比特幣波動：波動性削弱復甦希望

Bitcoin Woes: Will Volatility Keep BTC at Bay?

比特幣困境：波動性會讓比特幣陷入困境嗎？

The crypto market's roller coaster ride continued Friday, with Bitcoin {{BTC}} taking a nosedive below $63,000, a sharp drop from its $67,000 perch just hours earlier. A modest recovery has since lifted the price back to the current $64,000, still down 3.7% over the past 24 hours.

週五，加密貨幣市場繼續經歷過山車之旅，比特幣 {{BTC}} 暴跌至 63,000 美元以下，較幾個小時前的 67,000 美元高點大幅下跌。此後的溫和復甦使價格回到目前的 64,000 美元，但在過去 24 小時內仍下跌 3.7%。

Ripple Effect: Altcoins Feel the Heat

漣漪效應：山寨幣感受到熱度

The sell-off had a ripple effect, with the CoinDesk 20 Index plummeting 4.4% over the same period. Solana's token {{SOL}} led the decline, shedding over 10% at one point.

這次拋售產生了連鎖反應，CoinDesk 20 指數同期暴跌 4.4%。 Solana 的代幣 {{SOL}} 領跌，一度跌幅超過 10%。

BTC's Corrective Period: A Long Road to Recovery?

BTC的調整期：復甦之路漫長？

It's been over a week since BTC abruptly reversed course from its record-breaking $73,000 high, entering a corrective phase. While Wednesday's 10% surge sparked hopes of a swift recovery, the subsequent price action suggests otherwise.

距離 BTC 從創紀錄的 73,000 美元高點突然逆轉、進入修正階段已經過去了一周多的時間。儘管週三 10% 的飆升引發了人們對迅速復甦的希望，但隨後的價格走勢表明情況並非如此。

Expert Opinion: Novogratz on the Long Haul

專家意見：諾沃格拉茨的長期觀點

"It will take some time before we breach that $73,000 level again," cautioned Mike Novogratz, CEO of Galaxy Digital, during a Bitcoin Investor Day panel discussion.

Galaxy Digital 執行長 Mike Novogratz 在比特幣投資者日小組討論中警告：“我們需要一段時間才能再次突破 73,000 美元的水平。”

ETF Outflows: Grayscale's Shadow Looms

ETF 流出：灰階的影子隱現

U.S.-listed spot bitcoin ETFs have faced headwinds, with four consecutive days of net negative flows. While most funds still experience inflows, they have not been enough to offset the massive outflows from Grayscale Bitcoin Trust (GBTC). On Thursday alone, GBTC saw $359 million in outflows, contributing to a $94 million loss for the entire fund group. Fidelity's Wise Origin Bitcoin Fund (FFBTC) recorded its lowest daily inflow ever.

美國上市的現貨比特幣 ETF 面臨逆風，連續四天出現淨負流量。儘管大多數基金仍有資金流入，但不足以抵消灰階比特幣信託（GBTC）的大量資金流出。光是週四，GBTC 就出現了 3.59 億美元的資金流出，導致整個基金集團損失 9,400 萬美元。富達的 Wise Origin 比特幣基金（FFBTC）錄得有史以來最低的每日流入量。

Analyst Insight: Genesis Sales and Macro Conditions

分析師洞察：Genesis 銷售和宏觀狀況

Coinbase Institutional analysts attribute the increased GBTC selling in part to Genesis liquidating shares during its bankruptcy proceedings. Once the sales conclude, the report suggests, ETF inflows could resume amid favorable macro conditions and supportive central bank policies.

Coinbase 機構分析師將 GBTC 拋售量增加的部分原因歸因於 Genesis 在破產程序期間清算股票。報告顯示，一旦銷售結束，ETF 資金流入可能會在有利的宏觀條件和央行政策支持下恢復。

The Fed's Influence: A Tailwind for Bitcoin?

聯準會的影響：比特幣的順風車？

"The macro environment remains conducive for further spot bitcoin ETF inflows following the Federal Reserve meeting," the Coinbase analysts wrote. They anticipate that disinflationary trends, easing financial conditions, and the tapering of the Fed's quantitative tightening program will continue to bolster markets.

Coinbase 分析師寫道：“美聯儲會議後，宏觀環境仍然有利於現貨比特幣 ETF 進一步流入。”他們預計，通貨緊縮趨勢、金融狀況寬鬆以及聯準會量化緊縮計畫的退出將繼續提振市場。