比特幣減半將近，引發市場熱議與投機

Bitwise 執行長 Hunter Horsely 將即將到來的比特幣減半與 2020 年的比特幣減半進行了類比，這在加密社群引起了轟動。預計 4 月 19 日減半將大幅減少比特幣供應，並可能因需求增加而推高其價格。 Horsely 認為，影響可能會比 2020 年更大，當時比特幣從 9,000 美元上漲到 70,000 美元。預計減半也會影響挖礦算力，如果比特幣價格保持穩定或適度上漲，算力指數預計將下降 3-7%。

Bitcoin Halving Looms, Fueling Market Optimism and Speculation

比特幣減半迫在眉睫，助長市場樂觀情緒與投機

The cryptocurrency community is abuzz with anticipation as the highly anticipated Bitcoin halving event approaches on April 19. Industry experts, led by Bitwise Hunter Horsely's CEO, Hunter Horsley, are drawing parallels to the previous halving in 2020, which triggered a significant surge in Bitcoin's price.

隨著4 月19 日備受期待的比特幣減半事件的臨近，加密貨幣社群充滿了期待。以Bitwise Hunter Horsely 執行長Hunter Horsley 為首的產業專家將2020 年的減半與此前引發比特幣價格大幅飆升的情況進行了比較。 。

Horsley's analysis highlights the magnitude of the upcoming halving. This event, which occurs approximately every four years, will see the block reward for Bitcoin miners reduced by 50%, effectively constricting the supply of new Bitcoins entering the market. The reduction in supply is expected to exert upward pressure on Bitcoin's price, as demand remains steady or even increases.

霍斯利的分析強調了即將到來的減半的嚴重性。這一事件大約每四年發生一次，比特幣礦工的區塊獎勵將減少 50%，從而有效限制了進入市場的新比特幣的供應。由於需求保持穩定甚至增加，供應減少預計將對比特幣價格施加上行壓力。

The last halving in 2020 witnessed a dramatic price rally, culminating in Bitcoin reaching all-time highs. This has fueled optimism that the upcoming halving could propel Bitcoin's value even further, potentially surpassing the current $70,000 mark.

2020 年的上一次減半見證了價格的大幅上漲，最終比特幣創下了歷史新高。這引發了人們的樂觀情緒，即將到來的減半可能會進一步推高比特幣的價值，有可能突破目前的 7 萬美元大關。

Contextual Factors and Hashrate Implications

背景因素和算力影響

The Bitcoin halving does not occur in isolation. It is embedded within a broader economic landscape that may influence its impact. Prior to the 2020 halving, the Federal Reserve implemented a zero-interest rate policy and initiated a quantitative easing program. These measures, aimed at stimulating economic recovery, also impacted the cryptocurrency market, contributing to Bitcoin's price surge.

比特幣減半並不是孤立發生的。它嵌入到更廣泛的經濟格局中，可能會影響其影響。 2020年減半前，聯準會實施零利率政策並啟動量化寬鬆計畫。這些旨在刺激經濟復甦的措施也影響了加密貨幣市場，導致比特幣價格飆升。

The upcoming halving coincides with the Federal Reserve's contemplation of rate hikes. While the timing and extent of such hikes remain uncertain, their potential impact on cryptocurrency markets is a subject of keen speculation.

即將到來的減半恰逢聯準會考慮升息。儘管此類升息的時間和程度仍不確定，但它們對加密貨幣市場的潛在影響引起了人們的廣泛猜測。

Another aspect to consider is the impact of the halving on Bitcoin's hashrate, a measure of the computational power dedicated to Bitcoin mining. A recent study by Hashrate Index suggests that 3 to 7% of Bitcoin's hashrate could be affected after the halving, particularly if the price stabilizes or experiences moderate growth.

另一個需要考慮的面向是減半對比特幣算力的影響，算力是衡量比特幣挖礦專用運算能力的指標。 Hashrate Index 最近的一項研究表明，減半後 3% 到 7% 的比特幣算力可能會受到影響，特別是如果價格穩定或經歷適度增長的話。

This potential reduction in hashrate could have implications for miners, who may need to improve their efficiency and hedge against volatility and operational risks to remain profitable.

算力的潛在下降可能會對礦工產生影響，他們可能需要提高效率並對沖波動性和營運風險以保持獲利。

Bitwise's Ethereum ETF Filing

Bitwise 的以太坊 ETF 備案

In a separate but significant development, Bitwise recently filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) for an Ethereum Spot ETF. This move underscores Bitwise's commitment to expanding investment opportunities in the cryptocurrency market.

Bitwise 最近向美國證券交易委員會 (SEC) 提交了一份以太坊現貨 ETF 的 S-1 表格，這是一個單獨但重要的進展。此舉凸顯了 Bitwise 對擴大加密貨幣市場投資機會的承諾。

Unlike futures-based ETFs, spot ETFs offer a more direct relationship with the underlying asset, providing investors with exposure to Ethereum's price movements. This aligns with Bitwise's philosophy of delivering innovative investment solutions.

與基於期貨的 ETF 不同，現貨 ETF 提供了與標的資產更直接的關係，為投資者提供了了解以太坊價格變動的機會。這符合 Bitwise 提供創新投資解決方案的理念。

The Ethereum Spot ETF application is a testament to the growing institutional acceptance of cryptocurrencies and the continued evolution of the digital asset landscape.

以太坊現貨 ETF 申請證明了機構對加密貨幣的接受度不斷提高以及數位資產格局的持續發展。

Conclusion

結論

The Bitcoin halving and the Ethereum Spot ETF filing by Bitwise are pivotal events that are expected to shape the cryptocurrency market in the coming months. The halving's potential impact on Bitcoin's price, coupled with the broader economic context and hashrate dynamics, creates a complex and dynamic environment for investors and market participants alike.

比特幣減半和 Bitwise 提交的以太坊現貨 ETF 申請是關鍵事件，預計將在未來幾個月塑造加密貨幣市場。減半對比特幣價格的潛在影響，加上更廣泛的經濟背景和算力動態，為投資者和市場參與者創造了一個複雜而動態的環境。

As the halving date nears, the cryptocurrency community will be closely monitoring developments, eager to witness the outcome of this highly anticipated event.

隨著減半日期的臨近，加密貨幣社群將密切關注事態發展，渴望見證這一備受期待的事件的結果。