Coinbase研究人員建議，加密貨幣價格可能在2025年中期在更廣泛的恢復之前找到自己的地板

比特幣（BTC）的價格交易低於200天移動平均線，這表明看跌趨勢使交易者高度保持警惕。此外，Coin50指數下降了幾個關鍵指標

Crypto prices may find their floor in mid-2025 before a wider recovery, Coinbase researchers suggest. Bitcoin (BTC) trades below the 200-day moving average, signaling a bearish trend that has traders on high alert. Additionally, the COIN50 index dropped in several key metrics, indicating caution in a range of altcoins.

Coinbase研究人員建議，加密價格可能會在2025年中期找到他們的地板。比特幣（BTC）的交易低於200天的移動平均線，這表明看跌趨勢使交易者處於高度戒備狀態。此外，COIN50指數在幾個關鍵指標中下降，表明在一系列altcoins中謹慎。

As macro realities collide with crypto trends, a new Coinbase institutional report showcases the current market sentiments. According to the release, converging signals may be forming at the start of a crypto winter, as pessimistic outlooks outpace the bullish ones.

隨著宏觀現實與加密趨勢相撞，新的Coinbase機構報告展示了當前的市場情緒。根據該版本，隨著悲觀的前景超過看漲的信號，可能是在加密冬季開始時形成的信號。

In 2024, Bitcoin encountered major obstacles to its potential uphill run. The crypto leader by market cap saw crashing prices that quickly spilled into altcoins. After reaching a new all-time high above $108k, the asset bowed to the macro trends as the stock market correlation continued.

2024年，比特幣遇到了其潛在上坡運行的主要障礙。劃分市值的加密領導者的價格迅速落入了山寨幣。隨著股票市場相關性的繼續，資產達到了新歷史最高高於$ 108K的新歷史高度之後。

As a result, Bitcoin recorded flash dips and sits at $83,700. The asset’s 200-day moving average shows a sharp decline, highlighting a bearish phase that kicked off in March after a previous deep. While the first quarter had its fair share of headwinds, Q2 2025 kicked off with President Trump’s sweeping tariffs, which traders quickly priced in.

結果，比特幣記錄了閃光燈下降，價格為83,700美元。資產的200天移動平均水平顯示出急劇下降，強調了一個看跌階段，該階段在先前的深處後於3月開始。雖然第一季度的逆風卻相當大，但第二季度2025年與特朗普總統的全面關稅開始了，交易員迅速加入了。

A Closer Look At The COIN50 Index

仔細觀察Coin50指數

A closer look at the COIN50 index also displayed crashing trader sentiments, as assets have been trading in bearish zones since late February. This marks the end of speculations for an altcoin season, at least for the short term, as prices fell through multiple support levels. Back in January, altcoin bulls predicted a massive altcoin season that would fuel assets to multiple all-time highs.

仔細觀察Coin50指數也表現出崩潰的交易者情緒，因為自2月下旬以來，資產一直在看跌區進行交易。至少在短期內，由於價格下跌，這標誌著Altcoin季節的猜測結束。早在一月份，Altcoin Bulls預測了一個巨大的Altcoin賽季，將為多個歷史高潮增長。

“Indeed, this is consistent with the total crypto market cap (ex-BTC) falling by 41% from its December 2024 high to $950B, compared to a (less than) 20% decline in bitcoin over the same period. This disparity underscores the higher volatility and risk premium inherent to altcoins further down the risk curve… Thus, we think this warrants taking a defensive stance on risk for the time being.”

“確實，這與從2024年12月高到950b的總加密貨幣市值（EX-BTC）下降了41％，而同一時期（比特幣低於）下降了20％。這種差異強調了較高的波動性和較高的風險質量固有的風險彎曲……因此，我們在風險上固有的風險較高……我們在這種風險上進行了考慮，我們認為這是一項穩定的穩定時期的穩定性。

Crypto VC Funding Declines

加密vc資金下降

The dwindling market cap lowered bullish expectations ahead of the second quarter. Meanwhile, institutional capital brought fresh shock to the market. In recent months, institutional funds have triggered massive asset growth, leading to mass adoption.

下降的市場上限降低了看漲的期望。同時，機構資本給市場帶來了新的震驚。最近幾個月，機構資金引發了大量資產的增長，導致大規模採用。

According to the report, crypto VC funding grew from the last quarter, but it’s still at a 60% low compared to the 2021/2022 cycle. A low capital inflow reduces investment and limits large accumulation for institutions. Overall, this delays market expectations for a bull cycle.

根據該報告，加密風險投資的資金從上個季度增加了，但與2021/2022週期相比，該資金仍為60％。低資本流入減少了投資，並限制了機構的大量積累。總體而言，這延遲了公牛週期的市場期望。