比特幣漲勢遇到障礙？

比特幣的漲勢似乎遇到了障礙，從高峰下跌了 10%，引發了對其未來表現的擔憂。對現貨比特幣 ETF 的興趣減弱和資金大量外流給投資者帶來了危險信號。摩根大通策略師表示，在 4 月減半事件之前，股市將進一步下跌，並強調持續流入這些 ETF 的挑戰。 ETF 流量下降和 CME 比特幣期貨興趣穩定相結合，為加密貨幣的價格軌跡描繪了一幅看跌的圖景。

Is Bitcoin's Rally Stalling?

比特幣的漲勢是否陷入停滯？

Bitcoin has taken a 10% dive from its peak, with appetite for spot Bitcoin ETFs waning. JPMorgan strategists are sounding the alarm, predicting further declines ahead of the highly anticipated halving event in April.

比特幣已從高峰下跌 10%，人們對現貨比特幣 ETF 的興趣減弱。摩根大通策略師敲響了警鐘，預測在四月備受期待的減半事件之前，股市將進一步下跌。

ETF Flows: A Red Flag?

ETF 流量：危險訊號？

Spot Bitcoin ETFs are experiencing their biggest weekly outflow since their debut in January. This, coupled with sustained open interest in CME Bitcoin futures, is a bearish sign for the cryptocurrency's price. JPMorgan strategists warn that the slowdown in net inflows and the recent outflow challenge the notion of sustained one-way inflows into these ETFs.

現貨比特幣 ETF 正經歷自 1 月推出以來最大的周流出量。再加上芝商所比特幣期貨的持續未平倉合約，對加密貨幣的價格來說是一個看跌訊號。摩根大通策略師警告稱，淨流入放緩和近期資金流出對持續單向流入這些 ETF 的概念提出了挑戰。

Retail Enthusiasm: On the Decline?

零售熱情：下降？

Despite Bitcoin reaching an all-time high of $73,798 in March, retail traders' enthusiasm seems to be waning. Chief Investment Officer Naeem Aslam of Zaye Capital Markets observes that the rally failed to gain momentum, raising concerns about the strength of the upward trend. Aslam predicts a significant retracement below $50,000 if the halving event fails to sustain the rally.

儘管比特幣在 3 月達到了 73,798 美元的歷史新高，但散戶交易者的熱情似乎正在減弱。 Zaye Capital Markets 首席投資長 Naeem Aslam 指出，漲勢未能獲得動力，引發了人們對上漲趨勢強度的擔憂。 Aslam 預測，如果減半事件未能維持漲勢，價格將大幅回撤至 5 萬美元以下。

JPMorgan's Forecast: $42,000 Horizon

摩根大通的預測：42,000 美元

Last month, JPMorgan predicted a price drift towards $42,000 after April, as the "Bitcoin-halving-induced euphoria subsides." The bank's strategists believe that profit-taking is likely to continue as the halving event approaches, given the still overbought positioning.

上個月，摩根大通預測，隨著“比特幣減半引發的興奮消退”，4 月後價格將趨向 42,000 美元。該銀行策略師認為，鑑於仍超買的定位，隨著減半事件的臨近，獲利了結可能會持續。

ETF Success, but Grayscale Blues

ETF 成功，但灰階憂鬱

Spot Bitcoin ETFs have garnered a significant $11.3 billion in net inflows to date, marking a successful debut. However, the Grayscale Bitcoin Trust, which converted into an ETF, has seen a hefty $13.6 billion in outflows.

迄今為止，現貨比特幣 ETF 已獲得 113 億美元的淨流入，標誌著其首次成功亮相。然而，轉換為 ETF 的灰階比特幣信託基金 (Grayscale Bitcoin Trust) 卻出現了 136 億美元的巨額資金外流。

Conclusion: A Cautionary Note

結論：警告

While spot Bitcoin ETFs have initially boosted enthusiasm, the recent outflows and declining ETF flows raise concerns about the sustainability of the rally. JPMorgan's prediction of a price decline towards $42,000 adds to the cautionary tone, suggesting that the cryptocurrency's recent gains may not be as solid as they seem.

雖然現貨比特幣 ETF 最初提振了人們的熱情，但近期的資金外流和 ETF 流量下降引發了人們對漲勢永續性的擔憂。摩根大通預測價格將跌至 42,000 美元，這增添了謹慎的基調，表明加密貨幣近期的漲幅可能並不像看起來那麼穩固。