由於情緒低落，比特幣市場失去動力

在熱情降溫的情況下，比特幣交易員正在放棄看漲押注，因為包括美國現貨比特幣 ETF 的強勁資金流入和比特幣減半事件在內的主要驅動因素失去了動力。比特幣融資利率為負值反映了需求下降，分析師指出，流入現貨比特幣 ETF 的資金減少以及比特幣期貨的未平倉合約下降。由於中東緊張局勢以及聯準會降息的預期延遲導致避險情緒加劇，加密市場等待 4 月 30 日在香港推出現貨比特幣 ETF。

Waning Sentiment Dampens Bitcoin Market Enthusiasm

情緒低落削弱了比特幣市場的熱情

A recent Bloomberg News analysis reveals a notable shift in sentiment among Bitcoin traders, indicating a pullback from bullish positions. This change coincides with the fading momentum of two key factors that have previously fueled cryptocurrency's ascent.

彭博新聞社最近的一項分析顯示，比特幣交易者的情緒發生了顯著轉變，顯示看漲部位有所回落。這項變化與先前推動加密貨幣上漲的兩個關鍵因素的勢頭減弱同時發生。

Cooling Demand and Stagnant Supply

需求降溫和供應停滯

The Bitcoin funding rate, a measure of the premium paid by traders to maintain open long positions in futures markets, has plunged into negative territory, marking the first such occurrence since October 2023. This signals a reduction in demand for Bitcoin after a period of record highs following the launch of ten spot Bitcoin exchange-traded funds (ETFs) in the United States in January.

比特幣融資利率（衡量交易者為維持期貨市場未平倉多頭部位而支付的溢價）已跌至負值，這是自2023 年10 月以來首次出現這種情況。紀錄的時期後，對比特幣的需求減少自 1 月在美國推出 10 支現貨比特幣交易所交易基金 (ETF) 以來，比特幣價格創下新高。

In addition, the long-anticipated Bitcoin halving event, which took place last week and reduces the supply of new coins by half, has had a muted impact on the cryptocurrency's price.

此外，上週發生的人們期待已久的比特幣減半事件使新幣的供應量減少了一半，對加密貨幣的價格影響不大。

Heightened Uncertainty and Reduced Risk Appetite

不確定性增加，風險偏好降低

Bloomberg attributes the waning enthusiasm for Bitcoin to growing risk aversion among investors. Tensions in the Middle East and anticipated delays in Federal Reserve rate cuts are cited as factors contributing to this shift. Julio Moreno, Head of Research at CryptoQuant, notes that the negative funding rate reflects a diminished desire among traders to initiate long positions.

彭博社將比特幣熱情減弱歸因於投資者的風險厭惡日益增強。中東的緊張局勢和聯準會降息的預期延遲被認為是促成這一轉變的因素。 CryptoQuant 研究主管 Julio Moreno 指出，負資金利率反映出交易者建立多頭部位的意願減弱。

Declining ETF Inflows and Institutional Interest

ETF 流入量和機構興趣下降

The article highlights a decrease in daily inflows into US-based spot Bitcoin ETFs. Bloomberg's data indicates a net inflow of $170 million this month, significantly lower than the $4 billion garnered during the same period in March.

這篇文章強調了美國現貨比特幣 ETF 的每日流入量有所減少。彭博社的數據顯示，本月淨流入1.7億美元，明顯低於3月同期的40億美元。

Furthermore, open interest in Bitcoin futures at the CME Group has declined by 18% from its peak, suggesting reduced interest in crypto-related trading and hedging among US institutions.

此外，芝商所比特幣期貨的未平倉合約已較高峰下降了 18%，這表明美國機構對加密貨幣相關交易和對沖的興趣有所下降。

Attention Turns to Hong Kong

注意力轉向香港

As the cryptocurrency market searches for new catalysts, the focus shifts to Hong Kong, which is preparing to launch spot Bitcoin ETFs and spot Ethereum ETFs on April 30. However, it remains uncertain whether these new products will replicate the significant demand witnessed in the United States.

隨著加密貨幣市場尋找新的催化劑，焦點轉向香港，香港正準備於 4 月 30 日推出現貨比特幣 ETF 和現貨以太坊 ETF。 。

Conclusion

結論

The recent downturn in Bitcoin market sentiment underscores the volatility and risk associated with investing in cryptocurrencies. The factors that have traditionally driven Bitcoin's upward trajectory, such as positive inflows into ETFs and supply reductions, are showing signs of weakness. As geopolitical and economic uncertainties continue to weigh on the global financial landscape, investors should proceed with caution when considering cryptocurrency investments.

最近比特幣市場情緒的低迷凸顯了與投資加密貨幣相關的波動性和風險。傳統上推動比特幣上漲的因素，例如ETF的積極流入和供應減少，現在正顯示出疲軟的跡象。由於地緣政治和經濟不確定性繼續影響全球金融格局，投資者在考慮加密貨幣投資時應謹慎行事。