貿易戰、比特幣和中美緊張局勢：加密貨幣過山車

比特幣在中美貿易緊張局勢、宏觀衝擊和 ETF 資金外流的波濤洶湧中航行。這是短暫的下跌還是更深層次問題的跡象？

Buckle up, crypto enthusiasts! The intersection of trade wars, Bitcoin's price, and US-China tensions is proving to be a wild ride. Let's dive into what's shaking up the market.

係好安全帶，加密貨幣愛好者！事實證明，貿易戰、比特幣價格和中美緊張局勢的交織是一場瘋狂的旅程。讓我們深入探討一下是什麼在撼動市場。

Déjà Vu: Trade Tensions and Bitcoin Blues

似曾相識：貿易緊張局勢和比特幣憂鬱

Remember earlier this year when escalating tariffs between the U.S. and China sent risk assets tumbling? Bitcoin is once again caught in the crossfire. Fresh trade tensions triggered a sharp correction, with Bitcoin briefly plunging below $107,000. Over $19 billion in leveraged positions were wiped out in days.

還記得今年早些時候美國和中國之間不斷升級的關稅導致風險資產暴跌嗎？比特幣再次陷入交火之中。新的貿易緊張局勢引發了大幅回調，比特幣一度跌破 107,000 美元。超過 190 億美元的槓桿頭寸在幾天之內就被蒸發了。

It's like we've seen this movie before. Macro shocks from Washington and Beijing are clearly impacting crypto liquidity. As one source notes, crypto is a high-beta liquidity asset, meaning it gets punished when systemic risk spikes.

就像我們以前看過這部電影一樣。來自華盛頓和北京的宏觀衝擊顯然正在影響加密貨幣的流動性。正如一位消息人士指出的那樣，加密貨幣是一種高貝塔流動性資產，這意味著當系統性風險飆升時它會受到懲罰。

ETF Outflows and Market Sentiment

ETF 資金流出與市場情緒

Adding fuel to the fire, U.S. spot Bitcoin ETFs experienced significant outflows, recording over $1.2 billion in withdrawals in one week. BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund saw the largest exits, contributing to the overall cautious sentiment.

火上澆油的是，美國現貨比特幣 ETF 出現大幅資金外流，一周內撤資超過 12 億美元。貝萊德 (BlackRock) 的 iShares 比特幣信託 (iShares Bitcoin Trust) 和富達 (Fidelity) 的 Wise Origin 比特幣基金 (Fidelity's Wise Origin Bitcoin Fund) 的退出規模最大，這導致了整體謹慎情緒。

Historically, October has been a good month for Bitcoin, but this year is different, with the asset losing value. Analysts attribute this pullback to broader market conditions and renewed caution among traders.

從歷史上看，十月對比特幣來說是一個好月份，但今年不同，該資產正在貶值。分析師將此次回調歸因於更廣泛的市場狀況以及交易員重新變得謹慎。

The Silver Lining: Institutional Interest Persists

一線希望：機構利益持續存在

Despite the turbulence, it's not all doom and gloom. Charles Schwab reports growing client interest in crypto exchange-traded products. CEO Rick Wurster mentioned that Schwab's clients hold a significant portion of all U.S. crypto ETPs, with a notable increase in visits to their crypto site.

儘管存在動盪，但也不全是厄運和陰鬱。嘉信理財 (Charles Schwab) 報告稱，客戶對加密貨幣交易所交易產品的興趣日益濃厚。首席執行官 Rick Wurster 提到，嘉信理財的客戶持有美國所有加密貨幣 ETP 的很大一部分，其加密貨幣網站的訪問量顯著增加。

Even with ETF outflows, institutional participation in Bitcoin ETFs remains considerable. These ETFs have attracted billions in assets under management since their launch, signaling sustained appetite from both retail and institutional investors. Over 172 public companies now hold Bitcoin in their treasuries, solidifying Bitcoin’s status as a macro hedge.

即使 ETF 資金流出，機構對比特幣 ETF 的參與仍然相當可觀。這些ETF自推出以來已吸引了數十億美元的管理資產，表明散戶和機構投資者的持續興趣。目前已有超過 172 家上市公司在其金庫中持有比特幣，鞏固了比特幣作為宏觀對沖工具的地位。

Looking Ahead: Volatility and Recovery

展望未來：波動與復蘇

Bitcoin is currently struggling to defend support above $107,000. If the March–May playbook repeats itself, macro-induced turbulence could persist. However, some analysts believe potential Federal Reserve rate cuts may improve investor sentiment.

比特幣目前正在努力捍衛 107,000 美元上方的支撐位。如果3月至5月的劇本重演，宏觀引發的動盪可能會持續下去。不過，一些分析師認為，美聯儲可能降息可能會改善投資者情緒。

While the current situation may seem daunting, remember that volatility is inherent in the crypto market. As one source aptly puts it, recovery will come not from prediction, but from the gradual return of risk appetite and liquidity.

雖然目前的情況可能看起來令人望而生畏，但請記住，波動性是加密市場固有的。正如一位消息人士恰當指出的那樣，復甦不是來自預測，而是來自風險偏好和流動性的逐漸恢復。

Final Thoughts

最後的想法

So, what's the takeaway? Trade wars, Bitcoin, and US-China tensions are intertwined in a complex dance. While short-term volatility is a given, the long-term interest in digital assets remains strong. Hang tight, stay informed, and maybe grab some popcorn for the ride! After all, in the world of crypto, anything can happen.

那麼，要點是什麼？貿易戰、比特幣和中美緊張局勢交織在一起，形成了一場複雜的舞蹈。儘管短期波動是必然的，但人們對數字資產的長期興趣仍然強勁。堅持住，隨時了解最新情況，也許還可以吃點爆米花！畢竟，在加密世界中，任何事情都有可能發生。