比特幣停滯不前，加密貨幣暴跌，市場情緒轉向謹慎

加密貨幣市場24小時內下跌0.9%，市值達2.48兆美元。比特幣的價值反轉了相同的幅度，而頂級代幣則表現出複雜的動態。以太坊保持不變，Solana 下跌 3.1%，Dogecoin 下跌 4%，與 BNB（4.2%）和 Toncoin（0.3%）的漲幅形成鮮明對比。加密貨幣恐懼和貪婪指數已跌至70，為2月14日以來的最低水準。

Crypto Market Stumbles as Bitcoin Stalls, Market Sentiment Retreats

隨著比特幣停滯、市場情緒回落，加密貨幣市場陷入困境

The cryptocurrency market experienced a slight correction on Wednesday, shedding 0.9% over the past 24 hours. The total market capitalization plunged to $2.48 trillion, marking the lowest level in a week and a half.

週三，加密貨幣市場出現小幅調整，過去 24 小時下跌 0.9%。總市值暴跌至2.48兆美元，創一周半以來最低。

Bitcoin, the bellwether of the crypto space, retraced by the same amplitude, eroding to $65,500. While some enthusiasts remain optimistic, buying the dip at levels closer to $65,000, the inability of Bitcoin to break higher is raising concerns. The dollar's weakness and buoyant stock indices, which typically fuel risk appetite, provided little impetus to Bitcoin's ascent.

加密貨幣領域的領頭羊比特幣以同樣的幅度回撤，跌至 65,500 美元。儘管一些狂熱者仍然樂觀，在接近 65,000 美元的水平逢低買入，但比特幣無法突破更高的水平引發了擔憂。美元疲軟和股指上漲通常會刺激風險偏好，但對比特幣的上漲幾乎沒有提供推動力。

Altcoins exhibited a mixed bag of performances. Ethereum remained largely unchanged, hovering around $3,300. Solana incurred a 3.1% loss, while Dogecoin dropped another 4%. BNB, on the other hand, gained 4.2%, and Toncoin inched up by 0.3%.

山寨幣的表現好壞參半。以太坊基本上保持不變，徘徊在 3,300 美元左右。 Solana 下跌 3.1%，而狗狗幣又下跌 4%。另一方面，BNB 上漲 4.2%，Toncoin 上漲 0.3%。

The Cryptocurrency Fear and Greed Index, a gauge of market sentiment, retreated to 70, its lowest reading since February 14th. This suggests that investors are becoming more cautious as the market consolidates.

衡量市場情緒的加密貨幣恐懼和貪婪指數回落至 70，為 2 月 14 日以來的最低讀數。這顯示隨著市場整合，投資者變得更加謹慎。

Overbought Conditions and Economic Data Weigh on Market

超買狀況和經濟數據對市場構成壓力

Analysts attribute the cryptocurrency market's lackluster performance to accumulated overbought conditions and apprehension ahead of the upcoming monthly labor market report. Despite the current weakness, they view it as a consolidation phase within a broader bull market, largely excluding long-term reversal risks.

分析師將加密貨幣市場的低迷表現歸因於即將發布的月度勞動力市場報告之前累積的超買狀況和擔憂。儘管目前疲軟，但他們認為這是更廣泛的牛市中的盤整階段，很大程度上排除了長期逆轉風險。

Surge in Spot and Futures Trading

現貨和期貨交易激增

Cryptocurrency exchanges witnessed a surge in trading activity in March. Spot trading volume hit $2.5 trillion, the highest since November 2021, according to The Block. Total BTC futures contracts trading volume rose 86% to $2.5 trillion.

加密貨幣交易所三月的交易活動激增。據 The Block 稱，現貨交易量達到 2.5 兆美元，為 2021 年 11 月以來的最高水準。 BTC 期貨合約總交易量成長 86%，達到 2.5 兆美元。

ETF Trading Breaks Records

ETF交易打破紀錄

March proved to be a record-breaking month for spot Bitcoin ETF trading. The volume nearly tripled from the previous month, rising from $42 billion to $111 billion. Three ETFs from Grayscale (GBTC), BlackRock (IBIT), and Fidelity (FBTC) continue to dominate trading volume, according to SoSoValue. However, total outflows from GBTC have reached $15 billion since its launch.

事實證明，3 月是比特幣 ETF 現貨交易創紀錄的月份。成交量較上月成長近兩倍，從 420 億美元增至 1,110 億美元。據 SoSoValue 稱，來自 Grayscale (GBTC)、BlackRock (IBIT) 和 Fidelity (FBTC) 的三隻 ETF 繼續主導交易量。然而，自推出以來，GBTC 的總流出量已達 150 億美元。

Gold's Resurgence and Liquidity Outflow

黃金復甦與流動性外流

The crypto market may face an outflow of liquidity as gold regains appeal among speculative investors, suggested Eric Balchunas, an ETF expert at Bloomberg. The sale of seized Bitcoin by US authorities could also put pressure on prices, according to MN Trading founder Michael van de Poppe.

彭博社 ETF 專家 Eric Balchunas 表示，隨著黃金重新受到投機投資者的青睞，加密貨幣市場可能面臨流動性外流。 MN Trading 創辦人 Michael van de Poppe 表示，美國當局出售扣押的比特幣也可能會對價格造成壓力。

Regulatory Concerns Linger

監管問題揮之不去

The SEC's lack of public engagement and unanswered regulatory questions raise concerns about the agency's genuine commitment to the crypto industry, said SEC commissioner Hester Pearce.

SEC 專員 Hester Pearce 表示，SEC 缺乏公眾參與和未解答的監管問題引發了人們對該機構對加密行業的真正承諾的擔憂。

In conclusion, the cryptocurrency market faces headwinds from overbought conditions, economic data concerns, and regulatory uncertainty. While Bitcoin's inability to break higher is alarming, analysts remain cautiously optimistic, viewing the current weakness as a consolidation phase within a bull market. The market's performance will likely hinge on the upcoming labor market report and ongoing regulatory developments.

總之，加密貨幣市場面臨超買狀況、經濟數據擔憂和監管不確定性等阻力。儘管比特幣無法突破更高水平令人擔憂，但分析師仍保持謹慎樂觀，將當前的疲軟視為多頭市場的盤整階段。市場的表現可能取決於即將發布的勞動力市場報告和持續的監管進展。