加密股票，聪明的钱和价格下跌：有什么交易？

Coinbase和Metaplanet等加密股票跌倒了。聪明的投资者是在山上奔跑，还是这只是临时下降？让我们潜水。

Crypto stocks, smart money, and falling prices – it's a trifecta that has everyone on Wall Street and beyond buzzing. Are we seeing a temporary dip, or is there something more significant happening? Let's break it down, New York style.

加密货币，聪明的钱和价格下跌 - 这是一个三连杆，在华尔街和嗡嗡声中都有每个人。我们是在看到暂时的下降，还是发生了更重要的事情？让我们分解，纽约风格。

The Crypto Stock Plunge: A Reality Check

加密货币股票：现实检查

Remember when crypto stocks were the darlings of the market? Those days might feel like a distant memory. Companies like Coinbase and Metaplanet have seen their values plummet, with drops ranging from 30% to 50% from recent highs. Ouch! But the big question is: why aren’t the so-called “smart money” investors jumping in to buy the dip?

还记得加密货币何时成为市场的宝贝吗？那些日子可能会感觉像是遥远的记忆。 Coinbase和Metaplanet等公司的价值暴跌了，近期高点的下降范围从30％到50％不等。哎哟!但是最大的问题是：为什么所谓的“聪明的钱”投资者不跳入购买蘸酱？

Smart Money Staying on the Sidelines

聪明的钱留在场外

According to a recent report by 10x Research, this isn’t just a minor correction. It’s a deeper shift in how investors perceive the true value of these crypto-related companies. Many investors who bought at the peak are now underwater, making them hesitant to dive back in headfirst. The rapid rise in prices seems to have outpaced reality, and now the market is recalibrating.

根据10倍研究的最新报告，这不仅仅是较小的更正。这是投资者如何看待这些与加密相关公司的真实价值的更深入的转变。许多在峰值购买的投资者现在都在水下，使他们犹豫要回到头顶。价格迅速上涨似乎已经超过了现实，现在市场正在重新校准。

Valuations Still Look High

估值仍然很高

One of the main reasons smart money is holding back? Valuations. Even after the recent drops, many crypto stocks still appear expensive. For instance, Circle has a forward price-to-earnings (P/E) ratio of 153x. Coinbase sits at 102x, and Robinhood at 69x. These numbers are high compared to other sectors, suggesting there might be more room to fall.

智能资金阻碍的主要原因之一？估值。即使在最近的下降之后，许多加密股票仍然看起来很昂贵。例如，Circle具有153倍的远期价（P/E）比率。 Coinbase位于102倍，Robinhood为69倍。与其他部门相比，这些数字很高，这表明可能有更多的跌倒空间。

Broader Market Trends and Macroeconomic Factors

更广泛的市场趋势和宏观经济因素

It's not just about individual stock valuations, though. The broader market plays a role too. Cryptocurrencies and stocks have been moving in sync, largely driven by expectations of potential Federal Reserve rate cuts. Back in early August 2025, Bitcoin briefly hit $114,345, and Ethereum climbed 2.6% to $3,533, reflecting a risk-on sentiment tied to anticipated monetary easing.

不过，这不仅涉及个人股票估值。更广泛的市场也起着作用。加密货币和股票一直在同步，这在很大程度上是由于潜在的美联储削减税率的期望而推动的。早在2025年8月上旬，比特币短暂达到了114,345美元，以太坊攀升了2.6％，至3,533美元，反映了与预期的货币宽松相关的风险情绪。

Miner Sell-Offs and Altcoin Rotations

矿工抛售和山寨币轮换

Adding another layer to the mix, Bitcoin miners have been offloading significant amounts of BTC, driven by tightening margins and stagnant prices. Historically, these sell-offs trigger capital rotation into promising altcoins. One project catching attention is Mutuum Finance (MUTM), a DeFi platform aiming to reshape decentralized lending. It's all about finding the next big thing with real utility.

比特币矿工在混合物中增加了另一层，这是由于利润和停滞的价格驱动的大量BTC。从历史上看，这些抛售将资本转移到有希望的山寨币中。一个引起关注的项目是Mutuum Finance（MUTM），这是一个旨在重塑分散贷款的DEFI平台。这一切都是关于使用真正的实用程序找到下一个大事。

The Crash of July: A Volatile Reminder

七月的坠机事故：一个动荡的提醒

Just to keep things interesting, July brought a stark reminder of crypto market volatility. A sudden crash led to massive liquidations, impacting BTC, SOL, DOGE, and more. Bitcoin dipped below $116k, triggering $600 million in liquidations. A massive sell-off from Galaxy Digital, originating from a Satoshi-era whale, fueled the fire. Even Jim Cramer’s endorsement of Bitcoin buying got some blame – talk about a jinx!

只是为了使事情变得有趣，七月使人想起了加密货币市场波动。突然的崩溃导致了大量清算，影响了BTC，SOL，DOGE等。比特币低于$ 11.6万美元，触发了6亿美元的清算。源自Satoshi时代鲸鱼的Galaxy Digital的大量抛售为大火加油。甚至吉姆·克莱默（Jim Cramer）对比特币购买的认可也受到了责备 - 谈论jinx！

Personal Take: Proceed with Caution

个人拍摄：谨慎行事

While some see this as a buying opportunity, caution is the name of the game. The market is heavily influenced by macroeconomic factors, regulatory uncertainties, and good old-fashioned speculation. Before jumping in, do your homework, understand the risks, and maybe, just maybe, wait for a clearer signal.

虽然有些人将其视为购买机会，但谨慎是游戏的名称。市场受到宏观经济因素，监管不确定性和良好的老式猜测的严重影响。在跳入之前，要做功课，了解风险，也许，也许等待更清晰的信号。

Final Thoughts: Keep Your Eyes Peeled

最终想法：睁大眼睛

So, what’s the bottom line? Crypto stocks are facing headwinds, and smart money is playing it cool. Whether it’s a temporary dip or a sign of deeper issues, one thing is clear: the crypto market remains as unpredictable as ever. Buckle up, stay informed, and remember – this ain't your grandma's stock market! Keep those eyes peeled, folks. The crypto rollercoaster is far from over!

那么，最重要的是什么？加密股票的股票面临逆风，聪明的钱正在酷炫。无论是临时倾斜还是更深层问题的迹象，都很明显：加密货币市场仍然一如既往地不可预测。系好，保持知情并记住 - 这不是您奶奶的股票市场！伙计们，让那些眼睛剥皮。加密过山车还远远没有结束！