加密货币市场面临艰难的Q1 2025：它可以在Q2中恢复吗？

加密货币市场于2025年第1季度结束，损失巨大，这是最近历史上最具挑战性的季度之一。

The cryptocurrency market has begun 2025 in rather bleak fashion, closing Q1 with some of the more noteworthy losses in recent times. The sharp downturn follows a period of optimism in 2024, when Bitcoin’s price surged past the $50,000 mark for the first time in history.

加密货币市场已经开始以惨淡的方式开始，近期造成了一些更值得注意的损失。在2024年的一段乐观之后，剧烈的下滑是在比特币的价格首次超过50,000美元的历史上飙升。

However, market trends took an unexpected turn, with widespread liquidations occurring across derivatives markets. As investor confidence faltered, major cryptocurrencies like Ethereum and Bitcoin experienced significant declines in Q1.

但是，市场趋势发生了出乎意料的转变，在衍生品市场之间进行了广泛的清算。随着投资者信心的流动，以太坊和比特币等主要加密货币在第一季度的大幅下降。

Among the worst quarterly performances for Ethereum since 2018, the world’s second-largest cryptocurrency faced steep losses. While Bitcoin’s price drops were less severe, the overall narrative during Q1 was predominantly bearish, with both cryptocurrency giants contributing to the broader downturn.

自2018年以来，以太坊最糟糕的季度表演中，世界第二大加密货币面临着巨大的损失。虽然比特币的价格下跌幅度不那么严重，但第1季度的总体叙述主要是看跌，两个加密货币巨头都会导致更广泛的低迷。

This bleak performance forced many traders out, leading to a thinning of liquidity as investors pulled back from high-risk assets. With the U.S. SEC set to make crucial decisions on several pending spot crypto exchange-traded fund (ETF) applications by the end of Q2, the stage is set for a dramatic shift in market trends.

这种荒凉的表现迫使许多交易者脱颖而出，导致流动性稀疏，因为投资者从高风险资产中退缩。随着美国SEC将在第2季度结束时对几个未决的现场加密交易所交易基金（ETF）申请做出关键决定，因此该阶段的设定为急剧改变市场趋势。

If the SEC approves ETFs for cryptocurrencies other than Bitcoin, it could open the door for greater institutional investment, potentially bringing fresh capital into the market. Moreover, the Federal Reserve is expected to begin cutting interest rates in the coming months. Such a move could ease financial conditions and make crypto investments more appealing to investors.

如果SEC批准ETF用于比特币以外的其他加密货币，它可能会为更大的机构投资打开大门，并有可能将新资本带入市场。此外，预计美联储将在未来几个月内开始降低利率。这样的举动可以缓解财务状况，并使加密货币投资对投资者更具吸引力。

Periods of lower interest rates have historically supported the performance of risk-on assets like technology stocks and cryptocurrencies, which could fuel a recovery in Q2. As we look ahead, the coming quarter is shaping up to be pivotal for the cryptocurrency market.

从历史上看，较低的利率时期支持了技术股票和加密货币等风险资产的绩效，这可能会促进第二季度的回收率。当我们展望的那样，即将到来的季度正构成对加密货币市场的关键。