专家对比特币（BTC）价格的预测：这就是阻碍加密货币飙升的因素

在有关比特币价格表现的持续讨论中，彭博社分析师埃里克·巴尔丘纳斯 (Eric Balchunas) 认为，比特币 ETF 正在积极影响加密货币的价值

Some financial analysts are debating whether Bitcoin ETFs are helping or hindering the cryptocurrency’s price performance.

一些金融分析师正在争论比特币 ETF 是否有助于或阻碍加密货币的价格表现。

Bloomberg analyst Eric Balchunas maintains that Bitcoin ETFs are having a positive influence on the cryptocurrency’s value, despite expectations of a dramatic price surge not being met.

彭博社分析师埃里克·巴尔丘纳斯 (Eric Balchunas) 坚称，比特币 ETF 正在对加密货币的价值产生积极影响，尽管价格大幅上涨的预期并未得到满足。

Meanwhile, financial analyst Jim Bianco has expressed concerns about Bitcoin’s stagnation, highlighting that despite over $12 billion in inflows into spot Bitcoin ETFs, the price has actually fallen 4% since its all-time high in March.

与此同时，金融分析师吉姆·比安科(Jim Bianco)对比特币的停滞表示了担忧，他强调，尽管已有超过120亿美元的资金流入比特币现货ETF，但比特币价格自3月份创下的历史高点以来实际上已经下跌了4%。

According to Bianco, a significant portion of the ETF capital may be attributed to existing cryptocurrency holders shifting their funds rather than new investments, which could limit Bitcoin’s price growth.

Bianco 表示，ETF 资本的很大一部分可能归因于现有加密货币持有者转移资金，而不是新的投资，这可能会限制比特币的价格增长。

However, Balchunas points out that the price of Bitcoin has doubled since BlackRock’s ETF filing in early 2023, and he credits the stability to these ETFs making Bitcoin more accessible to risk-averse investors.

然而，Balchunas 指出，自贝莱德 2023 年初提交 ETF 申请以来，比特币的价格已经翻了一番，他认为这些 ETF 的稳定性使厌恶风险的投资者更容易获得比特币。

While short-term price movements may be muted, Balchunas believes that the long-term presence of well-regarded ETFs will enhance Bitcoin’s mainstream adoption.

尽管短期价格波动可能不大，但 Balchunas 认为，备受推崇的 ETF 的长期存在将提高比特币的主流采用率。

In other news, some analysts have identified trading strategies like cash-and-carry as a factor contributing to the limited price growth of Bitcoin.

在其他消息中，一些分析师认为现金自运等交易策略是导致比特币价格增长有限的一个因素。

This strategy enables traders to capitalize on price differentials without increasing demand, as they purchase Bitcoin in the spot market while simultaneously selling futures contracts.

这种策略使交易者能够在不增加需求的情况下利用价差，因为他们在现货市场购买比特币，同时出售期货合约。

Institutions trading on platforms like the CME have been employing this method, which has resulted in low upward price pressure and record open interest in Bitcoin futures.

在芝加哥商品交易所等平台上进行交易的机构一直在采用这种方法，这导致比特币期货的价格上涨压力较低，未平仓合约创历史新高。

Despite the current price stabilization, many experts still believe that Bitcoin’s fundamentals are strong.

尽管目前价格稳定，但许多专家仍然认为比特币的基本面强劲。

BlackRock CEO Larry Fink has expressed optimism, stating that as Bitcoin becomes a preferred hedge against inflation, real demand may ultimately outweigh the effects of these trading strategies, potentially leading to sustained price growth in the future.

贝莱德首席执行官拉里·芬克（Larry Fink）对此表示乐观，他表示，随着比特币成为抵御通货膨胀的首选对冲工具，实际需求可能最终会超过这些交易策略的影响，从而有可能导致未来价格持续增长。