加密货币市场暴跌：交易量下降，投资者热情减弱

在加密货币世界中，一段停滞期已经到来，其特点是交易量减少和价格波动最小。比特币和其他数字货币一直保持在窄幅区间内，导致市场活动减少以及交易者和投资者的注意力转移。做市商减少了业务，加密货币公司的风险投资资金大幅下降。虽然 ETF 批准和比特币“减半事件”等潜在催化剂即将出现，但监管不确定性和法律挑战等障碍构成了重大障碍。在经济放缓的背景下，人们的兴趣已转向人工智能技术，使加密货币市场处于不确定状态。

Cryptocurrency Market Stagnates Amidst Declining Trading Volumes and Waning Investor Interest

由于交易量下降和投资者兴趣减弱，加密货币市场停滞不前

The realm of cryptocurrency has been ensnared in a prolonged period of torpor, with Bitcoin and its digital currency counterparts exhibiting negligible price movements in recent months. According to CoinMarketCap data, centralized exchanges such as Coinbase and Binance have witnessed a precipitous decline in trading volumes, plummeting to approximately $30 billion per day as of Tuesday. This represents a stark contrast to the heady heights attained in 2021.

加密货币领域陷入了长期的麻木状态，比特币及其数字货币近几个月的价格走势微乎其微。 CoinMarketCap 数据显示，Coinbase 和 Binance 等中心化交易所的交易量急剧下降，截至周二每天交易量骤降至约 300 亿美元。这与 2021 年达到的令人兴奋的高度形成鲜明对比。

Bitcoin, the preeminent digital asset, has languished within a narrow range of $25,000 to $30,000 since mid-March. This prolonged period of price stability has dampened investor enthusiasm, leading many to redirect their attention elsewhere. Tal Cohen, U.S. Managing Director of crypto exchange Kraken, succinctly summarized the sentiment prevailing in the market: "When prices are not moving, a lot of people lose interest."

自 3 月中旬以来，卓越的数字资产比特币一直在 25,000 美元至 30,000 美元的窄幅区间内徘徊。价格长期稳定削弱了投资者的热情，导致许多人将注意力转移到其他地方。加密货币交易所 Kraken 美国董事总经理塔尔·科恩 (Tal Cohen) 简洁地总结了市场上普遍存在的情绪：“当价格不动时，很多人就会失去兴趣。”

The dwindling trading activity has extended its impact to market makers, including Jane Street and Jump Capital, which have reportedly scaled back their operations in the United States. GSR Markets, another prominent player in crypto market making, has similarly reduced its U.S. presence, opting to focus its efforts on foreign exchanges.

交易活动的减少扩大了对做市商的影响，其中包括 Jane Street 和 Jump Capital，据报道，这些做市商已经缩减了在美国的业务。加密货币做市领域的另一家知名企业 GSR Markets 也同样减少了在美国的业务，选择将重点放在外汇交易上。

This contraction in trading volumes carries potential implications for investors, as it could exacerbate price discrepancies on trades. Evgeny Gaevoy, CEO of market maker Wintermute, cautioned that large buy or sell orders could exert a disproportionate influence on prices due to the diminished liquidity in exchanges' order books.

交易量的收缩对投资者产生潜在影响，因为它可能会加剧交易的价格差异。做市商 Wintermute 首席执行官 Evgeny Gaevoy 警告称，由于交易所订单簿的流动性减少，大量买卖订单可能会对价格产生不成比例的影响。

Concurrently, venture capital funding for crypto companies has plummeted by 71%, dropping from $2.3 billion in Q2 2022 to a mere $2.3 billion in Q2 2023, as revealed by data from PitchBook. This stark decline stands in stark contrast to the $19.4 billion poured into AI and machine learning startups during the same period.

与此同时，根据 PitchBook 的数据显示，加密货币公司的风险投资资金骤降 71%，从 2022 年第二季度的 23 亿美元降至 2023 年第二季度的仅为 23 亿美元。这一明显下降与同期人工智能和机器学习初创公司投入的 194 亿美元形成鲜明对比。

Delving into specific companies, Coinbase experienced a 37% decline in trading volume between the first and second quarters. Robinhood Markets, another major player in the cryptosphere, reported a 58% reduction in crypto trading volume in August compared to the same period in the previous year.

深入研究特定公司，Coinbase 第一季度和第二季度的交易量下降了 37%。加密领域的另一个主要参与者 Robinhood Markets 报告称，8 月份加密货币交易量与去年同期相比减少了 58%。

Despite these mounting challenges, there are potential catalysts on the horizon that could rekindle the dormant crypto market. One such catalyst is the prospective approval of a spot-based Bitcoin ETF. Another anticipated event is Bitcoin's "halving event" scheduled for next April, which could stimulate demand and propel prices upward. However, the crypto industry continues to grapple with significant obstacles, including regulatory complexities and ongoing legal battles, which could cast a shadow over the path to recovery.

尽管面临这些日益严峻的挑战，但仍有潜在的催化剂可以重新点燃休眠的加密货币市场。其中一个催化剂是基于现货的比特币 ETF 的预期批准。另一个预期事件是比特币定于明年 4 月举行的“减半事件”，这可能会刺激需求并推动价格上涨。然而，加密货币行业继续面临重大障碍，包括监管复杂性和持续的法律斗争，这可能给复苏之路蒙上阴影。

This report emerges amidst a broader shift in investor interest from cryptocurrencies to AI technologies, with companies like BlackRock, Coinbase Global, and Fidelity Investments leading the charge. Nonetheless, many industry players remain steadfast in their optimism for the future of cryptocurrencies. Doug Schwenk, CEO of Digital Asset Research, succinctly captured this sentiment: "The market needs the retail side of crypto to come back."

这份报告发布之际，投资者的兴趣正在从加密货币转向人工智能技术，贝莱德 (BlackRock)、Coinbase Global 和富达投资 (Fidelity Investments) 等公司引领潮流。尽管如此，许多行业参与者仍然对加密货币的未来保持乐观。数字资产研究公司首席执行官 Doug Schwenk 简洁地捕捉到了这种情绪：“市场需要加密货币零售方面的回归。”

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