由于需求减弱和看跌信号，比特币回调加深

在现货比特币交易所交易基金 (ETF) 需求放缓的情况下，比特币已从峰值回落 10%，摩根大通分析师预测比特币将进一步下跌。 10只现货比特币ETF的资金流出创下自推出以来四天来最大的撤资规模，反映出加密货币的超买状态。策略师将 CME 比特币期货的持续未平仓合约和 ETF 流量的减少视为看跌指标，预计在 4 月份减半事件之前将出现获利了结。

Bitcoin Pullback Intensifies Amidst Slowing Demand and Bearish Signals

在需求放缓和看跌信号的情况下，比特币回调加剧

Bitcoin's recent surge has hit a roadblock, with the cryptocurrency experiencing a significant pullback of over 10% from its all-time high. The decline has been accompanied by signs of slowing demand for spot Bitcoin exchange-traded funds (ETFs).

比特币最近的飙升遇到了障碍，该加密货币从历史高点大幅回落超过 10%。伴随着比特币下跌的还有现货比特币交易所交易基金（ETF）需求放缓的迹象。

According to Bloomberg, analysts at JPMorgan Chase & Co. have issued a warning that the downward trend could continue. This sentiment is corroborated by substantial outflows from a group of 10 spot Bitcoin ETFs, marking the largest four-day withdrawal since their launch on January 11.

据彭博社报道，摩根大通分析师警告称，下降趋势可能会持续。 10只现货比特币ETF的大量资金流出证实了这种情绪，这是自1月11日推出以来最大规模的四天撤资。

Bitcoin is currently navigating one of its most challenging weeks this year, with a 4% decrease in value, and is currently trading at approximately $65,400. JPMorgan strategists, led by Nikolaos Panigirtzoglou, maintain their stance that Bitcoin remains overbought.

比特币目前正经历今年最具挑战性的一周之一，价值下跌 4%，目前交易价格约为 65,400 美元。以 Nikolaos Panigirtzoglou 为首的摩根大通策略师维持比特币仍然超买的立场。

In February, the strategists predicted that the cryptocurrency's price could face further declines, particularly with the approaching halving event in April, which will reduce the supply of Bitcoin from mining. They cite the combination of sustained open interest in CME Bitcoin futures and the dwindling ETF flows as clear bearish indicators.

2月份，策略师预测加密货币的价格可能会进一步下跌，特别是随着4月份减半事件的临近，这将减少比特币的挖矿供应。他们将 CME 比特币期货的持续未平仓合约和 ETF 流量的减少结合起来视为明显的看跌指标。

"The pace of net inflows into spot Bitcoin ETFs has slowed markedly, with the past week seeing a significant outflow," they noted. "This challenges the notion that the spot Bitcoin ETF flow picture is going to be characterized as a sustained one-way net inflow."

他们指出：“现货比特币 ETF 的净流入速度明显放缓，过去一周出现大幅流出。” “这挑战了现货比特币 ETF 流量图将被描述为持续单向净流入的观念。”

They anticipate continued profit-taking as the halving event nears, especially given the current overbought market positioning. Last month, JPMorgan predicted a potential decline in Bitcoin's price to around $42,000 post-April, as the excitement around the halving event fades.

他们预计，随着减半事件的临近，获利回吐将会持续，特别是考虑到当前超买的市场定位。上个月，摩根大通预测，随着减半事件的兴奋消退，4 月后比特币的价格可能会下跌至 42,000 美元左右。

Despite reaching a peak of nearly $73,798 on March 14, the enthusiasm among retail traders appears to be waning, as highlighted by Naeem Aslam, chief investment officer at Zaye Capital Markets. "The fact that the rally didn't really take off from the all-time high like before made many question the strength of the rally," he remarked.

Zaye Capital Markets 首席投资官 Naeem Aslam 强调，尽管 3 月 14 日达到近 73,798 美元的峰值，但散户交易者的热情似乎正在减弱。他表示：“事实上，这次反弹并没有像之前那样真正从历史高点开始，这让许多人质疑这次反弹的力度。”

Conversely, investment firm Bernstein has upgraded its year-end forecast for Bitcoin to $90,000 from $80,000, buoyed by the cryptocurrency's recent performance and the initial reception to new spot BTC ETFs. Analysts Gautam Chhugani and Mahika Sapra from Bernstein have expressed optimism, citing the onset of a new BTC bull cycle, robust inflows into ETFs, expansion of miner capacity, and record miner revenues.

相反，投资公司 Bernstein 将比特币的年底预测从 80,000 美元上调至 90,000 美元，受到加密货币近期表现以及新现货 BTC ETF 的初步欢迎的提振。 Bernstein 的分析师 Gautam Chhugani 和 Mahika Sapra 表达了乐观态度，理由是新的 BTC 牛市周期的开始、ETF 的强劲资金流入、矿商产能的扩张以及创纪录的矿商收入。

These elements collectively bolster the attractiveness of Bitcoin miners as investment avenues for equity investors interested in the cryptocurrency space, even as Bernstein revises its expectations for the April halving event.

尽管 Bernstein 修改了对 4 月份减半事件的预期，但这些因素共同增强了比特币矿商作为对加密货币领域感兴趣的股票投资者的投资渠道的吸引力。