在最新 CPI 數據公佈後，加密貨幣市場陷入恐慌，原因如下

加密貨幣市場已經非常薄弱且槓桿率很高，這意味著任何價格變動就像火上加油。

The crypto market had a rough night after the latest U.S. Consumer Price Index (CPI) figures hit the scene.

在最新的美國消費者物價指數（CPI）數據公佈後，加密貨幣市場經歷了一個艱難的夜晚。

As the numbers dropped, traders hit the sell button like there was no tomorrow, especially in the case of Bitcoin and Ethereum. Everyone was expecting this CPI print to turn things around, and it did — just not in the way bulls were hoping.

隨著數字下降，交易者按下賣出按鈕，就像沒有明天一樣，尤其是在比特幣和以太坊的情況下。每個人都期待消費者物價指數 (CPI) 數據能夠扭轉局面，事實也確實如此——只是與多頭所希望的方式不同。

With inflation figures meeting expectations, the market quickly started pricing in a higher chance of a 25 basis points rate cut — jumping from 47.5% to 62.5%.

隨著通膨數據符合預期，市場很快就開始消化降息 25 個基點的可能性更高——從 47.5% 躍升至 62.5%。

After the CPI news hit, crypto and equities saw a brief spike, but it was like a spark that fizzled out before it even got going.

CPI 消息傳出後，加密貨幣和股票出現了短暫的上漲，但就像火花一樣，在點燃之前就熄滅了。

A big part of this was the U.S. government dumping 10,000 BTC into Coinbase Prime and Jump offloading 17,000 ETH. This sudden fresh supply hit the market like a ton of bricks.

其中很大一部分是美國政府向 Coinbase Prime 傾銷了 10,000 BTC，而 Jump 則拋售了 17,000 ETH。突然的新鮮供應像一噸磚頭一樣衝擊市場。

Bitcoin and Ether’s front-end volatility tanked, shedding about 10 vols, while risk reversals dropped to -8 for ETH and -6 for BTC.

比特幣和以太幣的前端波動性大幅下跌，損失了約 10 波動量，而 ETH 的風險逆轉降至 -8，BTC 的風險逆轉降至 -6。

This whole situation has traders on edge, and for good reason. The crypto market is already super thin and highly leveraged, which means that any price movement is like throwing gasoline on a fire.

整個情況讓交易者感到緊張，這是有充分理由的。加密貨幣市場已經非常薄弱且槓桿率很高，這意味著任何價格變動就像火上加油。

The options market, which is usually a good barometer of where things might head, is looking a lot like more pain could be on the way.

期權市場通常是事態發展的晴雨表，但現在看起來可能會出現更多的痛苦。

The sell-off was swift, with the fresh supply of BTC and ETH hitting a market that was already on edge. It’s like watching a domino effect — once the first one falls, the rest follow suit.

隨著 BTC 和 ETH 的新供應衝擊本已緊張的市場，拋售迅速發生。這就像觀看骨牌效應一樣——一旦第一塊倒下，其餘的也會跟著倒下。

And right now, traders are scrambling to get ahead of the curve, fearing that this could just be the beginning of a more extended bear run.

目前，交易員們正爭先恐後地搶先一步，擔心這可能只是更長期熊市的開始。

QCP Capital analysts pointed out that this reaction was pretty much what they expected. With the U.S. dumping 10 thousand BTCs and Jump doing the same with a huge amount of ETHs, it’s no wonder traders are hitting the sell button.

QCP Capital分析師指出，這種反應幾乎符合他們的預期。隨著美國拋售 1 萬個 BTC，Jump 也拋售大量 ETH，難怪交易者紛紛按下賣出按鈕。

Despite the chaos, not everything is grim. Yesterday, Bitcoin spot exchange-traded funds (ETFs) saw a net inflow of $11.11 million.

儘管混亂，但並非一切都是嚴峻的。昨天，比特幣現貨交易所交易基金（ETF）淨流入1,111萬美元。

This is pretty interesting, especially when you consider that the Grayscale Bitcoin Trust (GBTC) saw outflows of $25.03 million during the same period. It’s a weird contradiction that shows just how split the market is right now.

這非常有趣，尤其是考慮到灰階比特幣信託基金 (GBTC) 同期流出了 2,503 萬美元。這是一個奇怪的矛盾，顯示了目前市場的分裂程度。

The outflows from GBTC align with the recent decision by the New York Stock Exchange’s Arca electronic exchange to withdraw a proposed rule change.

GBTC 的資金流出與紐約證券交易所 Arca 電子交易所最近決定撤回擬議的規則變更一致。

This change would’ve allowed trading of GBTC and other crypto ETFs, but with that off the table, it looks like investors are pulling their money out.

這項變更原本允許 GBTC 和其他加密 ETF 的交易，但隨著這項變更的取消，投資者似乎正在撤資。

The ETF inflows are a bit of a bright spot, but it’s not enough to offset the broader bearish sentiment that’s taking over.

ETF 資金流入是一個亮點，但不足以抵消正在蔓延的更廣泛的看跌情緒。

Ether, meanwhile, is having a rough time. Even though it’s trading 25% above its eight-month low of $2,112, hit during the infamous August 5 crash, the outlook isn’t exactly rosy.

與此同時，以太幣正經歷著一段艱難的時期。儘管該股的交易價格比臭名昭著的 8 月 5 日崩盤期間創下的 8 個月低點 2,112 美元高出 25%，但前景並不樂觀。

The second-largest cryptocurrency by market cap has been on an upswing, gaining 13% over the last seven days, but analysts are still waving the red flag, warning that the downside risks for Ethereum are very much alive and well.

以市值計算的第二大加密貨幣一直在上漲，在過去 7 天裡上漲了 13％，但分析師仍然揮舞著危險信號，警告以太坊的下行風險仍然存在。