比特幣的價格集會可能會受到威脅，因為機構利益下降

在過去的一年中，機構投資者一直是比特幣價格集會的主要入門，他們在比特幣的突破中的影響力超過了100,000美元。

Bitcoin’s rally to a new all-time high above $100,000 may now be under threat, as institutional interest in the crypto industry continues to decline.

現在，由於加密行業的機構興趣不斷下降，比特幣在新歷史上高於$ 100,000的新歷史高度可能會受到威脅。

According to analysts at JPMorgan, there’s been a notable slowdown in the institutional participation evident through Bitcoin and Ethereum futures contracts on the Chicago Mercantile Exchange (CME).

根據摩根大通（JPMorgan）的分析師的說法，通過比特幣和以太坊期貨合約在芝加哥商業交易所（CME）上，這一機構參與顯著放緩。

The bank’s recent note to clients highlighted a growing trend of backwardation in the futures market, a scenario in which spot prices exceed futures prices.

該銀行最近對客戶的註釋強調了期貨市場中落後的趨勢的增長，這種情況超過了期貨價格。

Typically, a healthy market sees futures contracts priced higher than the spot price due to the expectation of future growth. But the current inversion suggests that institutional players remain hesitant, likely due to a lack of immediate bullish catalysts.

通常，健康的市場認為，由於未來增長的期望，期貨合約的價格高於現貨價格。但是目前的反演表明，機構參與者仍然猶豫，這可能是由於缺乏立即看漲的催化劑所致。

“This is a negative development and indicative of demand weakness,” JPMorgan analyst Nikolaos Panigirtzoglou wrote in a note to clients.

摩根大通分析師Nikolaos Panigirtzoglou在給客戶的註釋中寫道：“這是一種負面發展，表明了需求弱點。”

“Lower demand from systematic and momentum-driven funds, such as CTAs, has also affected bitcoin and ether futures,” he added.

他補充說：“ CTA等系統和勢頭驅動的基金的需求也降低了，也影響了比特幣和以太期貨。”

Speaking of bullish catalysts, there’s been a major slowdown in the euphoria surrounding crypto-positive developments from the new Trump administration in the US.

說起看漲的催化劑，圍繞美國新特朗普政府的加密陽性發展的欣喜程度有了很大的放緩。

Any supportive policies or regulatory reforms for the crypto industry are unlikely to take effect until the latter half of 2025. As such, Bitcoin and the rest of the market are currently stuck in limbo without any bullish catalysts and continued profit-taking.

直到2025年後半段，對加密貨幣行業的任何支持政策或監管改革都不太可能生效。因此，比特幣和其他市場的其他市場目前被陷入困境，而沒有任何看漲的催化劑和持續的利潤。

Suspicions Of Market Suppression

懷疑市場抑制

Beyond the shifts in institutional sentiment, suspicions of artificial market suppression have gained traction within the crypto community.

除了機構情緒的轉變之外，對人造市場抑制的懷疑在加密貨幣社區內也受到了關注。

Industry leaders, including Samson Mow, CEO of Jan3, have voiced concerns that Bitcoin’s inability to gain sustained upward momentum above $100,000 appears “manufactured.”

包括JAN3首席執行官Samson Mow在內的行業領導者表達了擔心比特幣無法獲得超過100,000美元以上的持續向上勢頭的擔憂。

According to him, some large market participants are selling even as retail buyers are dollar-cost averaging and buying.

據他說，即使零售買家是美元成本的平均和購買，一些大型市場參與者也在賣出。

These allegations are not new, as Bitcoin’s history has been punctuated by periods of suspected price manipulation by whales. The recent influx of more institutional investors even makes this price manipulation more possible than in the previous cycles.

這些指控並不是什麼新鮮事物，因為比特幣的歷史已被鯨魚的價格操縱時期打斷。最近，更多的機構投資者的湧入甚至使這種價格操縱比以前的周期更有可能。

At the time of writing, Bitcoin is trading at $96,180, down by 2% in the past 24 hours. Given the current trend, Bitcoin might continue consolidating around $100,000 in the short term, at least until the second half of 2025.

在寫作時，比特幣的交易價格為96,180美元，在過去24小時內下降了2％。鑑於當前的趨勢，比特幣在短期內可能會繼續合併約100,000美元，至少直到2025年下半年。

However, long-term price targets from analysts for Bitcoin range from between $150,000 to $2 million.

但是，分析師的長期目標目標範圍從1.5萬美元到200萬美元之間。