尽管 ETF 兴趣浓厚，但为何比特币仍未突破最高峰值

比特币的价格仍在 71,000 美元大关附近波动，无法突破几个月前创下的历史高点 (ATH) 73,738 美元。

Bitcoin’s price continues to hover around the $71,000 mark, failing to cross its all-time high (ATH) of $73,738 set a couple of months ago. It rose to the current level a few days back, before which it was trading below the $70,000 mark.

比特币的价格继续徘徊在 71,000 美元大关附近，未能突破几个月前创下的历史高点 (ATH) 73,738 美元。几天前它升至目前的水平，此前其交易价格低于 70,000 美元大关。

The price action has been slow despite a nineteen-day streak of rising BTC ETF inflows. Observers are left wondering why bitcoin is not surging past its recent ATH despite raging ETF interest.

尽管 BTC ETF 流入量连续 19 天增加，但价格走势仍然缓慢。观察家们想知道为什么尽管 ETF 的兴趣浓厚，比特币却没有突破最近的最高点。

Spot BTC ETFs in the US and other regions now hold over 5% of the bitcoin in circulation, with inflows registering at over $15 billion. Yet, these are not boosting bitcoin’s price due to other factors at play.

美国和其他地区的现货 BTC ETF 目前持有流通中比特币的 5% 以上，流入量超过 150 亿美元。然而，由于其他因素的影响，这些并没有推高比特币的价格。

The ETF craze is only a trend in the US and a few other countries, which are too limited to get bitcoin to rally on their own. ETFs must be offered to investors in several other markets to impact the largest crypto’s price as enthusiasts currently expect them to.

ETF热潮只是美国和其他几个国家的一种趋势，这些国家的力量太有限，无法让比特币自行上涨。 ETF 必须向其他几个市场的投资者提供，才能像狂热者目前所期望的那样影响最大的加密货币价格。

Moreover, ETFs are just one product type; others include futures and options, and all these products need to see activity like ETFs to give a massive push to the underlying asset’s price. Bitcoin’s price also depends on geopolitical events and macroeconomic factors – something to keep in mind before expecting price surges from a single factor like the ETF.

此外，ETF只是一种产品类型；其他包括期货和期权，所有这些产品都需要看到像 ETF 这样的活动，才能大规模推动基础资产的价格。比特币的价格还取决于地缘政治事件和宏观经济因素——在预期 ETF 等单一因素导致价格飙升之前，需要牢记这一点。

Another factor keeping bitcoin below its ATH is the liquidation it faces from long-term holders who have held it for at least two years. They are selling the asset to book profits, which prevents bitcoin from rising rapidly.

使比特币低于最高水平的另一个因素是，它面临着持有比特币至少两年的长期持有者的清算。他们出售资产以获取利润，这阻止了比特币的快速上涨。

Lastly, the halving’s effects are yet to kick in, which may take until the end of this year. Historically, halvings have led to BTC prices rallying to highs beyond the levels seen during the previous bull runs. So, those expecting the halving to work its magic will have to wait a few more months to see how it pans out.

最后，减半的影响尚未显现，可能要到今年年底才能显现。从历史上看，减半导致比特币价格上涨至高于之前牛市期间水平的高位。因此，那些期待减半发挥其魔力的人将不得不再等几个月才能看到结果如何。