比特币睡觉时，卡巴为终极复出做准备

在特朗普关于关税的消息后，整个加密货币市场都受到了打击，因为比特币跌至83,000美元，所有Altcoins都大量流血。

The whole crypto market got hit following Trump’s news about the tariffs as Bitcoin dipped to $83k with all altcoins bleeding heavily. One of them is Kaspa, as the KAS price dipped to $0.063 at press time after trading above $0.080 in March.

在特朗普关于关税的消息后，整个加密货币市场都受到了打击，因为比特币跌至83,000美元，所有Altcoins都大量流血。其中之一是Kaspa，因为3月交易后，KAS价格在发稿时下降到0.063美元。

However, we all know Kaspa’s community is among the strongest ones in crypto, and even during Kaspa’s darkest hours, you could see positive sentiment on X.

但是，我们都知道卡巴人的社区是加密货币中最强大的社区之一，即使在卡巴最黑暗的时刻，您也会看到X上的积极情绪。

‘Kaspa Report’ posted another viral tweet to their followers.

“ Kaspa Report”向追随者发布了另一条病毒推文。

“The narrative that fells empires:

“堕落帝国的叙述：

Kaspa is the best money ever invented, yet they're pivoting to fiat despite it being hopelessly flawed.

卡巴是有史以来发明的最好的钱，但尽管菲亚特有毫无希望的缺陷，但他们还是枢纽了。

Financial system heading towards stagflation. Will need to print more to avoid a crisis.

金融系统正朝着滞后。将需要更多印刷以避免危机。

People prefer assets w/ less counterparty risk.

人们更喜欢具有更少的交易对手风险的资产。

Kaspa benefits massively.

Kaspa受益匪浅。

Come to the light. $KAS https://t.co/n7rL7m729bpic.twitter.com/Z648G8q81Z

来吧。 $ kas https://t.co/n7rl7m729bpic.twitter.com/z648g8q81z

— Kaspa Report (@report_kaspa) April 4, 2025″

- Kaspa报告（@Report_Kaspa）2025年4月4日''

Mining Activity Shows Signs of Bottom?

采矿活动显示底部的迹象？

The Kaspa network hashrate has dropped to 840 PH/s. This is about half of what it was at its highest point. This drop suggests miners are giving up, which often happens near market bottoms.

Kaspa网络哈希拉特已降至840 pH/s。这大约是最高点的一半。该下降表明矿工正在放弃，这通常发生在市场底部。

But there’s some good news. The fees paid to miners started going up after hitting a 6-month low. On April 2nd, these fees reached one of the highest levels in 2025. This happened mainly because more people are creating KRC-20 tokens on the network.

但是有一些好消息。支付给矿工的费用在达到6个月的低点后开始上升。在4月2日，这些费用达到了2025年最高水平之一。这主要是因为越来越多的人在网络上创建KRC-20令牌。

The price chart is showing what traders call a “hidden bullish divergence.” This technical pattern, along with the rising fees, hints that Kaspa might be forming a bottom in its own price cycle.

价格图显示了交易者所说的“隐藏的看涨差异”。这种技术模式以及上升的费用暗示，卡巴可能在自己的价格周期中形成底部。

Kaspa Whale Activity

卡巴鲸活动

The KAS/BTC ratio is extremely oversold. This means Kaspa is very cheap compared to Bitcoin right now. Many who used to strongly support KAS have already sold and moved to other cryptocurrencies.

KAS/BTC比率极高。这意味着与比特币相比，卡巴非常便宜。许多曾经强烈支持KA的人已经出售并搬到了其他加密货币。

With most weak holders gone, there aren’t many sellers left in the market. This lack of selling pressure could help the Kaspa price recover.

随着大多数较弱的持有人消失，市场上没有多少卖家。缺乏销售压力可以帮助Kaspa价格恢复。

A large whale wallet (n4uk5a) is buying huge amounts of KAS. This single wallet is collecting nearly 70% of the new coins being generated. Meanwhile, the number of long-term holders isn’t changing significantly – they’re holding strong.

一个大鲸鱼钱包（N4UK5A）正在购买大量的Kas。这个单一的钱包收集了近70％的新硬币。同时，长期持有人的数量并没有发生重大变化 - 他们保持强劲。

As more coins land in inactive wallets, a supply shortage could eventually occur. When demand remains the same but supply shrinks, prices usually rise.

随着越来越多的硬币降落在不活动钱包中，最终可能会出现供应短缺。当需求保持不变，但供应量缩小时，价格通常会上涨。

The tweet also highlights concerns about the traditional financial system heading toward stagflation – a combination of stagnant growth and inflation. They predict that central banks will need to print more money to avoid a financial crisis.

该推文还强调了对传统金融体系朝向停滞的担忧 - 生长和通货膨胀停滞的结合。他们预测，中央银行将需要打印更多的钱来避免金融危机。

During periods of financial uncertainty, people often seek out assets with less counterparty risk. The Kaspa Report claims that their cryptocurrency could benefit from this trend as a less risky investment.

在财务不确定性期间，人们经常寻找对手风险​​较小的资产。 Kaspa报告称，他们的加密货币可以从这种趋势中受益，这是一项风险较小的投资。

A Balanced Perspective

平衡的观点

Kaspa Report makes some good points that we can check, like the network data and the large trader buying. But we should be careful about their big claims about the economy and calling Kaspa “the best money ever invented.”

Kaspa报告提出了一些我们可以检查的好点，例如网络数据和大型交易者购买。但是，我们应该谨慎对待他们对经济的重大主张，并称卡巴“有史以来发明的最好的钱”。

All crypto projects face huge challenges like getting people to use them, dealing with legal issues in different places, and upgrading their technology. Kaspa’s recovery depends on more than just its tech; it needs the market and investor interest to come back.

所有加密项目都面临着巨大的挑战，例如让人们使用它们，在不同地方处理法律问题并升级其技术。卡巴的恢复不仅取决于其技术。它需要市场和投资者的兴趣才能回来。

The big drop in hashrate could mean different things. It might show we’re nearing a bottom, but it could also indicate serious problems with the Kaspa network that are driving miners away.

哈希拉特的大量下降可能意味着不同的事情。这可能表明我们正在接近底部，但也可能表明驱动矿工的Kaspa网络的严重问题。

And while it’s interesting that whales are buying Kaspa, having a few wallets control lots of coins can be risky for everyone else investing in the project long-term.

尽管鲸鱼正在购买Kaspa，但有趣的是，拥有一些钱包控制大量硬币可能会使其他所有人长期投资该项目都有风险。

When reading analysis from big fans of a coin during a downturn, it’s best to balance their enthusiasm with your own research and an awareness of the risks involved.

在低迷期间，在阅读一枚硬币的大粉丝的分析时，最好将他们的热情与您自己的研究和对所涉及风险的认识之间的平衡。