ETF在不断演变的牛市中撼动了比特币市场动态

在不断变化的牛市周期中，加密货币分析师 Marcin Miłosierny 认为，比特币的市场动态正在发生变化。 ETF的推出以其巨大的购买力，掩盖了比特币减半的传统供应挤压效应。这要求交易者重新评估他们的策略，平衡减半的历史影响与 ETF 对 BTC 可用性和价格的当代影响。

ETFs Alter Bitcoin Market Dynamics Amidst Evolving Bull Cycle

ETF 在不断演变的牛市周期中改变比特币市场动态

By Marcin Miłosierny

作者：马尔钦·米沃西尔尼

Glassnode crypto analyst Marcin Miłosierny has discerned a paradigm shift in Bitcoin's market dynamics as the ongoing bull cycle unfolds. The advent of exchange-traded funds (ETFs) is exerting a profound impact on the cryptocurrency, potentially altering the historical effects of Bitcoin halvings.

Glassnode 加密货币分析师 Marcin Miłosierny 发现，随着牛市周期的展开，比特币市场动态发生了范式转变。交易所交易基金（ETF）的出现正在对加密货币产生深远的影响，有可能改变比特币减半的历史影响。

In a recent analysis, Miłosierny posits that the substantial buying power of ETFs will overshadow the supply squeeze typically associated with halvings. This dynamic, he contends, necessitates a recalibration of trading strategies to account for the interplay between halvings and ETFs on Bitcoin's availability and price.

在最近的分析中，Miłosierny 认为 ETF 的巨大购买力将掩盖通常与减半相关的供应紧张。他认为，这种动态需要重新调整交易策略，以考虑减半和 ETF 之间对比特币可用性和价格的相互作用。

Miłosierny underscores the growing influence of long-term holders (LTHs) in Bitcoin's supply dynamics. He recommends monitoring the Long-Term Holder Market Inflation Rate as a bellwether for market direction, enabling traders to anticipate shifts and adjust their strategies accordingly.

Miłosierny 强调了长期持有者（LTH）在比特币供应动态中日益增长的影响力。他建议监控长期持有者市场通胀率，将其作为市场方向的风向标，使交易者能够预测变化并相应调整策略。

A notable development, according to Miłosierny, is Bitcoin's attainment of an all-time high (ATH) prior to the upcoming halving. This deviation from past cycles, where the ATH was typically reached post-halving, introduces a novel scenario.

Miłosierny 表示，一个值得注意的发展是比特币在即将到来的减半之前达到了历史最高点（ATH）。这种与过去周期（ATH 通常在减半后达到）的偏差引入了一种新的情况。

Miłosierny observes that ETFs have had a stabilizing effect on market corrections, but cautions that a potential decline in ETF demand could amplify volatility. The recent rally, driven in part by ETFs, has propelled Bitcoin to a new ATH of $73,794 before encountering a retracement due to ETF outflows.

Miłosierny 指出，ETF 对市场调整具有稳定作用，但他警告说，ETF 需求的潜在下降可能会加剧波动性。最近的反弹在一定程度上是由 ETF 推动的，已将比特币推升至新的 73,794 美元，然后因 ETF 流出而出现回撤。

As of writing, Bitcoin is trading at $64,357, marking a 17% retracement from its ATH. Market participants anticipate a continuation of the rally post-halving, which is expected to exacerbate the supply squeeze for the leading cryptocurrency.

截至撰写本文时，比特币交易价格为 64,357 美元，较 ATH 回撤 17%。市场参与者预计减半后的涨势将持续，这预计将加剧主要加密货币的供应紧张。

In conclusion, the introduction of ETFs has introduced novel dynamics to the Bitcoin market, requiring traders to reassess their strategies and account for the interplay between halvings and ETFs. By monitoring key indicators such as the Long-Term Holder Market Inflation Rate, traders can anticipate market shifts and adjust their strategies accordingly.

总之，ETF 的引入为比特币市场带来了新的动力，要求交易者重新评估其策略并考虑减半和 ETF 之间的相互作用。通过监控长期持有者市场通胀率等关键指标，交易者可以预测市场变化并相应调整策略。