比特幣復甦：ETF 流量與減半炒作提振加密貨幣

比特幣週一的復甦展現了這種領先加密貨幣的韌性。儘管近期出現波動，但在 ETF 流量和即將到來的減半事件帶來的興奮推動下，比特幣已重新站穩腳跟。現貨比特幣 ETF 的批准提振了市場，在 GBTC 資金流出的情況下支撐了加密貨幣的價格。

Is Bitcoin Back on Track?

比特幣重回正軌了嗎？

Bitcoin's resurgence on Monday is a testament to the resilience of the world's leading cryptocurrency. Despite last week's volatility, Bitcoin has clawed back its losses, buoyed by inflows into exchange-traded funds (ETFs) and anticipation of the upcoming "halving" event.

比特幣週一的復甦證明了世界領先加密貨幣的韌性。儘管上週出現波動，但由於流入交易所交易基金（ETF）以及對即將到來的「減半」事件的預期，比特幣已收復失地。

ETF Flows and the Halving Hype

ETF 流量和減半炒作

The recent approval of spot Bitcoin ETFs has provided a steady stream of capital into the market. This has helped to support Bitcoin's price, even as outflows from Grayscale Bitcoin Trust (GBTC) have put some downward pressure on spot prices.

最近對現貨比特幣ETF的批准為市場提供了源源不絕的資金。這有助於支撐比特幣的價格，儘管灰階比特幣信託（GBTC）的資金流出給現貨價格帶來了一些下行壓力。

Meanwhile, the upcoming halving, where the issuance of new Bitcoin tokens will be cut by 50%, has fueled buying interest. This event, expected to occur around April, is likely to further limit Bitcoin's supply.

同時，即將到來的減半，新比特幣代幣的發行量將減少 50%，刺激了購買興趣。這一事件預計將在四月左右發生，可能會進一步限制比特幣的供應。

The Dollar's Impact

美元的影響

Despite Bitcoin's gains, its recovery has been tempered by the strength of the US dollar. The greenback's rise to a one-month high on Monday reflects investors' preference for the dollar as a high-yielding, low-risk currency.

儘管比特幣上漲，但其復甦受到美元走強的影響。美元週一升至一個月高位，反映出投資人對美元作為高收益、低風險貨幣的偏好。

Fed Watch

聯準會觀察

Anticipation of signals on US interest rates from key economic data and Fed officials' speeches is also keeping the dollar buoyant. This Friday's release of personal consumption expenditures data, the Fed's preferred inflation gauge, will be closely watched.

對關鍵經濟數據和聯準會官員講話有關美國利率訊號的預期也使美元保持強勁。本週五發布的個人消費支出數據（聯準會首選的通膨指標）將受到密切關注。

The Fed's Plans

聯準會的計劃

Last week's Fed meeting indicated that the central bank still anticipates 75 basis points of rate cuts this year. Fed officials' speeches this week will provide further insights into the bank's plans.

上週的聯準會會議表明，央行仍預計今年將降息75個基點。聯準會官員本週的演講將為該行的計劃提供進一步的見解。

Is the Recovery Sustainable?

復甦是否可持續？

While Bitcoin's recent gains are encouraging, it remains to be seen whether the recovery can be sustained. The strength of the dollar and the timing of the halving event will be key factors to monitor.

儘管比特幣近期的漲幅令人鼓舞，但復甦能否持續仍有待觀察。美元的強勢和減半事件的時機將是需要監控的關鍵因素。