週內還計劃增加1,250億美元的關稅。

The increased volatility triggered a liquidation spree, wiping out over $555 million in leveraged positions, according to CoinGlass. More than 239,000 traders faced forced liquidations, with long traders—those betting on price increases—suffering the heaviest losses, amounting to $491 million.

據Coinglass稱，增加的波動率引發了清算狂潮，消除了超過5.55億美元的槓杆位置。超過239,000名交易者面臨著強迫清算，這些交易員長期銷售 - 對價格上漲的押注 - 損失了最重的損失，總計4.91億美元。

Short traders, anticipating price declines, lost approximately $63 million.

預計價格下降的短交易者損失了約6300萬美元。

Crypto Market Liquidation. Source: Coinglass

加密市場清算。資料來源：小店

The turmoil follows US President Donald Trump’s decision to enforce stringent tariffs on major trading partners, including Canada.

動蕩之後是美國總統唐納德·特朗普（Donald Trump）決定對包括加拿大在內的主要貿易夥伴的嚴格關稅。

The administration claims the move is designed to curb the flow of undocumented immigrants and illicit substances into the US. However, the tariffs have sparked concerns about inflationary pressure on American consumers.

政府聲稱，此舉旨在遏制無證移民和非法物質進入美國的流動。但是，關稅引發了人們對美國消費者通貨膨脹壓力的擔憂。

In response, Canadian Prime Minister Justin Trudeau announced retaliatory measures, imposing 25% tariffs on $106 billion worth of American imports.

作為回應，加拿大總理賈斯汀·特魯多（Justin Trudeau）宣布了報復措施，對價值1006億加元的美國進口措施徵收了25％的關稅。

The first round of levies, targeting $30 billion in goods, will take effect immediately, with an additional $125 billion in tariffs scheduled in the coming weeks.

第一輪稅款針對300億美元的商品，將立即生效，在未來幾週內還計劃增加1,250億美元的關稅。

Bitcoin Network Sees Sharp Drop in Transactions

比特幣網絡看到交易急劇下降

Beyond market turbulence, Bitcoin’s network activity has declined significantly, with the mempool—the waiting area for unconfirmed transactions—showing a notable reduction in volume.

除了市場動蕩之外，比特幣的網絡活動大幅下降，孟買（未經證實的交易的等待區）表明，數量顯著減少。

On February 1, data from CryptoQuant shows that the mempool is nearly empty, indicating a steep drop in transaction volume. The data further reflects that Bitcoin transaction fees have dropped to 1 sat/vB, signaling reduced demand for block space.

2月1日，來自加密量的數據表明，Mempool幾乎是空的，表明交易量急劇下降。數據進一步反映出比特幣交易費用已降至1個SAT/VB，這會減少對塊空間的需求。

This marks the lowest level of transaction activity since March 2024.

這標誌著自2024年3月以來的交易活動水平最低。

Bitcoin Mempool Transaction Count. Source: X/Moreno

比特幣MEMPOOL交易計數。資料來源：X/Moreno

This trend raises concerns about Bitcoin’s usage as a medium of exchange, with some analysts suggesting that the growing perception of BTC as digital gold may discourage transactional use.

這種趨勢引起了人們對比特幣作為一種交流媒介的使用的擔憂，一些分析師表明，對BTC作為數字黃金的看法日益增加可能會阻止交易的使用。

Bart Mol, host of the Satoshi Radio Podcast, criticized the shift in narrative, stating that celebrating an empty mempool overlooks the potential risks to Bitcoin’s foundational role. He likened it to “wood rot” in a house’s foundation, warning that a lack of transaction activity could undermine Bitcoin’s core functionality.

Satoshi Radio Podcast的主持人Bart Mol批評了敘事的轉變，稱慶祝空的Mempool忽略了比特幣基本角色的潛在風險。他將其比作房屋基金會中的“木腐”，警告說，缺乏交易活動可能會破壞比特幣的核心功能。

“Bitcoiners celebrating that the mempool cleared is one of the most retarded things I’ve seen in a while. The digital gold narrative is slowly destroying the foundation of Bitcoin, like wood rot in the foundation of a house,” Mol wrote.

“比特幣慶祝孟買被清理的比特幣是我一段時間以來見過的最弱智的事情之一。數字黃金的敘述正在慢慢破壞比特幣的基礎，例如房屋的基礎上的木質腐爛。”莫爾寫道。

Indeed, Mol’s comment aligns with Bitcoin’s increasing adoption as a reserve asset. Several corporations and governments have begun considering Bitcoin for their treasuries. These narratives reinforce the token’s position as a long-term store of value rather than a transactional currency.

確實，MOL的評論與比特幣作為儲備資產的越來越多的收養相吻合。幾家公司和政府已經開始考慮比特幣的國庫。這些敘述加強了代幣作為長期價值存儲而不是交易貨幣的地位。

However, the ongoing decline in on-chain activity raises questions about Bitcoin’s long-term utility beyond being a digital gold reserve.

但是，鏈上活動的持續下降引發了有關比特幣長期實用程序的問題，而不是成為數字黃金儲備。