減半熱潮中比特幣飆升至歷史新高

在法幣持續波動的情況下，比特幣飆升至新高，標誌著與先前週期相比，從2021-2022年熊市中最快的復甦。灰階的報告強調了加密貨幣的「中期」牛市，價格持續上漲。即將到來的比特幣減半，其發行量將減少一半，由於其可驗證的稀缺性和在法定貨幣波動和利率上升的擔憂下作為價值儲存的潛力，預計將進一步提振需求。

Bitcoin Surges to All-Time High Amidst Halving Speculation

比特幣在減半投機中飆升至歷史新高

In the wake of a notable price plunge during the 2021–2022 period, Bitcoin has made a remarkable recovery, setting a new all-time high. The cryptocurrency's swift resurgence has been documented in a recent report by Grayscale, a leading digital asset management firm. According to Grayscale's analysis, Bitcoin has entered the "middle innings" of a sustained bull market, characterized by continued price appreciation.

在 2021 年至 2022 年期間價格顯著暴跌後，比特幣實現了顯著復甦，創下了新的歷史高點。領先的數位資產管理公司 Grayscale 最近的一份報告記錄了加密貨幣的迅速復甦。灰階分析認為，比特幣已進入持續牛市的“中局”，其特徵是價格持續升值。

Compared to previous market cycles, Bitcoin's recovery from the recent bear market has been the most rapid. Data from Grayscale indicates that it took a mere two years for the cryptocurrency's price to reclaim its previous peak. In comparison, recoveries from the prior two drawdowns spanned approximately three years and one and a half years, respectively.

與先前的市場週期相比，比特幣從近期熊市中的復甦是最快的。灰度的數據表明，加密貨幣的價格僅用了兩年就恢復了先前的高峰。相較之下，前兩次回撤的恢復時間分別約為三年和一年半。

Despite reaching a historic high, Bitcoin experienced a mid-month drawdown of roughly 13%, primarily attributed to a reduction in leverage and diminishing inflows into U.S.-listed spot Bitcoin exchange-traded funds (ETFs). Grayscale reported that net inflows into these ETFs totaled $4.6 billion in March, down from $6 billion in February.

儘管達到歷史高位，比特幣在月中仍經歷了約 13% 的下跌，這主要是由於槓桿率下降以及流入美國上市比特幣交易所交易基金 (ETF) 的資金減少。 Grayscale 報告稱，3 月這些 ETF 的淨流入總額為 46 億美元，低於 2 月的 60 億美元。

Persistently high inflation, along with anticipations of interest rate cuts by major central banks, has fueled demand for Bitcoin as an alternative store of value. Surveys conducted by Bloomberg indicate that, with the exception of the Bank of Japan, all G10 central banks are expected to reduce policy rates within the upcoming year. Investors have been drawn to Bitcoin's attributes as a non-sovereign, inflation-resistant asset.

持續的高通膨，加上主要央行降息的預期，刺激了對比特幣作為替代價值儲存手段的需求。彭博社進行的調查顯示，除日本央行外，所有 G10 央行預計將在未來一年內降低政策利率。投資者被比特幣作為一種非主權、抗通膨資產的屬性所吸引。

Adding to the market sentiment is the impending Bitcoin halving event, scheduled for April 19. Halvings, which occur every four years, reduce the issuance rate of new Bitcoins by half, creating a supply constraint that has historically been viewed as bullish for the cryptocurrency's price.

定於4 月19 日舉行的比特幣減半事件加劇了市場情緒。每四年發生一次的減半會將新比特幣的發行率降低一半，從而造成供應限制，歷來被視為有利於加密貨幣的價格。

Grayscale's research suggests that investors tend to seek refuge in assets with verifiable scarcity during periods of uncertainty surrounding fiat currencies. Currently, there are growing concerns about the long-term trajectory of fiat currencies: the persistent inflation pressures, despite the Federal Reserve's plans for interest rate reductions, and the potential for macro policy shifts post the November elections in the United States have all contributed to market uncertainty.

Grayscale 的研究表明，在法定貨幣存在不確定性的時期，投資者傾向於尋求可驗證稀缺資產的避難所。目前，人們越來越擔心法定貨幣的長期走勢：儘管聯準會有降息計劃，但持續的通膨壓力以及美國11月大選後宏觀政策可能發生轉變的因素都導致了法定貨幣的長期走勢。市場的不確定性。

Amidst this backdrop, Bitcoin's fundamentals, coupled with the upcoming halving event, have generated a groundswell of optimism among investors. The cryptocurrency's remarkable recovery and its potential as an alternative store of value have positioned it as a significant player in the evolving financial landscape.

在此背景下，比特幣的基本面，加上即將到來的減半事件，引發了投資者的樂觀情緒高漲。加密貨幣的顯著復甦及其作為替代價值儲存的潛力使其成為不斷發展的金融格局中的重要參與者。