隨著市場降溫，聯準會鷹派佔據主導地位，比特幣的漲勢陷入困境

由於對美國專用 ETF 的需求降溫以及對聯準會更加鴿派的預期減弱，比特幣暴跌。該數位資產暴跌超過 5%，然後略有回升，Pepe 和 Dogwifhat 等較小的代幣也面臨下跌。由於美國持續的通膨擔憂，加密貨幣的漲勢正在減弱，導致投資者減少對聯準會降息的押注，這提振了美國公債殖利率和美元。

Bitcoin's Rise Falters as Market Cools and Fed Hawks Prevail

隨著市場降溫和聯準會鷹派佔上風，比特幣的上漲動搖

Singapore (Bloomberg) -- Bitcoin, the bellwether of the digital asset market, has succumbed to a significant sell-off, erasing gains accrued earlier in the year. The cryptocurrency's descent has been fueled by waning demand for dedicated U.S. exchange-traded funds (ETFs) and a diminished belief in a dovish Federal Reserve monetary policy.

新加坡（彭博）—數位資產市場的領頭羊比特幣遭遇大幅拋售，抹去了今年稍早的漲幅。對美國交易所交易基金（ETF）的需求減弱以及對聯準會鴿派貨幣政策的信心減弱，加劇了加密貨幣的下跌。

The initial surge in Bitcoin's value this year was predicated on the anticipation of interest rate cuts by the Federal Reserve, which would have lowered borrowing costs and boosted the appeal of speculative investments. However, recent US economic data, including robust manufacturing activity and escalating input prices, has dampened expectations for such a shift.

今年比特幣價值最初的飆升是基於聯準會降息的預期，這將降低借貸成本並增強投機性投資的吸引力。然而，最近的美國經濟數據，包括強勁的製造業活動和不斷上漲的投入價格，削弱了對這種轉變的預期。

As a result, investors have retreated from Bitcoin and other riskier assets, turning their attention to more traditional investments. The recent inflow of funds into U.S. spot-Bitcoin ETFs has dwindled, with investors redeeming a net $86 million from the 10 products on Monday alone. This reversal of sentiment has weighed heavily on the largest digital asset.

結果，投資者紛紛撤離比特幣和其他風險較高的資產，將注意力轉向更傳統的投資。最近流入美國現貨比特幣 ETF 的資金有所減少，光是週一，投資者就從這 10 種產品中淨贖回了 8,600 萬美元。這種情緒的逆轉給這最大的數位資產帶來了沉重壓力。

"The crypto market has shown signs of weakness in the last 12 hours," observed Richard Galvin, co-founder of DACM, a digital asset management firm. "The latest US economic data has sparked a sell-off across the crypto space."

數位資產管理公司 DACM 聯合創始人理查德·加爾文 (Richard Galvin) 表示：“加密市場在過去 12 小時內顯示出疲軟跡象。” “最新的美國經濟數據引發了整個加密貨幣領域的拋售。”

Adding to the downward pressure on Bitcoin is the impending halving of its issuance rate, which occurs every four years. While some market participants view this event as a potential catalyst for price appreciation, others argue that the token's quadrupling in value since the start of 2023 has left little room for further gains.

比特幣的發行率即將每四年減半，加劇了比特幣的下行壓力。雖然一些市場參與者認為這一事件是價格上漲的潛在催化劑，但其他人則認為，自 2023 年初以來，該代幣的價值翻了兩番，進一步上漲的空間已經很小。

"The impact of the halving is already priced into Bitcoin," said Stefan von Haenisch, head of trading at OSL SG Pte. "The combination of diminished expectations for Fed easing and the lack of significant upside potential is driving the current sell-off."

OSL SG Pte. 交易主管 Stefan von Haenisch 表示：“減半的影響已經反映在比特幣中。” “對聯準會寬鬆政策的預期減弱以及缺乏顯著的上行潛力，共同推動了當前的拋售。”

The cooling of the crypto market has also affected smaller digital assets, with tokens like Pepe and dogwifhat experiencing sharp declines. This broader sell-off underscores the interconnectedness of the digital asset ecosystem and its vulnerability to broader market trends.

加密貨幣市場的降溫也影響了規模較小的數位資產，Pepe 和 Dogwifhat 等代幣價格大幅下跌。這種更廣泛的拋售凸顯了數位資產生態系統的相互關聯性及其對更廣泛市場趨勢的脆弱性。

As the Fed remains steadfast in its fight against inflation, investors are becoming increasingly cautious about speculative investments. Bitcoin, which has long been a haven for risk-seekers, is not immune to this shift in sentiment. Consequently, the digital asset market is likely to face further headwinds until there is a more definitive shift in the macroeconomic landscape.

由於聯準會堅定對抗通膨，投資者對投機性投資變得越來越謹慎。長期以來一直是風險尋求者避風港的比特幣也未能倖免於這種情緒轉變。因此，在宏觀經濟格局出現更明確的轉變之前，數位資產市場可能會面臨進一步的阻力。