比特币的价格集会可能会受到威胁，因为机构利益下降

在过去的一年中，机构投资者一直是比特币价格集会的主要入门，他们在比特币的突破中的影响力超过了100,000美元。

Bitcoin’s rally to a new all-time high above $100,000 may now be under threat, as institutional interest in the crypto industry continues to decline.

现在，由于加密行业的机构兴趣不断下降，比特币在新历史上高于$ 100,000的新历史高度可能会受到威胁。

According to analysts at JPMorgan, there’s been a notable slowdown in the institutional participation evident through Bitcoin and Ethereum futures contracts on the Chicago Mercantile Exchange (CME).

根据摩根大通（JPMorgan）的分析师的说法，通过比特币和以太坊期货合约在芝加哥商业交易所（CME）上，这一机构参与显着放缓。

The bank’s recent note to clients highlighted a growing trend of backwardation in the futures market, a scenario in which spot prices exceed futures prices.

该银行最近对客户的注释强调了期货市场中落后的趋势的增长，这种情况超过了期货价格。

Typically, a healthy market sees futures contracts priced higher than the spot price due to the expectation of future growth. But the current inversion suggests that institutional players remain hesitant, likely due to a lack of immediate bullish catalysts.

通常，健康的市场认为，由于未来增长的期望，期货合约的价格高于现货价格。但是目前的反演表明，机构参与者仍然犹豫，这可能是由于缺乏立即看涨的催化剂所致。

“This is a negative development and indicative of demand weakness,” JPMorgan analyst Nikolaos Panigirtzoglou wrote in a note to clients.

摩根大通分析师Nikolaos Panigirtzoglou在给客户的注释中写道：“这是一种负面发展，表明了需求弱点。”

“Lower demand from systematic and momentum-driven funds, such as CTAs, has also affected bitcoin and ether futures,” he added.

他补充说：“ CTA等系统和势头驱动的基金的需求也降低了，也影响了比特币和以太期货。”

Speaking of bullish catalysts, there’s been a major slowdown in the euphoria surrounding crypto-positive developments from the new Trump administration in the US.

说起看涨的催化剂，围绕美国新特朗普政府的加密阳性发展的欣喜程度有了很大的放缓。

Any supportive policies or regulatory reforms for the crypto industry are unlikely to take effect until the latter half of 2025. As such, Bitcoin and the rest of the market are currently stuck in limbo without any bullish catalysts and continued profit-taking.

直到2025年后半段，对加密货币行业的任何支持政策或监管改革都不太可能生效。因此，比特币和其他市场的其他市场目前被陷入困境，而没有任何看涨的催化剂和持续的利润。

Suspicions Of Market Suppression

怀疑市场抑制

Beyond the shifts in institutional sentiment, suspicions of artificial market suppression have gained traction within the crypto community.

除了机构情绪的转变之外，对人造市场抑制的怀疑在加密货币社区内也受到了关注。

Industry leaders, including Samson Mow, CEO of Jan3, have voiced concerns that Bitcoin’s inability to gain sustained upward momentum above $100,000 appears “manufactured.”

包括JAN3首席执行官Samson Mow在内的行业领导者表达了担心比特币无法获得超过100,000美元以上的持续向上势头的担忧。

According to him, some large market participants are selling even as retail buyers are dollar-cost averaging and buying.

据他说，即使零售买家是美元成本的平均和购买，一些大型市场参与者也在卖出。

These allegations are not new, as Bitcoin’s history has been punctuated by periods of suspected price manipulation by whales. The recent influx of more institutional investors even makes this price manipulation more possible than in the previous cycles.

这些指控并不是什么新鲜事物，因为比特币的历史已被鲸鱼的价格操纵时期打断。最近，更多的机构投资者的涌入甚至使这种价格操纵比以前的周期更有可能。

At the time of writing, Bitcoin is trading at $96,180, down by 2% in the past 24 hours. Given the current trend, Bitcoin might continue consolidating around $100,000 in the short term, at least until the second half of 2025.

在写作时，比特币的交易价格为96,180美元，在过去24小时内下降了2％。鉴于当前的趋势，比特币在短期内可能会继续合并约100,000美元，至少直到2025年下半年。

However, long-term price targets from analysts for Bitcoin range from between $150,000 to $2 million.

但是，分析师的长期目标目标范围从1.5万美元到200万美元之间。