加密货币市场正在经历一个动荡的时期，其标志是对比特币和大量资本流出的残酷纠正。

自2024年12月的历史最高点以来，由于其历史最高高点以上，一些投资者已经在谈论比特币历史上最痛苦的循环。

The cryptocurrency market is navigating turbulent times with bitcoin's brutal correction and massive capital outflows. Having lost more than 18 % since its all-time high of $106,000 in December 2024, some investors are already talking about the most painful cycle in bitcoin's history. However, for seasoned players in the sector, this scenario is anything new. Even darker periods have marked the evolution of the crypto market, and many see this correction as a temporary adjustment rather than a lasting collapse.

加密货币市场正在通过比特币的残酷纠正和大量资本流出来导航动荡的时代。自2024年12月的历史最高点以来，损失了18％以上，一些投资者已经在谈论比特币历史上最痛苦的循环。但是，对于该行业的经验丰富的球员来说，这种情况是新事物。甚至更黑暗的时期也标志着加密货币市场的演变，许多人将这种纠正视为暂时的调整，而不是持久的崩溃。

A brutal reversal after the euphoria of $106,000

欣喜《 106,000美元》之后的残酷逆转

The spectacular rally of bitcoin in 2024 peaked in December with an absolute record of $106,000, driven by the optimism triggered by the election of Donald Trump.

2024年，比特币的壮观集会在12月达到顶峰，绝对记录为106,000美元，这是由唐纳德·特朗普（Donald Trump）当选引起的乐观驱动的。

But just a few weeks later, the market flipped into a severe correction.

但是仅仅几周后，市场就进行了严重的更正。

From the inauguration of the American president in January 2025, bitcoin began to retract, losing 18 % of its value, while the total market capitalization of crypto plunged by 25 %.

从2025年1月，美国总统的就职典礼开始，比特币开始缩回，损失了其价值的18％，而加密货币的总市值下降了25％。

This wave of selling was amplified by a series of events that accelerated the panic:

这一浪潮通过一系列加速恐慌的事件进行了放大：

This scenario recalls other past corrections, but analysts remain divided on the true severity of the situation.

这种情况让人联想到过去的其他更正，但分析师仍然在情况的真实严重性上分配。

A market stronger than in 2014 : the end of chaos ?

一个比2014年更强大的市场：混乱的终结？

While this drop worries novice investors, veterans in the sector downplay the situation. Lucien Bourdon, an analyst at Trezor, reminds us that the market has already experienced much more difficult periods.

尽管这种下降令新手投资者担心，但该行业的退伍军人淡化了这种情况。 Trezor的分析师Lucien Bourdon提醒我们，市场已经经历了更加困难的时期。

He notably cites the collapse of Mt. Gox in 2014, one of the most significant episodes in bitcoin’s history.At that time, the disappearance of 850,000 BTC during a hack caused a dizzying drop of 85 % in bitcoin’s price and wiped out 70 % of trading volumes.

他特别引用了2014年Gox山的崩溃，这是比特币历史上最重要的事件之一。在那个时候，在黑客袭击中，850,000 BTC的消失导致比特币的价格下降了85％，比特币的价格下降了85％，并消除了70％的交易量。

Unlike today, the crypto market was still embryonic, lacking institutional support and a structured regulatory framework.

与今天不同，加密市场仍然是胚胎，缺乏机构支持和结构化的监管框架。

Today, despite the volatility, the context is very different. Brett Reeves, head of European sales at BitGo, emphasizes that regulation and the rise of institutional products have profoundly changed the game.

如今，尽管有波动性，但上下文却大不相同。 Bitgo欧洲销售负责人Brett Reeves强调，监管和机构产品的兴起已大大改变了游戏。

“We must remember how much the market has evolved in a short time and the enormous potential it still holds,” he explains.

他解释说：“我们必须记住市场在短时间内发展了多少，并且仍然具有巨大的潜力。”

Even Mati Greenspan, founder of Quantum Economics, considers that this drop could be beneficial in the long run, as he points out that “this is the first time a crypto bull market is not fueled by massive monetary printing.”

即使是量子经济学的创始人Mati Greenspan，也认为从长远来看，这种下降可能是有益的，他指出：“这是“这是加密牛市第一次不受大规模的货币印刷来推动。”

While some question the exact nature of this cycle, others believe that the very concept of bull runs and bear markets could become obsolete.

尽管有些人质疑这个周期的确切性质，但其他人则认为，牛市的概念和熊市的概念可能已经过时了。

Miles Deutscher, a crypto analyst, judges in a post on social media X (formerly Twitter) on March 13, 2025, that the market is evolving towards an unprecedented model, where traditional classifications lose their meaning.

加密分析师Miles Deutscher于2025年3月13日在社交媒体X（以前为Twitter）上的一篇文章中评审，该市场正在发展向前所未有的模型发展，传统分类失去了含义。

If bitcoin and the altcoins remain under pressure, history shows that severe corrections are often followed by accumulation phases and new highs. In this context, the real question is not whether this cycle is the most painful, but rather which direction the market will take after this purge.

如果比特币和山寨币仍在压力下，历史表明，经常进行严重的校正后，积累阶段和新高。在这种情况下，真正的问题不是这个周期是否是最痛苦的，而是市场将在清除后采取哪个方向。

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