加密貨幣市場暴跌：交易量下降，投資者熱情減弱

在加密貨幣世界中，一段停滯期已經到來，其特徵是交易量減少和價格波動最小。比特幣和其他數位貨幣一直保持在窄幅區間內，導致市場活動減少以及交易者和投資者的注意力轉移。做市商減少了業務，加密貨幣公司的創投資金大幅下降。雖然 ETF 批准和比特幣「減半事件」等潛在催化劑即將出現，但監管不確定性和法律挑戰等障礙構成了重大障礙。在經濟放緩的背景下，人們的興趣已轉向人工智慧技術，使加密貨幣市場處於不確定狀態。

Cryptocurrency Market Stagnates Amidst Declining Trading Volumes and Waning Investor Interest

由於交易量下降和投資者興趣減弱，加密貨幣市場停滯不前

The realm of cryptocurrency has been ensnared in a prolonged period of torpor, with Bitcoin and its digital currency counterparts exhibiting negligible price movements in recent months. According to CoinMarketCap data, centralized exchanges such as Coinbase and Binance have witnessed a precipitous decline in trading volumes, plummeting to approximately $30 billion per day as of Tuesday. This represents a stark contrast to the heady heights attained in 2021.

加密貨幣領域陷入了長期麻木的狀態，比特幣及其數位貨幣近幾個月的價格走勢微乎其微。 CoinMarketCap 數據顯示，Coinbase 和 Binance 等中心化交易所的交易量急劇下降，截至週二每天交易量驟降至約 300 億美元。這與 2021 年達到的令人興奮的高度形成鮮明對比。

Bitcoin, the preeminent digital asset, has languished within a narrow range of $25,000 to $30,000 since mid-March. This prolonged period of price stability has dampened investor enthusiasm, leading many to redirect their attention elsewhere. Tal Cohen, U.S. Managing Director of crypto exchange Kraken, succinctly summarized the sentiment prevailing in the market: "When prices are not moving, a lot of people lose interest."

自 3 月中旬以來，卓越的數位資產比特幣一直在 25,000 美元至 30,000 美元的窄幅區間內徘徊。價格長期穩定削弱了投資者的熱情，導致許多人將注意力轉移到其他地方。加密貨幣交易所 Kraken 美國董事總經理塔爾·科恩 (Tal Cohen) 簡潔地總結了市場上普遍存在的情緒：“當價格不動時，很多人就會失去興趣。”

The dwindling trading activity has extended its impact to market makers, including Jane Street and Jump Capital, which have reportedly scaled back their operations in the United States. GSR Markets, another prominent player in crypto market making, has similarly reduced its U.S. presence, opting to focus its efforts on foreign exchanges.

交易活動的減少擴大了對做市商的影響，其中包括 Jane Street 和 Jump Capital，據報道，這些做市商已經縮減了在美國的業務。加密貨幣做市領域的另一家知名企業 GSR Markets 也同樣減少了在美國的業務，選擇將重點放在外匯交易上。

This contraction in trading volumes carries potential implications for investors, as it could exacerbate price discrepancies on trades. Evgeny Gaevoy, CEO of market maker Wintermute, cautioned that large buy or sell orders could exert a disproportionate influence on prices due to the diminished liquidity in exchanges' order books.

交易量的收縮對投資者產生潛在影響，因為它可能會加劇交易的價格差異。做市商 Wintermute 執行長 Evgeny Gaevoy 警告稱，由於交易所訂單簿的流動性減少，大量買賣訂單可能會對價格產生不成比例的影響。

Concurrently, venture capital funding for crypto companies has plummeted by 71%, dropping from $2.3 billion in Q2 2022 to a mere $2.3 billion in Q2 2023, as revealed by data from PitchBook. This stark decline stands in stark contrast to the $19.4 billion poured into AI and machine learning startups during the same period.

同時，根據 PitchBook 的數據顯示，加密貨幣公司的創投資金驟降 71%，從 2022 年第二季的 23 億美元降至 2023 年第二季的僅為 23 億美元。這一明顯下降與同期人工智慧和機器學習新創公司投入的 194 億美元形成鮮明對比。

Delving into specific companies, Coinbase experienced a 37% decline in trading volume between the first and second quarters. Robinhood Markets, another major player in the cryptosphere, reported a 58% reduction in crypto trading volume in August compared to the same period in the previous year.

深入研究特定公司，Coinbase 第一季和第二季的交易量下降了 37%。加密領域的另一個主要參與者 Robinhood Markets 報告稱，8 月份加密貨幣交易量與去年同期相比減少了 58%。

Despite these mounting challenges, there are potential catalysts on the horizon that could rekindle the dormant crypto market. One such catalyst is the prospective approval of a spot-based Bitcoin ETF. Another anticipated event is Bitcoin's "halving event" scheduled for next April, which could stimulate demand and propel prices upward. However, the crypto industry continues to grapple with significant obstacles, including regulatory complexities and ongoing legal battles, which could cast a shadow over the path to recovery.

儘管面臨這些日益嚴峻的挑戰，但仍有潛在的催化劑重新點燃休眠的加密貨幣市場。其中一個催化劑是基於現貨的比特幣 ETF 的預期批准。另一個預期事件是比特幣定於明年 4 月舉行的“減半事件”，這可能會刺激需求並推動價格上漲。然而，加密貨幣行業繼續面臨重大障礙，包括監管複雜性和持續的法律鬥爭，這可能為復甦之路蒙上陰影。

This report emerges amidst a broader shift in investor interest from cryptocurrencies to AI technologies, with companies like BlackRock, Coinbase Global, and Fidelity Investments leading the charge. Nonetheless, many industry players remain steadfast in their optimism for the future of cryptocurrencies. Doug Schwenk, CEO of Digital Asset Research, succinctly captured this sentiment: "The market needs the retail side of crypto to come back."

這份報告發布之際，投資人的興趣正從加密貨幣轉向人工智慧技術，貝萊德 (BlackRock)、Coinbase Global 和富達投資 (Fidelity Investments) 等公司引領潮流。儘管如此，許多行業參與者仍然對加密貨幣的未來保持樂觀。數位資產研究公司執行長 Doug Schwenk 簡潔地捕捉到了這種情緒：“市場需要加密貨幣零售方面的回歸。”

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