php小编香蕉就比特币etf通过后btc为什么如此下跌这一问题进行了深入分析。虽然比特币etf的通过被视为对加密货币市场的重大利好，然而btc价格的下跌却让人疑惑不已。经过调查和研究，我们发现了几个可能的原因。首先，etf通过可能引发了投资者的利润回吐行为，导致大量抛售。其次，一些市场参与者担心etf通过后会引发更多监管和政策风险，进一步加剧了抛售情绪。此外，技术面上的调整和市场情绪的变化也可能对btc价格产生影响。综上所述，比特币etf通过后btc下跌的原因是多方面的，需要综合考虑各种因素才能得出更准确的结论。
After research and research, we have found several possible reasons for the fall in btc. First, the etf has led to a large number of sales. Second, some market participants fear that the etf’s adoption could lead to more regulatory and policy risks, further exacerbating the selling mood. Moreover, technological adjustments and changes in market sentiment could have an impact on the btc price.
那么，比特币如此下跌的原因是什么？BTC 价格的下跌是否表明ETF 消息实际上并不像人们曾经认为的那么好？在本篇文章中，我们将一一进行分析。
So, what is the reason for this decline in bitcoin? Does the decline in BTC prices suggest that ETF news is actually not as good as it was once thought? In this article, we will analyse one at a time.
美国证券交易委员会（SEC）最近通过了11个比特币现货ETF，这一消息让市场非常兴奋。许多加密货币爱好者预测，今年将会出现类似2021年的多头市场。
The recent adoption by the United States Securities and Exchange Commission (SEC) of 11 spot ETFs in bitcoin has given the market great excitement. Many crypto-money fans predict that there will be multiple markets this year, similar to those in 2021.
SEC 批准后的几天里，超过20亿美元涌入比特币ETF，BTC 价格飙升至49,102美元的多年新高。然而，随后该加密货币迅速下滑。
In the days following the SEC approval, more than $2 billion went into the Bitcoin ETF, and BTC prices skyrocketed to 49,102 dollars. However, the encoded currency then fell rapidly.
自那以后，比特币（BTC）价格已经下跌至4万美元以下，最低触及39,431美元，这是自12月初以来的最低价格。截至台湾时间1月23日，比特币价格有所回升，交易价格为40,050美元，过去24小时下跌了2.93%。
Since then, Bitcoin (BTC) prices have fallen below $40,000, reaching a minimum of US$ 39,431, the lowest since early December. By 23 January, Taiwan time, Bitcoin prices had recovered, with a trade price of US$ 40,050, falling by 2.93 per cent in the last 24 hours.
接下来，我们将分析比特币价格下跌的三个原因。
Next, we will analyse the three reasons for the fall in bitcoin prices.
由于波动性、财报季和宏观经济发展等多种因素，整个加密货币市场的交易量受到了打击。
The volume of transactions in the entire crypto-currency market was hit by a variety of factors, including volatility, fiscal seasons and macroeconomic developments.
美元走强对比特币造成了抛售压力。美元指数(DXY)于1月18日交易至103.50，超过了100日指数移动平均线(EMA)，这表明美元的强势使得投资者更倾向于将资金从比特币转移到美元。这种情况下，比特币面临着卖压，可能导致价格下跌。
The strong dollar vignette pressure. The dollar index (DXY) was traded to 103.50 on 18 January, surpassing the 100-day index moving average (EMA), suggesting that the strength of the dollar makes investors more likely to move their funds from bitcoin to dollar.
这种强劲的势头是由需求增加和美国国债殖利率上升所推动的。2023 年最后一个月美国零售额增幅高于预期。美国公债殖利率也大幅上涨，显示市场正在调整对联准会降息路线图的押注。
This strong momentum was driven by increased demand and higher US interest rates on United States domestic debt. In the last month of 2023, US retail sales increased by more than expected.
此外，在最新数据的支撑下，美国经济走强正在改变市场的鸽派押注，尽管3 月和5 月降息的可能性仍徘徊在50 个基点左右。
Moreover, the strengthening of the United States economy, supported by the latest data, is changing the market for doves, although the possibility of reducing interest rates in March and May still hovers around 50 basis points.
这增加了美元的强势，进而对加密货币价格施加压力。
This increases the strength of the dollar and puts pressure on the price of encrypted currencies.
比特币现货ETF 于1 月12 日首次交易，在首个交易日，该ETF 的交易量就已经达到46.6 亿美元，创下了传统金融业的历史新高，但这足以证明BTC 价格正如普遍预期的那样持续上涨。
Bitcoin spot ETF was first traded on 12 January, and on the first day of the transaction, the ETF had already reached $4.66 billion, a record high in the traditional financial sector, but this is sufficient evidence of the continuing increase in BTC prices, as generally expected.
根据区块链分析平台Arkham Intelligence 的数据，灰阶比特币信托(GBTC) 于1 月16 日将8,730 BTC（价值超过3.76 亿美元）转移到Coinbase Prime 存款地址。这些转帐意味着GBTC 持有者正在选择平仓部分部位。
Based on data from the block chain analysis platform Arkham Intelligence, the Greyscale Bitcoin Trust (GBTC) transferred 8,730 BTC (with a value of more than $376 million) to Coinbase Prime deposit address on 16 January. These transfers mean that the GITC holder is choosing a portion of the warehouse.
对于零售交易者来说，目前ETF 的流入并未被认为是引人注目的，普遍的共识是市场需要时间冷静和整合。
For retail traders, the current influx of ETFs is not considered significant, and there is a general consensus that markets need time to calm and integrate.
加密货币价格的波动性远高于股票，但其整体趋势往往与股市密切相关。那么，加密货币市场与股票有许多相同的特征是有道理的。其中一点是，如果一档股票在财报季表现强劲，超乎预期，那么股价仍有可能贬值。
The price of encrypted currency is much more volatile than that of equities, but its overall trend tends to be closely related to the stock market. So it makes sense that the market for encrypted currencies shares share many of the same characteristics.
这种违反直觉的现像是由「抛售新闻」，即股东在利好消息传出后获利了结的行为所造成的。当卖家群体多于潜在投资者群体时，大量股票回流市场可能会导致供需变化，导致股价下跌。
This intuition appears to be caused by the "sale of news" – that is, shareholders are profiting from the spread of good news. When there are more sellers than potential investors, large stock-back markets may lead to changes in supply and demand, leading to a fall in stock prices.
这有助于解释比特币为何会因自身的成功而遭受损失。
This helps to explain why Bitcoin suffered as a result of its own success.
CryptoQuant 研究主管Julio Moreno 并不认为比特币价格下跌是由灰阶旗下GBTC 抛售比特币导致的，他将比特币价格的波动归因于去年比特币价格飙升后获利了结的比特币持有者（短期交易者和鲸鱼）的抛售，并指出ETF 的批准可能只是「抛售新闻」事件。
Julio Moreno, research director of CryptoQuant, does not believe that the fall in Bitcoin was caused by the sale of bitcoins under the grey line by GBTC, attributed the fluctuations in bitcoins prices to the sale of bitcoins holders (short-term traders and whales) who had profited from the sharp rise in bitcoin prices last year, and pointed out that ETF approvals might have been simply "sale news" events.
根据链上分析公司Glassnode 的说法，比特币价格下跌可能是由衍生性商品杠杆和现货获利回吐共同推动的。
According to Glasnode, a chain-based analysis company, the decline in Bitcoin prices may have been driven by derivative commodity leverage and spot profits.
然而，链上和衍生性商品领域的多项指标表明，相当一部分比特币投资者确实将ETF 的批准视为抛售新闻事件。
However, multiple indicators in the area of chain and derivative commodities suggest that a significant proportion of Bitcoin investors do view ETF approvals as news-sale incidents.
Glassnode 表示，虽然中期波动背后还有其他关键驱动因素，但自10 月中旬以来，期货和选择权市场的未平仓合约(OI) 均显著上升。
Glassnode indicated that although there were other key drivers behind the medium-term fluctuations, the open contracts (OI) in futures and options markets had risen significantly since mid-October.
两个市场的未平仓合约均保持在多年高点附近，显示杠杆正在上升，并成为市场中更具主导性的力量。
Unsettled contracts in both markets remained close to their high point for many years, indicating that leverage was on the rise and becoming a more dominant force in the market.
那么，BTC 价格的下跌是否表明ETF 消息实际上并不像人们曾经认为的那么好呢？
So, does the fall in BTC's prices suggest that ETF news isn't actually as good as people once thought?
并非如此。
That's not true.
专家仍然预计，比特币现货基金将为大量新投资者打开市场，并将价格推回历史高点。他们认为这些损失只是看涨的大局中的一个小挫折；如果有什么不同的话，那就是潜在的比特币投资者可能会趁机以「折扣」的价格购买比特币。
Experts still expect that the Bitcoin spot fund will open markets for a large number of new investors and push prices back to historical highs. They see these losses as a small setback in the larger picture; if anything, it is that potential bitcoin investors may take advantage of the opportunity to buy bitcoins at a "discount" price.
以上就是比特币ETF获批后为何导致BTC价格下跌？对BTC价格下跌的原因进行分析的详细内容，更多请关注php中文网其它相关文章！
This is what caused BTC prices to fall after Bitcoin ETF was approved. More details about the reasons for BTC prices decline, please focus on php and other relevant articles in Chinese!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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