减半热潮中比特币飙升至历史新高

在法币持续波动的情况下，比特币飙升至新高，标志着与之前周期相比，从2021-2022年熊市中最快的复苏。灰度的报告强调了加密货币的“中期”牛市，价格持续上涨。即将到来的比特币减半，其发行量将减少一半，由于其可验证的稀缺性和在法定货币波动和利率上升的担忧下作为价值储存的潜力，预计将进一步提振需求。

Bitcoin Surges to All-Time High Amidst Halving Speculation

比特币在减半投机中飙升至历史新高

In the wake of a notable price plunge during the 2021–2022 period, Bitcoin has made a remarkable recovery, setting a new all-time high. The cryptocurrency's swift resurgence has been documented in a recent report by Grayscale, a leading digital asset management firm. According to Grayscale's analysis, Bitcoin has entered the "middle innings" of a sustained bull market, characterized by continued price appreciation.

在 2021 年至 2022 年期间价格显着暴跌后，比特币实现了显着复苏，创下了新的历史高点。领先的数字资产管理公司 Grayscale 最近的一份报告记录了加密货币的迅速复苏。灰度分析认为，比特币已进入持续牛市的“中局”，其特点是价格持续升值。

Compared to previous market cycles, Bitcoin's recovery from the recent bear market has been the most rapid. Data from Grayscale indicates that it took a mere two years for the cryptocurrency's price to reclaim its previous peak. In comparison, recoveries from the prior two drawdowns spanned approximately three years and one and a half years, respectively.

与之前的市场周期相比，比特币从近期熊市中的复苏是最快的。灰度的数据表明，加密货币的价格仅用了两年时间就恢复了之前的峰值。相比之下，前两次回撤的恢复时间分别约为三年和一年半。

Despite reaching a historic high, Bitcoin experienced a mid-month drawdown of roughly 13%, primarily attributed to a reduction in leverage and diminishing inflows into U.S.-listed spot Bitcoin exchange-traded funds (ETFs). Grayscale reported that net inflows into these ETFs totaled $4.6 billion in March, down from $6 billion in February.

尽管达到历史高位，比特币在月中仍经历了约 13% 的下跌，这主要是由于杠杆率下降以及流入美国上市现货比特币交易所交易基金 (ETF) 的资金减少。 Grayscale 报告称，3 月份这些 ETF 的净流入总额为 46 亿美元，低于 2 月份的 60 亿美元。

Persistently high inflation, along with anticipations of interest rate cuts by major central banks, has fueled demand for Bitcoin as an alternative store of value. Surveys conducted by Bloomberg indicate that, with the exception of the Bank of Japan, all G10 central banks are expected to reduce policy rates within the upcoming year. Investors have been drawn to Bitcoin's attributes as a non-sovereign, inflation-resistant asset.

持续的高通胀，加上主要央行降息的预期，刺激了对比特币作为替代价值储存手段的需求。彭博社进行的调查显示，除日本央行外，所有 G10 央行预计将在未来一年内降低政策利率。投资者被比特币作为一种非主权、抗通胀资产的属性所吸引。

Adding to the market sentiment is the impending Bitcoin halving event, scheduled for April 19. Halvings, which occur every four years, reduce the issuance rate of new Bitcoins by half, creating a supply constraint that has historically been viewed as bullish for the cryptocurrency's price.

定于 4 月 19 日举行的比特币减半事件加剧了市场情绪。每四年发生一次的减半会将新比特币的发行率降低一半，从而造成供应限制，历来被视为有利于加密货币的价格。

Grayscale's research suggests that investors tend to seek refuge in assets with verifiable scarcity during periods of uncertainty surrounding fiat currencies. Currently, there are growing concerns about the long-term trajectory of fiat currencies: the persistent inflation pressures, despite the Federal Reserve's plans for interest rate reductions, and the potential for macro policy shifts post the November elections in the United States have all contributed to market uncertainty.

Grayscale 的研究表明，在法定货币存在不确定性的时期，投资者倾向于寻求可验证稀缺资产的避难所。目前，人们越来越担心法定货币的长期走势：尽管美联储有降息计划，但持续的通胀压力以及美国11月大选后宏观政策可能发生转变的因素都导致了法定货币的长期走势。市场的不确定性。

Amidst this backdrop, Bitcoin's fundamentals, coupled with the upcoming halving event, have generated a groundswell of optimism among investors. The cryptocurrency's remarkable recovery and its potential as an alternative store of value have positioned it as a significant player in the evolving financial landscape.

在此背景下，比特币的基本面，加上即将到来的减半事件，引发了投资者的乐观情绪高涨。加密货币的显着复苏及其作为替代价值存储的潜力使其成为不断发展的金融格局中的重要参与者。