比特币波动：波动性削弱复苏希望

Bitcoin Woes: Will Volatility Keep BTC at Bay?

比特币困境：波动性会让比特币陷入困境吗？

The crypto market's roller coaster ride continued Friday, with Bitcoin {{BTC}} taking a nosedive below $63,000, a sharp drop from its $67,000 perch just hours earlier. A modest recovery has since lifted the price back to the current $64,000, still down 3.7% over the past 24 hours.

周五，加密货币市场继续经历过山车之旅，比特币 {{BTC}} 暴跌至 63,000 美元以下，较几个小时前的 67,000 美元高位大幅下跌。此后的温和复苏使价格回到目前的 64,000 美元，但在过去 24 小时内仍下跌 3.7%。

Ripple Effect: Altcoins Feel the Heat

涟漪效应：山寨币感受到热度

The sell-off had a ripple effect, with the CoinDesk 20 Index plummeting 4.4% over the same period. Solana's token {{SOL}} led the decline, shedding over 10% at one point.

这次抛售产生了连锁反应，CoinDesk 20 指数同期暴跌 4.4%。 Solana 的代币 {{SOL}} 领跌，一度跌幅超过 10%。

BTC's Corrective Period: A Long Road to Recovery?

BTC的调整期：复苏之路漫长？

It's been over a week since BTC abruptly reversed course from its record-breaking $73,000 high, entering a corrective phase. While Wednesday's 10% surge sparked hopes of a swift recovery, the subsequent price action suggests otherwise.

距离 BTC 从创纪录的 73,000 美元高位突然逆转、进入修正阶段已经过去了一周多的时间。尽管周三 10% 的飙升引发了人们对迅速复苏的希望，但随后的价格走势却表明情况并非如此。

Expert Opinion: Novogratz on the Long Haul

专家意见：诺沃格拉茨的长期观点

"It will take some time before we breach that $73,000 level again," cautioned Mike Novogratz, CEO of Galaxy Digital, during a Bitcoin Investor Day panel discussion.

Galaxy Digital 首席执行官迈克·诺沃格拉茨 (Mike Novogratz) 在比特币投资者日小组讨论中警告称：“我们需要一段时间才能再次突破 73,000 美元的水平。”

ETF Outflows: Grayscale's Shadow Looms

ETF 流出：灰度的影子隐现

U.S.-listed spot bitcoin ETFs have faced headwinds, with four consecutive days of net negative flows. While most funds still experience inflows, they have not been enough to offset the massive outflows from Grayscale Bitcoin Trust (GBTC). On Thursday alone, GBTC saw $359 million in outflows, contributing to a $94 million loss for the entire fund group. Fidelity's Wise Origin Bitcoin Fund (FFBTC) recorded its lowest daily inflow ever.

美国上市的现货比特币 ETF 面临逆风，连续四天出现净负流量。尽管大多数基金仍然有资金流入，但不足以抵消灰度比特币信托（GBTC）的大量资金流出。仅周四，GBTC 就出现了 3.59 亿美元的资金流出，导致整个基金集团损失 9400 万美元。富达的 Wise Origin 比特币基金（FFBTC）录得有史以来最低的日流入量。

Analyst Insight: Genesis Sales and Macro Conditions

分析师洞察：Genesis 销售和宏观状况

Coinbase Institutional analysts attribute the increased GBTC selling in part to Genesis liquidating shares during its bankruptcy proceedings. Once the sales conclude, the report suggests, ETF inflows could resume amid favorable macro conditions and supportive central bank policies.

Coinbase 机构分析师将 GBTC 抛售量增加的部分原因归因于 Genesis 在破产程序期间清算股票。报告显示，一旦销售结束，ETF 资金流入可能会在有利的宏观条件和央行政策支持下恢复。

The Fed's Influence: A Tailwind for Bitcoin?

美联储的影响：比特币的顺风车？

"The macro environment remains conducive for further spot bitcoin ETF inflows following the Federal Reserve meeting," the Coinbase analysts wrote. They anticipate that disinflationary trends, easing financial conditions, and the tapering of the Fed's quantitative tightening program will continue to bolster markets.

Coinbase 分析师写道：“美联储会议后，宏观环境仍然有利于现货比特币 ETF 进一步流入。”他们预计，通货紧缩趋势、金融状况宽松以及美联储量化紧缩计划的退出将继续提振市场。