Coinbase研究人员建议，加密货币价格可能在2025年中期在更广泛的恢复之前找到自己的地板

比特币（BTC）的价格交易低于200天移动平均线，这表明看跌趋势使交易者高度保持警惕。此外，Coin50指数下降了几个关键指标

Crypto prices may find their floor in mid-2025 before a wider recovery, Coinbase researchers suggest. Bitcoin (BTC) trades below the 200-day moving average, signaling a bearish trend that has traders on high alert. Additionally, the COIN50 index dropped in several key metrics, indicating caution in a range of altcoins.

Coinbase研究人员建议，加密价格可能会在2025年中期找到他们的地板。比特币（BTC）的交易低于200天的移动平均线，这表明看跌趋势使交易者处于高度戒备状态。此外，COIN50指数在几个关键指标中下降，表明在一系列altcoins中谨慎。

As macro realities collide with crypto trends, a new Coinbase institutional report showcases the current market sentiments. According to the release, converging signals may be forming at the start of a crypto winter, as pessimistic outlooks outpace the bullish ones.

随着宏观现实与加密趋势相撞，新的Coinbase机构报告展示了当前的市场情绪。根据该版本，随着悲观的前景超过看涨的信号，可能是在加密冬季开始时形成的信号。

In 2024, Bitcoin encountered major obstacles to its potential uphill run. The crypto leader by market cap saw crashing prices that quickly spilled into altcoins. After reaching a new all-time high above $108k, the asset bowed to the macro trends as the stock market correlation continued.

2024年，比特币遇到了其潜在上坡运行的主要障碍。划分市值的加密领导者的价格迅速落入了山寨币。随着股票市场相关性的继续，资产达到了新历史最高高于$ 108K的新历史高度之后。

As a result, Bitcoin recorded flash dips and sits at $83,700. The asset’s 200-day moving average shows a sharp decline, highlighting a bearish phase that kicked off in March after a previous deep. While the first quarter had its fair share of headwinds, Q2 2025 kicked off with President Trump’s sweeping tariffs, which traders quickly priced in.

结果，比特币记录了闪光灯下降，价格为83,700美元。资产的200天移动平均水平显示出急剧下降，强调了一个看跌阶段，该阶段在先前的深处后于3月开始。虽然第一季度的逆风却相当大，但第二季度2025年与特朗普总统的全面关税开始了，交易员迅速加入了。

A Closer Look At The COIN50 Index

仔细观察Coin50指数

A closer look at the COIN50 index also displayed crashing trader sentiments, as assets have been trading in bearish zones since late February. This marks the end of speculations for an altcoin season, at least for the short term, as prices fell through multiple support levels. Back in January, altcoin bulls predicted a massive altcoin season that would fuel assets to multiple all-time highs.

仔细观察Coin50指数也表现出崩溃的交易者情绪，因为自2月下旬以来，资产一直在看跌区进行交易。至少在短期内，由于价格下跌，这标志着Altcoin季节的猜测结束。早在一月份，Altcoin Bulls预测了一个巨大的Altcoin赛季，将为多个历史高潮增长。

“Indeed, this is consistent with the total crypto market cap (ex-BTC) falling by 41% from its December 2024 high to $950B, compared to a (less than) 20% decline in bitcoin over the same period. This disparity underscores the higher volatility and risk premium inherent to altcoins further down the risk curve… Thus, we think this warrants taking a defensive stance on risk for the time being.”

“确实，这与从2024年12月高到950b的总加密货币市值（EX-BTC）下降了41％，而同一时期（比特币低于）下降了20％。这种差异强调了较高的波动性和较高的风险质量固有的风险弯曲……因此，我们在风险上固有的风险较高……我们在这种风险上进行了考虑，我们认为这是一项稳定的稳定时期的稳定性。

Crypto VC Funding Declines

加密vc资金下降

The dwindling market cap lowered bullish expectations ahead of the second quarter. Meanwhile, institutional capital brought fresh shock to the market. In recent months, institutional funds have triggered massive asset growth, leading to mass adoption.

下降的市场上限降低了看涨的期望。同时，机构资本给市场带来了新的震惊。最近几个月，机构资金引发了大量资产的增长，导致大规模采用。

According to the report, crypto VC funding grew from the last quarter, but it’s still at a 60% low compared to the 2021/2022 cycle. A low capital inflow reduces investment and limits large accumulation for institutions. Overall, this delays market expectations for a bull cycle.

根据该报告，加密风险投资的资金从上个季度增加了，但与2021/2022周期相比，该资金仍为60％。低资本流入减少了投资，并限制了机构的大量积累。总体而言，这延迟了公牛周期的市场期望。