比特幣和以太坊記錄糟糕的Q1

儘管投資者希望進入新的一年，但在3月30日撰寫本文時，比特幣和以太坊分別下跌了11.95％和45.06％，在第1季度。

Cryptocurrency market behemoths Bitcoin and Ethereum are displaying a troubling trend—they're poised to close Q1 with their worst performance in seven years. This bleak outlook follows a year of rapidly shifting global macroeconomic and geopolitical dynamics that have sparked uncertainty and left risk assets subdued.

加密貨幣市場巨頭比特幣和以太坊都表現出令人不安的趨勢 - 他們準備在七年來結束第一季度的表現。這種黯淡的前景是遵循一年迅速轉移的全球宏觀經濟和地緣政治動態，這些動態引發了不確定性，並使風險資產抑制了。

What Happened: Despite investor hopes coming into the new year, Bitcoin and Ethereum are down 11.95% and 45.06%, respectively, at the time of writing on Friday. With only a few hours to go to the end of the quarter, these leading cryptocurrency assets are on track for their worst quarterly close since 2018.

發生了什麼：儘管投資者希望進入新的一年，但比特幣和以太坊分別下跌了11.95％和45.06％，在周五寫作時。到本季度末僅幾個小時就可以了，這些領先的加密貨幣資產以自2018年以來最糟糕的季度關閉為正軌。

The first sign of trouble was the Federal Reserve's hawkish pivot in December, when it cut its interest rate cut projections for 2025, arguing that it expected inflation to remain sticky.

麻煩的第一個跡像是美聯儲在12月降低了2025年降低利率的預測，認為它預計通貨膨脹會保持粘性。

President Donald Trump's erratic tariff policy has further complicated the situation, worsening inflation fears and sparking economic growth concerns.

唐納德·特朗普（Donald Trump）總統的不穩定關稅政策進一步使局勢變得複雜，加劇了通貨膨脹的恐懼並引發了經濟增長的關注。

However, despite these overarching concerns, cryptocurrency market participants are holding out hope for a turnaround in Q2, and history may be on their side.

但是，儘管存在這些總體問題，但加密貨幣市場參與者仍對第二季度的轉機充滿希望，歷史可能站在他們這一邊。

Historical Data: Seven out of 12 times, Bitcoin has closed the second quarter of the year in the green, averaging 27% gains. The numbers are even more impressive for Ethereum.

歷史數據：在12次中，比特幣在綠色的第二季度結束了，平均收益為27％。對於以太坊，這些數字更加令人印象深刻。

Seven out of nine times, the second-largest cryptocurrency asset by market cap has ended the second quarter in the green with an average gain of 67%, typically outperforming Bitcoin within the period.

九次中有七次，第二大的加密貨幣資產在綠色的第二季度結束，平均收益為67％，通常在此期間表現出色。

Some market observers are hopeful for a turnaround in Q2 in anticipation of a near Fed pivot. Following the last Federal Open Market Committee meeting, Federal Reserve Chair Jerome Powell asserted that inflation may be transitory. At the same time, he let slip that the Fed will be taking steps to slow down quantitative tightening starting April 1.

一些市場觀察家希望在第2季度的近距離樞紐中有所作為。在上次聯邦公開市場委員會會議之後，美聯儲主席杰羅姆·鮑威爾（Jerome Powell）斷言，通貨膨脹可能是短暫的。同時，他讓美聯儲將採取措施從4月1日開始降低定量收緊。

"JAYPOW delivered, QT basically over Apr 1. The next thing we need to get bulled up for realz is either SLR exemption and or a restart of QE. Was $BTC $77k the bottom, prob. But stonks prob have more pain left to fully convert Jay to team Trump so stay nimble and cashed up," BitMEX founder Arthur Hayes said.

“ Jaypow基本上是在4月1日的時間內交付的。下一件事我們需要為Realz欺負，要么是SLR豁免，要么是QE的重新開始。$ BTC $ 77,77,000 $ 77K，但Stonks Prob。但是Stonks Prob剩下的痛苦還剩下更多的痛苦，可以將Jay完全轉換為Trump，因此請保持敏捷，並兌現，Bitmex uped uped up upmex upmex uped upmex of to nimex of to nimex upeder to nimmex of to nimble to nimble seuts in tearmex in to nimble to nimble to nimble。

Market Impact: In the short term, several events will be affecting the crypto market. Several data releases, such as data on U.S. manufacturing activity and the monthly jobs report, are anticipated this week. At the same time, Trump is expected to announce fresh tariffs on April 2, which he has said will target all countries.

市場影響：在短期內，幾個事件將影響加密市場。預計本週將發布一些數據發布，例如有關美國製造活動和每月工作報告的數據。同時，特朗普有望在4月2日宣布新的關稅，他說這將以所有國家的目標。

"The US leads a busy week ‘look ahead’ for the global economy and markets with a string of data releases — including the monthly jobs reports, JOLTS, ISM, and retail sales — the April 2nd tariff announcement, and remarks by Chair Powell and other Federal Reserve officials. We’ll also keep an eye out for any further developments in the U.S. debt ceiling talks and the tone of the Chinese economic reports."

“美國為全球經濟和市場帶來了繁忙的一周'展望，包括每月的工作報告，震動，ISM和零售銷售額，包括4月2日的關稅宣布，鮑威爾主席和其他美聯儲官員發表的言論。我們還將在美國債務限制的談話和中國經濟報告中的進一步發展。

Ahead of these events, Bitcoin and Ethereum are trading at monthly lows of around $83,000 and $1,800, respectively.

在這些活動之前，比特幣和以太坊的月度低點分別為83,000美元和1,800美元。