比特币（BTC）价格可能会降至70,000美元

Bitmex联合创始人Arthur Hayes责怪特朗普的关税政策发生了变化，警告说，随着对冲基金放松自己的职位，比特币可能会降至70,000美元。

Fresh bloodbath on Satoshi Street, with little hope of recovery.

萨托西街（Satoshi Street）上的新鲜血液，几乎没有康复的希望。

Bitcoin’s relentless price decline continued on Feb. 24, dropping below $90,000 after major investors withdrew a record amount from U.S. spot Bitcoin exchange-traded funds (ETFs).

2月24日，比特币的无情价格下跌持续下跌，主要投资者从美国现货比特币交易所交易基金（ETF）撤回了创纪录的金额后，下跌低于90,000美元。

According to data from証券情報会社クアンタムエコノミクス, a major U.S. spot Bitcoin ETF saw an outflow of $517 million on Thursday, the largest in seven weeks. This marks the fifth consecutive day of withdrawals, with BlackRock’s iShares Bitcoin Trust (IBIT) losing $159 million and Fidelity’s Wise Origin Bitcoin Fund seeing $247 million in outflows. Other funds like Bitwise, Invesco, and Grayscale also saw large withdrawals.

根据量子经济学的数据，美国主要的比特币ETF在周四的销售额为5.17亿美元，这是连续第五天的撤军。明智的比特币基金看到了2.47亿美元的其他基金。提取。

As a result, Bitcoin’s price dropped more than 5% to $91,000, then fell further to $89,175, dropping by 2.25% in the last hour.

结果，比特币的价格下跌了5％以上，至91,000美元，然后下降到89,175美元，最后一个小时下降了2.25％。

panicking over trump's tariff policy changes, BitMEX co-founder Arthur Hayes has warned that Bitcoin could drop to $70,000 as hedge funds unwind their positions.

Bitmex联合创始人亚瑟·海斯（Arthur Hayes）惊慌失措，他警告说，随着对冲基金放松自己的职位，比特币可能会降至70,000美元。

Many of these funds simultaneously invested in Bitcoin ETFs and bet against Bitcoin futures on the Chicago Mercantile Exchange (CME). This strategy, known as a “basis trade,” allowed them to earn profits with minimal risk by exploiting the price gap between spot Bitcoin ETFs and futures contracts.

这些资金中的许多同时投资了比特币ETF，并在芝加哥商业交易所（CME）上对比特币期货进行了赌注。该策略被称为“基础贸易”，使他们能够通过利用现货比特币ETF和期货合约之间的价格差距来赚取最小的风险利润。

However, as Bitcoin’s price falls, hedge funds are seeing their profits dwindle and are now exiting by selling their ETF shares and buying back their CME futures. Hayes expects this to continue during U.S. trading hours, putting further pressure on Bitcoin’s price.

但是，随着比特币的价格下跌，对冲基金的利润正在减少，现在通过出售其ETF股票并回购CME期货而退出。海耶斯预计这将在美国交易时间内继续下去，对比特币的价格造成进一步的压力。

Bitcoin could drop to $70,000, warns Hayes

比特币可能会降至70,000美元。

According to Hayes, this selling could drive Bitcoin down to $70,000. When hedge funds exit a market en masse, it creates a chain reaction — more selling leads to lower prices, which forces other funds to follow suit, making the decline even steeper.

根据海斯的说法，这种销售可能会使比特币降至70,000美元。当对冲基金大批退出市场时，它会产生连锁反应 - 销售更多的导致价格降低，这迫使其他资金效仿，从而使下降更加陡峭。

Markus Thielen of 10x Research points out that much of the demand for Bitcoin ETFs was driven by hedge funds engaging in this arbitrage trade, rather than long-term investors. Now that these funds are pulling out, Bitcoin’s price is reacting to the sudden lack of demand.

10倍研究的马库斯·泰伦（Markus Thielen）指出，对比特币ETF的大部分需求是由从事这种套利交易的对冲基金而不是长期投资者所驱动的。既然这些资金正在撤出，那么比特币的价格对突然缺乏需求的反应做出了反应。

If the futures premium continues to narrow, more funds could be forced to sell their ETF shares and cover their short futures positions, driving Bitcoin even lower.

如果期货溢价继续缩小，则可能会强迫更多的资金出售其ETF股票并覆盖其短期期货头寸，从而使比特币更低。

Bitcoin at a turning point

比特币在转折点

Bitcoin surged past $100,000 after Trump's election victory, fueled by hopes of a Bitcoin strategic reserve. However, with ETF investors exiting and hedge funds unwinding their trades, Bitcoin is struggling to maintain its strength.

在特朗普当选胜利之后，比特币飙升了100,000美元，这是由于比特币战略储备的希望所推动的。但是，随着ETF投资者退出和对冲基金放松其交易，比特币正在努力保持其实力。

If new buyers don't step in, Hayes' warning of Bitcoin dropping to $70,000 could become a reality. The market is now eagerly awaiting the next batch of ETFs to enter the market and inject fresh capital into the system to help it recover from this downmarket.

如果新买家不介入，海耶斯对比特币的警告降至70,000美元，可能会成为现实。现在，市场正在急切地等待下一批ETF进入市场，并将新鲜资本注入系统，以帮助其从这个偏低的市场中恢复。