加密市场几个月来刚刚经历了其最暴力的下滑之一。

加密市场几个月来刚刚经历了其最暴力的下滑之一。 1月20日达到历史悠久的高价109,000美元之后，比特币跌倒了28％。

The crypto market has just experienced one of its most violent downturns in months. After reaching a historic high of $109,000 on January 20, Bitcoin plunged by 28 % over the past three weeks. This drop has wiped out billions of dollars in market capitalization.

加密市场几个月来刚刚经历了其最暴力的下滑之一。在1月20日达到历史悠久的高价109,000美元之后，比特币在过去三周中下降了28％。这种下降已经消除了数十亿美元的市值。

Such a brutal reversal occurs against a backdrop of economic tension and turbulence in the financial markets. But beyond a simple technical correction, several major events have contributed to this decline. Among fears of macroeconomic instability, record cyberattacks, and political disillusionments, we take a look back at the causes of this downfall and its implications.

这种残酷的逆转是在金融市场经济紧张和动荡的背景下发生的。但是，除了简单的技术校正之外，几项重大事件导致了这种下降。在对宏观经济不稳定，记录网络攻击和政治幻灭的恐惧中，我们回顾了这种倒台及其含义的原因。

A crash amplified by external shocks

外部冲击放大的崩溃

The volatility of Bitcoin is not surprising, but this time, the drop can be explained by a conjunction of major shocks. Indeed, the first trigger factor is based on an unfavorable macroeconomic context. Since Donald Trump’s arrival at the White House, his economic announcements have sown confusion in the markets. In particular, the prospect of new tariffs on international trade has cooled investors. “This retreat can be interpreted as a response to macroeconomic fears related to Trump’s tariffs and geopolitical uncertainty,” explains Caroline Bowler, CEO of BTC Markets.

比特币的波动不足为奇，但是这次，可以通过重大冲击的结合来解释跌落。确实，第一个触发因素是基于不利的宏观经济环境。自唐纳德·特朗普（Donald Trump）到达白宫以来，他的经济公告在市场上播出了困惑。特别是，对国际贸易的新关税的前景使投资者冷却了。 BTC市场首席执行官Caroline Bowler解释说：“这种务虚会可以解释为对与特朗普的关税和地缘政治不确定性有关的宏观经济恐惧的回应。”

The correction goes beyond Bitcoin. Additionally, the Nasdaq 100 has lost 7 % since its last peak on February 19, illustrating a widespread distrust of risky assets.

更正超出了比特币。此外，自2月19日上次峰值以来，纳斯达克100号损失了7％，这说明了对风险资产的普遍不信任。

The Achilles' heel of the crypto ecosystem, cybersecurity, has also played a crucial role. On February 21, 2025, the Bybit exchange suffered the largest hacking in crypto history, orchestrated by North Korea’s Lazarus Group. The hackers stole $1.5 billion in crypto. They primarily succeeded in breaching the cold wallets, which are supposed to be ultra-secure as they are disconnected from the Internet.

加密生态系统网络安全的阿喀琉斯高跟鞋也发挥了至关重要的作用。 2025年2月21日，Bybit Exchange遭受了由朝鲜的Lazarus集团精心策划的加密历史上最大的黑客入侵。黑客在加密货币中偷走了15亿美元。他们主要成功地破坏了冷钱包，因为它们与互联网断开了连接，因此应该是超安全的。

“Trust has been shaken after this $1.5 billion hack, which represents a colossal sum,” emphasizes Zaheer Ebtikar, co-founder of Split Capital Fund. This shock triggered a panic sell-off, but it has also intensified doubts about the reliability of trading infrastructures, resulting in the temporary withdrawal of some investors from the market.

Split Capital Fund的联合创始人Zaheer Ebtikar强调说：“这一15亿美元的黑客攻击之后，信托基金会受到震动。”这种冲击引发了恐慌的抛售，但它也激发了人们对交易基础设施的可靠性的怀疑，导致一些投资者暂时退出了市场。

A market under pressure and disappointed expectations

在压力下的市场和失望的期望

The price decline has then been exacerbated by technical market movements. In February, Bitcoin exchange-traded funds (ETFs) recorded a net outflow of $3.3 billion, a negative record since their launch in January 2024. The dynamic is simple: when the price of Bitcoin drops, some investors withdraw their capital from ETFs, which increases selling pressure on the market. Thus, “speculative money that enters Bitcoin also exits quickly when a correction occurs,” analyzes Michael Rosen, investment director at Angeles Investments.

然后，技术市场变动加剧了价格下跌。 2月，比特币交易所交易基金（ETFS）记录了自2024年1月推出以来的33亿美元净流出，这是一个负面记录。动态很简单：当比特币的价格下降时，一些投资者从ETF中撤出资金，从而增加了市场上的销售压力。因此，“进入比特币的投机资金也会在进行更正时迅速退出，” Angeles Investments的投资总监Michael Rosen分析。

Another aggravating factor is the end of optimism related to Donald Trump. During his campaign, the American president positioned himself as a staunch advocate of cryptos and promised the establishment of a national Bitcoin stockpile. But since his inauguration, concrete announcements have been slow to arrive. The project led by Senator Cynthia Lummis, which aimed to have the U.S. government purchase up to a million bitcoins over five years, has found no support in Congress.

另一个加重因素是与唐纳德·特朗普有关的乐观情绪的终结。在他的竞选期间，美国总统将自己定位为加密的坚定倡导者，并承诺建立一个国家比特币库存。但是自从他就职典礼以来，具体公告的到来很慢。由参议员辛西娅·卢米斯（Cynthia Lummis）领导的项目旨在使美国政府在五年内购买多达一百万比特币，但在国会没有任何支持。

“What drives this decline is the absence of the pro-crypto executive orders that were expected and the inflation figures in the United States,” explains Paul Howard, director at Wincent. Even at the state level, ambitions for strategic Bitcoin reserves have been stymied: Montana, North Dakota, and Wyoming have all rejected proposals in this regard, citing the risks and volatility of cryptos.

“导致这种下降的是缺乏预期的亲克莱普特执行命令，以及美国的通货膨胀数字。”即使在州一级，战略比特币储备的野心也受到阻碍：蒙大拿州，北达科他州和怀俄明州都拒绝了这方面的提议，理由是加密货币的风险和波动。

After this brutal correction, the market is now questioning the next direction of Bitcoin. Is this a simple consolidation before a new bull run, or the beginning of a longer bear cycle? It will all depend on Trump’s economic decisions, on the evolution of regulation, and above all, on whether investor confidence returns or not. For now, caution remains the order of the day, and Bitcoin will need to demonstrate its resilience in the face of this new stress test.

经过此残酷纠正，市场现在正在质疑比特币的下一个方向。这是在新的公牛运行之前的简单合并，还是更长的熊周期的开始？这一切都取决于特朗普的经济决定，法规的发展，最重要的是，投资者信心是否返回。目前，谨慎仍然是一天的顺序，面对这项新的压力测试，比特币将需要证明其韧性。