比特币的连胜结束，主导地位在市场调整中上升

由于现货ETF需求放缓和市场避险情绪等因素，比特币有望结束连续七个月的上涨势头。尽管如此，比特币的主导率，或者说它在加密货币市场中的份额，最近达到了三年来的高点，这表明比特币有进一步的上涨潜力，并且在未来几个月内比特币相对于山寨币的主导地位可能会增强。

Bitcoin Ending Months-Long Winning Streak, Dominance Ascending

比特币结束数月的长期连胜，主导地位不断上升

Amidst a confluence of macroeconomic factors and market dynamics, Bitcoin (BTC) is poised to conclude a remarkable seven-month winning streak. Despite this momentary setback, analysts anticipate a further solidification of Bitcoin's dominance within the cryptocurrency landscape.

在宏观经济因素和市场动态的共同作用下，比特币（BTC）有望结束长达七个月的连续上涨。尽管出现暂时的挫折，但分析师预计比特币在加密货币领域的主导地位将进一步巩固。

Data from CoinDesk and TradingView indicates that Bitcoin has experienced an 11% monthly loss as of this writing, trading at $63,200. This marks its first monthly loss since August 2023. The CoinDesk 20 Index, a gauge of the most liquid digital assets, has also declined by nearly 20% to 2,185 points for the month.

来自 CoinDesk 和 TradingView 的数据表明，截至撰写本文时，比特币每月下跌 11%，交易价格为 63,200 美元。这是自 2023 年 8 月以来的首次月度下跌。衡量最具流动性的数字资产的 CoinDesk 20 指数本月也下跌近 20% 至 2,185 点。

Several factors have contributed to this market correction. Notably, the dwindling likelihood of interest rate cuts by the Federal Reserve (Fed) has dampened sentiment. Moreover, reduced demand for spot Bitcoin exchange-traded funds (ETFs) in the United States, coupled with a general aversion to risk in financial markets, has tempered the recent Bitcoin rally.

有几个因素促成了这次市场调整。值得注意的是，美联储降息的可能性不断减小，抑制了市场情绪。此外，美国对现货比特币交易所交易基金（ETF）的需求减少，加上金融市场普遍厌恶风险，抑制了近期比特币的涨势。

Conversely, the continued expansion of prominent stablecoins has provided some support. However, market participants are closely monitoring the U.S. Treasury's quarterly refunding statement scheduled for Wednesday. If the Treasury issues a higher volume of short-term bills, it could free up liquidity, potentially supporting risk assets such as Bitcoin.

相反，知名稳定币的持续扩张提供了一些支撑。然而，市场参与者正在密切关注美国财政部定于周三发布的季度退款声明。如果财政部发行更多的短期票据，可能会释放流动性，从而可能支持比特币等风险资产。

The U.S. Treasury has announced plans to increase borrowing in the April to June quarter. This increased borrowing could lead to an increase in bond supply and higher yields, which would potentially reduce the incentive for investors to allocate funds towards risky assets like Bitcoin.

美国财政部已宣布计划在四月至六月季度增加借款。借贷的增加可能会导致债券供应增加和收益率上升，这可能会降低投资者将资金分配给比特币等风险资产的动力。

Notably, the Treasury intends to maintain a balance of $850 billion in its Treasury General Account (TGA) by the end of September, slightly higher than the previously anticipated $750 billion. This move has raised concerns among market observers who believe that the Treasury may be attempting to stimulate asset prices.

值得注意的是，财政部计划到9月底将其财政部普通账户（TGA）余额维持在8500亿美元，略高于此前预期的7500亿美元。此举引起了市场观察人士的担忧，他们认为财政部可能试图刺激资产价格。

Bitcoin's Dominance Rises

比特币的主导地位上升

Concurrently with the market correction, Bitcoin's dominance rate, or its share of the overall cryptocurrency market, has surged to a three-year high of 57%. This breakout from a six-month consolidation pattern suggests that Bitcoin could continue to outshine alternative cryptocurrencies (altcoins) in the near term.

在市场调整的同时，比特币的主导率，或者说它在整个加密货币市场中的份额，已飙升至三年来的新高57%。六个月盘整模式的突破表明，比特币在短期内可能继续超越其他加密货币（山寨币）。

According to Fairlead Strategies, the dominance rate breakout signals a "continuation of a long-term turnaround phase, which has reversed much of the altcoin gains made in early 2021." The firm believes that Bitcoin will continue to outperform altcoins in the intermediate term.

根据 Fairlead Strategies 的说法，主导率突破标志着“长期扭亏为盈阶段的延续，这已经扭转了 2021 年初山寨币的大部分涨幅”。该公司认为，从中期来看，比特币的表现将继续优于山寨币。

This dominance rate increase signifies a potential shift in investor sentiment towards a concentration on Bitcoin as a more reliable and established cryptocurrency. However, the market remains volatile, and external factors could influence the trajectory of both Bitcoin and the broader cryptocurrency landscape.

这种主导率的上升意味着投资者情绪可能会转向比特币作为一种更可靠、更成熟的加密货币。然而，市场仍然不稳定，外部因素可能会影响比特币和更广泛的加密货币格局的轨迹。