為什麼儘管 ETF 興趣濃厚，比特幣卻沒有突破最高峰值

比特幣的價格仍在 71,000 美元大關附近波動，無法突破幾個月前創下的歷史高點 (ATH) 73,738 美元。

Bitcoin’s price continues to hover around the $71,000 mark, failing to cross its all-time high (ATH) of $73,738 set a couple of months ago. It rose to the current level a few days back, before which it was trading below the $70,000 mark.

比特幣的價格繼續徘徊在 71,000 美元大關附近，未能突破幾個月前創下的歷史高點 (ATH) 73,738 美元。幾天前它升至目前的水平，此前其交易價格低於 70,000 美元大關。

The price action has been slow despite a nineteen-day streak of rising BTC ETF inflows. Observers are left wondering why bitcoin is not surging past its recent ATH despite raging ETF interest.

儘管 BTC ETF 流入量連續 19 天增加，但價格走勢仍然緩慢。觀察家們想知道為什麼儘管 ETF 的興趣濃厚，比特幣卻沒有突破最近的最高點。

Spot BTC ETFs in the US and other regions now hold over 5% of the bitcoin in circulation, with inflows registering at over $15 billion. Yet, these are not boosting bitcoin’s price due to other factors at play.

美國和其他地區的現貨 BTC ETF 目前持有流通中比特幣的 5% 以上，流入量超過 150 億美元。然而，由於其他因素的影響，這些並沒有推高比特幣的價格。

The ETF craze is only a trend in the US and a few other countries, which are too limited to get bitcoin to rally on their own. ETFs must be offered to investors in several other markets to impact the largest crypto’s price as enthusiasts currently expect them to.

ETF熱潮只是美國和其他幾個國家的趨勢，這些國家的力量太有限，無法讓比特幣自行上漲。 ETF 必須向其他幾個市場的投資者提供，才能像狂熱者目前所期望的那樣影響最大的加密貨幣的價格。

Moreover, ETFs are just one product type; others include futures and options, and all these products need to see activity like ETFs to give a massive push to the underlying asset’s price. Bitcoin’s price also depends on geopolitical events and macroeconomic factors – something to keep in mind before expecting price surges from a single factor like the ETF.

此外，ETF只是一種產品類型；其他包括期貨和選擇權，所有這些產品都需要看到像 ETF 這樣的活動，才能大規模推動基礎資產的價格。比特幣的價格也取決於地緣政治事件和宏觀經濟因素——在預期 ETF 等單一因素導致價格飆升之前，需要牢記這一點。

Another factor keeping bitcoin below its ATH is the liquidation it faces from long-term holders who have held it for at least two years. They are selling the asset to book profits, which prevents bitcoin from rising rapidly.

使比特幣低於最高水平的另一個因素是，它面臨著持有比特幣至少兩年的長期持有者的清算。他們出售資產以獲取利潤，這阻止了比特幣的快速上漲。

Lastly, the halving’s effects are yet to kick in, which may take until the end of this year. Historically, halvings have led to BTC prices rallying to highs beyond the levels seen during the previous bull runs. So, those expecting the halving to work its magic will have to wait a few more months to see how it pans out.

最後，減半的影響尚未顯現，可能要到今年年底才能顯現。從歷史上看，減半導致比特幣價格上漲至高於先前牛市期間水準的高點。因此，那些期待減半發揮其魔力的人將不得不再等幾個月才能看到結果如何。