他們倉促購買 - 他們會在閒暇時悔改嗎？

在唐納德·特朗普（Donald Trump）在11月的美國總統大選中贏得勝利之後，加密狂熱率很高，新投資者的踩踏者以崇高的價格提高了比特幣。

The cryptocurrency market is known for its volatility, and recently, this volatility has been amplified by several factors, leading to a significant sell-off in bitcoin and other major tokens.

加密貨幣市場以其波動性而聞名，最近，這種波動率被多個因素擴大，從而導致比特幣和其他主要代幣的大量拋售。

As the dust settles on the rapid price declines, analysts at Bitfinex point out that those who entered the market recently, enticed by bitcoin's rally past $100,000, are now bearing the brunt of the cryptocurrency's downturn.

隨著塵埃飛速的價格下降，Bitfinex的分析師指出，最近進入市場的人被比特幣集會超過100,000美元所吸引，現在正是加密貨幣倒退的首當其衝。

As of Wednesday, bitcoin was trading at approximately $80,000, a substantial decline from its January peak of above $100,000, though still up more than 200% since the start of the year.

截至週三，比特幣的交易價格約為80,000美元，比100,000美元以上的峰值下降了大幅下降，儘管自年初以來仍增長了200％以上。

Bitcoin's price-spent output profit ratio, an indicator of the ratio between the prices at which new bitcoin is being bought and sold, has dipped to 0.95, its lowest level in over a year and negative for the first time since October, according to estimates from Bitfinex.

根據Bitfinex的估計，比特幣的價格含量的產出比是購買和出售新比特幣的價格之間的比率的指標，它已降至0.95，這是其一年多以來的最低水平，自10月以來首次負數。

"This suggests that recent buyers are locking in significant losses, reinforcing the exceptionally challenging conditions for newer investors," Bitfinex analysts said.

Bitfinex分析師說：“這表明最近的買家正在鎖定巨大的損失，這加劇了新投資者的極具挑戰性條件。”

The world’s largest cryptocurrency hit a record high of $109,071 on Jan 3, but has since lost most of the gains racked up since the American election, as concerns about U.S. tariff policy, the health of the world’s largest economy and a tech selloff sap risk appetite.

1月3日，全球最大的加密貨幣達到了創紀錄的109,071美元，但此後，自美國大選以來，大部分收益都累積了，因為人們對美國關稅政策，世界上最大的經濟體的健康以及技術拋售SAP SAP風險偏見的擔憂。

"I was surprised to see bitcoin at $80,000 and it looks like the bloodletting hasn't ended yet," said Kevin Dede, analyst at investment bank H.C. Wainwright.

投資銀行HC Wainwright的分析師Kevin Dede說：“我很驚訝地看到比特幣為80,000美元，看來流血還沒有結束。”

Even U.S. President Donald Trump's executive order to create a bitcoin strategic reserve and an additional stockpile of other crypto tokens gave the crypto market only a temporary boost.

甚至美國總統唐納德·特朗普（Donald Trump）的行政命令，制定比特幣戰略儲備，其他加密代幣的額外庫存僅給加密市場提供了暫時的提升。

"This corrective selloff has caught many by surprise," said John Glover, chief investment officer of crypto lending platform Ledn, adding the asset could find support at the $73,500 level.

加密貸款平台萊德（Ledn）首席投資官約翰·格洛弗（John Glover）說：“這種糾正拋售使許多人感到驚訝。

According to data from crypto data and analytics firm Glassnode, at least 20 million new bitcoin addresses, about 1.5% of all bitcoin addresses in existence, have been created in the past three months.

根據Crypto數據和分析公司GlassNode的數據，在過去的三個月中創建了至少2000萬個新的比特幣地址，約佔存在的所有比特幣地址的1.5％。

Traders who entered the market using leveraged positions are feeling the pinch, with Bitfinex analysts noting that this group's realised overall losses are hovering above $800 million per day, with February 28 and March 4 seeing some of the biggest single-day losses.

使用槓桿職位進入市場的貿易商感到陷入困境，Bitfinex分析師指出，該集團所實現的總體損失每天徘徊在8億美元以上，2月28日和3月4日看到了一些最大的單日損失。

Meanwhile, investment products tracking digital assets saw outflows for the fourth straight week, according to CoinShares data. Total assets under management in these products have dipped around $4.75 billion to $142 billion. That's the lowest since mid-November 2024 after the U.S. election.

同時，根據Coinshares數據，投資產品跟踪數字資產連續第四周的流出。這些產品中管理的總資產下降了約47.5億美元，至1.42億美元。這是美國大選之後11月中旬以來最低的。

U.S. spot bitcoin ETFs saw outflows of around $1.1 billion in outflows on February 25, the biggest daily outflow since their launch in January last year, according to J.P.Morgan.

根據摩根大通（JPMorgan）的說法，美國現貨比特幣ETF的流出量約為11億美元，這是自去年1月推出以來最大的每日流出。

"The large outflows from U.S. and Canadian Bitcoin ETFs last week were surprising. Perhaps some investors are rotating out of riskier assets in response to the recent stock market volatility," said Ben Zhou, CEO of crypto derivatives exchange AscendEX.

加密衍生品Ascendex的首席執行官Ben Zhou表示：“上週我們和加拿大比特幣ETF的大量流出令人驚訝。也許有些投資者因響應最近的股票市場波動而旋轉了風險更高的資產。”

While past selloffs in crypto markets are often followed by some amount of calm as the market finds its footing, bitcoin may be at the mercy of broader markets for the time being.

儘管由於市場的地位，因此在加密貨幣市場上的拋售通常會得到一些平靜，但比特幣可能暫時受到更廣泛的市場的擺佈。

The implied or future bitcoin volatility priced into derivatives has spiked to 69% in the last 24 hours, while the second-largest token ether's ETH= implied volatility has increased from 65% to 90% since Monday, meaning investors expect more choppiness ahead, according to Amberdata.

根據Amberdata的數據，在過去的24小時內，以衍生品為衍生品的隱含或將來的比特幣波動率已飆升至69％，而第二大令牌以太eth的ETH =隱含的波動率從周一以來從65％增加到90％，這意味著投資者預計會有更多的切碎性。

"The last two weeks have 100% been driven by the equity market tantrum," said Jeff Dorman, chief investment officer at asset manager Arca in a note. "This likely plays out similar to what we saw in late 2018, which was nothing more than a short-term hiccup on the way to further highs."

資產管理經理Arca首席投資官傑夫·多曼（Jeff Dorman）在一份票據中說：“過去兩個星期是由股市發脾氣驅動的。” “這很可能與我們在2018年底看到的相似，這無非就是在進一步高點的途中的短期打ic。”