加密貨幣市場面臨艱難的Q1 2025：它可以在Q2中恢復嗎？

加密貨幣市場於2025年第1季度結束，損失巨大，這是最近歷史上最具挑戰性的季度之一。

The cryptocurrency market has begun 2025 in rather bleak fashion, closing Q1 with some of the more noteworthy losses in recent times. The sharp downturn follows a period of optimism in 2024, when Bitcoin’s price surged past the $50,000 mark for the first time in history.

加密貨幣市場已經開始以慘淡的方式開始，近期造成了一些更值得注意的損失。在2024年的一段樂觀之後，劇烈的下滑是在比特幣的價格首次超過50,000美元的歷史上飆升。

However, market trends took an unexpected turn, with widespread liquidations occurring across derivatives markets. As investor confidence faltered, major cryptocurrencies like Ethereum and Bitcoin experienced significant declines in Q1.

但是，市場趨勢發生了出乎意料的轉變，在衍生品市場之間進行了廣泛的清算。隨著投資者信心的流動，以太坊和比特幣等主要加密貨幣在第一季度的大幅下降。

Among the worst quarterly performances for Ethereum since 2018, the world’s second-largest cryptocurrency faced steep losses. While Bitcoin’s price drops were less severe, the overall narrative during Q1 was predominantly bearish, with both cryptocurrency giants contributing to the broader downturn.

自2018年以來，以太坊最糟糕的季度表演中，世界第二大加密貨幣面臨著巨大的損失。雖然比特幣的價格下跌幅度不那麼嚴重，但第1季度的總體敘述主要是看跌，兩個加密貨幣巨頭都會導致更廣泛的低迷。

This bleak performance forced many traders out, leading to a thinning of liquidity as investors pulled back from high-risk assets. With the U.S. SEC set to make crucial decisions on several pending spot crypto exchange-traded fund (ETF) applications by the end of Q2, the stage is set for a dramatic shift in market trends.

這種荒涼的表現迫使許多交易者脫穎而出，導致流動性稀疏，因為投資者從高風險資產中退縮。隨著美國SEC將在第2季度結束時對幾個未決的現場加密交易所交易基金（ETF）申請做出關鍵決定，因此該階段的設定為急劇改變市場趨勢。

If the SEC approves ETFs for cryptocurrencies other than Bitcoin, it could open the door for greater institutional investment, potentially bringing fresh capital into the market. Moreover, the Federal Reserve is expected to begin cutting interest rates in the coming months. Such a move could ease financial conditions and make crypto investments more appealing to investors.

如果SEC批准ETF用於比特幣以外的其他加密貨幣，它可能會為更大的機構投資打開大門，並有可能將新資本帶入市場。此外，預計美聯儲將在未來幾個月內開始降低利率。這樣的舉動可以緩解財務狀況，並使加密貨幣投資對投資者更具吸引力。

Periods of lower interest rates have historically supported the performance of risk-on assets like technology stocks and cryptocurrencies, which could fuel a recovery in Q2. As we look ahead, the coming quarter is shaping up to be pivotal for the cryptocurrency market.

從歷史上看，較低的利率時期支持了技術股票和加密貨幣等風險資產的績效，這可能會促進第二季度的回收率。當我們展望的那樣，即將到來的季度正構成對加密貨幣市場的關鍵。