美联储宣布降息后，比特币 (BTC) 从历史高位回落 12%

11 月初唐纳德·特朗普连任后，比特币经历了前所未有的飙升。上周早些时候，BTC 创下了多个历史新高 (ATH)，接近 11 万美元。

After Donald Trump's re-election in early November, BTC experienced an unprecedented surge. Earlier last week, BTC made several new all-time highs (ATH) coming close to US$110k. So, BTC’s recent 12% drop from the ATH might be just a breather.

11月初唐纳德·特朗普连任后，比特币经历了前所未有的飙升。上周早些时候，BTC 创下了多个历史新高 (ATH)，接近 11 万美元。因此，BTC 最近较 ATH 下跌 12% 可能只是暂时的。

The high of six days ago, the US Fed’s announcement of potentially only two rate cuts, along with Fed Chair Jerome Powell’s negative comments about a Bitcoin reserve, sent the largest crypto tumbling.

六天前的高点，美联储宣布可能仅两次降息，加上美联储主席杰罗姆·鲍威尔对比特币储备的负面评论，导致加密货币出现最大的暴跌。

Is this just a momentary dip or is this really Bitcoin losing its “steam”, as Swissblock analysts wrote in a recent note to investors?

这只是暂时的下跌还是真的像 Swissblock 分析师在最近给投资者的一份报告中所写的那样，比特币正在失去“动力”？

In a positive note, they wrote that despite taking a hit, they haven't heard a “bell”, signalling defeat.

他们在积极的方面写道，尽管受到了打击，但他们没有听到表明失败的“钟声”。

Interestingly, profit-taking has been consistent and increased last week, though with less intensity than before, mainly due to long-term holders liquidating their positions. This trend leaves room for potential increased buying pressure from other market participants, the analysts added.

有趣的是，上周获利了结一直持续并有所增加，但强度较之前有所减弱，这主要是由于长期持有者平仓。分析师补充说，这种趋势为其他市场参与者潜在增加的购买压力留下了空间。

Guess who has also been taking some profits off the table? After 15 days without net outflows, the US Spot Bitcoin exchange-traded funds (ETFs) experienced two days of net negative flows.

猜猜谁也从桌子上拿走了一些利润？在连续 15 天没有出现净流出之后，美国现货比特币交易所交易基金 (ETF) 经历了两天的净负流量。

Thursday and Friday last week saw a combined US$948.9 million (AU$1.51 billion) leave the ETFs. That's the first time since November 26 that these funds have had a net outflow.

上周周四和周五，ETF 流出资金总计 9.489 亿美元（15.1 亿澳元）。这是自11月26日以来这些资金首次出现净流出。

Despite the hefty profit taking, the ETFs still hold a combined 1.139 million BTC or 5.425% of the total supply.

尽管获利颇丰，ETF 仍总共持有 113.9 万枚 BTC，占总供应量的 5.425%。

As the chart below shows, the ETFs have had a huge volume of inflows over the past two months, similarly to February and March, following the initial approval – just without the large outflows (of Grayscale's Bitcoin Trust).

如下图所示，在最初批准后，与 2 月和 3 月类似，过去两个月 ETF 出现了大量资金流入，只是没有（灰度的比特币信托基金）出现大量资金流出。

The largest Spot Bitcoin ETF worldwide, BlackRock's iShares Bitcoin Trust (IBIT), holds a whopping 2.636%, which is currently 553,464 Bitcoin. The fund is one of the fastest growing ETFs in history, managing to gather almost twice the amount of money as BlackRock's gold-based ETF in less than a year.

全球最大的现货比特币 ETF，贝莱德的 iShares 比特币信托基金 (IBIT)，持有高达 2.636% 的比特币，目前为 553,464 枚比特币。该基金是历史上增长最快的 ETF 之一，在不到一年的时间里筹集的资金几乎是贝莱德黄金 ETF 的两倍。