比特币（BTC）价格随着市场主导地位下降而下跌，但其偏向于上行

在新的代币标准和不断增加的交易量的推动下，比特币的区块链带宽使用率在减半后超过了 90%。这种激增表明网络活动增加。

Bitcoin’s blockchain bandwidth use exceeded 90% post-halving, powered by new token standards and increasing transaction volume. This surge signals increased network activity. Despite encountering an ‘extended level’ of Fear, Uncertainty, and Doubt (FUD), Bitcoin’s adoption rate, transaction, and trading activity remained unmoved.

在新的代币标准和不断增加的交易量的推动下，比特币的区块链带宽使用率在减半后超过了 90%。这种激增表明网络活动增加。尽管遇到了“更大程度”的恐惧、不确定性和怀疑（FUD），但比特币的采用率、交易和交易活动仍然不受影响。

Dune Analytics user Cryptokoryo’s chart displayed the defining moment on June 20, where Bitcoin’s 91.4% dominance out-powered 6.8% for Runes, 1.6% for BRC-20, and 0.2% for Ordinals in the transactional share.

Dune Analytics 用户 Cryptokoryo 的图表显示了 6 月 20 日的决定性时刻，其中比特币在交易份额中占据了 91.4% 的主导地位，超过了 Runes 的 6.8%、BRC-20 的 1.6% 和 Ordinals 的 0.2%。

The surge in bandwidth use after the halving can be mainly attributed to the adoption of new token standards, such as BRC-20 and Runes. Dune Analytics data shows considerable growth in both token standards, mainly on April 23, 2024, when Runes transactions surpassed 750,000.

减半后带宽使用量的激增主要归因于新代币标准的采用，例如 BRC-20 和 Runes。 Dune Analytics 数据显示，两种代币标准都出现了相当大的增长，主要是在 2024 年 4 月 23 日，当时 Runes 交易量超过 750,000 笔。

New Token Standards

新的代币标准

While speaking to reporters, Bitfinex analysts highlighted that:

Bitfinex 分析师在接受记者采访时强调：

“New token standards such as BRC-20 and Ordinals have also contributed to more incentivization to build on BTC rather than other chains as the Bitcoin ecosystem keeps gaining more mindshare.”

“随着比特币生态系统不断获得更多关注，BRC-20 和 Ordinals 等新的代币标准也激发了更多人在 BTC 而非其他链上构建的动力。”

Runes were created to establish fungible tokens on the BTC blockchain and they gained massive traction, resulting in increased transaction volume.

符文的创建是为了在 BTC 区块链上建立可替代代币，它们获得了巨大的吸引力，从而导致交易量增加。

Coupled with the adoption of BRC-20 tokens, the rise of more complex transactions and BTC blockchain interaction considerably increased the chain’s bandwidth load.

再加上 BRC-20 代币的采用，更复杂的交易和 BTC 区块链交互的兴起大大增加了链的带宽负载。

The recent April BTC halving event, which cut block rewards for miners by 50%, pushed miners to prioritize transactions with higher fees to compensate for the slashing of rewards.

最近的 4 月份 BTC 减半事件将矿工的区块奖励削减了 50%，促使矿工优先考虑费用较高的交易，以补偿奖励的大幅削减。

On the topic of the halving event’s effect on the Bitcoin blockchain, Bitfinex analysts told reporters:

关于减半事件对比特币区块链的影响，Bitfinex 分析师告诉记者：

“[After] the halving event, there is typically heightened on-chain activity. Traders and investors adjust their positions, leading to more transactions being broadcast to the network.”

“减半事件之后，链上活动通常会加剧。交易员和投资者调整他们的头寸，导致更多交易被广播到网络上。”

The normal pattern resulted in a growing number of transactions getting processed and powered momentum to the consistent surge in Bitcoin’s blockchain bandwidth use.

正常模式导致越来越多的交易得到处理，并推动比特币区块链带宽使用持续激增。

Bitcoin was struggling on June 21 and dropped to its lowest in over a month, largely due to outflows from BTC ETFs and a drop in market dominance as altcoins gained momentum. Its 2.3% plunge pushed BTC to $63,500.

6 月 21 日，比特币陷入困境，跌至一个多月以来的最低点，这主要是由于 BTC ETF 资金流出以及山寨币上涨势头导致市场主导地位下降。 BTC 暴跌 2.3% 至 63,500 美元。

Bitcoin’s price drop came after days of outflows from its U.S.-based spot ETFs. Interestingly, the investment vehicles have seen almost $500 million in withdrawals since June 10.

比特币价格下跌是在美国现货 ETF 连续几天资金流出之后发生的。有趣的是，自 6 月 10 日以来，投资工具的提款额已接近 5 亿美元。

These ETF outflows coincide with a surge in the US dollar’s strength compared to several top currencies, highlighting an increasing risk-off mood among investors. This comes after mixed macroeconomic data from the US and the Fed dropping its possibility of rate cuts from four to only one in 2024.

这些 ETF 资金流出恰逢美元相对几种主要货币的强势飙升，突显投资者的避险情绪日益增强。此前，美国宏观经济数据好坏参半，美联储将 2024 年降息的可能性从四次降至仅一次。

An increased interest rate scenario helps reduce the opportunity cost of holding riskier assets such as cryptos, a sentiment that seems to have burdened Bitcoin priced down recently, including the latest plunge.

利率上升有助于降低持有加密货币等风险较高资产的机会成本，这种情绪似乎给最近比特币价格下跌带来了负担，包括最近的暴跌。

Bitcoin’s recent losses coincide with its dropping share in the crypto market.

比特币最近的损失与其在加密货币市场份额的下降同时发生。

Interestingly, the Bitcoin Dominance Index (BTC.D), which measures Bitcoin’s market cap versus the rest of the crypto market, lost 0.55% to 75.14% on June 21. This is a continuation of its drop from the local top of 75.69% established on June 18.

有趣的是，衡量比特币相对于其他加密货币市场市值的比特币优势指数（BTC.D）在 6 月 21 日下跌了 0.55%，至 75.14%。这是其从当地最高点 75.69% 继续下跌的结果。 6月18日。

On that note, most investors have rotated their capital out of the Bitcoin market seeking opportunities in altcoins, specifically in the wake of the U.S. Securities and Exchange Commission’s (SEC) decision to end its investigation into Ethereum, the top altcoin by market cap.

在这一点上，大多数投资者已将资金从比特币市场转移到山寨币中寻找机会，特别是在美国证券交易委员会（SEC）决定结束对市值最高的山寨币以太坊的调查之后。

The trends are also seen among institutional investors, with the CoinShares weekly report displaying investors withdrawing capital from Bitcoin-based investment funds but increasing their exposure to the altcoins, mostly Ether. CoinShares wrote:

机构投资者也看到了这种趋势，CoinShares 每周报告显示，投资者从基于比特币的投资基金撤资，但增加了对山寨币（主要是以太币）的投资。币股写道：

“The outflows were entirely focussed on Bitcoin, seeing US$621 million outflows, the bearishness also prompted US$1.8 million inflows into short-bitcoin.”

“资金流出完全集中在比特币上，流出了 6.21 亿美元，看跌情绪还促使 180 万美元流入做空比特币。”

Bitcoin’s losses are part of a widespread correction happening within its current bull flag pattern. Remarkably, bull flags are bullish continuation patterns characterized by two downward-sloping, parallel trendlines after a huge upside movement. As a rule of technical analysis, the pattern resolves after the price surges above the upper trendline and gains up to the height of the past upside movement.

比特币的损失是其当前牛旗模式内发生的广泛修正的一部分。值得注意的是，牛市旗形是看涨延续模式，其特征是在大幅上涨运动后出现两条向下倾斜的平行趋势线。作为技术分析的规则，当价格飙升至上方趋势线上方并上涨至过去上涨走势的高度后，该模式就会消失。

As of June 21, Bitcoin’s price was pulling back after it tested the upper trendline of its bull flag pattern, targeting another plunge toward the lower trendline below $60,000, which it might hit by the end of June.

截至 6 月 21 日，比特币价格在测试牛旗形态的上趋势线后开始回调，目标是再次跌向 60,000 美元以下的下趋势线，该水平可能在 6 月底触及。

Nevertheless, Bitcoin’s general bias is skewed to the upside, targeting a breakout above the

尽管如此，比特币的总体倾向偏向上行，目标是突破