最新 CPI 数据公布后，加密货币市场陷入恐慌，原因如下

加密货币市场已经非常薄弱且杠杆率很高，这意味着任何价格变动就像火上浇油。

The crypto market had a rough night after the latest U.S. Consumer Price Index (CPI) figures hit the scene.

在最新的美国消费者价格指数（CPI）数据公布后，加密货币市场经历了一个艰难的夜晚。

As the numbers dropped, traders hit the sell button like there was no tomorrow, especially in the case of Bitcoin and Ethereum. Everyone was expecting this CPI print to turn things around, and it did — just not in the way bulls were hoping.

随着数字下降，交易者按下卖出按钮，就像没有明天一样，尤其是在比特币和以太坊的情况下。每个人都期待消费者物价指数 (CPI) 数据能够扭转局面，事实也确实如此——只是与多头所希望的方式不同。

With inflation figures meeting expectations, the market quickly started pricing in a higher chance of a 25 basis points rate cut — jumping from 47.5% to 62.5%.

随着通胀数据符合预期，市场很快开始消化降息 25 个基点的可能性更高——从 47.5% 跃升至 62.5%。

After the CPI news hit, crypto and equities saw a brief spike, but it was like a spark that fizzled out before it even got going.

CPI 消息传出后，加密货币和股票出现了短暂的上涨，但就像火花一样，在点燃之前就熄灭了。

A big part of this was the U.S. government dumping 10,000 BTC into Coinbase Prime and Jump offloading 17,000 ETH. This sudden fresh supply hit the market like a ton of bricks.

其中很大一部分是美国政府向 Coinbase Prime 倾销了 10,000 个 BTC，而 Jump 则抛售了 17,000 个 ETH。突然的新鲜供应像一吨砖头一样冲击市场。

Bitcoin and Ether’s front-end volatility tanked, shedding about 10 vols, while risk reversals dropped to -8 for ETH and -6 for BTC.

比特币和以太币的前端波动性大幅下跌，损失了约 10 波动量，而 ETH 的风险逆转降至 -8，BTC 的风险逆转降至 -6。

This whole situation has traders on edge, and for good reason. The crypto market is already super thin and highly leveraged, which means that any price movement is like throwing gasoline on a fire.

整个情况让交易者感到紧张，这是有充分理由的。加密货币市场已经非常薄弱且杠杆率很高，这意味着任何价格变动就像火上浇油。

The options market, which is usually a good barometer of where things might head, is looking a lot like more pain could be on the way.

期权市场通常是事态发展的晴雨表，但现在看起来可能会出现更多的痛苦。

The sell-off was swift, with the fresh supply of BTC and ETH hitting a market that was already on edge. It’s like watching a domino effect — once the first one falls, the rest follow suit.

随着 BTC 和 ETH 的新供应冲击本已紧张的市场，抛售迅速发生。这就像观看多米诺骨牌效应——一旦第一块倒下，其余的也会随之倒下。

And right now, traders are scrambling to get ahead of the curve, fearing that this could just be the beginning of a more extended bear run.

目前，交易员们正争先恐后地抢先一步，担心这可能只是更长期熊市的开始。

QCP Capital analysts pointed out that this reaction was pretty much what they expected. With the U.S. dumping 10 thousand BTCs and Jump doing the same with a huge amount of ETHs, it’s no wonder traders are hitting the sell button.

QCP Capital分析师指出，这种反应几乎符合他们的预期。随着美国抛售 1 万个 BTC，Jump 也抛售大量 ETH，难怪交易者纷纷按下卖出按钮。

Despite the chaos, not everything is grim. Yesterday, Bitcoin spot exchange-traded funds (ETFs) saw a net inflow of $11.11 million.

尽管混乱，但并非一切都是严峻的。昨天，比特币现货交易所交易基金（ETF）净流入1111万美元。

This is pretty interesting, especially when you consider that the Grayscale Bitcoin Trust (GBTC) saw outflows of $25.03 million during the same period. It’s a weird contradiction that shows just how split the market is right now.

这非常有趣，尤其是考虑到灰度比特币信托基金 (GBTC) 同期流出了 2503 万美元。这是一个奇怪的矛盾，表明了目前市场的分裂程度。

The outflows from GBTC align with the recent decision by the New York Stock Exchange’s Arca electronic exchange to withdraw a proposed rule change.

GBTC 的资金流出与纽约证券交易所 Arca 电子交易所最近决定撤回拟议的规则变更一致。

This change would’ve allowed trading of GBTC and other crypto ETFs, but with that off the table, it looks like investors are pulling their money out.

这一变化原本允许 GBTC 和其他加密 ETF 的交易，但随着这一变化的取消，投资者似乎正在撤资。

The ETF inflows are a bit of a bright spot, but it’s not enough to offset the broader bearish sentiment that’s taking over.

ETF 资金流入是一个亮点，但不足以抵消正在蔓延的更广泛的看跌情绪。

Ether, meanwhile, is having a rough time. Even though it’s trading 25% above its eight-month low of $2,112, hit during the infamous August 5 crash, the outlook isn’t exactly rosy.

与此同时，以太币正经历着一段艰难的时期。尽管该股的交易价格比臭名昭著的 8 月 5 日崩盘期间创下的 8 个月低点 2,112 美元高出 25%，但前景并不乐观。

The second-largest cryptocurrency by market cap has been on an upswing, gaining 13% over the last seven days, but analysts are still waving the red flag, warning that the downside risks for Ethereum are very much alive and well.

按市值计算的第二大加密货币一直在上涨，在过去 7 天里上涨了 13％，但分析师仍然挥舞着危险信号，警告以太坊的下行风险仍然存在。