美联储利率飙升给加密货币市场蒙上阴影

持续走高的利率预期继续给加密货币市场带来压力，比特币经历了自 Sam Bankman-Fried 的 FTX 倒闭以来最大幅度的月度跌幅。美国比特币 ETF 未能维持增长势头，以及香港比特币和以太坊 ETF 首次亮相表现平淡，均打击了投资者情绪。越来越多的证据表明通胀压力正在推高实际利率，为数字资产创造不利的环境。

Surge in Interest Rates Casts Shadow Over Cryptocurrency Market

利率飙升给加密货币市场蒙上阴影

The cryptocurrency market is facing significant headwinds amidst concerns over prolonged high interest rates, as evidenced by Bitcoin's steepest monthly decline since the collapse of Sam Bankman-Fried's FTX empire in November 2022.

由于对长期高利率的担忧，加密货币市场正面临重大阻力，比特币自 2022 年 11 月 Sam Bankman-Fried 的 FTX 帝国崩溃以来最大幅度的月度跌幅就证明了这一点。

April witnessed a 16% plunge in Bitcoin's value, a sharp reversal from the earlier surge fueled by excitement surrounding US spot Bitcoin exchange-traded funds (ETFs). These funds had propelled Bitcoin to a record high of $74,000 in March, but their appeal waned in subsequent weeks.

4 月份，比特币价值暴跌 16%，与早些时候因美国现货比特币交易所交易基金 (ETF) 的兴奋而飙升的情况急剧逆转。这些资金在 3 月份将比特币推升至 74,000 美元的历史新高，但其吸引力在随后几周内减弱。

The recent launch of Bitcoin and Ether ETFs in Hong Kong failed to provide any significant boost. Trading volume for the six new products on their first day reached $12.7 million, a sizable amount locally but dwarfed by the $4.6 billion traded by similar US products upon their launch in January, according to data from Bloomberg Intelligence.

最近在香港推出的比特币和以太币 ETF 未能提供任何显着提振。彭博资讯(Bloomberg Intelligence)的数据显示，这六种新产品上市首日的交易量达到1270万美元，在当地来说是一个相当大的数字，但与美国同类产品1月份推出时的46亿美元交易量相比相形见绌。

Fed Meeting Raises Concerns

美联储会议引发担忧

Growing expectations that the Federal Reserve will signal a delay in interest rate cuts following its meeting on Wednesday are further dampening the cryptocurrency market. Recent US economic data, including a surge in labor costs, suggests that inflationary pressures persist. Real yields, which represent the true cost of borrowing, are also on the rise, creating a challenging backdrop for speculative assets like digital tokens.

人们越来越多地预期美联储将在周三会议后发出推迟降息的信号，这进一步抑制了加密货币市场。最近的美国经济数据，包括劳动力成本的飙升，表明通胀压力持续存在。代表真实借贷成本的实际收益率也在上升，为数字代币等投机资产创造了一个充满挑战的背景。

"The recent surge in Treasury yields and real rates has been 'toxic' for gold, Bitcoin, and US equity," observed Chris Weston, head of research at Pepperstone Group.

Pepperstone Group 研究主管 Chris Weston 表示：“近期国债收益率和实际利率的飙升对黄金、比特币和美国股市来说是‘有毒’的。”

As of Wednesday morning in Singapore, Bitcoin was trading at $60,200, having recovered only slightly from a 5% drop in the previous session. Smaller cryptocurrencies such as Ether and Dogecoin were also nursing losses.

截至新加坡周三上午，比特币交易价格为 60,200 美元，仅略高于前一交易日 5% 的跌幅。以太币和狗狗币等规模较小的加密货币也出现了亏损。

ETF Outflows

ETF 流出

Data compiled by Bloomberg indicates that investors withdrew a net $182 million from US spot Bitcoin ETFs in April, reversing the $4.6 billion inflow seen in March.

彭博社汇编的数据显示，4 月份投资者从美国现货比特币 ETF 净撤资 1.82 亿美元，扭转了 3 月份 46 亿美元的流入局面。

"ETFs opened a new avenue for engagement that has been incredibly popular," said Seth Ginns, managing partner and head of liquid investments at Coinfund. "But that led to Bitcoin moving up very quickly, further than anticipated."

Coinfund 管理合伙人兼流动性投资主管 Seth Ginns 表示：“ETF 开辟了一条新的参与途径，非常受欢迎。” “但这导致比特币上涨非常快，超出预期。”

Halving Event Fails to Boost Prices

减半事件未能提振价格

Last month, the Bitcoin network underwent a "halving" event, a four-yearly occurrence that reduces the supply of new tokens. Some analysts had viewed this as a bullish precursor for Bitcoin's price, but so far, it has had little impact.

上个月，比特币网络经历了四年一次的“减半”事件，减少了新代币的供应。一些分析师认为这是比特币价格看涨的先兆，但到目前为止，影响甚微。

"The recent downtrend may be attributed to profit-taking by investors who entered the market during the downturns of 2022 and 2023, as well as ETF investors who experienced significant price appreciation early on," said Matteo Greco, research analyst at Fineqia International.

Fineqia International 研究分析师 Matteo Greco 表示：“近期的下跌趋势可能归因于在 2022 年和 2023 年经济低迷时期进入市场的投资者以及早期经历价格大幅上涨的 ETF 投资者的获利了结。”