由于宏观恐慌和全球债券溃败加速了加密货币价格的抛售，比特币 (BTC) 周三抹去了 2025 年初的所有涨幅

在美国交易时段，最大的加密货币跌至 92,600 美元的盘中低点，两天内较周一高于 102,000 美元的峰值下跌近 10%。

Bitcoin (BTC) erased all its early-2025 gains on Wednesday as macro jitters and the global bond rout accelerated the sell-off in crypto prices.

由于宏观恐慌和全球债券溃败加速了加密货币价格的抛售，比特币 (BTC) 周三抹去了 2025 年初的所有涨幅。

The largest crypto slipped to a session low of $92,600 during U.S. trading hours, shedding nearly 10% in two days from its Monday peak above $102,000. It has recovered some of the losses and recently traded at $94,300, still down 2.5% over the past 24 hours.

在美国交易时段，最大的加密货币跌至 92,600 美元的盘中低点，两天内较周一高于 102,000 美元的峰值下跌近 10%。该股已收复部分失地，近期交易价格为 94,300 美元，在过去 24 小时内仍下跌 2.5%。

Cardano's ADA, Render's RNDR and Aptos' APT led losses in the broad-market benchmark CoinDesk 20 Index, which slipped over 3% over the same period.

Cardano 的 ADA、Render 的 RNDR 和 Aptos 的 APT 导致大市场基准 CoinDesk 20 指数下跌，同期下跌超过 3%。

The violent two-day plunge liquidated nearly $1 billion worth of leveraged derivatives positions across crypto assets, predominantly longs betting on higher prices, CoinGlass data showed. The slide also pushed BTC temporarily below where it started the year. At the recent price, it was up 1% from its Jan. 1 opening.

CoinGlass 数据显示，两天的剧烈暴跌平仓了加密资产中价值近 10 亿美元的杠杆衍生品头寸，其中主要是押注价格上涨的多头头寸。此次下跌还导致比特币价格暂时低于年初水平。以近期价格计算，较 1 月 1 日开盘价上涨 1%。

Crypto-related stocks weren't spared. Several bitcoin miners, including TeraWulf (WULF), Bit Digital (BTBT), Bitdeer (BTDR), IREN (IREN) and Hut 8 (HUT) endured 5%-8% declines. Medical devices producer Semler Scientific, which adopted a BTC treasury strategy following MicroStrategy's (MSTR) footsteps, dropped nearly 10% through the day and is now down more than 15% for the week and roughly 40% from its late December high. MSTR was down 2.2% on Wednesday.

加密货币相关股票也未能幸免。 TeraWulf (WULF)、Bit Digital (BTBT)、Bitdeer (BTDR)、IREN (IREN) 和 Hut 8 (HUT) 等几家比特币矿商的股价下跌了 5%-8%。医疗设备生产商 Semler Scientific 追随 MicroStrategy (MSTR) 的脚步，采用了 BTC 资金策略，该公司全天下跌近 10%，目前本周下跌超过 15%，较 12 月底的高点下跌约 40%。 MSTR 周三下跌 2.2%。

Several analysts warned crypto traders of a treacherous January, with potential macro headwinds for risk assets lying ahead, including a hawkish Federal Reserve, rapidly surging long-term government bond yields, sticky inflation readings and the possibility of a U.S. government shutdown.

几位分析师警告加密货币交易者，一月份将是危险的一年，风险资产未来可能面临宏观阻力，包括鹰派的美联储、长期政府债券收益率迅速飙升、通胀数据粘性以及美国政府关闭的可能性。

What appeared to kickstart the pullback across all assets was Tuesday's strong U.S. economic data prints that had investors pare back their rate cut expectations for the year. Notably, Fed governor Christopher J. Waller came out on Wednesday in support of further interest rate cuts through the year and allay fears of inflation from potential tariffs enacted by incoming President Dinald Trump. However, that didn't change investors' interest rate outlook much, as the CME FedWatch showed.

周二强劲的美国经济数据似乎引发了所有资产的回调，投资者削减了今年的降息预期。值得注意的是，美联储理事克里斯托弗·J·沃勒(Christopher J. Waller)周三表态支持年内进一步降息，并缓解对即将上任的总统迪纳德·特朗普(Dinald Trump)可能实施的关税引发的通胀担忧。然而，正如芝商所美联储观察所显示的那样，这并没有太大改变投资者的利率前景。

Released Wednesday afternoon during U.S. hours, minutes from the Fed's most recent policy meeting showed most believing the upside risks to inflation had increased and also evidenced some worry that Trump's tariff policy could have more effect on price levels than previously assumed.

周三下午美国时段发布的美联储最新政策会议纪要显示，大多数人认为通胀上行风险有所增加，同时也证明一些人担心特朗普的关税政策对物价水平的影响可能比之前的预期更大。

Bitcoin bounce incoming? With Wednesday's drop, bitcoin returned to the lower bound of its range it has been trading since late November. BTC will likely see a bounce from the lows in the coming days, but prices could stay consolidating rangebound and possibly pull back to lower levels before setting new all-time highs, according to well-followed cross-asset trader Bob Loukas, founder of Station3 NYC.

比特币反弹来袭？随着周三的下跌，比特币回到了自 11 月底以来交易区间的下限。 Station3 创始人、备受关注的跨资产交易员鲍勃·卢卡斯 (Bob Loukas) 表示，未来几天，比特币可能会从低点反弹，但价格可能会继续在区间内盘整，并可能回落至较低水平，然后再创历史新高。纽约。

"Doesn't have to be uber bearish, but we might need to fiddle around in a range and get more comfortable with $100k prints before we can really leave this area behind," he said in an X post.

他在 X 帖子中表示：“不一定要极度悲观，但我们可能需要在一个区间内进行调整，并在我们真正摆脱这个区域之前对 10 万美元的打印感到更加满意。”

Friday's U.S. non-farm payrolls data report and the Fed meeting later this month will influence BTC's trajectory, hedge fund QCP noted in a Telegram broadcast, forecasting a bounce as Trump's inauguration on January 20 nears.

对冲基金 QCP 在 Telegram 广播中指出，周五的美国非农就业数据报告和本月晚些时候的美联储会议将影响 BTC 的走势，并预测随着 1 月 20 日特朗普就职典礼的临近，比特币将出现反弹。

"With market anticipation building, we believe bitcoin's pullback is merely a pause, setting the stage for a bullish rally as Trump's inauguration fuels optimism," QCP analysts said.

QCP 分析师表示：“随着市场预期的增强，我们认为比特币的回调只是一个暂停，为特朗普就职引发乐观情绪的看涨反弹奠定了基础。”