随着 ETF 成为市场驱动力，比特币减半仪式可能失去意义

Is Bitcoin's Halving Ritual Becoming Obsolete?

比特币减半仪式已经过时了吗？

In the midst of the current bull market, Bitcoin's dynamics are evolving, according to Glassnode crypto analyst Marcin Miłosierny. The introduction of ETFs is shaking up the market, potentially disrupting the historical impact of Bitcoin halvings.

Glassnode 加密货币分析师 Marcin Miłosierny 表示，在当前的牛市中，比特币的动态正在不断变化。 ETF的推出正在震动市场，可能会扰乱比特币减半的历史影响。

ETFs: The New Kingmakers?

ETF：新的拥王者？

Miłosierny believes the massive buying power of ETFs will dwarf the traditional supply squeeze effect of halvings. This means traders need to rethink their strategies, balancing the historical significance of halvings with the contemporary influence of ETFs on Bitcoin's availability and price.

Miłosierny 认为，ETF 的巨大购买力将使传统的减半供应紧缩效应相形见绌。这意味着交易者需要重新考虑他们的策略，平衡减半的历史意义与 ETF 对比特币可用性和价格的当代影响。

Long-Term Holders Take the Stage

长期持有者登上舞台

As the market matures, Miłosierny sees long-term holders (LTHs) gaining greater sway over Bitcoin's supply dynamics. He urges traders to keep an eye on the Long-Term Holder Market Inflation Rate to gauge market sentiment and predict shifts.

随着市场的成熟，Miłosierny 认为长期持有者（LTH）对比特币的供应动态具有更大的影响力。他敦促交易者密切关注长期持有者市场通胀率，以衡量市场情绪并预测变化。

Bitcoin's ATH: A New Frontier?

比特币的 ATH：新领域？

Miłosierny highlights Bitcoin's recent all-time high (ATH) as a game-changer. While the cycle's progression mirrors past trends, the calming effect of ETFs on corrections suggests increased stability. However, he cautions that a potential decline in ETF demand could trigger market volatility.

Miłosierny 强调比特币最近的历史新高（ATH）是游戏规则的改变者。虽然周期的进展反映了过去的趋势，但 ETF 对调整的镇静作用表明稳定性有所增强。不过，他警告说，ETF 需求的潜在下降可能会引发市场波动。

ETFs Fueling the Rally

ETF推动涨势

The recently launched ETFs have been a major catalyst for Bitcoin's recent rally, pushing it up over 90% in less than two months. Despite a recent retracement due to ETF outflows, traders are optimistic about the rally continuing after the upcoming halving, which will further reduce the supply of the top cryptocurrency.

最近推出的 ETF 是比特币近期反弹的主要催化剂，在不到两个月的时间里推动比特币上涨了 90% 以上。尽管最近因 ETF 流出而出现回调，但交易员对即将到来的减半后继续上涨持乐观态度，这将进一步减少顶级加密货币的供应。

Halving Impact Uncertain

减半影响不确定

Despite the bullish sentiment, Miłosierny warns that the halving's impact is less certain than in previous cycles due to the presence of ETFs. He advises traders to approach the halving with caution and monitor market dynamics closely.

尽管市场情绪看涨，但米沃西尔尼警告称，由于 ETF 的存在，减半的影响不如之前的周期那么确定。他建议交易者谨慎对待减半并密切关注市场动态。

ETFs: A Double-Edged Sword

ETF：一把双刃剑

While ETFs have fueled Bitcoin's recent surge, they also introduce a new element of volatility. Miłosierny emphasizes the importance of managing ETF risk and adjusting strategies accordingly.

虽然 ETF 推动了比特币最近的飙升，但它们也引入了新的波动因素。 Miłosierny 强调管理 ETF 风险并相应调整策略的重要性。

The Future of Halvings

减半的未来

The role of halvings in Bitcoin's future is unclear. ETFs have the potential to diminish their impact, but their long-term effects remain to be seen. Miłosierny encourages traders to stay alert and adapt to the evolving market landscape.

减半对比特币未来的作用尚不清楚。 ETF 有可能削弱其影响，但其长期影响仍有待观察。米沃西尔尼鼓励交易者保持警惕并适应不断变化的市场格局。