比特币牛市是否超前了？

过去一周，比特币继续经历过山车般的走势，飙升至 73,800 美元的历史高点，随后大幅下跌至 63,000 美元以下。以太坊和山寨币也有所下跌，目前以太坊价格低于 3,300 美元。尽管最近出现波动，但值得注意的头条新闻包括日本 GPIF 考虑比特币投资、Grayscale 降低 ETF 费用、币安创始人 CZ 的教育计划、Coinbase 质疑以太坊被归类为证券以及 Do Kwon 的引渡斗争进入新阶段。

Did the Bitcoin Bulls Overreach?

比特币牛市是否过度了？

Over the past week, Bitcoin (BTC) has experienced a rollercoaster ride, reaching new all-time highs before tumbling down significantly. Last Thursday, BTC soared to $73,800, but just a day later, it plummeted to $66,000. Since then, it has continued to decline, struggling to stay above $63,000 today. What caused this sudden change in sentiment?

过去一周，比特币经历了过山车般的走势，在大幅下跌之前创下历史新高。上周四，BTC 飙升至 73,800 美元，但仅仅一天后，就暴跌至 66,000 美元。此后，它继续下跌，今天努力维持在 63,000 美元以上。是什么导致了情绪的突然转变？

Spot ETF Outflows Dampen BTC's Recovery

现货 ETF 资金流出抑制了 BTC 的复苏

Minor outflows from spot Bitcoin ETFs and concerns about the Tuesday FOMC meeting initially dragged BTC down. However, after the meeting, BTC briefly rebounded, rising 4% and reaching $68,000 on Wednesday morning. However, ETF outflows have continued, with yesterday marking the fourth consecutive day of withdrawals. This has further weighed on BTC's price, preventing it from recovering and leading to today's sell-off.

现货比特币 ETF 的小幅资金流出以及对周二 FOMC 会议的担忧最初拖累了 BTC 的下跌。然而，会议结束后，BTC 短暂反弹，周三上午上涨 4%，触及 68,000 美元。然而，ETF 资金流出仍在继续，昨天已是连续第四天出现撤资。这进一步打压了比特币的价格，使其无法恢复并导致今天的抛售。

Altcoins Follow Suit, Suffering Similar Declines

山寨币也紧随其后，遭受类似的下跌

Most altcoins have accompanied BTC's downward trajectory. Ethereum (ETH), for instance, surpassed $4,000 last week but now hovers around $3,300. Other notable altcoins like ADA, DOT, MATIC, and NEAR have also faced double-digit declines within the same timeframe.

大多数山寨币都伴随着比特币的下跌轨迹。例如，以太坊 (ETH) 上周突破了 4,000 美元，但目前徘徊在 3,300 美元左右。其他著名的山寨币，如 ADA、DOT、MATIC 和 NEAR 在同一时间段内也面临两位数的跌幅。

Notable Crypto Headlines

著名的加密货币头条新闻

• Japan's $1.5 Trillion Pension Fund Considers Bitcoin Investment: Despite recent price volatility, BTC's strong performance in recent months has attracted interest from institutional investors. Japan's GPIF, the world's largest pension fund, is reportedly exploring Bitcoin investments.
• Grayscale Lowers Fees on Spot Bitcoin ETF: In response to competition from rival ETF providers, Grayscale has announced fee reductions on its spot Bitcoin ETF. The asset manager previously lost a significant portion of its BTC holdings after its flagship fund converted to a spot ETF due to higher fees than competitors.
• Binance Founder Launches Education Project Amid Legal Challenges: Changpeng Zhao, co-founder and former CEO of Binance, has announced a new non-profit project focused on mass education. However, he continues to face legal troubles in the US.
• Coinbase Defends Ethereum as Non-Security Amid SEC Scrutiny: The crypto community has already successfully advocated for spot Bitcoin ETFs, but the next battleground is Ethereum. Industry experts, including Coinbase's CLO, maintain that ETH is not a security and should not be classified as such by the SEC.
• Bitcoin's Pullback May Have Bottomed Out: Analyst Willy Woo claims that Bitcoin's recent price drops and over $12,000 decline within a week may have ended. He believes that Bitcoin has already reached its lowest point.
• Montenegro Court Upholds Do Kwon's Extradition to South Korea: Do Kwon, co-founder of Terraform Labs, will likely face prosecution in South Korea after Montenegro's Court of Appeal upheld the extradition ruling.

日本1.5万亿美元养老基金考虑投资比特币：尽管近期价格波动较大，但比特币近几个月的强劲表现吸引了机构投资者的兴趣。据报道，全球最大的养老基金日本 GPIF 正在探索比特币投资。 Grayscale 降低现货比特币 ETF 的费用：为了应对竞争对手 ETF 提供商的竞争，Grayscale 宣布降低其现货比特币 ETF 的费用。由于费用高于竞争对手，该资产管理公司此前在其旗舰基金转换为现货 ETF 后损失了很大一部分 BTC 持有量。 币安创始人在法律挑战中推出教育项目：币安联合创始人兼前首席执行官赵长鹏宣布了一个新的专注于大众教育的非营利项目。然而，他在美国继续面临法律麻烦。 Coinbase 在 SEC 审查中捍卫以太坊不安全：加密社区已经成功倡导现货比特币 ETF，但下一个战场是以太坊。包括 Coinbase 的 CLO 在内的行业专家坚持认为，ETH 不是证券，不应被 SEC 归类为证券。 比特币的回调可能已经触底：分析师 Willy Woo 声称，比特币最近的价格下跌，一周内跌幅超过 12,000 美元，可能已经触底反弹。结束了。他认为比特币已经到了最低点。 黑山法院维持将 Do Kwon 引渡到韩国的判决：在黑山上诉法院维持引渡裁决后，Terraform Labs 联合创始人 Do Kwon 很可能在韩国面临起诉。