比特幣和Ether（ETH）市場從2025年開始下降，這使投資者感到驚訝

在所有期望下，加密市場始於2025年下降，這使投資者感到驚訝。比特幣和以太，通常表現強勁

Crypto prices started 2025 with a decline against all expectations, surprising investors. Bitcoin and Ether, usually strong performers in the first quarter, recorded their worst historical performances over this period. This sharp reversal, breaking from known seasonal dynamics, rekindles debates about a possible rebound in the second quarter, while economic uncertainties weigh on all risk assets.

加密價格始於2025年，所有預期的下降，令人驚訝的投資者。比特幣和以太通常在第一季度表現出色，在此期間記錄了他們最糟糕的歷史表演。這種急劇的逆轉從已知的季節性動態中斷，重新激發了有關第二季度可能反彈的辯論，而經濟不確定性則影響了所有風險資產。

A Contrary Start to the Year for Bitcoin and Ether

比特幣和以太的一年相反

Bitcoin and Ether, the two main cryptos by market capitalization, fell by 11.82 % and 45.41 % respectively during the first quarter of 2025.

在2025年第一季度，比特幣和Ether（按市值為市場資本化的兩個主要加密貨幣）分別下降了11.82％和45.41％。

This decline contrasts with their historical performances during this period. Since 2013, the first quarter has represented on average the second-best quarter for Bitcoin (+51.2 %) and the best for Ether (+77.4 %), according to CoinGlass data.

這種下降與他們在此期間的歷史表演形成對比。根據Coinglass數據，自2013年以來，第一季度平均代表了比特幣（+51.2％）的第二季度，而Ether（+77.4％）的最佳代表。

Matt Hougan, Chief Investment Officer at Bitwise, did not mince words: “Frustrating. That’s the word that best describes the past quarter ”.

Bitwise的首席投資官Matt Hougan並沒有諷刺地說：“令人沮喪。這就是最能描述上個季度的單詞”。

He even referred to the period as the “best worst quarter in crypto history ”.

他甚至將該時期稱為“加密歷史上最糟糕的季度”。

According to the analysis published by Bitwise, several factors weighed on crypto performance in recent months:

根據Bitwise發表的分析，最近幾個月對加密性能的幾個因素：

Several signs of reversal are emerging for the second quarter

第二季度的逆轉跡象正在出現

Despite this difficult start, several indicators could reverse the trend in the second quarter. Matt Hougan identifies four factors likely to fuel a recovery.

儘管開局艱難，但幾個指標可能會在第二季度扭轉趨勢。馬特·霍根（Matt Hougan）確定了四個可能助長恢復的因素。

First, the expansion of the global money supply, with central banks increasingly inclined to adopt flexible policies, could favor risky assets.

首先，全球貨幣供應的擴張，中央銀行越來越傾向於採用靈活的政策，可能會有利於冒險的資產。

“Historically, these conditions have been favorable for cryptos ” he claims. This analysis is shared by Pav Hundal, Senior Analyst at Swyftx, who noted in February that “global stimulus measures are normally a reliable indicator for crypto ”.

他聲稱：“從歷史上看，這些條件對加密貨幣有利。” Swyftx的高級分析師PAV Hundal共享了這一分析，他在2月指出，“全球刺激措施通常是加密貨幣的可靠指標”。

A second lever is identified on the regulatory front. Hougan refers to an ongoing “pro-crypto regulatory clarification” in the United States. Furthermore, he considers it an undervalued but promising turning point for the ecosystem.

在監管方面確定了第二個槓桿。霍根（Hougan）指的是美國正在進行的“親克萊普托監管澄清”。此外，他認為這是生態系統被低估但有希望的轉折點。

At the same time, the steady growth of stablecoins is another encouraging factor, as assets under management in this segment have reached a historic high. They surpassed 218 million dollars during the first quarter.

同時，穩定的穩定增長是另一個令人鼓舞的因素，因為該細分市場中管理的資產達到了歷史性的高度。他們在第一季度超過了2.18億美元。

This dynamism is seen as a catalyst for related sectors such as DeFi. Finally, investors’ tendency to reassess their portfolios amid current uncertainties could strengthen the appeal of cryptos.

這種動態被視為相關部門（例如Defi）的催化劑。最後，由於目前的不確定性，投資者傾向於重新評估其投資組合，這可能會增強加密貨幣的吸引力。

While Matt Hougan maintains his bold prediction of a bitcoin at $200,000 by the end of the year, he points out that the potential reversal “has not yet been triggered, but could occur quickly when sentiment shifts ”. For now, the second quarter appears to be a potential turning point, closely watched by analysts and investors, in a context increasingly influenced by complex macroeconomic and political dynamics.

儘管馬特·霍根（Matt Hougan）在今年年底之前將他對比特幣的大膽預測為20萬美元，但他指出，潛在的逆轉“尚未被觸發，但可能會在情緒轉移時迅速發生”。就目前而言，第二季度似乎是一個潛在的轉折點，在分析師和投資者的密切關注的情況下，在越來越受複雜的宏觀經濟和政治動態影響的情況下。

Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.

通過我們的“閱讀賺取”計劃最大化您的共同成員體驗！對於您閱讀的每篇文章，請賺取積分並獲得獨家獎勵。立即註冊並開始賺取福利。