比特币（BTC）星期一以红色开始，坦克2％

根据Coindesk Indices数据，比特币（BTC）在过去的24小时内以红色开始，在过去的24小时内下降了2％

Bitcoin (BTC) started Monday in the red with a 2% drop over the past 24 hours, according to CoinDesk Indices data, leading to heaviness in the broader market as major tokens fell as much as 5%.

根据Coindesk Indices数据的数据，比特币（BTC）在过去的24小时内以红色开始，在过去的24小时内下降了2％，这导致了更广泛的市场，因为主要代币下降了多达5％。

BTC touched resistance at $84,000 on Sunday, making it a key level to cross for chances of a run to the upside and trading at just over $83,300 in Asian afternoon hours Monday.

BTC周日以84,000美元的价格触及了抵抗，这使得在周一亚洲下午时间的上涨期间的机会和交易的机会略高于83,300美元。

Majors such as XRP, Solana’s (SOL), Cardano’s (ADA) and dogecoin (DOGE) tanked as much as 5%, while BNB Chain’s (BNB) stood out as the only major in green with a 3% rise.

XRP，Solana's（Sol），Cardano（Ada）和Dogecoin（Doge）等专业的销量高达5％，而BNB Chain（BNB）则是唯一的绿色专业，而绿色的唯一专业却增加了3％。

The crypto market has plateaued since last week’s sell-off due to the U.S. tariffs and deteriorating macroeconomic conditions. Concerns over a U.S. recession is growing due to Trump’s tariffs, traders say, with the likelihood of choppiness ahead as a correlation with U.S. equities staying intact.

自上周售罄以来，由于美国关税和宏观经济状况恶化，该加密市场已经平稳。交易员说，由于特朗普的关税，对美国衰退的担忧正在增长，因为与美国股票保持不变的相关性，斩首的可能性是与美国股票的联系。

Still, some see oncoming volatility in altcoins and memecoins amid a flat market regime.

尽管如此，有些人仍会在平坦的市场制度中看到山寨币和纪念因素的迎面趋势。

“Trading volume has increased for altcoins after Trump’s World Liberty Financial bought MNT and AVAX, the latter of which was also part of an ETF application by VanEck,” Nick Ruck, director at LVRG Research, said in a Telegram message. “This may be a sign that traders and investors will focus on altcoins in the short term for better gains compared to large-cap coins like Bitcoin or Ethereum.”

LVRG Research的董事尼克·鲁克（Nick Ruck）在一份电报消息中说：“在特朗普的世界自由金融购买了MNT和Avax之后，Altcoins的交易量增加了，后者也是Vaneck申请的一部分。” “这可能表明，与比特币或以太坊（例如比特币或以太坊）相比，交易者和投资者将在短期内专注于Altcoins，以获得更好的收益。”

Traders say the current sell-off could have been caused by an unwinding of ETF and spot-linked traders. Equity valuations outside of the major large caps are relatively contained compared to historical averages, and economic hard data is likely to outperform the rapid deterioration in soft data, so market consensus is that this remains a ‘buy the dip’ market while we work through the tariff volatility.

交易者说，当前的抛售可能是由ETF和与现货交易者的放松造成的。与历史平均值相比，大型大帽子之外的股权估值相对包含，并且经济硬数据的表现可能超过软数据的快速恶化，因此市场共识是在我们通过关税波动工作时，这仍然是一个“购买浸入”市场。

“The current belief is that the current sell-off is entirely driven by the massive ‘multi-strat’ hedge fund strategies that have dominated the macro space,” Augustine Fan, Head of Insights at SignalPlus, told CoinDesk in a Telegram message.

“目前的信念是，当前的抛售完全是由主导宏观空间的大规模'多层'对冲基金策略所驱动的，” SignalPlus的见解负责人奥古斯丁·范（Augustine Fan）在一份电报中告诉Coindesk。

Multi-strategy (multi-strat) trades involve hedge funds using diverse tactics – like arbitrage, long-short positions, and leverage – to maximize returns across asset classes.

多策略（多层）交易涉及使用各种策略的对冲基金（例如套利，长期职位和杠杆），以最大程度地利用资产类别的回报。

In bitcoin’s case, a popular multi-strat approach is the basis trade where funds buy spot BTC(often via ETFs) and short BTC futures to profit from price differences. This locks in low-risk gains when the spread is favorable.

在比特币的情况下，一种流行的多层方法是基础贸易，资金购买现货BTC（通常是通过ETF）和短期BTC期货以从价格差异中获利。当利差有利时，这会锁定低风险。

When profits from basis trades shrink, due to tighter spreads or market shifts , funds exit positions, selling Bitcoin and ETF shares en masse. This liquidation pressure likely amplified the sell-off, especially amid tariff-related volatility in the past week.

当基本交易的利润缩小时，由于差点或市场变化，资金退出头寸，出售比特币和ETF股票。这种清算压力可能会放大抛售，尤其是在过去一周与关税相关的波动性的情况下。

However, a “buy-the-dip” mentality persists among bulls.

但是，公牛之间的“浸入”心态仍然存在。

“Equity valuations outside of the major large caps are relatively contained vs historical averages, and economic hard data is likely to outperform the rapid deterioration in soft data, so market consensus is that this remains a ‘buy the dip’ market while we work through the tariff volatility,” Fan added.

FAN补充说：“大型大帽子以外的股权估值相对包含与历史平均值，经济硬数据可能超过软数据的快速恶化，因此市场共识是，在我们通过关税波动工作时，这仍然是“购买浸入”市场。”