比特幣在三月一度飆升，但現在卻無法恢復上漲勢頭

有幾個因素影響了這種停滯，尤其是美國投資者興趣的下降。比特幣近期飆升至 64,000 美元引發質疑

Bitcoin, which experienced a strong surge in March, now seems to be struggling to regain its upward momentum. Several factors are contributing to this stagnation, including a decrease in interest from American investors.

比特幣在三月經歷了強勁的飆升，現在似乎正在努力恢復上漲勢頭。有幾個因素導致了這種停滯，其中包括美國投資者興趣的下降。

The recent rise of Bitcoin to $64,000 has raised questions about its sustainability, especially given the absence of significant support from the American market, particularly the Coinbase platform, despite the presence of Asian capital flows.

比特幣最近上漲至 64,000 美元，引發了對其可持續性的質疑，特別是考慮到儘管存在亞洲資本流動，但缺乏美國市場（尤其是 Coinbase 平台）的大力支持。

The Challenges of the American Stock Exchange

美國證券交易所的挑戰

As the Bitcoin price continues its rapid climb, the lack of enthusiasm from the American Stock Exchange, and especially from Coinbase, is intriguing. Indeed, the “Coinbase Premium” index, which measures the price difference between Coinbase and other platforms, has fallen into negative territory. A clear sign that American buyers are no longer quite in the dance, casting doubt on the strength of this rise.  

隨著比特幣價格持續快速攀升，美國證券交易所，尤其是 Coinbase 缺乏熱情，這一點很耐人尋味。事實上，衡量 Coinbase 與其他平台之間價格差異的「Coinbase Premium」指數已跌入負數區域。這是一個明顯的跡象，表明美國買家不再參與其中，讓人對這種上漲的力度產生懷疑。

Without the active participation of US investors, some analysts, such as BQYoutube, believe that this rally might be a false dawn. The American market, usually a pillar in the rise of crypto-assets, seems to have deserted the area, making the situation more fragile.

如果沒有美國投資者的積極參與，BQYoutube等一些分析師認為，這次反彈可能只是一個虛假的曙光。美國市場通常是加密資產崛起的支柱，但現在似乎已經放棄了該地區，使局勢變得更加脆弱。

Bitcoin and Retail: A Glimmer of Hope

比特幣與零售：一線希望

But not everything is bleak for Bitcoin. Active addresses, often an indicator of interest from retail investors, show a slight recovery. After hitting a low of 600,000 at the end of September, they have recently climbed back above 700,000. 

但比特幣並非一切都黯淡。活躍地址通常是散戶興趣的指標，顯示小幅復甦。在9月底觸及60萬的低點後，最近又回升至70萬以上。

This could signal a revival of interest from small investors, despite the caution of major players in the market.  

儘管市場主要參與者持謹慎態度，但這可能表明小投資者的興趣重新燃起。

This pick-up in activity among retail investors could breathe new life into the market, even if large American investors remain absent. However, the decline in Open Interest and trading volumes reminds us that the path is still riddled with obstacles for Bitcoin, especially without a global support, including that of Wall Street.

即使美國大型投資者仍缺席，散戶活動的回升也可能為市場注入新的活力。然而，未平倉合約和交易量的下降提醒我們，比特幣的發展道路仍然充滿障礙，尤其是在沒有包括華爾街在內的全球支持的情況下。

Fortunately, even with a cautious American market, optimism around Bitcoin persists, notably with the prediction from Standard Chartered: a Bitcoin at $100,000 before the American elections would be a pleasant surprise.

幸運的是，即使美國市場謹慎，人們對比特幣的樂觀情緒依然存在，尤其是渣打銀行的預測：在美國大選前，比特幣價格達到 10 萬美元將是一個驚喜。

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