风暴正在加密市场酿造

在这个星期六，图表显示了令人担忧的红色：比特币下跌低于$ 84,000，以太坊波动约为1,880美元，XRP倒塌了5％。

The storm is brewing in the crypto market. This Saturday, the charts show a worrying red: bitcoin plunges below $84,000, Ethereum wavers around $1,880, and XRP collapses by 5%. A brutal correction, but not entirely unpredictable. Behind these figures lie complex dynamics, where on-chain data and macroeconomic factors intertwine. Decoding.

风暴正在加密市场酿造。在这个星期六，图表显示了令人担忧的红色：比特币下跌低于$ 84,000，以太坊波动约为1,880美元，XRP倒塌了5％。残酷的纠正，但不是完全不可预测的。这些数字的背后是复杂的动力学，其中链数据和宏观经济因素交织在一起。解码。

Bitcoin at the forefront: the naked truth of on-chain data

比特币处于最前沿：链链数据的裸体真相

The on-chain indicators don’t lie: demand for bitcoin is eroding. Purchase volumes have been declining since December 2023, but the drop is accelerating since mid-March.

链上的指标不会撒谎：对比特币的需求正在侵蚀。自2023年12月以来，购买量一直在下降，但自3月中旬以来的下降正在加速。

The American spot ETFs, which were drivers earlier this year, are seeing their inflows dwindle. Worse: institutional investors seem to be hesitating. A caution that contrasts with the optimism of previous months.

今年早些时候是驾驶员的美国现场ETF正在看到他们的流入减少。更糟糕的是：机构投资者似乎很犹豫。与前几个月的乐观相反的谨慎。

At the same time, ETFs on ether are recording record outflows—over $400 million in March—a worrying signal for the altcoin market.

同时，Ether上的ETF正在录制创纪录的流出（3月份4亿美元），这是Altcoin Market的令人担忧的信号。

Also, XRP “whales” are ramping up their selling, fueling distrust. Result: decreasing liquidity, widening spreads, and heightened volatility.

另外，XRP“鲸鱼”正在加剧他们的销售，助长了不信任。结果：降低流动性，扩大利差和增加的波动性。

In the face of uncertainty, large portfolios are migrating. Data reveals an increase in transfers to digital gold (tokenized) and stablecoins.

面对不确定性，大型投资组合正在迁移。数据表明，向数字黄金（令牌化）和稳定的转移增加了。

A defensive strategy that deprives the market of fresh capital. Reserves of USDT and USDC are swelling, while bitcoin loses its status as a temporary safe haven. A paradox, given that geopolitical tensions could have favored it.

一种防御策略，剥夺了新鲜资本的市场。 USDT和USDC的储备膨胀，而比特币失去了其作为临时避风港的地位。悖论，鉴于地缘政治紧张局势可能会偏爱它。

2025 at the crossroads: V-shaped recovery or new storm?

2025在十字路口：V形恢复还是新风暴？

April 2 is approaching, and with it, the implementation of new U.S. tariffs. A sword of Damocles for cryptos.

4月2日即将到来，随之而来的是新美国关税的实施。一把damocles的剑。

Investors fear a global economic slowdown, likely to reduce appetite for risky assets. In this context, bitcoin becomes a barometer unwittingly: each movement reflects a battle between fears and opportunities.

投资者担心全球经济放缓，可能会减少对风险资产的需求。在这种情况下，比特币在不知不觉中成为晴雨表：每个运动都反映出恐惧和机遇之间的斗争。

Experts are divided. For some, this correction is a healthy purge, the prelude to a V-shaped recovery by summer. Others see it as the start of a prolonged crypto winter, fueled by unpredictable regulations and stubborn inflation.

专家分裂。对于某些人来说，这种校正是一种健康的清除，是夏季V形恢复的前奏。其他人则认为这是不可预测的法规和顽固的通货膨胀所推动的长期加密冬季的开始。

One thing is certain: technical indicators (like bitcoin’s RSI) signal an oversold market. A technical rebound is plausible, but fragile.

可以肯定的是：技术指标（如比特币的RSI）表示超售市场。技术反弹是合理的，但脆弱。

In the face of this uncertainty, advice diverges. “Stay liquid,” suggests Marc Frison, analyst at ChainMetrics. Capital will return, but timing is key.” Others bet on DCA (dollar-cost averaging), considered less risky. Finally, seasoned traders exploit short-term futures, taking advantage of volatility.

面对这种不确定性，建议分歧。 Chainmetrics分析师Marc Frison建议：“保持液体。”资本将返回，但时机是关键。”其他人则押注DCA（美元成本平均），最终认为，经验丰富的交易者利用了波动率。

In any case, blockchain innovation continues. In France, the Minister of Digital opens the way for Bitcoin mining.

无论如何，区块链创新仍在继续。在法国，数字部长为比特币开采开辟了道路。

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Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.

自2017年以来，Evariste着迷于比特币，一直在研究该主题。尽管他最初的兴趣是交易，但他现在积极寻求了解以加密货币为中心的所有进步。作为一名编辑，他努力始终如一地提供反映整个行业状态的高质量工作。