When Bitcoin’s price skyrocketed to a jaw-dropping record high this past week, for a hot minute, it seemed like the notorious roller coaster of cryptocurrency scandals and gut-wrenching sell-offs had finally pulled into the station for good. But, as quick as lightning, the price took a nosedive, slapping us with the cold, hard truth: the beast of volatility is always lurking, ready to pounce at anytime.

當比特幣的價格在過去一周飆升至令人瞠目結舌的歷史新高時，在一段炙手可熱的時刻，似乎由加密貨幣醜聞和令人痛苦的拋售組成的臭名昭著的過山車終於永遠停了下來。但是，價格以閃電般的速度暴跌，向我們敲響了冷酷無情的事實：波動之獸總是潛伏著，隨時準備襲擊。

This year, Bitcoin flaunted a 60% increase in value, hitting the roof at just over $70,000. The spotlight shines bright on institutional investors, who seem to be the puppeteers pulling the strings behind this dramatic curtain rise. According to financial experts at Deutsche Bank, the green light on new spot Bitcoin ETFs in the U.S. has been like opening the floodgates to nearly $8 billion in funds since January 10th. The cash flow into BlackRock’s and Fidelity’s funds alone is enough to make your head spin, with inflows topping $9.2 billion and $5.3 billion, respectively. Yet, this fiesta could have been even more lavish if not for the party poopers at Grayscale, who saw nearly $10 billion walk out the door after switching to an ETF, likely chasing after the new, shinier, lower-cost attractions.

今年，比特幣的價值成長了 60%，達到了 7 萬多美元的頂峰。聚光燈照在機構投資者身上，他們似乎是這場戲劇性崛起背後的幕後操縱者。德意志銀行金融專家表示，自 1 月 10 日以來，美國對新現貨比特幣 ETF 的批准就像為近 80 億美元的資金打開了閘門。光是流入貝萊德和富達基金的現金流就足以讓你頭暈目眩，流入量分別超過 92 億美元和 53 億美元。然而，如果沒有Grayscale 的派對掃興者，這個節日可能會更加奢華，他們在轉向ETF 後看到近100 億美元的資金流失，很可能是為了追逐新的、更閃亮的、成本更低的吸引力。

Deutsche Bank’s Marion Laboure said that the crypto market is slowly but surely getting a makeover with a more institutional vibe, as the traditional finance bigwigs elbow their way in. Coinbase, with its regulated futures exchange, broke its own records at the end of February in terms of notional volume. It’s becoming a hot spot for the whales looking to offload their Bitcoin stash. This influx of institutional money is yanking the market away from its roots. The stats are staggering: regulated investment vehicles now cradle over 1 million Bitcoins, a stash that’s grown by 161,700 this year alone, thanks to Uncle Sam’s ETFs. This amounts to over 5.13% of all Bitcoins out there.

德意志銀行(Deutsche Bank) 的Marion Laboure 表示，隨著傳統金融巨頭的擠入，加密貨幣市場正在緩慢但肯定地以更具機構氛圍的方式進行改造。Coinbase 及其受監管的期貨交易所在2 月底打破了自己的記錄。名義交易量。對於那些希望拋售比特幣的鯨魚來說，這裡正在成為一個熱點。機構資金的湧入正在使市場脫離其根源。統計數據令人震驚：受監管的投資工具目前擁有超過 100 萬枚比特幣，光是今年就增加了 161,700 枚，這要歸功於山姆大叔的 ETF。這相當於所有比特幣的 5.13% 以上。

The SEC’s white flag in the ETF battle marked a major shift. Gary Gensler, SEC’s chair, may have dragged his feet, but eventually, he unwittingly tipped the scales in favor of stateside, regulated investment vehicles. Meanwhile, the retail investors, who once rode the Bitcoin bull to staggering heights in years past, might feel like they’re watching the parade from the sidelines. Sure, the meme coin craze flickers with signs of life, with Dogecoin doubling up and the new kid on the block, dogwifhat, skyrocketing 800% from a base that’s practically the bottom of the barrel.

美國證券交易委員會在 ETF 之爭中的白旗標誌著一個重大轉變。美國證券交易委員會 (SEC) 主席加里·根斯勒 (Gary Gensler) 可能行動遲緩，但最終，他無意中將天平向美國本土受監管的投資工具傾斜。同時，過去幾年一度將比特幣牛市推向驚人高度的散戶投資者可能會覺得自己在場外觀看這場遊行。當然，迷因幣熱潮閃爍著生命的跡象，狗狗幣翻倍，而新出現的狗幣，從幾乎是桶底的基礎上飆升了 800%。

Yet, as the Bitcoin price swing showed us this week, we’re not exactly witnessing a tamed, institutionalized crypto market. It feels more like the same old wild ride, just with new tracks laid down. However, price setting and discovery are non-negotiables. Crypto exchanges are where the magic happens, facilitating spot trading that helps peg prices to reality.

然而，正如本週比特幣價格波動向我們展示的那樣，我們並沒有看到一個馴服的、制度化的加密市場。感覺更像是同樣古老的狂野騎行，只是鋪設了新的軌道。然而，價格設定和發現是沒有談判餘地的。加密貨幣交易所是神奇發生的地方，促進現貨交易，幫助將價格與現實掛鉤。

Last week, when the market was bubbling with froth, Bitcoin trading volumes blasted past the $40 billion mark, a spectacle not seen since the 2021 sell-off. Analysts at Kaiko Research pointed out the stark contrast in buying behaviors between Binance and U.S. exchanges, painting a vivid picture of the market’s dynamics.

上週，當市場充滿泡沫時，比特幣交易量突破了 400 億美元大關，這是自 2021 年拋售以來從未見過的景象。 Kaiko Research 的分析師指出，幣安和美國交易所之間的購買行為形成鮮明對比，生動地描繪了市場動態。

The curious case of Bitcoin’s price movements continues to baffle many. While some might credit the ETFs for the recent surge, this reasoning seems to put the cart before the horse. The demand surge meets a market still characterized by relatively thin trading volumes, amplifying the impact of transactions on prices. Recent data shows a slight uptick in the percentage of Bitcoins changing hands, but nothing to write home about. The bulk of the market remains tightly held for the long haul, shy of the trading floors.

比特幣價格走勢的奇怪情況繼續讓許多人感到困惑。儘管有些人可能將近期的飆升歸功於ETF，但這種推理似乎本末倒置。需求激增與交易量仍相對清淡的市場結合，放大了交易對價格的影響。最近的數據顯示，比特幣易手的比例略有上升，但沒有什麼值得大書特書的。大部分市場仍長期處於緊張狀態，遠離交易大廳。