避險情緒加劇，加密貨幣大幅下跌，比特幣跌幅超過 14%

截至倫敦上午 7:20，頂級代幣比特幣回落至 50,900 美元，上週跌幅達 13.1%，這是自 FTX 交易所崩潰以來最嚴重的跌幅。

Cryptocurrencies tumbled on Monday as a bout of risk aversion in global markets hit digital assets hard, sending bitcoin down more than 14% and ether on track for its steepest fall since 2021.

由於全球市場的一輪避險情緒重創數位資產，加密貨幣週一暴跌，導致比特幣下跌超過 14%，以太坊預計將創下 2021 年以來的最大跌幅。

Bitcoin fell to $50,900 at 7:20 a.m. in London, adding to a 13.1% drop last week that was the worst since the period when the FTX exchange imploded. Ether slid by more than a fifth at one stage before paring some of the decline to change hands at $2,286. Most major coins were deeply in the red.

倫敦上午 7:20 比特幣跌至 50,900 美元，上週跌幅達 13.1%，這是自 FTX 交易所崩潰以來最嚴重的跌幅。以太坊一度下跌超過五分之一，隨後收復部分跌幅，以 2,286 美元易手。大多數主要貨幣都嚴重虧損。

The declines come as a global stock selloff intensifies, reflecting concerns about the economic outlook and questions over whether heavy investment into artificial intelligence will live up to the hype surrounding the technology. Geopolitical tension is rising in the Middle East, adding to investor skittishness.

這次下跌之際，全球股市拋售加劇，反映出人們對經濟前景的擔憂，以及對人工智慧的大量投資是否會辜負圍繞該技術的炒作的疑問。中東地緣政治緊張局勢加劇，加劇了投資人的不安。

US exchange-traded funds for bitcoin suffered their largest outflows in about three months on Aug. 2. One question is whether the products will attract dip buyers when they resume trading, or succumb to deeper exits.

8 月 2 日，美國比特幣交易所交易基金遭受了約三個月來最大規模的資金外流。

Carry Trade

利差交易

Digital assets are a victim in part of the unwinding yen carry trade, as speculators adjust to higher interest rates in Japan, according to Hayden Hughes, head of crypto investments at family office Evergreen Growth.

家族辦公室 Evergreen Growth 加密投資主管 Hayden Hughes 表示，隨著投機者適應日本利率上升，數位資產成為日圓套利交易平倉的一部分受害者。

“Those investors are also fighting a drastic increase in hedging costs based on the volatility in the US dollar-Japanese yen trading pair,” said Hughes.

休斯表示：“由於美元兌日圓交易對的波動，這些投資者還面臨著對沖成本急劇上升的挑戰。”

Bitcoin has been buffeted by a range of factors since hitting a record of $73,798 in March. That includes US political flux as pro-crypto Republican Donald Trump and Democratic opponent Vice President Kamala Harris — who has yet to detail a digital-asset policy stance — lock horns in the presidential race.

自 3 月觸及 73,798 美元的紀錄以來，比特幣一直受到一系列因素的衝擊。其中包括支持加密貨幣的共和黨人唐納德·川普和民主黨對手副總統卡瑪拉·哈里斯（尚未詳細說明數位資產政策立場）在總統競選中的激烈角逐，美國的政治變化。

Also hanging over the market are possible sales of bitcoin seized by governments and the risk of a supply overhang from tokens returned to creditors through bankruptcy proceedings.

市場上還懸而未決的還有政府可能出售的比特幣，以及透過破產程序返還給債權人的代幣供應過剩的風險。

Fed Outlook

聯準會展望

Bond traders have amplified bets on US interest-rate cuts beginning in September to support economic expansion. The prospect of less restrictive monetary policy is actually “a good thing for crypto,” argued Sean Farrell, head of digital-asset strategy at Fundstrat Global Advisors LLC.

債券交易商加大了對美國從 9 月開始降息以支持經濟擴張的押注。 Fundstrat Global Advisors LLC 數位資產策略主管 Sean Farrell 認為，限制性貨幣政策放鬆的前景實際上「對加密貨幣來說是一件好事」。

The bitcoin retreat at its nadir Monday left the token at levels last seen in February. Ether, meanwhile, earlier fell back to prices previously seen at the turn of the year. Similar to bitcoin, one unknown is how investors in new US spot-ether ETFs will react.

週一，比特幣跌至最低點，使其處於 2 月的水平。與此同時，以太幣早前回落至年初時的價格。與比特幣類似，一個未知數是新的美國現貨以太 ETF 的投資者將如何反應。

Justin D’Anethan, head of Asia-Pacific business development at market maker Keyrock, said the crypto rout appeared somewhat ether-led, flagging social-media rumors of institutional-selling of ether-related assets.

做市商 Keyrock 亞太區業務開發主管 Justin D'Anethan 表示，加密貨幣暴跌似乎在一定程度上是由以太幣主導的，這標誌著社群媒體上關於機構出售以太幣相關資產的謠言。

About $790 million of bullish crypto positions using derivatives were liquidated in the past 24 hours, Coinglass data show, a sign of leveraged bets coming unstuck.

Coinglass 數據顯示，在過去 24 小時內，使用衍生性商品的約 7.9 億美元看漲加密貨幣部位被清算，這是槓桿押注失敗的跡象。

Khushboo Khullar, a venture partner at Lightning Ventures, which invests in Bitcoin-linked companies, said the broad stock slump had caused some “panic,” spurring investors to rush for liquidity to settle margin calls. She argued the crypto retreat is a “fine buying opportunity.”

投資比特幣相關公司的 Lightning Ventures 的風險合夥人 Khushboo Khullar 表示，股市大跌引發了一些“恐慌”，促使投資者爭先恐後地尋求流動性以解決追加保證金的問題。她認為加密貨幣撤退是一個「很好的買入機會」。

Bitcoin’s year-to-date advance has moderated to approximately 16%, compared with an 18% climb in gold and an 8% jump in a gauge of global stocks.

比特幣今年迄今的漲幅已放緩至約 16%，而黃金上漲 18%，全球股市上漲 8%。