加密貨幣市場正在經歷一個動蕩的時期，其標誌是對比特幣和大量資本流出的殘酷糾正。

自2024年12月的歷史最高點以來，由於其歷史最高高點以上，一些投資者已經在談論比特幣歷史上最痛苦的循環。

The cryptocurrency market is navigating turbulent times with bitcoin's brutal correction and massive capital outflows. Having lost more than 18 % since its all-time high of $106,000 in December 2024, some investors are already talking about the most painful cycle in bitcoin's history. However, for seasoned players in the sector, this scenario is anything new. Even darker periods have marked the evolution of the crypto market, and many see this correction as a temporary adjustment rather than a lasting collapse.

加密貨幣市場正在通過比特幣的殘酷糾正和大量資本流出來導航動蕩的時代。自2024年12月的歷史最高點以來，損失了18％以上，一些投資者已經在談論比特幣歷史上最痛苦的循環。但是，對於該行業的經驗豐富的球員來說，這種情況是新事物。甚至更黑暗的時期也標誌著加密貨幣市場的演變，許多人將這種糾正視為暫時的調整，而不是持久的崩潰。

A brutal reversal after the euphoria of $106,000

欣喜《 106,000美元》之後的殘酷逆轉

The spectacular rally of bitcoin in 2024 peaked in December with an absolute record of $106,000, driven by the optimism triggered by the election of Donald Trump.

2024年，比特幣的壯觀集會在12月達到頂峰，絕對記錄為106,000美元，這是由唐納德·特朗普（Donald Trump）當選引起的樂觀驅動的。

But just a few weeks later, the market flipped into a severe correction.

但是僅僅幾週後，市場就進行了嚴重的更正。

From the inauguration of the American president in January 2025, bitcoin began to retract, losing 18 % of its value, while the total market capitalization of crypto plunged by 25 %.

從2025年1月，美國總統的就職典禮開始，比特幣開始縮回，損失了其價值的18％，而加密貨幣的總市值下降了25％。

This wave of selling was amplified by a series of events that accelerated the panic:

這一浪潮通過一系列加速恐慌的事件進行了放大：

This scenario recalls other past corrections, but analysts remain divided on the true severity of the situation.

這種情況讓人聯想到過去的其他更正，但分析師仍然在情況的真實嚴重性上分配。

A market stronger than in 2014 : the end of chaos ?

一個比2014年更強大的市場：混亂的終結？

While this drop worries novice investors, veterans in the sector downplay the situation. Lucien Bourdon, an analyst at Trezor, reminds us that the market has already experienced much more difficult periods.

儘管這種下降令新手投資者擔心，但該行業的退伍軍人淡化了這種情況。 Trezor的分析師Lucien Bourdon提醒我們，市場已經經歷了更加困難的時期。

He notably cites the collapse of Mt. Gox in 2014, one of the most significant episodes in bitcoin’s history.At that time, the disappearance of 850,000 BTC during a hack caused a dizzying drop of 85 % in bitcoin’s price and wiped out 70 % of trading volumes.

他特別引用了2014年Gox山的崩潰，這是比特幣歷史上最重要的事件之一。在那個時候，在黑客襲擊中，850,000 BTC的消失導致比特幣的價格下降了85％，比特幣的價格下降了85％，並消除了70％的交易量。

Unlike today, the crypto market was still embryonic, lacking institutional support and a structured regulatory framework.

與今天不同，加密市場仍然是胚胎，缺乏機構支持和結構化的監管框架。

Today, despite the volatility, the context is very different. Brett Reeves, head of European sales at BitGo, emphasizes that regulation and the rise of institutional products have profoundly changed the game.

如今，儘管有波動性，但上下文卻大不相同。 Bitgo歐洲銷售負責人Brett Reeves強調，監管和機構產品的興起已大大改變了遊戲。

“We must remember how much the market has evolved in a short time and the enormous potential it still holds,” he explains.

他解釋說：“我們必須記住市場在短時間內發展了多少，並且仍然具有巨大的潛力。”

Even Mati Greenspan, founder of Quantum Economics, considers that this drop could be beneficial in the long run, as he points out that “this is the first time a crypto bull market is not fueled by massive monetary printing.”

即使是量子經濟學的創始人Mati Greenspan，也認為從長遠來看，這種下降可能是有益的，他指出：“這是“這是加密牛市第一次不受大規模的貨幣印刷來推動。”

While some question the exact nature of this cycle, others believe that the very concept of bull runs and bear markets could become obsolete.

儘管有些人質疑這個週期的確切性質，但其他人則認為，牛市的概念和熊市的概念可能已經過時了。

Miles Deutscher, a crypto analyst, judges in a post on social media X (formerly Twitter) on March 13, 2025, that the market is evolving towards an unprecedented model, where traditional classifications lose their meaning.

加密分析師Miles Deutscher於2025年3月13日在社交媒體X（以前為Twitter）上的一篇文章中評審，該市場正在發展向前所未有的模型發展，傳統分類失去了含義。

If bitcoin and the altcoins remain under pressure, history shows that severe corrections are often followed by accumulation phases and new highs. In this context, the real question is not whether this cycle is the most painful, but rather which direction the market will take after this purge.

如果比特幣和山寨幣仍在壓力下，歷史表明，經常進行嚴重的校正後，積累階段和新高。在這種情況下，真正的問題不是這個週期是否是最痛苦的，而是市場將在清除後採取哪個方向。

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