加密股票，聰明的錢和價格下跌：有什麼交易？

Coinbase和Metaplanet等加密股票跌倒了。聰明的投資者是在山上奔跑，還是這只是臨時下降？讓我們潛水。

Crypto stocks, smart money, and falling prices – it's a trifecta that has everyone on Wall Street and beyond buzzing. Are we seeing a temporary dip, or is there something more significant happening? Let's break it down, New York style.

加密貨幣，聰明的錢和價格下跌 - 這是一個三連桿，在華爾街和嗡嗡聲中都有每個人。我們是在看到暫時的下降，還是發生了更重要的事情？讓我們分解，紐約風格。

The Crypto Stock Plunge: A Reality Check

加密貨幣股票：現實檢查

Remember when crypto stocks were the darlings of the market? Those days might feel like a distant memory. Companies like Coinbase and Metaplanet have seen their values plummet, with drops ranging from 30% to 50% from recent highs. Ouch! But the big question is: why aren’t the so-called “smart money” investors jumping in to buy the dip?

還記得加密貨幣何時成為市場的寶貝嗎？那些日子可能會感覺像是遙遠的記憶。 Coinbase和Metaplanet等公司的價值暴跌了，近期高點的下降範圍從30％到50％不等。哎喲!但是最大的問題是：為什麼所謂的“聰明的錢”投資者不跳入購買蘸醬？

Smart Money Staying on the Sidelines

聰明的錢留在場外

According to a recent report by 10x Research, this isn’t just a minor correction. It’s a deeper shift in how investors perceive the true value of these crypto-related companies. Many investors who bought at the peak are now underwater, making them hesitant to dive back in headfirst. The rapid rise in prices seems to have outpaced reality, and now the market is recalibrating.

根據10倍研究的最新報告，這不僅僅是較小的更正。這是投資者如何看待這些與加密相關公司的真實價值的更深入的轉變。許多在峰值購買的投資者現在都在水下，使他們猶豫要回到頭頂。價格迅速上漲似乎已經超過了現實，現在市場正在重新校準。

Valuations Still Look High

估值仍然很高

One of the main reasons smart money is holding back? Valuations. Even after the recent drops, many crypto stocks still appear expensive. For instance, Circle has a forward price-to-earnings (P/E) ratio of 153x. Coinbase sits at 102x, and Robinhood at 69x. These numbers are high compared to other sectors, suggesting there might be more room to fall.

智能資金阻礙的主要原因之一？估值。即使在最近的下降之後，許多加密股票仍然看起來很昂貴。例如，Circle具有153倍的遠期價（P/E）比率。 Coinbase位於102倍，Robinhood為69倍。與其他部門相比，這些數字很高，這表明可能有更多的跌倒空間。

Broader Market Trends and Macroeconomic Factors

更廣泛的市場趨勢和宏觀經濟因素

It's not just about individual stock valuations, though. The broader market plays a role too. Cryptocurrencies and stocks have been moving in sync, largely driven by expectations of potential Federal Reserve rate cuts. Back in early August 2025, Bitcoin briefly hit $114,345, and Ethereum climbed 2.6% to $3,533, reflecting a risk-on sentiment tied to anticipated monetary easing.

不過，這不僅涉及個人股票估值。更廣泛的市場也起著作用。加密貨幣和股票一直在同步，這在很大程度上是由於潛在的美聯儲削減稅率的期望而推動的。早在2025年8月上旬，比特幣短暫達到了114,345美元，以太坊攀升了2.6％，至3,533美元，反映了與預期的貨幣寬鬆相關的風險情緒。

Miner Sell-Offs and Altcoin Rotations

礦工拋售和山寨幣輪換

Adding another layer to the mix, Bitcoin miners have been offloading significant amounts of BTC, driven by tightening margins and stagnant prices. Historically, these sell-offs trigger capital rotation into promising altcoins. One project catching attention is Mutuum Finance (MUTM), a DeFi platform aiming to reshape decentralized lending. It's all about finding the next big thing with real utility.

比特幣礦工在混合物中增加了另一層，這是由於利潤和停滯的價格驅動的大量BTC。從歷史上看，這些拋售將資本轉移到有希望的山寨幣中。一個引起關注的項目是Mutuum Finance（MUTM），這是一個旨在重塑分散貸款的DEFI平台。這一切都是關於使用真正的實用程序找到下一個大事。

The Crash of July: A Volatile Reminder

七月的墜機事故：一個動蕩的提醒

Just to keep things interesting, July brought a stark reminder of crypto market volatility. A sudden crash led to massive liquidations, impacting BTC, SOL, DOGE, and more. Bitcoin dipped below $116k, triggering $600 million in liquidations. A massive sell-off from Galaxy Digital, originating from a Satoshi-era whale, fueled the fire. Even Jim Cramer’s endorsement of Bitcoin buying got some blame – talk about a jinx!

只是為了使事情變得有趣，七月使人想起了加密貨幣市場波動。突然的崩潰導致了大量清算，影響了BTC，SOL，DOGE等。比特幣低於$ 11.6萬美元，觸發了6億美元的清算。源自Satoshi時代鯨魚的Galaxy Digital的大量拋售為大火加油。甚至吉姆·克萊默（Jim Cramer）對比特幣購買的認可也受到了責備 - 談論jinx！

Personal Take: Proceed with Caution

個人拍攝：謹慎行事

While some see this as a buying opportunity, caution is the name of the game. The market is heavily influenced by macroeconomic factors, regulatory uncertainties, and good old-fashioned speculation. Before jumping in, do your homework, understand the risks, and maybe, just maybe, wait for a clearer signal.

雖然有些人將其視為購買機會，但謹慎是遊戲的名稱。市場受到宏觀經濟因素，監管不確定性和良好的老式猜測的嚴重影響。在跳入之前，要做功課，了解風險，也許，也許等待更清晰的信號。

Final Thoughts: Keep Your Eyes Peeled

最終想法：睜大眼睛

So, what’s the bottom line? Crypto stocks are facing headwinds, and smart money is playing it cool. Whether it’s a temporary dip or a sign of deeper issues, one thing is clear: the crypto market remains as unpredictable as ever. Buckle up, stay informed, and remember – this ain't your grandma's stock market! Keep those eyes peeled, folks. The crypto rollercoaster is far from over!

那麼，最重要的是什麼？加密股票的股票面臨逆風，聰明的錢正在酷炫。無論是臨時傾斜還是更深層問題的跡象，都很明顯：加密貨幣市場仍然一如既往地不可預測。係好，保持知情並記住 - 這不是您奶奶的股票市場！伙計們，讓那些眼睛剝皮。加密過山車還遠遠沒有結束！