比特幣在牛市和熊市預測中區間波動，山寨幣暴跌

繼上個月創下 73,777 美元的歷史新高後，比特幣交易停滯在 6 萬美元區間。分析師的預測差異很大，有些人預計會出現上升趨勢，有些人則預測會大幅下降。以太坊近期因利多消息而出現的價格反彈並未延續到比特幣，比特幣今天已下跌 1.5%。山寨幣投資者感到擔憂，因為最近幾週非前 10 名代幣的市值大幅下降。比特幣現貨 ETF 的低迷表現和潛在的資金淨流出引發了人們對價格進一步下跌的擔憂，而積極的消息包括今年澳洲可能批准比特幣現貨 ETF。

Bitcoin Consolidates in Tight Range Amidst Mixed Market Sentiment

市場情緒參差不齊，比特幣窄幅盤整

Since reaching an all-time high of $73,777 on November 14, 2021, Bitcoin has exhibited sluggish price action, hovering within a tight range around $60,000. In Korean won, its value has also retracted by approximately 90 million won.

自 2021 年 11 月 14 日達到 73,777 美元的歷史高點以來，比特幣的價格走勢一直緩慢，徘徊在 60,000 美元左右的窄幅區間內。以韓元計算，其價值也縮水了約9000萬韓元。

Despite its recent consolidation, Bitcoin has maintained a relatively stable trajectory, never dipping below $59,600 or exceeding $73,000 in the past month. This sideways movement has sparked a spectrum of predictions in the market.

儘管最近出現盤整，但比特幣仍保持相對穩定的軌跡，過去一個月從未跌破 59,600 美元或超過 73,000 美元。這種橫向走勢引發了市場的一系列預測。

Bullish analysts assert that Bitcoin is nearing the conclusion of its corrective phase and poised for an upward surge. Contrarily, bears argue that the $73,777 peak marked the zenith of the bull run, with only a downward trajectory remaining.

看漲的分析師斷言，比特幣即將結束其調整階段，並準備好上漲。相反，空頭認為 73,777 美元的峰值標誌著牛市的頂峰，僅剩下下降軌跡。

As of October 29, 2022, according to CoinMarketCap, Bitcoin concluded trading at $63,118, representing a decline of 0.54% in the previous 24 hours. On the domestic Upbit exchange, its value stood at 90.53 million won, down 1.06% from the preceding day.

截至 2022 年 10 月 29 日，根據 CoinMarketCap 的數據，比特幣收盤價為 63,118 美元，過去 24 小時下跌 0.54%。在國內Upbit交易所，其價值為9,053萬韓元，較前一交易日下跌1.06%。

During the weekend, Bitcoin displayed muted price action, while Ethereum experienced a price rebound due to positive news regarding Spot Exchange-Traded Funds (ETFs). However, Bitcoin shed approximately 1% from 7 a.m. on October 29, erasing the positive momentum exhibited by altcoins over the weekend.

週末期間，比特幣價格走勢溫和，而以太坊則因現貨交易所交易基金（ETF）的利多消息而出現價格反彈。然而，比特幣從 10 月 29 日上午 7 點開始下跌約 1%，抹去了山寨幣在周末表現出的積極勢頭。

Bitcoin's decline has been exacerbated this afternoon, falling close to 1.5% to 89.15 million won in Korean won terms. Nonetheless, unlike previous market downturns, the kimchi premium has remained subdued at 3.5%.

今天下午，比特幣的跌幅進一步加劇，以韓元計算，跌幅接近 1.5%，至 8,915 萬韓元。儘管如此，與先前的市場低迷不同，泡菜溢價仍保持在 3.5% 的低水平。

Altcoin Valuations Plummet, Raising Concerns

山寨幣估值暴跌，引發擔憂

The consolidation in the top cryptocurrencies has coincided with a significant decline in the market capitalization of altcoins, also known as "Jobcoins." According to Trading View, the market capitalization of altcoins, excluding Bitcoin and Ethereum from the top 10, has dwindled to $264.1 billion, down 28.05% from $367.1 billion at Bitcoin's peak on November 14.

頂級加密貨幣的整合恰逢山寨幣（也稱為「就業幣」）市值大幅下降。根據 Trading View 的數據，除去前 10 名中的比特幣和以太坊，山寨幣的市值已降至 2,641 億美元，較 11 月 14 日比特幣高峰時的 3,671 億美元下降了 28.05%。

This decline in altcoin valuations is particularly concerning, as Bitcoin's market capitalization has only decreased by 15.07% during the same period. The significant divergence in price action has amplified the apprehensions of altcoin investors.

山寨幣估值的下降尤其令人擔憂，因為同期比特幣的市值僅下降了 15.07%。價格走勢的巨大差異加劇了山寨幣投資者的擔憂。

Bitcoin Spot ETFs and Ethereum ETF Prospects

比特幣現貨ETF與以太坊ETF前景

The release of Bitcoin spot ETFs has had a profound impact on Bitcoin's price trajectory. The cryptocurrency's price action has closely followed ETF inflows and outflows. However, recent data suggests a net outflow of funds from Bitcoin spot ETFs.

比特幣現貨ETF的發布對比特幣的價格軌跡產生了深遠的影響。加密貨幣的價格走勢密切關注 ETF 的流入和流出。然而，最近的數據顯示，比特幣現貨 ETF 出現資金淨流出。

As funds previously absorbed by BlackRock and Fidelity ETFs have slowed, Grayscale's GBTC fund has remained the sole contributor to ongoing outflows. This trend raises concerns that further outflows could exacerbate Bitcoin's price decline.

由於貝萊德和富達 ETF 先前吸收的資金放緩，Grayscale 的 GBTC 基金仍然是持續資金外流的唯一貢獻者。這一趨勢引發了人們的擔憂，即進一步的資金外流可能會加劇比特幣價格下跌。

Meanwhile, Ethereum prices witnessed a modest recovery over the weekend following news that U.S. asset manager Franklin Templeton had registered an Ethereum spot ETF with the U.S. Securities Depository (DTCC). However, industry analysts remain pessimistic about the likelihood of approval in May 2023.

同時，在美國資產管理公司富蘭克林鄧普頓 (Franklin Templeton) 向美國證券存託機構 (DTCC) 註冊以太坊現貨 ETF 的消息傳出後，以太坊價格在周末小幅回升。然而，產業分析師對 2023 年 5 月獲得批准的可能性仍持悲觀態度。

Justin Sun, founder of the cryptocurrency "Tron," expressed skepticism about the approval of the Ethereum spot ETF in the near term. He emphasized the need for the cryptocurrency industry to implement a long-term educational strategy to foster a better understanding among regulators.

加密貨幣「Tron」的創辦人孫宇晨對近期以太坊現貨ETF的批准表示懷疑。他強調加密貨幣產業需要實施長期教育策略，以促進監管機構更好的理解。

Positive News from Australia

澳洲傳來正面消息

Amidst the mixed market sentiment, positive news emerged from Australia. Bloomberg reported on October 28 that the Australian Stock Exchange (ASX) is expected to approve a spot Bitcoin ETF within the year.

在市場情緒參差不齊的情況下，澳洲傳來了正面的消息。彭博社 10 月 28 日報道稱，澳洲證券交易所（ASX）預計將在年內批准現貨比特幣 ETF。

VanEck Australia branch and BetaShares Holdings have applied to launch Bitcoin spot ETFs in Australia. ASX, which handles approximately 80% of Australian stock trading, is anticipated to approve the launch of the country's first Bitcoin spot ETF by the end of 2023.

VanEck 澳洲分公司和 BetaShares Holdings 已申請在澳洲推出比特幣現貨 ETF。澳洲證券交易所負責處理澳洲約 80% 的股票交易，預計在 2023 年底前批准推出該國首個比特幣現貨 ETF。

Justin Azaden, general manager of Beta Share's digital asset business, highlighted the success of Bitcoin spot ETFs in the U.S. as evidence of the growing demand for digital assets. Beta Share has also secured a ticker on ASX for the launch of Bitcoin and Ethereum (ETH) spot ETFs.

Beta Share 數位資產業務總經理 Justin Azaden 強調了比特幣現貨 ETF 在美國的成功，證明了數位資產需求不斷增長。 Beta Share 也為推出比特幣和以太坊 (ETH) 現貨 ETF 而在澳洲證券交易所獲得了股票代碼。

On-Chain Metrics

鏈上指標

According to blockchain data analysis company CryptoQuant, the total amount of Bitcoin held by global virtual asset exchanges currently stands at 1,930,593, representing a 0.11% increase from the previous day.

根據區塊鏈數據分析公司CryptoQuant的數據，目前全球虛擬資產交易所持有的比特幣總量為1,930,593枚，較前一交易日增加0.11%。

The Coinbase premium, which reflects buying sentiment among U.S. investors, is currently -0.0075%. In contrast, the kimchi premium, which measures buying sentiment in the Korean market, is reported to be 4.18%, indicating a decline in buying sentiment in both regions.

反映美國投資者購買情緒的 Coinbase 溢價目前為 -0.0075%。相較之下，衡量韓國市場購買情緒的泡菜溢價據報導為 4.18%，顯示這兩個地區的購買情緒均有所下降。

Unliquidated contracts, which measure the number of contracts that have not yet closed their positions in the futures market, have dropped by 2.91% from the previous day and 0.09% from a week ago.

未平倉合約衡量的是期貨市場上尚未平倉的合約數量，較前一交易日下降2.91%，較一週前下降0.09%。