比特幣和以太坊在市場動盪和政策轉變中暴跌

由於市場情緒下降、貨幣政策行動和加密衍生性商品市場，比特幣（BTC）和以太幣（ETH）最近價格下跌。摩根大通對比特幣拋售表示擔憂，由於流入現貨比特幣 ETF 的資金減少，金融機構對潛在價格上漲的樂觀情緒下降。聯準會的貨幣政策也影響了市場，導致衍生性商品市場活動增加，分析師猜測比特幣價格可能創下歷史新高。

Bitcoin and Ethereum Slump Amid Market Turbulence and Policy Shifts

市場動盪和政策轉變導致比特幣和以太坊暴跌

New York, NY - The cryptocurrency market has witnessed a significant decline in prices, with Bitcoin (BTC) and Ethereum (ETH) leading the downward trend. This plunge stems from a confluence of factors, including waning market sentiment, monetary policy actions, and the dynamics of the crypto derivatives market.

紐約州紐約 - 加密貨幣市場價格大幅下跌，比特幣（BTC）和以太幣（ETH）領跌。這次暴跌源自於多種因素的綜合作用，包括市場情緒減弱、貨幣政策行動以及加密貨幣衍生性商品市場的動態。

JP Morgan Expresses Caution

摩根大通表示謹慎

JP Morgan, a leading financial institution, has voiced concerns over the extended sell-off in Bitcoin, emphasizing that the market remains overbought. This has dampened the optimism that financial institutions held for a potential price surge by the end of the year.

領先的金融機構摩根大通對比特幣的長期拋售表示擔憂，強調市場仍然超買。這削弱了金融機構對年底價格可能上漲的樂觀情緒。

JP Morgan's analysis attributes this shift in sentiment to diminished expectations of a post-halving reduction in Bitcoin supply and a decline in inflows into spot Bitcoin exchange-traded funds (ETFs). The bank notes a decrease in these inflows, indicating a change in investor sentiment.

摩根大通的分析將這種情緒轉變歸因於人們對比特幣供應量減半後減少的預期的減弱以及現貨比特幣交易所交易基金（ETF）資金流入的減少。該銀行指出，這些資金流入有所減少，顯示投資者情緒發生了變化。

Federal Reserve's Policy Impact

聯準會的政策影響

The US Federal Reserve's decision to maintain the fed funds rate within the range of 5.25%-5.5% was in line with market expectations. However, Federal Reserve Chairman Jerome Powell's projection of three rate cuts this year, with additional cuts anticipated in 2025, has influenced market dynamics.

聯準會維持聯邦基金利率在5.25%-5.5%區間的決定符合市場預期。然而，聯準會主席鮑威爾預計今年將降息三次，並預計在 2025 年進一步降息，這影響了市場動態。

Surge in Derivatives Market Activity

衍生性商品市場活動激增

This decision has resonated in the derivatives market, with a notable increase in large-volume transactions observed. According to Adam, a market researcher from GreeksLive, approximately 30% of all option transactions involve high volumes, with many of these transactions representing purchases of call options.

這項決定在衍生性商品市場引起了反響，大宗交易量顯著增加。 GreeksLive 市場研究員 Adam 表示，大約 30% 的選擇權交易涉及大量交易，其中許多交易代表購買看漲期權。

The BTC and ETH options market has exhibited significant activity, with $2.6 billion worth of options set to expire. This has fueled speculation that BTC prices may reach new all-time highs.

BTC 和 ETH 選擇權市場表現出活躍，價值 26 億美元的選擇權即將到期。這引發了人們對比特幣價格可能創下歷史新高的猜測。

Analyst Forecasts

分析師預測

While some analysts anticipate a bullish outlook, others maintain a more conservative stance. Markus Thielen, an analyst, predicts that Bitcoin may undergo a further correction, potentially declining to levels between $52,000 and $54,000.

儘管一些分析師預計前景看漲，但其他分析師則保持更保守的立場。分析師 Markus Thielen 預測，比特幣可能會進一步回調，可能會跌至 52,000 美元至 54,000 美元之間的水平。

Despite this bearish projection, analysts at Bernstein have revised their Bitcoin year-end target upwards from $80,000 to $90,000, underscoring the potential for Bitcoin's recovery amidst the current market volatility.

儘管有這個悲觀預測，伯恩斯坦分析師仍將比特幣年底目標從 8 萬美元上調至 9 萬美元，強調了比特幣在當前市場波動中復甦的潛力。

Spot Bitcoin ETF Dynamics

現貨比特幣ETF動態

The dynamics surrounding spot Bitcoin ETFs have further contributed to the market's bearish sentiment. Bitcoin ETFs have faced persistent net outflows, with the Grayscale Bitcoin Trust ETF (GBTC) experiencing particularly heavy outflows. These outflows have not been offset by inflows into other funds, such as the iShares Bitcoin Trust (IBIT).

圍繞比特幣 ETF 現貨的動態進一步加劇了市場的看跌情緒。比特幣 ETF 面臨持續的淨流出，其中灰階比特幣信託 ETF (GBTC) 的流出尤其嚴重。這些資金流出並未被 iShares 比特幣信託 (IBIT) 等其他基金的流入所抵消。

This trend raises questions about the sustainability of Bitcoin ETFs' popularity, despite the overall net inflows they have attracted since their launch.

這一趨勢引發了人們對比特幣 ETF 受歡迎程度可持續性的質疑，儘管它們自推出以來吸引了整體淨流入。

Conclusion

結論

The recent decline in Bitcoin and Ethereum prices is a complex interplay of market sentiment, monetary policy changes, and the dynamics of the crypto derivatives market. While some analysts predict a potential surge in BTC prices, others maintain a more cautious outlook. The future trajectory of cryptocurrencies will depend on the evolving macroeconomic landscape and the ongoing developments within the blockchain ecosystem.

最近比特幣和以太幣價格的下跌是市場情緒、貨幣政策變化和加密衍生性商品市場動態的複雜相互作用的結果。雖然一些分析師預測比特幣價格可能會飆升，但其他分析師則對前景持更謹慎的態度。加密貨幣的未來軌跡將取決於不斷變化的宏觀經濟格局和區塊鏈生態系統的持續發展。