由於需求減弱和看跌訊號，比特幣回檔加深

在現貨比特幣交易所交易基金 (ETF) 需求放緩的情況下，比特幣已從高峰迴落 10%，摩根大通分析師預測比特幣將進一步下跌。 10隻現貨比特幣ETF的資金流出創下自推出以來四天來最大的撤資規模，反映出加密貨幣的超買狀態。策略師將 CME 比特幣期貨的持續未平倉合約和 ETF 流量的減少視為看跌指標，預計在 4 月減半事件之前將出現獲利了結。

Bitcoin Pullback Intensifies Amidst Slowing Demand and Bearish Signals

在需求放緩和看跌訊號的情況下，比特幣回檔加劇

Bitcoin's recent surge has hit a roadblock, with the cryptocurrency experiencing a significant pullback of over 10% from its all-time high. The decline has been accompanied by signs of slowing demand for spot Bitcoin exchange-traded funds (ETFs).

比特幣最近的飆升遇到了障礙，從歷史高點大幅回落超過 10%。伴隨著比特幣下跌的還有現貨比特幣交易所交易基金（ETF）需求放緩的跡象。

According to Bloomberg, analysts at JPMorgan Chase & Co. have issued a warning that the downward trend could continue. This sentiment is corroborated by substantial outflows from a group of 10 spot Bitcoin ETFs, marking the largest four-day withdrawal since their launch on January 11.

據彭博社報道，摩根大通分析師警告稱，下降趨勢可能會持續。 10隻現貨比特幣ETF的大量資金流出證實了這種情緒，這是自1月11日推出以來最大規模的四天撤資。

Bitcoin is currently navigating one of its most challenging weeks this year, with a 4% decrease in value, and is currently trading at approximately $65,400. JPMorgan strategists, led by Nikolaos Panigirtzoglou, maintain their stance that Bitcoin remains overbought.

比特幣目前正經歷今年最具挑戰性的一周之一，價值下跌 4%，目前交易價格約為 65,400 美元。以 Nikolaos Panigirtzoglou 為首的摩根大通策略師維持比特幣仍超買的立場。

In February, the strategists predicted that the cryptocurrency's price could face further declines, particularly with the approaching halving event in April, which will reduce the supply of Bitcoin from mining. They cite the combination of sustained open interest in CME Bitcoin futures and the dwindling ETF flows as clear bearish indicators.

2月份，策略師預測加密貨幣的價格可能會進一步下跌，特別是隨著4月份減半事件的臨近，這將減少比特幣的挖礦供應。他們將 CME 比特幣期貨的持續未平倉合約和 ETF 流量的減少結合起來視為明顯的看跌指標。

"The pace of net inflows into spot Bitcoin ETFs has slowed markedly, with the past week seeing a significant outflow," they noted. "This challenges the notion that the spot Bitcoin ETF flow picture is going to be characterized as a sustained one-way net inflow."

他們指出：“現貨比特幣 ETF 的淨流入速度明顯放緩，過去一周出現大幅流出。” “這挑戰了現貨比特幣 ETF 流量圖將被描述為持續單向淨流入的觀念。”

They anticipate continued profit-taking as the halving event nears, especially given the current overbought market positioning. Last month, JPMorgan predicted a potential decline in Bitcoin's price to around $42,000 post-April, as the excitement around the halving event fades.

他們預計，隨著減半事件的臨近，獲利回吐將會持續，特別是考慮到目前超買的市場定位。上個月，摩根大通預測，隨著減半事件的興奮消退，4 月後比特幣的價格可能會下跌至 42,000 美元左右。

Despite reaching a peak of nearly $73,798 on March 14, the enthusiasm among retail traders appears to be waning, as highlighted by Naeem Aslam, chief investment officer at Zaye Capital Markets. "The fact that the rally didn't really take off from the all-time high like before made many question the strength of the rally," he remarked.

Zaye Capital Markets 首席投資長 Naeem Aslam 強調，儘管 3 月 14 日達到近 73,798 美元的峰值，但散戶交易者的熱情似乎正在減弱。他表示：“事實上，這次反彈並沒有像之前那樣真正從歷史高點開始，這讓許多人質疑這次反彈的力度。”

Conversely, investment firm Bernstein has upgraded its year-end forecast for Bitcoin to $90,000 from $80,000, buoyed by the cryptocurrency's recent performance and the initial reception to new spot BTC ETFs. Analysts Gautam Chhugani and Mahika Sapra from Bernstein have expressed optimism, citing the onset of a new BTC bull cycle, robust inflows into ETFs, expansion of miner capacity, and record miner revenues.

相反，投資公司 Bernstein 將比特幣的年底預測從 80,000 美元上調至 90,000 美元，受到加密貨幣近期表現以及新現貨 BTC ETF 的初步歡迎的提振。 Bernstein 的分析師 Gautam Chhugani 和 Mahika Sapra 表達了樂觀態度，理由是新的 BTC 牛市週期的開始、ETF 的強勁資金流入、礦商產能的擴張以及創紀錄的礦商收入。

These elements collectively bolster the attractiveness of Bitcoin miners as investment avenues for equity investors interested in the cryptocurrency space, even as Bernstein revises its expectations for the April halving event.

儘管 Bernstein 修改了對 4 月減半事件的預期，但這些因素共同增強了比特幣礦商作為對加密貨幣領域感興趣的股票投資者的投資管道的吸引力。