加密貨幣大屠殺：以太幣崩潰，比特幣跌跌撞撞

隨著勢頭轉向看跌，以太幣價格下跌，而比特幣則突破 64,000 美元。收益率下降、美元走強和地緣政治緊張局勢影響了加密貨幣市場。衍生性商品顯示風險厭惡情緒，融資利率為負，三個月基差殖利率暴跌。

Crypto Markets Reeling: Ether Prices Sink as Bitcoin Flounders

加密市場動盪：以太幣價格下跌，比特幣陷入困境

(Singapore) - A prevailing bearish sentiment continues to grip the cryptocurrency market, with Ether (ETH) prices experiencing a significant downturn while Bitcoin (BTC) struggles to maintain its position above $64,000. The CoinDesk Indices Ethereum Trend Indicator has turned decidedly negative, signaling a shift away from bullish momentum in the altcoin market.

（新加坡）- 加密貨幣市場普遍存在看跌情緒，以太坊 (ETH) 價格大幅下跌，而比特幣 (BTC) 則難以維持在 64,000 美元以上的位置。 CoinDesk 指數以太幣趨勢指標已明顯轉為負值，顯示山寨幣市場的看漲勢頭正在轉變。

Ether Prices Plummet

以太幣價格暴跌

Ether, the second-largest cryptocurrency by market capitalization, has witnessed a substantial decline in value, exchanging below $3,000 during the Asia trading session. This downturn marks a stark reversal from its recent surge towards the $3,300 mark earlier this month.

以太幣是市值第二大的加密貨幣，價值大幅下跌，在亞洲交易時段跌破 3,000 美元。此次下跌標誌著本月稍早金價飆升至 3,300 美元大關的明顯逆轉。

Bitcoin Wobbles above $64,000

比特幣波動超過 64,000 美元

In contrast to Ether's bearish trajectory, Bitcoin has experienced a modest uptick, breaching the $64,000 mark but failing to sustain that level. The leading cryptocurrency has faced stiff resistance at this threshold, unable to establish a firm foothold above it.

與以太坊的看跌軌跡相反，比特幣經歷了小幅上漲，突破了 64,000 美元大關，但未能維持這一水平。領先的加密貨幣在這個門檻上面臨嚴峻的阻力，無法在其之上站穩腳跟。

Market Factors at Play

市場因素在起作用

Analysts attribute the market downturn to a confluence of factors, including:

分析師將市場低迷歸因於多種因素，包括：

• Unexpectedly higher U.S. treasury yields
• A strengthening U.S. dollar
• Heightened geopolitical tensions in the Middle East

These external factors have created an environment of heightened risk aversion, leading investors to shed their digital assets and seek safer havens.

美國公債殖利率意外走高、美元走強、中東地緣政治緊張局勢加劇這些外部因素造成避險情緒加劇，導致投資人拋售數位資產，尋求更安全的避風港。

Derivatives Market Reflects Risk-Off Sentiment

衍生性商品市場反映避險情緒

The derivatives market, a key indicator of market sentiment, reveals a further indication of risk aversion. Funding rates on some exchanges have turned negative, signaling bearish bets, while three-month basis yields have plummeted to 10%.

衍生性商品市場作為市場情緒的關鍵指標，進一步揭示了避險情緒。一些交易所的融資利率已轉為負值，顯示看跌押注，而三個月基差收益率已暴跌至 10%。

Liquidations Evenly Split

平分清算

Despite the overall bearish sentiment, liquidations in the futures market remain roughly evenly split between bullish and bearish positions. This suggests that investors are still hesitant to fully commit to either side of the trade, highlighting the uncertainty in the market.

儘管整體看跌情緒，但期貨市場的清算在看漲和看跌頭寸之間大致各佔一半。這顯示投資人仍猶豫是否要完全投入交易的任何一方，凸顯了市場的不確定性。

Macroeconomic Factors Dominate

宏觀經濟因素占主導地位

Justin d'Anethan, head of business development at Keyrock, a crypto market maker, observes that macroeconomic factors, such as rising inflation and geopolitical tensions, are overshadowing positive crypto-centric catalysts.

加密貨幣做市商 Keyrock 的業務開發主管 Justin d'Anethan 觀察到，通膨上升和地緣政治緊張局勢等宏觀經濟因素正在掩蓋以加密貨幣為中心的積極催化劑。

Explosions Ahead?

前方爆炸？

d'Anethan notes that sideways price action in the crypto market can often precede explosive moves. Leveraged traders may take on positions based on their expectations, only to face violent liquidations once the market clears up, leading to decisive shifts in market direction.

d'Anethan 指出，加密貨幣市場的橫向價格走勢通常可能先於爆炸性走勢。槓桿交易者可能會根據自己的預期建倉，但一旦市場出清，就會面臨暴力清算，導致市場方向發生決定性轉變。

Catalyst Needed for Bullish Reversal

看漲逆轉需要催化劑

Jun-young Heo, a Derivatives Trader at Presto, a Singapore-based firm, believes that a significant catalyst is required to reverse the bearish sentiment. Heo suggests that the current factors weighing down the market need to abate before investors regain their bullish enthusiasm.

新加坡公司 Presto 的衍生性商品交易員 Jun-young Heo 認為，需要一個重要的催化劑來扭轉看跌情緒。 Heo表示，目前打壓市場的因素需要減弱，投資人才能重拾看漲熱情。

Conclusion

結論

The cryptocurrency market is currently facing headwinds from both external macroeconomic factors and internal risk aversion. While Bitcoin has managed to hold its ground somewhat, Ether has faltered, losing significant value. The market awaits a catalyst to break the current stalemate and determine its next course of action.

目前，加密貨幣市場面臨外部宏觀經濟因素和內部避險情緒的雙重打擊。雖然比特幣在某種程度上堅守住了自己的陣地，但以太幣卻步履蹣跚，失去了龐大的價值。市場正在等待催化劑來打破目前的僵局並確定下一步的行動方針。