ETF在不斷演變的多頭市場中撼動了比特幣市場動態

在不斷變化的牛市週期中，加密貨幣分析師 Marcin Miłosierny 認為，比特幣的市場動態正在改變。 ETF的推出以其龐大的購買力，掩蓋了比特幣減半的傳統供應擠壓效應。這要求交易者重新評估他們的策略，平衡減半的歷史影響與 ETF 對 BTC 可用性和價格的當代影響。

ETFs Alter Bitcoin Market Dynamics Amidst Evolving Bull Cycle

ETF 在不斷演變的牛市週期中改變比特幣市場動態

By Marcin Miłosierny

作者：馬爾欽‧米沃西爾尼

Glassnode crypto analyst Marcin Miłosierny has discerned a paradigm shift in Bitcoin's market dynamics as the ongoing bull cycle unfolds. The advent of exchange-traded funds (ETFs) is exerting a profound impact on the cryptocurrency, potentially altering the historical effects of Bitcoin halvings.

Glassnode 加密貨幣分析師 Marcin Miłosierny 發現，隨著牛市週期的展開，比特幣市場動態發生了典範轉移。交易所交易基金（ETF）的出現正在對加密貨幣產生深遠的影響，有可能改變比特幣減半的歷史影響。

In a recent analysis, Miłosierny posits that the substantial buying power of ETFs will overshadow the supply squeeze typically associated with halvings. This dynamic, he contends, necessitates a recalibration of trading strategies to account for the interplay between halvings and ETFs on Bitcoin's availability and price.

在最近的分析中，Miłosierny 認為 ETF 的巨大購買力將掩蓋通常與減半相關的供應緊張。他認為，這種動態需要重新調整交易策略，以考慮減半和 ETF 之間對比特幣可用性和價格的相互作用。

Miłosierny underscores the growing influence of long-term holders (LTHs) in Bitcoin's supply dynamics. He recommends monitoring the Long-Term Holder Market Inflation Rate as a bellwether for market direction, enabling traders to anticipate shifts and adjust their strategies accordingly.

Miłosierny 強調​​了長期持有者（LTH）在比特幣供應動態中日益增長的影響力。他建議監控長期持有者市場通膨率，將其作為市場方向的風向標，使交易者能夠預測變化並相應調整策略。

A notable development, according to Miłosierny, is Bitcoin's attainment of an all-time high (ATH) prior to the upcoming halving. This deviation from past cycles, where the ATH was typically reached post-halving, introduces a novel scenario.

Miłosierny 表示，一個值得注意的發展是比特幣在即將到來的減半之前達到了歷史最高點（ATH）。這種與過去週期（ATH 通常在減半後達到）的偏差引入了一種新的情況。

Miłosierny observes that ETFs have had a stabilizing effect on market corrections, but cautions that a potential decline in ETF demand could amplify volatility. The recent rally, driven in part by ETFs, has propelled Bitcoin to a new ATH of $73,794 before encountering a retracement due to ETF outflows.

Miłosierny 指出，ETF 對市場調整具有穩定作用，但他警告說，ETF 需求的潛在下降可能會加劇波動性。最近的反彈在一定程度上是由 ETF 推動的，已將比特幣推升至新的 73,794 美元，然後因 ETF 流出而回撤。

As of writing, Bitcoin is trading at $64,357, marking a 17% retracement from its ATH. Market participants anticipate a continuation of the rally post-halving, which is expected to exacerbate the supply squeeze for the leading cryptocurrency.

截至撰寫本文時，比特幣交易價格為 64,357 美元，較 ATH 回撤 17%。市場參與者預計減半後的漲勢將持續，預計將加劇主要加密貨幣的供應緊張。

In conclusion, the introduction of ETFs has introduced novel dynamics to the Bitcoin market, requiring traders to reassess their strategies and account for the interplay between halvings and ETFs. By monitoring key indicators such as the Long-Term Holder Market Inflation Rate, traders can anticipate market shifts and adjust their strategies accordingly.

總而言之，ETF 的引入為比特幣市場帶來了新的動力，要求交易者重新評估其策略並考慮減半和 ETF 之間的相互作用。透過監控長期持有者市場通膨率等關鍵指標，交易者可以預測市場變化並相應調整策略。