《标准》宪章说

比特币可能已经跌跌撞撞，但标准特许在其长期看涨前景中仍然毫无疑问。

Standard Chartered is standing firm in its long-term bullish outlook on Bitcoin, despite the cryptocurrency’s recent struggles.

尽管加密货币最近进行了斗争，但《标准宪章》仍坚定地对其对比特币的长期看法。

The bank’s head of digital assets research, Geoffrey Kendrick, predicts that Bitcoin will reach $500,000 before Donald Trump’s presidency ends. That comes amid a sharp selloff that has seen the cryptocurrency hit a three-month low.

该银行的数字资产研究负责人杰弗里·肯德里克（Geoffrey Kendrick）预测，比特币将在唐纳德·特朗普（Donald Trump）总统任期结束之前达到500,000美元。这是由于猛烈的抛售而导致加密货币达到了三个月的低点。

Kendricks anticipates Bitcoin hitting $200,000 by the end of 2025, a critical threshold for the digital asset to pass in order to advance further. He highlighted the role of institutional participation, especially from major financial players like Standard Chartered and BlackRock.

肯德里克斯（Kendricks）预计，到2025年底，比特币将达到200,000美元，这对于数字资产的关键门槛是为了进一步发展。他强调了机构参与的作用，尤其是来自标准特许和贝莱德等主要财务参与者。

“Within the crypto ecosystem, what we need are traditional financial players, like Standard Chartered, like BlackRock and others that have the ETFs now to really step in,” Kendrick told CNBC’s Squawk Box Europe.

肯德里克（Kendrick）告诉CNBC的Squawk Box Europe，“在加密生态系统中，我们需要的是传统的财务参与者，例如BlackRock和其他拥有ETF的其他人。”

This rise will be fueled by increasing institutional adoption and regulatory clarity, according to Kendrick. As major financial institutions like BlackRock and Standard Chartered become more involved, he expects Bitcoin to become less volatile, making the asset class more appealing for mainstream investors.

肯德里克（Kendrick）表示，据肯德里克（Kendrick）表示，通过增加机构的采用和监管清晰度，这一崛起将推动。随着贝莱德（BlackRock）和标准特许地区（Sandard Chartered）等主要金融机构的参与度越来越多，他希望比特币变得不那么波动，使资产类别对主流投资者更具吸引力。

Crypto Market Hit By Declines But Outlook Remains Strong

加密市场受到下降的打击，但前景仍然很强

Bitcoin recently dropped below $92,000, hitting a three-month low in response to broader market declines. At the time of writing, the world’s largest cryptocurrency was changing hands at $84,300, about 20.60% lower than its record high of $106,136 reached in January.

比特币最近下跌了92,000美元，响应更广泛的市场下降而达到了三个月的低点。在撰写本文时，世界上最大的加密货币的价格为84,300美元，比1月达到的106,136美元的创纪录高点低约20.60％。

Several factors contributed to the downturn, including a slump in US tech stocks and a massive $1.5 billion hack targeting the crypto exchange Bybit. “Risk assets don’t like uncertainty, and so that’s what we’ve seen,” Kendrick said, highlighting how market sentiment impacts Bitcoin’s short-term price movements.

有几个因素导致了经济下滑，包括美国科技股的低迷和针对加密交易所BYBIT的15亿美元黑客攻击。肯德里克说：“风险资产不喜欢不确定性，所以这就是我们所看到的。”强调市场情绪如何影响比特币的短期价格变动。

Despite the recent selloff, Kendrick remains optimistic that regulatory improvements will boost institutional participation, ultimately reducing volatility over time. He anticipates new US regulations on stablecoins and anti-money laundering laws to be crucial in establishing legitimacy and driving wider adoption of crypto assets.

尽管最近抛售了抛售，但肯德里克仍然乐观地，监管改进将促进机构参与，最终随着时间的流逝而降低了波动。他预计，美国关于稳定法和反洗钱法律的新法规对于建立合法性和推动更广泛采用加密资产至关重要。

Bitcoin Faces Key Market Test As Short-Term Holders Struggle

随着短期持有人的挣扎，比特币面对关键市场测试

The shifting trends in market sentiment are evident in Bitcoin’s Short-Term Holder Spent Output Profit Ratio (STH-SOPR), which hovers close to the critical 1.0 breakeven level.

在比特币的短期持有人支出利润率（STH-SOPR）中，市场情绪的变化趋势显而易见，该持有人徘徊在接近关键的1.0盈亏平衡水平上。

A recent report by Glassnode on February 24th sheds light on this crucial indicator and its implications for Bitcoin’s price momentum.

GlassNode在2月24日的最新报告阐明了这一关键指标及其对比特币价格势头的影响。

According to Glassnode’s analysis, breaking above this threshold has historically signaled bullish momentum in Bitcoin, while failure to do so could trigger another wave of selling pressure. Throughout the past few months, STH-SOPR has fluctuated between 0.98 and 1.04, closely following Bitcoin’s price movements.

根据GlassNode的分析，超过该阈值的破裂历史上表明了比特币中的看涨势头，而没有这样做可能会触发另一波销售压力。在过去的几个月中，STH-SOPR在0.98至1.04之间波动，在比特币的价格变动之后密切相关。

As the indicator peaked in November and December, Bitcoin experienced a sustained climb from the $55,000 range to approach $80,000 before encountering resistance and stalling. However, despite this selloff, short-term holders, typically those holding coins for less than 15 days, managed to offload their coins without realizing significant losses.

随着该指标在11月和12月达到顶峰，比特币经历了持续的55,000美元范围，到达80,000美元，然后遇到阻力和失速。但是，尽管抛弃了这种抛售，但短期持有人通常是那些持有硬币不到15天的人，但仍设法卸载了硬币而没有意识到巨大的损失。

Now, with the indicator suggesting a critical juncture and short-term holders at a crossroads, the question arises: will they accept smaller gains to realize some profit or endure further market dips in the hope of larger gains later?

现在，有了指标表明在十字路口的关键点和短期持有人的问题：他们是否会接受较小的收益以实现一些利润或忍受进一步的市场下跌，以期在以后获得较大的收益？

A decisive move above 1.0 could reignite buying pressure, potentially propelling Bitcoin towards its all-time highs. Conversely, if the ratio dips further from current levels, we might witness more selling activity, delaying any meaningful recovery in the market.

超过1.0的决定性举动可能会重新点燃购买压力，可能会推动比特币的历史高点。相反，如果比率远离当前水平，我们可能会目睹更多的销售活动，从而延迟市场上的任何有意义的恢复。

Glassnode’s data further reveals that short-term traders have been offloading Bitcoin at a loss over the past month, compounding the stress on the market. Moreover, the report highlights that short-term holders are becoming increasingly pessimistic with each price pullback, impacting their willingness to sell coins at lower prices.

GlassNode的数据进一步表明，短期交易者在过去一个月中一直在损失比特币，这加剧了市场压力。此外，该报告强调，短期持有人在每个价格下降时都变得越来越悲观，从而影响了他们以较低价格出售硬币的意愿。

This analysis underscores the crucial role of short-term holder sentiment and the Short-Term Holder Spent Output Profit Ratio in shaping the short-term trends of Bitcoin. As the market navigates this period of volatility, the behavior of short-term traders will be pivotal in determining the direction of the cryptocurrency in the coming weeks and months.

该分析强调了短期持有人情绪的关键作用，而短期持有人在塑造比特币的短期趋势方面花费了产出利润率。随着市场导航这一时期的波动，短期交易者的行为将在确定未来几周和几个月的加密货币方向方面至关重要。