隨著 ETF 成為市場驅動力，比特幣減半儀式可能會失去意義

Is Bitcoin's Halving Ritual Becoming Obsolete?

比特幣減半儀式已經過時了嗎？

In the midst of the current bull market, Bitcoin's dynamics are evolving, according to Glassnode crypto analyst Marcin Miłosierny. The introduction of ETFs is shaking up the market, potentially disrupting the historical impact of Bitcoin halvings.

Glassnode 加密貨幣分析師 Marcin Miłosierny 表示，在目前的牛市中，比特幣的動態正在不斷變化。 ETF的推出正在震動市場，可能會擾亂比特幣減半的歷史影響。

ETFs: The New Kingmakers?

ETF：新的支持者？

Miłosierny believes the massive buying power of ETFs will dwarf the traditional supply squeeze effect of halvings. This means traders need to rethink their strategies, balancing the historical significance of halvings with the contemporary influence of ETFs on Bitcoin's availability and price.

Miłosierny 認為，ETF 的巨大購買力將使傳統的減半供應緊縮效應相形見絀。這意味著交易者需要重新考慮他們的策略，平衡減半的歷史意義與 ETF 對比特幣可用性和價格的當代影響。

Long-Term Holders Take the Stage

長期持有者登上舞台

As the market matures, Miłosierny sees long-term holders (LTHs) gaining greater sway over Bitcoin's supply dynamics. He urges traders to keep an eye on the Long-Term Holder Market Inflation Rate to gauge market sentiment and predict shifts.

隨著市場的成熟，Miłosierny 認為長期持有者（LTH）對比特幣的供應動態有更大的影響力。他敦促交易者密切關注長期持有者市場通膨率，以衡量市場情緒並預測變化。

Bitcoin's ATH: A New Frontier?

比特幣的 ATH：新領域？

Miłosierny highlights Bitcoin's recent all-time high (ATH) as a game-changer. While the cycle's progression mirrors past trends, the calming effect of ETFs on corrections suggests increased stability. However, he cautions that a potential decline in ETF demand could trigger market volatility.

Miłosierny 強調​​比特幣最近的歷史新高（ATH）是遊戲規則的改變者。雖然週期的進展反映了過去的趨勢，但 ETF 對調整的鎮靜作用表明穩定性有所增強。不過，他警告說，ETF 需求的潛在下降可能會引發市場波動。

ETFs Fueling the Rally

ETF推動漲勢

The recently launched ETFs have been a major catalyst for Bitcoin's recent rally, pushing it up over 90% in less than two months. Despite a recent retracement due to ETF outflows, traders are optimistic about the rally continuing after the upcoming halving, which will further reduce the supply of the top cryptocurrency.

最近推出的 ETF 是比特幣近期反彈的主要催化劑，在不到兩個月的時間內推動比特幣上漲了 90% 以上。儘管最近因 ETF 流出而出現回調，但交易員對即將到來的減半後繼續上漲持樂觀態度，這將進一步減少頂級加密貨幣的供應。

Halving Impact Uncertain

減半影響不確定

Despite the bullish sentiment, Miłosierny warns that the halving's impact is less certain than in previous cycles due to the presence of ETFs. He advises traders to approach the halving with caution and monitor market dynamics closely.

儘管市場情緒看漲，但米沃西爾尼警告稱，由於 ETF 的存在，減半的影響不如先前的周期那麼確定。他建議交易者謹慎對待減半並密切關注市場動態。

ETFs: A Double-Edged Sword

ETF：一把雙面刃

While ETFs have fueled Bitcoin's recent surge, they also introduce a new element of volatility. Miłosierny emphasizes the importance of managing ETF risk and adjusting strategies accordingly.

雖然 ETF 推動了比特幣最近的飆升，但它們也引入了新的波動因素。 Miłosierny 強調​​管理 ETF 風險並相應調整策略的重要性。

The Future of Halvings

減半的未來

The role of halvings in Bitcoin's future is unclear. ETFs have the potential to diminish their impact, but their long-term effects remain to be seen. Miłosierny encourages traders to stay alert and adapt to the evolving market landscape.

減半對比特幣未來的作用尚不清楚。 ETF 有可能削弱其影響，但其長期影響仍有待觀察。米沃西爾尼鼓勵交易者保持警惕並適應不斷變化的市場格局。