Coinbase：宏观因素在起作用

Coinbase Research 的一份新报告称，宏观经济压力给加密货币市场带来了沉重压力。

A new report from Coinbase Research has highlighted the increasing impact of macroeconomic factors on the cryptocurrency market. The report, which was published on Monday, noted that the market has become more vulnerable in recent weeks due to a lack of catalysts to drive prices upwards.

Coinbase Research 的一份新报告强调了宏观经济因素对加密货币市场的影响越来越大。周一发布的报告指出，由于缺乏推动价格上涨的催化剂，近几周市场变得更加脆弱。

According to the report, the recent decision by the Bank of Japan to hike interest rates has led to the unwinding of yen carry trades, which has had a ripple effect on global markets.

报道称，日本央行近期加息决定导致日元套利交易平仓，对全球市场产生了连锁反应。

Additionally, the report noted that geopolitical tensions in the Middle East are also raising concerns over oil supplies, which is further impacting the market.

此外，报告指出，中东地缘政治紧张局势也引发了对石油供应的担忧，这进一步影响了市场。

The report also highlighted a sharp decline in leverage within on-chain spot markets, which it attributed to the recent large drop in crypto prices, rendering investors cautious.

该报告还强调了链上现货市场杠杆率的急剧下降，这归因于近期加密货币价格的大幅下跌，这使得投资者变得谨慎。

Coinbase analysts believe that macroeconomic factors will continue to dominate the near-term price movements of cryptocurrencies.

Coinbase分析师认为，宏观经济因素将继续主导加密货币的近期价格走势。

The company's Q3 strategy is heavily influenced by the upcoming US inflation data prints, which will determine market sentiment towards crypto.

该公司的第三季度战略很大程度上受到即将发布的美国通胀数据的影响，这将决定市场对加密货币的情绪。

While some analysts remain pessimistic, others believe that a recovery in the US economy could lead to a recovery in token valuations, with some hypothesizing that Bitcoin could reach its all-time high again this year if macro conditions stabilize.

尽管一些分析师仍然悲观，但另一些分析师认为，美国经济的复苏可能会导致代币估值回升，一些分析师假设，如果宏观条件稳定，比特币今年可能再次创下历史新高。

Investors are advised to pay close attention to the interplay between macroeconomic factors and market dynamics in the current crypto landscape.

建议投资者密切关注当前加密货币格局中宏观经济因素与市场动态之间的相互作用。

The report follows a recent analysis by the exchange, which found that crypto markets are now moving in sync with traditional markets, with a 90-day rolling correlation coefficient between the S&P 500 and Bitcoin reaching 0.8.

该报告是在该交易所最近进行的一项分析之后发现的，加密货币市场目前正在与传统市场同步发展，标准普尔 500 指数与比特币之间的 90 天滚动相关系数达到 0.8。

The analysis also found that the correlation between the S&P 500 and Ethereum has been increasing since the start of 2023, with the 90-day rolling correlation coefficient reaching 0.7.

分析还发现，自2023年初以来，标普500指数与以太坊之间的相关性不断增强，90天滚动相关系数达到0.7。

Coinbase attributed the increasing correlation to the entry of institutional investors into the crypto market, which has been gathering pace since 2020.

Coinbase 将这种相关性的增加归因于机构投资者进入加密货币市场，该市场自 2020 年以来一直在加快步伐。

As the market matures, it's becoming increasingly difficult to ignore the broader economic trends that drive crypto prices.

随着市场的成熟，越来越难以忽视推动加密货币价格的更广泛的经济趋势。