比特幣價格波動引發 3.87 億美元清算，抑制風險偏好

在比特幣價格下跌 13.3% 的情況下，出現了 3.87 億美元的清算，凸顯了避險情緒。然而，進一步分析顯示，市場情緒好壞參半：中性至看漲的期貨溢價、平衡的選擇權偏差以及價格下跌期間缺乏恐慌表明專業交易者持續樂觀。儘管人們對比特幣作為避風港的作用感到擔憂，但它與黃金缺乏相關性以及最近的復甦表明它仍然是多元化投資組合中的寶貴資產。

Bitcoin Price Volatility Triggers Liquidations, Dampens Risk Appetite

比特幣價格波動引發清算，抑制風險偏好

On April 13th, Bitcoin (BTC) underwent a significant price correction, plummeting 13.3% in under 24 hours. This abrupt movement sent shockwaves through the cryptocurrency market, triggering forced liquidations worth $387 million and reducing open interest by $5.4 billion.

4 月 13 日，比特幣 (BTC) 經歷了大幅價格調整，24 小時內暴跌 13.3%。這一突然的變動給加密貨幣市場帶來了衝擊，引發了價值 3.87 億美元的強制清算，並使未平倉合約減少了 54 億美元。

Leveraged Positions Bear the Brunt

槓桿頭寸首當其衝

Traders who had leveraged their positions were particularly vulnerable to the price drop. Liquidations primarily affected long positions, where traders bet on the price rising. This indicates a shift towards a more cautious approach among market participants.

利用頭寸槓桿的交易者特別容易受到價格下跌的影響。清算主要影響多頭頭寸，交易員押注價格上漲。這顯示市場參與者轉向更謹慎的態度。

Volatility and Confidence

波動性和信心

Cryptocurrency investors are accustomed to market volatility, but the recent price action has raised concerns about the level of risk appetite and confidence in Bitcoin. Some analysts believe that the retest of the $61,500 support level may have instilled fear among investors, potentially dampening the enthusiasm for the cryptocurrency's potential to reach $72,000 and beyond.

加密貨幣投資者已經習慣了市場波動，但最近的價格走勢引發了人們對風險偏好程度和對比特幣信心的擔憂。一些分析師認為，重新測試 61,500 美元的支撐位可能會給投資者帶來恐懼，這可能會削弱對該加密貨幣達到 72,000 美元及以上潛力的熱情。

Bitcoin as a Store of Value Under Scrutiny

比特幣作為一種價值儲存手段受到審查

The price dip has also sparked questions about Bitcoin's reliability as a store of value. Despite a modest recovery to $63,500 on April 15th, the overall sentiment among traders has been subdued, hindering the narrative of Bitcoin as 'digital gold.'

價格下跌也引發了人們對比特幣作為價值儲存手段的可靠性的質疑。儘管 4 月 15 日比特幣小幅回升至 63,500 美元，但交易員的整體情緒仍然低迷，阻礙了比特幣作為「數位黃金」的敘述。

Limitations of Spot Bitcoin ETFs

現貨比特幣 ETF 的局限性

Furthermore, the price movement exposed the limitations of spot Bitcoin ETFs, highlighting the inability of holders to sell their positions over the weekend. This limitation underscores the potential risks associated with indirect exposure to Bitcoin through such instruments.

此外，價格走勢揭露了現貨比特幣 ETF 的局限性，凸顯了持有者無法在周末出售其部位。這項限制凸顯了透過此類工具間接接觸比特幣的潛在風險。

Spot ETFs' Influence on Bitcoin Price

現貨ETF對比特幣價格的影響

In recent months, inflows into spot ETFs in the U.S. have significantly influenced Bitcoin's price. Despite outflows from Grayscale's GBTC, the sector has amassed $55 billion in assets under management. High-profile visits from sales teams at prominent institutions have further contributed to the bullish sentiment surrounding Bitcoin.

近幾個月來，流入美國現貨 ETF 的資金對比特幣的價格產生了重大影響。儘管有來自 Grayscale 旗下 GBTC 的資金外流，但該產業的管理資產已累積了 550 億美元。知名機構銷售團隊的高調拜訪進一步推動了圍繞比特幣的看漲情緒。

Gold's Unwavering Status as a Store of Value

黃金作為價值儲存手段的地位無可動搖

In contrast to Bitcoin's performance, gold has maintained its reputation as a safe haven asset. Despite recent global political uncertainties and escalating conflicts in the Middle East, gold has remained price-stable, trading at around $2,350 per ounce.

與比特幣的表現相反，黃金一直保持著避險資產的聲譽。儘管近期全球政治不確定性和中東衝突不斷升級，黃金價格仍保持穩定，交易價格約為每盎司 2,350 美元。

Analyst Perspectives

分析師觀點

Analyst Tom Linn argues that the recent price movements suggest that investors do not view Bitcoin as a safe haven, unlike gold, which appreciated following news of military conflicts on April 12th.

分析師 Tom Linn 認為，最近的價格走勢表明，投資者並不將比特幣視為避風港，這與黃金不同，黃金在 4 月 12 日軍事衝突消息傳出後升值。

Bitcoin's Unique Position

比特幣的獨特地位

However, it is important to note that gold markets are not operational over the weekend, and other dynamics, such as excessive leverage, could have impacted Bitcoin's performance. Historical data also reveals that the price actions of Bitcoin and gold are rarely correlated, emphasizing the unique position of Bitcoin as an asset that does not have a direct relationship with traditional financial assets.

然而，值得注意的是，黃金市場週末不運作，槓桿過高等其他動態可能會影響比特幣的表現。歷史數據也顯示，比特幣和黃金的價格走勢很少相關，這凸顯了比特幣作為一種與傳統金融資產沒有直接關係的資產的獨特地位。

Bitcoin Derivatives Hold Firm

比特幣衍生性商品堅挺

An analysis of BTC monthly futures contracts indicates that professional traders have not become more pessimistic about Bitcoin despite the price correction. The annualized premium for BTC futures remained above the 10% neutral-to-bullish threshold.

對比特幣月度期貨合約的分析表明，儘管價格出現調整，專業交易者對比特幣並沒有變得更加悲觀。 BTC 期貨的年化溢價仍高於 10% 的中性至看漲門檻。

Options Skew Metric

選項偏差指標

The Bitcoin options skew metric, which measures the demand for bullish and bearish strategies, has also remained within a neutral range over the past two weeks. This suggests that there is no evidence of panic or a decrease in investors' optimism.

衡量看漲和看跌策略需求的比特幣選擇權偏差指標在過去兩週也保持在中性範圍內。這表明沒有證據表明恐慌或投資者樂觀情緒下降。

Conclusion

結論

While the recent price volatility has raised concerns, the market data does not indicate any significant shift in sentiment or a reduction in risk appetite among Bitcoin investors. The continued influence of spot Bitcoin ETFs and the unique position of Bitcoin as a non-correlated asset highlight the complexity and evolving nature of the cryptocurrency market.

儘管最近的價格波動引發了擔憂，但市場數據並未顯示比特幣投資者的情緒出現任何重大轉變或風險偏好下降。現貨比特幣 ETF 的持續影響以及比特幣作為非相關資產的獨特地位凸顯了加密貨幣市場的複雜性和不斷發展的性質。