摩根大通：比特幣減半前的下跌創造了潛在的投資機會

由於獎勵減半前比特幣礦業股票的表現低於平均水平，摩根大通（JPM）宣布現在是投資者進入市場的好時機。自 3 月 31 日以來，該銀行追蹤的 14 家比特幣礦商的總市值已減少 58 億美元，至 142 億美元，跌幅為 28%。鑑於比特幣今年迄今已增長 43%，在過去六個月中增長了 130%，該研究稱「典型的減半後反彈的一部分似乎已提前」。

Bitcoin's Surprising Pre-Halving Performance: Potential Entry Point for Investors, Says JPMorgan

摩根大通表示，比特幣減半前令人驚訝的表現：投資者的潛在切入點

In a recent research report, global investment bank JPMorgan (JPM) has highlighted the potential implications of recent weakness in bitcoin mining stocks ahead of the upcoming halving event.

在最近的一份研究報告中，全球投資銀行摩根大通（JPM）強調了在即將到來的減半事件之前比特幣礦業股票近期疲軟的潛在影響。

According to the report, the total market capitalization of 14 U.S.-listed bitcoin miners tracked by JPMorgan experienced a significant decline of 28% between March 31 and April 15, shedding a total of $5.8 billion to reach $14.2 billion. Notably, all of these stocks underperformed bitcoin during this period, with each losing at least 20%.

報告顯示，摩根大通追蹤的14家美國上市比特幣礦商總市值在3月31日至4月15日期間大幅下跌28%，總計蒸發58億美元至142億美元。值得注意的是，所有這些股票在此期間的表現均遜於比特幣，每隻股票均下跌至少 20%。

Intriguingly, this decline in mining stock valuations comes amidst a period of strong performance for bitcoin itself. The report observes that bitcoin has gained an impressive 43% year-to-date and 130% in the past six months. JPMorgan suggests that this outperformance may have "pulled forward" a portion of the price appreciation typically associated with the post-halving rally.

有趣的是，礦業股估值的下降是在比特幣本身表現強勁的時期發生的。該報告指出，比特幣今年迄今已上漲 43%，過去六個月上漲了 130%。摩根大通表示，這種優異的表現可能「拉動」了通常與減半後反彈相關的部分價格升值。

For context, the quadrennial halving event, expected to occur on April 19-20, will reduce the block reward for bitcoin miners by half, effectively slowing the rate of growth in bitcoin's supply. Historically, this event has marked a significant milestone in bitcoin's lifecycle, often accompanied by price rallies.

就背景而言，預計 4 月 19 日至 20 日發生的四年一次的減半事件將使比特幣礦工的區塊獎勵減少一半，從而有效減緩比特幣供應的增長速度。從歷史上看，這一事件標誌著比特幣生命週期的一個重要里程碑，通常伴隨著價格上漲。

Amidst this unusual pre-halving market dynamic, JPMorgan analysts Reginald Smith and Charles Pearce maintain a bullish outlook on two particular mining companies: Riot Platforms (RIOT) and Iris Energy (IREN). They believe these stocks offer attractive valuations relative to their peers.

在這種不尋常的減半前市場動態中，摩根大通分析師雷金納德·史密斯和查爾斯·皮爾斯對兩家特定的礦業公司維持看漲前景：Riot Platforms (RIOT) 和 Iris Energy (IREN)。他們認為，相對於同行，這些股票的估值具有吸引力。

"With the bitcoin halving on the horizon, we expect heightened volatility and trading volume in both bitcoin and mining stocks," the analysts wrote in the report.

分析師在報告中寫道：“隨著比特幣減半即將到來，我們預計比特幣和礦業股的波動性和交易量都會加劇。”

However, it is important to note that recent network conditions have impacted mining profitability. JPMorgan acknowledges that, during the first two weeks of April, mining profitability declined as "network hashrate growth outpaced bitcoin price appreciation."

然而，值得注意的是，最近的網路狀況影響了挖礦獲利能力。摩根大通承認，在 4 月的前兩週，由於“網絡算力增長超過了比特幣價格升值”，挖礦盈利能力下降。

Despite this temporary setback, JPMorgan's report suggests that the upcoming halving event remains a significant catalyst for the bitcoin industry. Investors seeking exposure to the potential price rally may consider the current weakness in mining stocks as an opportune entry point, with Riot Platforms and Iris Energy being favored by the bank's analysts.

儘管出現暫時的挫折，摩根大通的報告表明，即將到來的減半事件仍然是比特幣產業的重要催化劑。尋求潛在價格上漲的投資者可能會將當前礦業股的疲軟視為一個合適的切入點，而 Riot Platforms 和 Iris Energy 受到了該銀行分析師的青睞。

As the halving approaches, it is crucial for investors to conduct thorough research and carefully evaluate the risks and rewards associated with investing in bitcoin mining stocks. The market's performance in the lead-up to and following the halving remains uncertain, and investors should exercise caution and make informed decisions.

隨著減半的臨近，投資者進行徹底的研究並仔細評估與投資比特幣礦業股票相關的風險和回報至關重要。減半前後的市場表現仍存在不確定性，投資人應謹慎行事並做出明智的決定。