摩根大通：比特币减半前的下跌创造了潜在的投资机会

由于奖励减半之前比特币矿业股票的表现低于平均水平，摩根大通（JPM）宣布现在是投资者进入市场的好时机。自 3 月 31 日以来，该银行追踪的 14 家比特币矿商的总市值已减少 58 亿美元，至 142 亿美元，跌幅为 28%。鉴于比特币今年迄今已增长 43%，在过去六个月中增长了 130%，该研究称“典型的减半后反弹的一部分似乎已被提前”。

Bitcoin's Surprising Pre-Halving Performance: Potential Entry Point for Investors, Says JPMorgan

摩根大通表示，比特币减半前令人惊讶的表现：投资者的潜在切入点

In a recent research report, global investment bank JPMorgan (JPM) has highlighted the potential implications of recent weakness in bitcoin mining stocks ahead of the upcoming halving event.

在最近的一份研究报告中，全球投资银行摩根大通（JPM）强调了在即将到来的减半事件之前比特币矿业股票近期疲软的潜在影响。

According to the report, the total market capitalization of 14 U.S.-listed bitcoin miners tracked by JPMorgan experienced a significant decline of 28% between March 31 and April 15, shedding a total of $5.8 billion to reach $14.2 billion. Notably, all of these stocks underperformed bitcoin during this period, with each losing at least 20%.

报告显示，摩根大通追踪的14家美国上市比特币矿商总市值在3月31日至4月15日期间大幅下跌28%，总计蒸发58亿美元至142亿美元。值得注意的是，所有这些股票在此期间的表现均逊于比特币，每只股票均下跌至少 20%。

Intriguingly, this decline in mining stock valuations comes amidst a period of strong performance for bitcoin itself. The report observes that bitcoin has gained an impressive 43% year-to-date and 130% in the past six months. JPMorgan suggests that this outperformance may have "pulled forward" a portion of the price appreciation typically associated with the post-halving rally.

有趣的是，矿业股估值的下降是在比特币本身表现强劲的时期发生的。该报告指出，比特币今年迄今已上涨 43%，过去六个月上涨了 130%。摩根大通表示，这种优异的表现可能“拉动”了通常与减半后反弹相关的部分价格升值。

For context, the quadrennial halving event, expected to occur on April 19-20, will reduce the block reward for bitcoin miners by half, effectively slowing the rate of growth in bitcoin's supply. Historically, this event has marked a significant milestone in bitcoin's lifecycle, often accompanied by price rallies.

就背景而言，预计将于 4 月 19 日至 20 日发生的四年一次的减半事件将使比特币矿工的区块奖励减少一半，从而有效减缓比特币供应的增长速度。从历史上看，这一事件标志着比特币生命周期的一个重要里程碑，通常伴随着价格上涨。

Amidst this unusual pre-halving market dynamic, JPMorgan analysts Reginald Smith and Charles Pearce maintain a bullish outlook on two particular mining companies: Riot Platforms (RIOT) and Iris Energy (IREN). They believe these stocks offer attractive valuations relative to their peers.

在这种不寻常的减半前市场动态中，摩根大通分析师雷金纳德·史密斯和查尔斯·皮尔斯对两家特定的矿业公司维持看涨前景：Riot Platforms (RIOT) 和 Iris Energy (IREN)。他们认为，相对于同行，这些股票的估值具有吸引力。

"With the bitcoin halving on the horizon, we expect heightened volatility and trading volume in both bitcoin and mining stocks," the analysts wrote in the report.

分析师在报告中写道：“随着比特币减半即将到来，我们预计比特币和矿业股的波动性和交易量都会加剧。”

However, it is important to note that recent network conditions have impacted mining profitability. JPMorgan acknowledges that, during the first two weeks of April, mining profitability declined as "network hashrate growth outpaced bitcoin price appreciation."

然而，值得注意的是，最近的网络状况影响了挖矿盈利能力。摩根大通承认，在 4 月的前两周，由于“网络算力增长超过了比特币价格升值”，挖矿盈利能力下降。

Despite this temporary setback, JPMorgan's report suggests that the upcoming halving event remains a significant catalyst for the bitcoin industry. Investors seeking exposure to the potential price rally may consider the current weakness in mining stocks as an opportune entry point, with Riot Platforms and Iris Energy being favored by the bank's analysts.

尽管出现暂时的挫折，摩根大通的报告表明，即将到来的减半事件仍然是比特币行业的重要催化剂。寻求潜在价格上涨的投资者可能会将当前矿业股的疲软视为一个合适的切入点，而 Riot Platforms 和 Iris Energy 受到了该银行分析师的青睐。

As the halving approaches, it is crucial for investors to conduct thorough research and carefully evaluate the risks and rewards associated with investing in bitcoin mining stocks. The market's performance in the lead-up to and following the halving remains uncertain, and investors should exercise caution and make informed decisions.

随着减半的临近，投资者进行彻底的研究并仔细评估与投资比特币矿业股票相关的风险和回报至关重要。减半前后的市场表现仍存在不确定性，投资者应谨慎行事并做出明智的决定。