多年来一直对加密货币看涨的研究公司表示，市场已经达到顶峰 - 它发起了一个模因硬币，以证明疯狂的人已经失控了

BCA Research在向客户的一份报告中说，其对加密货币的短期前景变得更加看跌。

A research firm that's been bullish on crypto for years is now saying the market has peaked — and it's even launched a meme coin to prove that the frenzy has gotten out of hand.

一家一直在加密货币上看涨的研究公司现在说市场已经达到顶峰 - 甚至发起了模因硬币，以证明疯狂的狂热已经失控了。

In a note to clients on Monday, BCA Research said its short-term outlook on cryptocurrency was turning more bearish. The firm began the year bullish on bitcoin and crypto broadly, and previously said it saw bitcoin climbing past $200,000.

BCA Research在给客户的一份报告中说，其对加密货币的短期前景变得更加看跌。该公司开始在比特币和加密货币上看涨一年，并以前曾表示，比特币攀登了200,000美元。

After that call, bitcoin surged, drawing more institutional cash and inspiring lofty price targets.

在那次电话会议之后，比特币猛增，利用更多的机构现金并激发了崇高的价格目标。

"But is this the right time to enter? We do not think so. The surge in memecoins, record-breaking Bitcoin ETF inflows, and retail speculation suggest excess optimism, historically a warning signal," BCA strategists wrote on Tuesday.

BCA策略师在周二写道：“但是这是进入的合适时机吗？我们不这样认为。模因，破纪录的比特币ETF流入和零售猜测的激增表明过度乐观，从历史上看是一个警告信号。”

Leaning into the speculative mania that's gripped crypto markets, BCA said it launched Liquidity Trap, a meme coin meant to "hedge against the possibility that financial markets have fully embraced the absurd."

BCA倾向于进入加密货币市场的投机性躁狂症时，它推出了流动性陷阱，这是一种模因硬币，旨在“对冲金融市场完全接受荒谬的可能性”。

The token, which trades under the ticker LTRAP, traded well below $0.01 on Tuesday. The coin's market cap fell nearly in half to $28, down from $54 on Monday, according to data from Solscan.

在股票Ltrap下进行交易的代币在周二的交易低于0.01美元。根据Solscan的数据，硬币的市值下降了几乎一半至28美元，比周一的54美元下降了。

The coin saw a flurry of activity when it was first launched, which is likely attributable to meme coin traders who frequently gamble on newly issued coins to turn a quick profit, BCA's Juan Correa told Business Insider.

BCA的Juan Correa告诉Business Insiders，该硬币在首次推出时看到了一系列活动，这可能归因于Meme Coin交易者经常赌博以新发行的硬币赌博以快速利润。

"When they realized the coin wasn't going to a million dollars, they stopped trading it," Correa said.

科雷亚说：“当他们意识到硬币不会达到一百万美元时，他们就停止了交易。”

Correa and Artem Sakhbiev, a research analyst at the firm, said that the coin was not an official investment product or linked with BCA Research or its affiliates. The strategists reiterated that they believed the coin was essentially worthless.

该公司的研究分析师Correa和Artem Sakhbiev说，硬币不是正式的投资产品，也不是与BCA研究或其分支机构有关的。战略家重申，他们认为硬币本质上是毫无价值的。

"It is also called Liquidity Trap because it is literally a trap for your liquidity — as in any money that you put here, you will most certainly lose forever," Correa and Sakhbiev wrote in a note. "We believe its intrinsic value is zero and that investing your stakeholders funds in it is a serious breach of fiduciary responsibility."

Correa和Sakhbiev在一份注释中写道：“这也称为流动性陷阱，因为它实际上是您的流动性陷阱 - 就像您在这里投入的任何钱一样，您肯定会永远失去。” “我们认为它的内在价值为零，并且在其中投资利益相关者资金是严重违反信托责任的。”

BCA is still bullish on bitcoin over the long term, with a $200,000 price target for the crypto. But for now, digital assets look too frothy for investors to get a good deal, Correa said, pointing to risks from macro developments and high levels of speculation.

长期以来，BCA仍然对比特币看涨，该加密货币的目标价为200,000美元。但是，就目前而言，数字资产看起来太泡沫了，投资者无法获得很多交易，这指出了宏观发展和高水平的猜测风险。

The firm added that the share of bitcoin supply trading for a profit is over 90%, a key threshold that has historically signaled major tops in bitcoin prices.

该公司补充说，利润的比特币供应交易的份额超过90％，这是一个关键门槛，历史上标志着比特币价格的主要顶级。

Meanwhile, eight of the top 10 most downloaded finance apps as of January 20 were platforms that allow crypto trading, according to Sensor Tower data.

同时，根据Sensor Tower的数据，截至1月20日，截至1月20日，下载最多的十个融资应用程序中有8个是允许加密交易的平台。

"We are concerned that this raging optimism is a sign that we are near at top," Correa and Sakhbiev wrote. "Thus, we believe we are at a point where it is prudent to begin cashing out on gains and holding off on any incremental allocations," they later added.

Correa和Sakhbiev写道：“我们担心这种愤怒的乐观情绪表明我们在顶部。”他们后来补充说：“因此，我们相信我们正处于开始兑现收益并坚持任何增量分配的谨慎的地步。”

BCA said it would become a "more willing" buyer of bitcoin when its price drops to around $75,000, representing a decline of more than 20% from current levels.

BCA表示，当它的价格下降到75,000美元左右时，它将成为比特币的“更愿意”的买家，而当前水平的下降量超过20％。

Bitcoin's price has been on a wild ride since Trump won the election in November, with the crypto rallying past $100,000 amid optimism that the president will dial back regulation in the industry and potentially create a national bitcoin stockpile.

自从特朗普在11月赢得大选以来，比特币的价格一直在狂野，而加密货币集会的乐观情绪超过了100,000美元，因为总统将撤回该行业的监管，并有可能建立国家比特币库存。

Bitcoin traded around $97,000 on Tuesday, down by about 11% from its all-time-high of $109,000 in late 2024.

比特币周二的交易额约为97,000美元，比2024年底的历史最高109,000美元下降了约11％。