比特币 (BTC) 月度回顾：2021 年 8 月

8 月结束时，加密货币出现了重大损失，其中比特币 (BTC) 的价格下跌了 8.6%。

August ended with substantial losses for cryptocurrencies, with Bitcoin (BTC) dropping 8.6% in price.

8 月结束时，加密货币大幅下跌，比特币 (BTC) 价格下跌 8.6%。

The month began with the “BOJ collapse” event, which had a negative impact on the market.

本月伊始，“日本央行崩溃”事件给市场带来了负面影响。

Despite several attempts at recovery, BTC failed to break above the $65k level, leaving the asset in a weak position to close the month.

尽管多次尝试复苏，但 BTC 未能突破 6.5 万美元的水平，导致该资产在本月收盘时处于弱势地位。

The drop comes as Ethereum (ETH) suffered an even steeper decline, dropping 22.2% in August.

此次下跌之际，以太坊 (ETH) 的跌幅甚至更大，8 月份下跌了 22.2%。

The drop is attributed to the alleged sell-off by Jump Trading, which added to the bearish pressure in the market.

此次下跌的原因是Jump Trading涉嫌抛售，这加剧了市场的看跌压力。

Looking ahead to September, the expectations are not optimistic.

展望9月，预期并不乐观。

Historically, September has shown a bearish performance pattern, with six of the last seven years posting negative returns and an average return of -4.5%.

从历史上看，9月份表现出看跌的表现模式，过去七年中有六年出现负回报，平均回报率为-4.5%。

If this historical trend continues, BTC could experience a further drop, settling around $55k.

如果这种历史趋势继续下去，比特币可能会进一步下跌，稳定在 5.5 万美元左右。

However, BTC is expected to find a strong support level around $54k, a critical level which already showed its importance in July by serving as a bounce before BTC hit $70k.

然而，预计 BTC 将在 54,000 美元左右找到强劲支撑位，这一关键水平在 7 月份就已经显示出其重要性，在 BTC 触及 70,000 美元之前起到了反弹作用。

In terms of economic data to be released this week, the highlights include the Jobless Claims scheduled for Thursday, September 5 and the Nonfarm Payrolls (NFP) Report scheduled for Friday, September 6.

本周将发布的经济数据方面，重点包括定于 9 月 5 日星期四公布的失业救济人数和定于 9 月 6 日星期五公布的非农就业报告 (NFP)。

The reports, however, are not expected to trigger substantial movements in cryptocurrency prices, considering that macroeconomic data has had a decreasing impact on the crypto market in recent weeks.

然而，考虑到最近几周宏观经济数据对加密货币市场的影响逐渐减弱，预计这些报告不会引发加密货币价格的大幅波动。

Market Outlook and Investment Opportunities in Bitcoin

比特币的市场前景和投资机会

Despite the recent calm in the market, there are signs of a strong bullish bias in the medium term.

尽管近期市场平静，但中期有明显看涨倾向的迹象。

The volatility curve is expected to steepen further, with short-term volatilities declining in a sideways market.

波动率曲线预计将进一步陡峭，短期波动率在横盘市场中下降。

Additionally, there is an increase in the buying of long-term call options for BTC and ETH, which adds to the perception of a possible recovery in the medium term.

此外，比特币和以太坊的长期看涨期权购买量有所增加，这增加了人们对中期可能复苏的看法。

For instance, the recent buying of BTC-28MAR25-120k-C options, which has pushed its open interest to 2.1k, suggests that investors still hold an optimistic view on the future of BTC.

例如，最近买入 BTC-28MAR25-120k-C 期权，将其未平仓合约推至 2100 份，这表明投资者仍然对 BTC 的未来持乐观态度。

For those looking to generate returns in this declining interest rate environment, an interesting opportunity presents itself with Conditional Fixed Coupon Convertibles (CFCC).

对于那些希望在利率下降的环境中获得回报的人来说，有条件固定息票可转换债券（CFCC）提供了一个有趣的机会。

These instruments allow for an annual return of up to 23%, as long as the spot price remains above $53k.

只要现货价格保持在 53,000 美元以上，这些工具的年回报率高达 23%。

The BTC CFCC option expiring on November 8 offers additional protection with a strike price of $50k and a protection level of $40k.

BTC CFCC 期权将于 11 月 8 日到期，提供额外保护，执行价格为 5 万美元，保护水平为 4 万美元。

Only if the spot price drops below $40k, the deployed USD will be converted into BTC at $50k.

只有当现货价格跌破 4 万美元时，部署的美元才会以 5 万美元兑换成 BTC。

This strategy provides solid returns in a lower price environment, capitalizing on the possibility of interest rate cuts and stable returns in a volatile cryptocurrency market.

该策略在较低的价格环境中提供了稳健的回报，利用了波动的加密货币市场中降息的可能性和稳定的回报。