他们仓促购买 - 他们会在闲暇时悔改吗？

在唐纳德·特朗普（Donald Trump）在11月的美国总统大选中赢得胜利之后，加密狂热率很高，新投资者的踩踏者以崇高的价格提高了比特币。

The cryptocurrency market is known for its volatility, and recently, this volatility has been amplified by several factors, leading to a significant sell-off in bitcoin and other major tokens.

加密货币市场以其波动性而闻名，最近，这种波动率被多个因素扩大，从而导致比特币和其他主要代币的大量抛售。

As the dust settles on the rapid price declines, analysts at Bitfinex point out that those who entered the market recently, enticed by bitcoin's rally past $100,000, are now bearing the brunt of the cryptocurrency's downturn.

随着尘埃飞速的价格下降，Bitfinex的分析师指出，最近进入市场的人被比特币集会超过100,000美元所吸引，现在正是加密货币倒退的首当其冲。

As of Wednesday, bitcoin was trading at approximately $80,000, a substantial decline from its January peak of above $100,000, though still up more than 200% since the start of the year.

截至周三，比特币的交易价格约为80,000美元，比100,000美元以上的峰值下降了大幅下降，尽管自年初以来仍增长了200％以上。

Bitcoin's price-spent output profit ratio, an indicator of the ratio between the prices at which new bitcoin is being bought and sold, has dipped to 0.95, its lowest level in over a year and negative for the first time since October, according to estimates from Bitfinex.

根据Bitfinex的估计，比特币的价格含量的产出比是购买和出售新比特币的价格之间的比率的指标，它已降至0.95，这是其一年多以来的最低水平，自10月以来首次负数。

"This suggests that recent buyers are locking in significant losses, reinforcing the exceptionally challenging conditions for newer investors," Bitfinex analysts said.

Bitfinex分析师说：“这表明最近的买家正在锁定巨大的损失，这加剧了新投资者的极具挑战性条件。”

The world’s largest cryptocurrency hit a record high of $109,071 on Jan 3, but has since lost most of the gains racked up since the American election, as concerns about U.S. tariff policy, the health of the world’s largest economy and a tech selloff sap risk appetite.

1月3日，全球最大的加密货币达到了创纪录的109,071美元，但此后，自美国大选以来，大部分收益都累积了，因为人们对美国关税政策，世界上最大的经济体的健康以及技术抛售SAP SAP风险偏见的担忧。

"I was surprised to see bitcoin at $80,000 and it looks like the bloodletting hasn't ended yet," said Kevin Dede, analyst at investment bank H.C. Wainwright.

投资银行HC Wainwright的分析师Kevin Dede说：“我很惊讶地看到比特币为80,000美元，看来流血还没有结束。”

Even U.S. President Donald Trump's executive order to create a bitcoin strategic reserve and an additional stockpile of other crypto tokens gave the crypto market only a temporary boost.

甚至美国总统唐纳德·特朗普（Donald Trump）的行政命令，制定比特币战略储备，其他加密代币的额外库存仅给加密市场提供了暂时的提升。

"This corrective selloff has caught many by surprise," said John Glover, chief investment officer of crypto lending platform Ledn, adding the asset could find support at the $73,500 level.

加密贷款平台莱德（Ledn）首席投资官约翰·格洛弗（John Glover）说：“这种纠正抛售使许多人感到惊讶。

According to data from crypto data and analytics firm Glassnode, at least 20 million new bitcoin addresses, about 1.5% of all bitcoin addresses in existence, have been created in the past three months.

根据Crypto数据和分析公司GlassNode的数据，在过去的三个月中创建了至少2000万个新的比特币地址，约占存在的所有比特币地址的1.5％。

Traders who entered the market using leveraged positions are feeling the pinch, with Bitfinex analysts noting that this group's realised overall losses are hovering above $800 million per day, with February 28 and March 4 seeing some of the biggest single-day losses.

使用杠杆职位进入市场的贸易商感到陷入困境，Bitfinex分析师指出，该集团所实现的总体损失每天徘徊在8亿美元以上，2月28日和3月4日看到了一些最大的单日损失。

Meanwhile, investment products tracking digital assets saw outflows for the fourth straight week, according to CoinShares data. Total assets under management in these products have dipped around $4.75 billion to $142 billion. That's the lowest since mid-November 2024 after the U.S. election.

同时，根据Coinshares数据，投资产品跟踪数字资产连续第四周的流出。这些产品中管理的总资产下降了约47.5亿美元，至1.42亿美元。这是美国大选之后11月中旬以来最低的。

U.S. spot bitcoin ETFs saw outflows of around $1.1 billion in outflows on February 25, the biggest daily outflow since their launch in January last year, according to J.P.Morgan.

根据摩根大通（JPMorgan）的说法，美国现货比特币ETF的流出量约为11亿美元，这是自去年1月推出以来最大的每日流出。

"The large outflows from U.S. and Canadian Bitcoin ETFs last week were surprising. Perhaps some investors are rotating out of riskier assets in response to the recent stock market volatility," said Ben Zhou, CEO of crypto derivatives exchange AscendEX.

加密衍生品Ascendex的首席执行官Ben Zhou表示：“上周我们和加拿大比特币ETF的大量流出令人惊讶。也许有些投资者因响应最近的股票市场波动而旋转了风险更高的资产。”

While past selloffs in crypto markets are often followed by some amount of calm as the market finds its footing, bitcoin may be at the mercy of broader markets for the time being.

尽管由于市场的地位，因此在加密货币市场上的抛售通常会得到一些平静，但比特币可能暂时受到更广泛的市场的摆布。

The implied or future bitcoin volatility priced into derivatives has spiked to 69% in the last 24 hours, while the second-largest token ether's ETH= implied volatility has increased from 65% to 90% since Monday, meaning investors expect more choppiness ahead, according to Amberdata.

根据Amberdata的数据，在过去的24小时内，以衍生品为衍生品的隐含或将来的比特币波动率已飙升至69％，而第二大令牌以太eth的ETH =隐含的波动率从周一以来从65％增加到90％，这意味着投资者预计会有更多的切碎性。

"The last two weeks have 100% been driven by the equity market tantrum," said Jeff Dorman, chief investment officer at asset manager Arca in a note. "This likely plays out similar to what we saw in late 2018, which was nothing more than a short-term hiccup on the way to further highs."

资产管理经理Arca首席投资官杰夫·多曼（Jeff Dorman）在一份票据中说：“过去两个星期是由股市发脾气驱动的。” “这很可能与我们在2018年底看到的相似，这无非就是在进一步高点的途中的短期打ic。”