儘管表現令人失望，但比特幣（BTC）和Ether（ETH）仍然看漲到第二季度

到3月底只有一個多星期的時間，第一季度一直令人失望，特別是在價格行動方面而不是敘述方面

With just over a week to go until the end of March, the first quarter has been a disappointing one, particularly in terms of price action rather than narrative for the crypto industry.

到3月底，只有一個多星期的時間，第一季度是令人失望的，尤其是在價格行動方面，而不是對加密行業的敘述。

Bitcoin (BTC) has dropped 10%, its worst first-quarter performance since 2020, and ether (ETH) has posted the weakest opening three months of the year since the world's second-largest cryptocurrency launched in 2015. So far, bitcoin has been relatively steady in March.

比特幣（BTC）下降了10％，這是自2020年以來最糟糕的第一季度表現，Ether（ETH）發布了自2015年全球第二大加密貨幣以來，這是一年中最弱的三個月開業。

Markets remain in the latter stages of President Donald Trump’s first 100 days in office, a period historically marked by uncertainty and volatility. This is expected to persist at least through the end of April.

市場仍處於總統唐納德·特朗普（Donald Trump）任職前100天的後期，這一時期歷史上以不確定性和波動性為特徵。預計至少在4月底將持續存在。

As quarter-end approaches, negative liquidity and position management could lead to increased volatility and whipsaw price action, according to the London Crypto Club, founders of a trading newsletter.

據倫敦加密通訊的創始人倫敦加密俱樂部（London Crypto Club）稱，隨著四分之一端的途徑，負面流動性和職位管理可能會導致波動性的增加和鞭打價格行動。

Despite short-term weakness, the pair maintain a bullish outlook heading into the second quarter. A slightly more dovish tone from the Federal Reserve at its March meeting — even without actual rate cuts — combined with a weakening U.S. dollar, increased fiscal spending in the European Union and a U.S. economy that is slowing but not collapsing, are all factors they say will support a strong three months.

儘管短期弱點，但兩人在第二季度仍保持看漲的前景。美聯儲在3月的會議上（即使沒有實際削減稅率），加上美元疲軟，歐盟的財政支出增加以及美國經濟放緩但不崩潰的美國經濟的較骯髒的語氣，這都是他們說的所有因素，都是他們說的所有因素都將支持三個月的強勁。

Bitcoin began to sell off on Thursday following Trump’s lack of a concrete update on a bitcoin strategic reserve or a tax-free crypto capital gains policy.

在特朗普缺乏對比特幣戰略儲備或免稅加密資本收益政策的具體更新之後，比特幣開始於週四出售。

“Market participants were hoping for a tax-free capital gains framework or a bitcoin national reserve accumulation plan,′ said the analysts at Blockhead Research Network (BRN). “Instead, Trump reiterated his general support for the crypto industry, highlighting the role of stablecoins in maintaining the U.S. dollar’s dominance in global trade. While supportive in the long term, the lack of immediate policy commitments is a short-term bearish signal.”

Blockhead Research Network（BRN）的分析師說：“市場參與者希望建立免稅資本收益框架或比特幣國家儲備計劃，相反，特朗普重申了他對加密貨幣行業的一般支持，強調了Stablecoins在維持全球貿易中的美元統治地位。從長遠來看，缺乏立即的政策承諾是短期看跌信號。”

BRN sees digital assets struggling to sustain breakouts, with accumulation continuing at lower levels, particularly for altcoins.

BRN認為數字資產努力維持突破，累積持續較低，尤其是對於Altcoins而言。

“Despite near-term weakness, we recommend staying heavily invested, as the market could react swiftly to the next positive development. Support levels are not far from current prices,” BRN told CoinDesk in an email. Stay alert!

BRN在一封電子郵件中告訴Coindesk：“儘管近期弱點，我們建議您進行大量投資，因為市場可能會對下一個積極的發展做出迅速反應。支持水平遠離當前價格。”保持警覺！

What to WatchToken EventsConferencesToken TalkBy Shaurya MalwaDerivatives PositioningMarket Movements:Bitcoin Stats:Technical AnalysisCrypto EquitiesETF FlowsSpot BTC ETFs:Spot ETH ETFsSource: Farside InvestorsOvernight FlowsChart of the DayWhile You Were SleepingIn the Ether

Watchtoken EventsConferenceSkoken Talkby Shaurya Malwaderivatives定位市場運動：比特幣統計：技術分析crypto equitiesetf flowssetf flowsspot btc btc etfs：spot end etfsource：Farside Investorsorsovernovernight the Day the Day the Day the Ethere ether ethere Ether ethere ethere Ether ethere Ethere ethere ethere Ethere ethere Ethere ethere Ethere ethere Ethere Ethere