《標準》憲章說

比特幣可能已經跌跌撞撞，但標準特許在其長期看漲前景中仍然毫無疑問。

Standard Chartered is standing firm in its long-term bullish outlook on Bitcoin, despite the cryptocurrency’s recent struggles.

儘管加密貨幣最近進行了鬥爭，但《標準憲章》仍堅定地對其對比特幣的長期看法。

The bank’s head of digital assets research, Geoffrey Kendrick, predicts that Bitcoin will reach $500,000 before Donald Trump’s presidency ends. That comes amid a sharp selloff that has seen the cryptocurrency hit a three-month low.

該銀行的數字資產研究負責人杰弗裡·肯德里克（Geoffrey Kendrick）預測，比特幣將在唐納德·特朗普（Donald Trump）總統任期結束之前達到500,000美元。這是由於猛烈的拋售而導致加密貨幣達到了三個月的低點。

Kendricks anticipates Bitcoin hitting $200,000 by the end of 2025, a critical threshold for the digital asset to pass in order to advance further. He highlighted the role of institutional participation, especially from major financial players like Standard Chartered and BlackRock.

肯德里克斯（Kendricks）預計，到2025年底，比特幣將達到200,000美元，這對於數字資產的關鍵門檻是為了進一步發展。他強調了機構參與的作用，尤其是來自標準特許和貝萊德等主要財務參與者。

“Within the crypto ecosystem, what we need are traditional financial players, like Standard Chartered, like BlackRock and others that have the ETFs now to really step in,” Kendrick told CNBC’s Squawk Box Europe.

肯德里克（Kendrick）告訴CNBC的Squawk Box Europe，“在加密生態系統中，我們需要的是傳統的財務參與者，例如BlackRock和其他擁有ETF的其他人。”

This rise will be fueled by increasing institutional adoption and regulatory clarity, according to Kendrick. As major financial institutions like BlackRock and Standard Chartered become more involved, he expects Bitcoin to become less volatile, making the asset class more appealing for mainstream investors.

肯德里克（Kendrick）表示，據肯德里克（Kendrick）表示，通過增加機構的採用和監管清晰度，這一崛起將推動。隨著貝萊德（BlackRock）和標準特許地區（Sandard Chartered）等主要金融機構的參與度越來越多，他希望比特幣變得不那麼波動，使資產類別對主流投資者更具吸引力。

Crypto Market Hit By Declines But Outlook Remains Strong

加密市場受到下降的打擊，但前景仍然很強

Bitcoin recently dropped below $92,000, hitting a three-month low in response to broader market declines. At the time of writing, the world’s largest cryptocurrency was changing hands at $84,300, about 20.60% lower than its record high of $106,136 reached in January.

比特幣最近下跌了92,000美元，響應更廣泛的市場下降而達到了三個月的低點。在撰寫本文時，世界上最大的加密貨幣的價格為84,300美元，比1月達到的106,136美元的創紀錄高點低約20.60％。

Several factors contributed to the downturn, including a slump in US tech stocks and a massive $1.5 billion hack targeting the crypto exchange Bybit. “Risk assets don’t like uncertainty, and so that’s what we’ve seen,” Kendrick said, highlighting how market sentiment impacts Bitcoin’s short-term price movements.

有幾個因素導致了經濟下滑，包括美國科技股的低迷和針對加密交易所BYBIT的15億美元黑客攻擊。肯德里克說：“風險資產不喜歡不確定性，所以這就是我們所看到的。”強調市場情緒如何影響比特幣的短期價格變動。

Despite the recent selloff, Kendrick remains optimistic that regulatory improvements will boost institutional participation, ultimately reducing volatility over time. He anticipates new US regulations on stablecoins and anti-money laundering laws to be crucial in establishing legitimacy and driving wider adoption of crypto assets.

儘管最近拋售了拋售，但肯德里克仍然樂觀地，監管改進將促進機構參與，最終隨著時間的流逝而降低了波動。他預計，美國關於穩定法和反洗錢法律的新法規對於建立合法性和推動更廣泛採用加密資產至關重要。

Bitcoin Faces Key Market Test As Short-Term Holders Struggle

隨著短期持有人的掙扎，比特幣面對關鍵市場測試

The shifting trends in market sentiment are evident in Bitcoin’s Short-Term Holder Spent Output Profit Ratio (STH-SOPR), which hovers close to the critical 1.0 breakeven level.

在比特幣的短期持有人支出利潤率（STH-SOPR）中，市場情緒的變化趨勢顯而易見，該持有人徘徊在接近關鍵的1.0盈虧平衡水平上。

A recent report by Glassnode on February 24th sheds light on this crucial indicator and its implications for Bitcoin’s price momentum.

GlassNode在2月24日的最新報告闡明了這一關鍵指標及其對比特幣價格勢頭的影響。

According to Glassnode’s analysis, breaking above this threshold has historically signaled bullish momentum in Bitcoin, while failure to do so could trigger another wave of selling pressure. Throughout the past few months, STH-SOPR has fluctuated between 0.98 and 1.04, closely following Bitcoin’s price movements.

根據GlassNode的分析，超過該閾值的破裂歷史上表明了比特幣中的看漲勢頭，而沒有這樣做可能會觸發另一波銷售壓力。在過去的幾個月中，STH-SOPR在0.98至1.04之間波動，在比特幣的價格變動之後密切相關。

As the indicator peaked in November and December, Bitcoin experienced a sustained climb from the $55,000 range to approach $80,000 before encountering resistance and stalling. However, despite this selloff, short-term holders, typically those holding coins for less than 15 days, managed to offload their coins without realizing significant losses.

隨著該指標在11月和12月達到頂峰，比特幣經歷了持續的55,000美元範圍，到達80,000美元，然後遇到阻力和失速。但是，儘管拋棄了這種拋售，但短期持有人通常是那些持有硬幣不到15天的人，但仍設法卸載了硬幣而沒有意識到巨大的損失。

Now, with the indicator suggesting a critical juncture and short-term holders at a crossroads, the question arises: will they accept smaller gains to realize some profit or endure further market dips in the hope of larger gains later?

現在，有了指標表明在十字路口的關鍵點和短期持有人的問題：他們是否會接受較小的收益以實現一些利潤或忍受進一步的市場下跌，以期在以後獲得較大的收益？

A decisive move above 1.0 could reignite buying pressure, potentially propelling Bitcoin towards its all-time highs. Conversely, if the ratio dips further from current levels, we might witness more selling activity, delaying any meaningful recovery in the market.

超過1.0的決定性舉動可能會重新點燃購買壓力，可能會推動比特幣的歷史高點。相反，如果比率遠離當前水平，我們可能會目睹更多的銷售活動，從而延遲市場上的任何有意義的恢復。

Glassnode’s data further reveals that short-term traders have been offloading Bitcoin at a loss over the past month, compounding the stress on the market. Moreover, the report highlights that short-term holders are becoming increasingly pessimistic with each price pullback, impacting their willingness to sell coins at lower prices.

GlassNode的數據進一步表明，短期交易者在過去一個月中一直在損失比特幣，這加劇了市場壓力。此外，該報告強調，短期持有人在每個價格下降時都變得越來越悲觀，從而影響了他們以較低價格出售硬幣的意願。

This analysis underscores the crucial role of short-term holder sentiment and the Short-Term Holder Spent Output Profit Ratio in shaping the short-term trends of Bitcoin. As the market navigates this period of volatility, the behavior of short-term traders will be pivotal in determining the direction of the cryptocurrency in the coming weeks and months.

該分析強調了短期持有人情緒的關鍵作用，而短期持有人在塑造比特幣的短期趨勢方面花費了產出利潤率。隨著市場導航這一時期的波動，短期交易者的行為將在確定未來幾周和幾個月的加密貨幣方向方面至關重要。