由于情绪低落，比特币市场失去动力

在热情降温的情况下，比特币交易员正在放弃看涨押注，因为包括美国现货比特币 ETF 的强劲资金流入和比特币减半事件在内的主要驱动因素失去了动力。比特币融资利率为负反映了需求下降，分析师指出，流入现货比特币 ETF 的资金减少以及比特币期货的未平仓合约下降。由于中东紧张局势以及美联储降息的预期延迟导致避险情绪加剧，加密市场等待 4 月 30 日在香港推出现货比特币 ETF。

Waning Sentiment Dampens Bitcoin Market Enthusiasm

情绪低落削弱了比特币市场的热情

A recent Bloomberg News analysis reveals a notable shift in sentiment among Bitcoin traders, indicating a pullback from bullish positions. This change coincides with the fading momentum of two key factors that have previously fueled cryptocurrency's ascent.

彭博新闻社最近的一项分析显示，比特币交易者的情绪发生了显着转变，表明看涨头寸有所回落。这一变化与之前推动加密货币上涨的两个关键因素的势头减弱同时发生。

Cooling Demand and Stagnant Supply

需求降温和供应停滞

The Bitcoin funding rate, a measure of the premium paid by traders to maintain open long positions in futures markets, has plunged into negative territory, marking the first such occurrence since October 2023. This signals a reduction in demand for Bitcoin after a period of record highs following the launch of ten spot Bitcoin exchange-traded funds (ETFs) in the United States in January.

比特币融资利率（衡量交易者为维持期货市场未平仓多头头寸而支付的溢价）已跌至负值，这是自 2023 年 10 月以来首次出现这种情况。这标志着在经历了一段创纪录的时期后，对比特币的需求有所减少自 1 月份在美国推出 10 支现货比特币交易所交易基金 (ETF) 以来，比特币价格创下新高。

In addition, the long-anticipated Bitcoin halving event, which took place last week and reduces the supply of new coins by half, has had a muted impact on the cryptocurrency's price.

此外，上周发生的人们期待已久的比特币减半事件使新币的供应量减少了一半，对加密货币的价格影响不大。

Heightened Uncertainty and Reduced Risk Appetite

不确定性增加，风险偏好降低

Bloomberg attributes the waning enthusiasm for Bitcoin to growing risk aversion among investors. Tensions in the Middle East and anticipated delays in Federal Reserve rate cuts are cited as factors contributing to this shift. Julio Moreno, Head of Research at CryptoQuant, notes that the negative funding rate reflects a diminished desire among traders to initiate long positions.

彭博社将比特币热情减弱归因于投资者的风险厌恶情绪日益增强。中东的紧张局势和美联储降息的预期延迟被认为是促成这一转变的因素。 CryptoQuant 研究主管 Julio Moreno 指出，负资金利率反映出交易者建立多头头寸的意愿减弱。

Declining ETF Inflows and Institutional Interest

ETF 流入量和机构兴趣下降

The article highlights a decrease in daily inflows into US-based spot Bitcoin ETFs. Bloomberg's data indicates a net inflow of $170 million this month, significantly lower than the $4 billion garnered during the same period in March.

这篇文章强调了美国现货比特币 ETF 的每日流入量有所减少。彭博社的数据显示，本月净流入1.7亿美元，明显低于3月份同期的40亿美元。

Furthermore, open interest in Bitcoin futures at the CME Group has declined by 18% from its peak, suggesting reduced interest in crypto-related trading and hedging among US institutions.

此外，芝商所比特币期货的未平仓合约已较峰值下降了 18%，这表明美国机构对加密货币相关交易和对冲的兴趣有所下降。

Attention Turns to Hong Kong

注意力转向香港

As the cryptocurrency market searches for new catalysts, the focus shifts to Hong Kong, which is preparing to launch spot Bitcoin ETFs and spot Ethereum ETFs on April 30. However, it remains uncertain whether these new products will replicate the significant demand witnessed in the United States.

随着加密货币市场寻找新的催化剂，焦点转向香港，香港正准备于 4 月 30 日推出现货比特币 ETF 和现货以太坊 ETF。然而，这些新产品是否会复制美国的巨大需求仍不确定。状态。

Conclusion

结论

The recent downturn in Bitcoin market sentiment underscores the volatility and risk associated with investing in cryptocurrencies. The factors that have traditionally driven Bitcoin's upward trajectory, such as positive inflows into ETFs and supply reductions, are showing signs of weakness. As geopolitical and economic uncertainties continue to weigh on the global financial landscape, investors should proceed with caution when considering cryptocurrency investments.

最近比特币市场情绪的低迷凸显了与投资加密货币相关的波动性和风险。传统上推动比特币上涨的因素，例如ETF的积极流入和供应减少，现在正显示出疲软的迹象。由于地缘政治和经济不确定性继续影响全球金融格局，投资者在考虑加密货币投资时应谨慎行事。