加強比特幣下降趨勢

5個月內下跌低於$ 75000

The downturn in the prices of virtual assets, such as Bitcoin (BTC), is intensifying. Analysis suggesting that the Bitcoin bull market, which has continued since last year, has ended is also gaining traction.

虛擬資產價格的低迷，例如比特幣（BTC），正在加劇。分析表明，自去年以來一直持續的比特幣牛市也在引起關注。

According to CoinMarketCap, a virtual asset market tracking site, the price of Bitcoin fell below the $75,000 mark at one point on the 7th. This is a sharp drop of about 10% compared to the previous day, and it marks the first time Bitcoin has fallen below $75,000 since November last year. Major altcoins, such as Ethereum (ETH) and Solana (SOL), recorded a decline of 19–20% in just one day. XRP also showed a decline close to 22%.

根據虛擬資產市場跟踪網站CoinMarketCap的說法，比特幣的價格低於75,000美元。與前一天相比，這是大約10％的急劇下降，這標誌著比特幣自去年11月以來首次下跌低於75,000美元。諸如以太坊（ETH）和Solana（Sol）等主要的Altcoins在一天內的下降了19-20％。 XRP也顯示出接近22％的下降。

The main cause of the sharp decline is attributed to the ‘tariff bomb’ triggered by Trump. U.S. President Donald Trump announced a large-scale reciprocal tariff policy on the 2nd (local time) of this month. As a result, nearly $6.6 trillion (about 9,670 trillion won) in market capitalization evaporated from the U.S. stock market alone last week. This week, major stock markets, such as Japan's Nikkei and Hong Kong's Hang Seng Index, have also plummeted. On this day, due to the sharp decline in the KOSPI, a sidecar (temporary suspension of trading) was triggered for the first time in 8 months since last August.

急劇下降的主要原因歸因於特朗普觸發的“關稅炸彈”。美國總統唐納德·特朗普（Donald Trump）宣布了本月第二個（當地時間）的大規模相互關稅政策。結果，上週僅美國股票市場就蒸發了近6.6萬億美元（約9,670萬韓元）。本週，日本的Nikkei和香港的Hang Seng Index等主要股市也暴跌。在這一天，由於KOSPI的急劇下降，自去年8月以來的8個月內首次觸發了邊鋒（暫時停工）。

Initially, the price of Bitcoin maintained the $82,000 support line until last weekend. It showed a movement contrary to the U.S. stock market, where the coupling (synchronization) phenomenon has recently strengthened. Rather, Bitcoin temporarily rose and held its ground on the 4th and 5th, when the U.S. stock market's sharp decline began, buoyed by analysis that it could be a ‘tariff safe haven’. Michael Saylor, chairman of Strategy, also raised investors' expectations by stating, "Bitcoin is not subject to tariffs" immediately after the U.S. government's announcement of the reciprocal tariff policy.

最初，直到上週末，比特幣的價格維持了82,000美元的支持線。它顯示了與美國股票市場相反的運動，美國股票市場最近加強了耦合（同步）現象。相反，比特幣在美國股市急劇下降開始時暫時上升並在第4和第5位舉行，這可能是“關稅避風港”。戰略董事長邁克爾·塞勒（Michael Saylor）還指出，在美國政府宣布互惠關稅政策後，“比特幣不繳納關稅”，提高了投資者的期望。

"Entering Bear Market According to Data"

“根據數據進入熊市”

However, as the decline in Bitcoin prices increases, the analysis that the bull market has ended is gaining traction in the market. The signal was fired by Ju Ki-young, CEO of CryptoQuant. Just before the Bitcoin downtrend began in earnest, CEO Ju claimed on the 6th via X that "the Bitcoin bull market is over" and "the possibility of a short-term rebound seems low."

但是，隨著比特幣價格下跌的下跌，牛市結束的分析正在在市場上受到關注。該信號是由加密量牌首席執行官Ju Ki-Young發射的。在比特幣下降趨勢開始之前，首席執行官JU在第六次通過X上聲稱“比特幣牛市已經結束了”和“短期反彈的可能性似乎很低”。

CEO Ju said, "In a bull market, prices rise even with small funds, but in a bear market, prices do not rise even with large funds," and "the current data clearly points to the latter (bear market)."

首席執行官JU說：“在牛市中，價格即使有少量資金，價格也會上漲，但是在熊市中，價格也不會上漲，即使大量資金也不會上漲，”和“當前的數據顯然指向後者（熊市）。”

This is not the first time CEO Ju has made such an analysis. On the 18th of last month, CEO Ju declared the end of the bull market, stating, "A bear market or sideways market will continue for the next 6 to 12 months." At that time, CEO Ju said, "All on-chain indicators point to a bear market," and "even when indicators were ambiguous over the past two years, I have argued for a bull market, but now it seems clear that we are entering a bear market."

這不是首席執行官JU首次進行這樣的分析。上個月18日，首席執行官JU宣布牛市的結束，並指出：“熊市或側向市場將在接下來的6到12個月內持續。”當時，首席執行官JU說：“所有鍊鍊指標都指向熊市”，並且“即使在過去兩年中指標都模棱兩可，我也為牛市主張，但現在很明顯，我們正在進入熊市。”

Growth rate gap between Bitcoin (BTC) market cap and realized market cap.

比特幣（BTC）市值與實現市值之間的增長率差距。

What CEO Ju focused on is the ‘Realized Cap’. The realized market cap is a figure measured based on the purchase price and quantity of each Bitcoin holder recorded on the blockchain, and it is an indicator that can more accurately grasp the flow of funds in the market than the ‘Market Cap’.

首席執行官JU專注於“已實現的帽子”。實現的市值是根據區塊鏈記錄的每個比特幣持有人的購買價格和數量來衡量的數字，它的指標可以比“市值”更準確地掌握市場中的資金流量。

CEO Ju explained, "The realized market cap shows how much actual funds are flowing into the market," and "if the realized market cap is increasing but the market cap is stagnant or declining, it means funds are coming in but prices are not rising." He added, "(Currently) funds are flowing into the market, but prices are not responding," and "this is a phenomenon commonly seen in bear markets."

首席執行官JU解釋說：“實現的市值顯示了多少實際資金流入市場”和“如果實現的市值正在增加，但市值停滯或下降，這意味著資金正在進來，但價格沒有上漲。”他補充說：“（目前）資金正在流入市場，但價格沒有回應”，“這是在熊市中通常看到的現象。”

"Possibility of Falling to $70,000"

“跌至70,000美元的可能性”

Given the situation, concerns are growing that the price decline could stiffen. Julia Zhou, Chief Operating Officer (COO) of virtual asset market maker (MM) Caladan, told Bloomberg, "Cryptocurrencies generally serve as a leading indicator of risk assets," and "a more drastic adjustment is expected when the U.S. market opens today (7th)." Virtual asset analyst Michaël van de Poppe also stated on X that "a rollercoaster-like trend will continue over the next 1-2 weeks, testing the bottom of Bitcoin," and "(at the current rate of decline) it could fall to $70,000."

考慮到這種情況，人們一直在擔心價格下跌可能會加劇。 Virtual Asset Mlegner（MM）Caladan首席運營官（COO）的首席運營官Julia Zhou告訴彭博社，“加密貨幣通常是風險資產的主要指標”，“當美國市場在今天（7th）開放時，預計會進行更嚴重的調整。”虛擬資產分析師Michaëlvan de Poppe還在X上說：“像過山車的趨勢將在接下來的1-2週內持續，測試比特幣的底部”和“（目前下降速度）可能降至70,000美元。”

However, there are also quite a few experts maintaining a bullish stance. They believe that the U.

但是，也有很多專家保持看漲的立場。他們認為美國