比特币复苏：ETF 流量和减半炒作提振加密货币

比特币周一的复苏展现了这种领先加密货币的韧性。尽管近期出现波动，但在 ETF 流量和即将到来的减半事件带来的兴奋推动下，比特币已重新站稳脚跟。现货比特币 ETF 的批准提振了市场，在 GBTC 资金流出的情况下支撑了加密货币的价格。

Is Bitcoin Back on Track?

比特币重回正轨了吗？

Bitcoin's resurgence on Monday is a testament to the resilience of the world's leading cryptocurrency. Despite last week's volatility, Bitcoin has clawed back its losses, buoyed by inflows into exchange-traded funds (ETFs) and anticipation of the upcoming "halving" event.

比特币周一的复苏证明了世界领先加密货币的韧性。尽管上周出现波动，但由于流入交易所交易基金（ETF）以及对即将到来的“减半”事件的预期，比特币已收复失地。

ETF Flows and the Halving Hype

ETF 流量和减半炒作

The recent approval of spot Bitcoin ETFs has provided a steady stream of capital into the market. This has helped to support Bitcoin's price, even as outflows from Grayscale Bitcoin Trust (GBTC) have put some downward pressure on spot prices.

最近现货比特币ETF的批准为市场提供了源源不断的资金。这有助于支撑比特币的价格，尽管灰度比特币信托（GBTC）的资金流出给现货价格带来了一些下行压力。

Meanwhile, the upcoming halving, where the issuance of new Bitcoin tokens will be cut by 50%, has fueled buying interest. This event, expected to occur around April, is likely to further limit Bitcoin's supply.

与此同时，即将到来的减半，新比特币代币的发行量将减少 50%，刺激了购买兴趣。这一事件预计将在四月左右发生，可能会进一步限制比特币的供应。

The Dollar's Impact

美元的影响

Despite Bitcoin's gains, its recovery has been tempered by the strength of the US dollar. The greenback's rise to a one-month high on Monday reflects investors' preference for the dollar as a high-yielding, low-risk currency.

尽管比特币上涨，但其复苏受到美元走强的影响。美元周一升至一个月高位，反映出投资者对美元作为高收益、低风险货币的偏好。

Fed Watch

美联储观察

Anticipation of signals on US interest rates from key economic data and Fed officials' speeches is also keeping the dollar buoyant. This Friday's release of personal consumption expenditures data, the Fed's preferred inflation gauge, will be closely watched.

对关键经济数据和美联储官员讲话有关美国利率信号的预期也使美元保持强劲。本周五发布的个人消费支出数据（美联储首选的通胀指标）将受到密切关注。

The Fed's Plans

美联储的计划

Last week's Fed meeting indicated that the central bank still anticipates 75 basis points of rate cuts this year. Fed officials' speeches this week will provide further insights into the bank's plans.

上周的美联储会议表明，央行仍预计今年降息75个基点。美联储官员本周的讲话将为该行的计划提供进一步的见解。

Is the Recovery Sustainable?

复苏是否可持续？

While Bitcoin's recent gains are encouraging, it remains to be seen whether the recovery can be sustained. The strength of the dollar and the timing of the halving event will be key factors to monitor.

尽管比特币近期的涨幅令人鼓舞，但复苏能否持续还有待观察。美元的强势和减半事件的时机将是需要监控的关键因素。