比特幣、納斯達克和分崩離析：它們真的結束了嗎？

比特幣最近與納斯達克的脫鉤引發了對其真實性質的質疑。它是風險資產、避風港還是其他什麼？讓我們深入了解一下。

So, Bitcoin and the Nasdaq, huh? Remember when they were practically attached at the hip? Turns out, things might be getting a little… complicated. Let's break down this 'Bitcoin, Nasdaq, breakup' situation and see what's really going on.

那麼，比特幣和納斯達克，是吧？還記得它們幾乎貼在臀部的時候嗎？事實證明，事情可能會變得有點……複雜。讓我們分解一下“比特幣、納斯達克、分崩離析”的情況，看看到底發生了什麼。

The Great Decoupling: What Happened?

偉大的脫鉤：發生了什麼？

For most of the year, Bitcoin and the Nasdaq 100 were like two peas in a pod, rising and falling together. But then, around October 15th, something shifted. While the Nasdaq kept chugging along, Bitcoin took a nosedive. What gives?

在這一年的大部分時間裡，比特幣和納斯達克 100 指數就像豆莢裡的兩顆豌豆，一起漲跌。但後來，10 月 15 日左右，事情發生了變化。當納斯達克指數繼續上漲時，比特幣卻暴跌。什麼給？

One theory points to a massive crypto crash earlier in October that wiped out billions. This event injected fear into the market and potentially evaporated the speculative buying pressure that had been driving Bitcoin's price. According to analysts, leveraged derivatives and ETF-related capital rotation, rather than organic spot demand, may have been the primary drivers of Bitcoin's earlier price appreciation.

一種理論指出，10 月初發生了一場大規模的加密貨幣崩潰，導致數十億美元損失。這一事件給市場注入了恐懼，並可能消除了推動比特幣價格上漲的投機性購買壓力。分析師表示，槓桿衍生品和 ETF 相關的資本輪換，而不是有機現貨需求，可能是比特幣早期價格升值的主要推動力。

Is Bitcoin Still a Safe Haven? Or a Risk-On Asset?

比特幣仍然是避風港嗎？還是風險資產？

This decoupling throws a wrench into the whole 'Bitcoin as a safe haven' narrative. Gold surged while Bitcoin lagged, suggesting Bitcoin isn't behaving like a traditional safe-haven asset. At the same time, it didn't follow the Nasdaq's upward trend either. The article suggests that the recent Bitcoin decoupling suggests the asset is neither a risk-on nor a safe-haven asset.

這種脫鉤破壞了整個“比特幣作為避風港”的敘述。黃金飆升，而比特幣下跌，這表明比特幣的表現並不像傳統的避險資產。與此同時，它也沒有跟隨納斯達克的上漲趨勢。文章認為，最近的比特幣脫鉤錶明該資產既不是風險資產，也不是避險資產。

The Arthur Hayes Perspective

阿瑟·海耶斯的觀點

Not everyone's hitting the panic button. BitMEX co-founder Arthur Hayes joked that Bitcoin was "on sale" after the recent dip. He suggested that if traditional banks face further turmoil, government rescue packages could give risk assets like Bitcoin a boost. It is important to note that Hayes has specific tokens in mind if the market continues to slide.

並不是每個人都按下了恐慌按鈕。 BitMEX 聯合創始人 Arthur Hayes 開玩笑說，比特幣在最近的下跌之後正在“打折”。他表示，如果傳統銀行面臨進一步的動盪，政府的救助計劃可能會提振比特幣等風險資產。值得注意的是，如果市場繼續下滑，海耶斯會考慮特定的代幣。

Schiff's Contrarian View

希夫的逆向觀點

Of course, Peter Schiff is still out there raining on the Bitcoin parade. He argues that Bitcoin has failed as an inflation hedge and calls it "fool's gold." He also highlighted that BTC had dropped about 34 percent against gold since its record high. Ouch! He's been consistent in his criticism.

當然，彼得·希夫（Peter Schiff）仍然對比特幣大遊行贊不絕口。他認為比特幣作為通脹對沖工具已經失敗，並稱其為“愚人黃金”。他還強調，自歷史高點以來，比特幣兌黃金已下跌約 34%。哎喲!他的批評始終如一。

Altcoins to the Rescue?

山寨幣來拯救？

Interestingly, while Bitcoin struggled, some altcoins bounced back quickly. This suggests that investor sentiment, at least in certain corners of the crypto market, remains relatively strong.

有趣的是，當比特幣陷入困境時，一些山寨幣卻迅速反彈。這表明，至少在加密貨幣市場的某些領域，投資者情緒仍然相對強勁。

Tokenization on Wall Street

華爾街的代幣化

While the Bitcoin/Nasdaq relationship is making headlines, there's another big story brewing: tokenization. Nasdaq is pushing for tokenized securities to trade alongside traditional stocks. However, Ondo Finance is urging the SEC to pump the brakes, calling for more transparency and open standards. Companies like Robinhood, eToro, and Kraken are also getting in on the tokenized action.

雖然比特幣/納斯達克關係成為頭條新聞，但另一個重大故事正在醞釀：代幣化。納斯達克正在推動代幣化證券與傳統股票一起交易。然而，Ondo Finance 敦促 SEC 踩剎車，呼籲提高透明度和開放標準。 Robinhood、eToro 和 Kraken 等公司也參與了代幣化行動。

Looking Ahead: What's Next?

展望未來：下一步是什麼？

The future of Bitcoin (and its relationship with the Nasdaq) remains uncertain. Keep an eye on macroeconomic indicators, ETF flows, and those all-important US-China trade talks. It is important to be aware of smaller U.S. banks and their stability.

比特幣的未來（及其與納斯達克的關係）仍然不確定。密切關注宏觀經濟指標、ETF 流量以及那些非常重要的中美貿易談判。了解規模較小的美國銀行及其穩定性非常重要。

Final Thoughts: Should You Freak Out?

最後的想法：你應該驚慌失措嗎？

Probably not. The crypto market is always full of surprises. Whether Bitcoin and the Nasdaq are truly over or just taking a break, only time will tell. In the meantime, buckle up and enjoy the ride! And maybe, just maybe, keep an eye on those altcoins…

可能不會。加密市場總是充滿驚喜。比特幣和納斯達克是真正結束還是只是暫時休息，只有時間才能證明。與此同時，係好安全帶，享受旅程！也許，只是也許，留意那些山寨幣……