Crypto Markets Languish Amidst Negative Sentiment

加密貨幣市場在負面情緒中萎靡不振

During the weekend, crypto markets plummeted into a state of extreme fear, with prominent cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), Dogecoin (DOGE), and others experiencing significant losses. This downturn dragged the combined crypto market cap below $2 trillion.

週末期間，加密貨幣市場陷入極度恐懼的狀態，比特幣（BTC）、以太幣（ETH）、Solana（SOL）、Ripple（XRP）、狗狗幣（DOGE）等知名加密貨幣都遭受重大損失。這次經濟低迷使加密貨幣總市值跌破 2 兆美元。

BTC tumbled to a weekend low of $52,714, while ETH perilously approached a dip below $2,200 on Sunday. SOL also reached a low of $126 as markets turned bearish after US job market data missed expectations. Some cryptocurrencies, including BTC and ETH, fell below pivotal levels. The uncertainties prevailing among market observers as the upcoming FOMC meeting nears further impacted investor sentiment. Other factors influencing the markets include the ongoing Telegram saga and the Ripple lawsuit, which continue to fuel speculations.

BTC 跌至週末低點 52,714 美元，而 ETH 則在周日危險地跌破 2,200 美元。由於美國就業市場數據未達預期，市場轉為看跌，SOL 也觸及 126 美元的低點。包括 BTC 和 ETH 在內的一些加密貨幣都跌破了關鍵水準。隨著聯邦公開市場委員會會議的臨近，市場觀察家普遍存在的不確定性進一步影響了投資者的情緒。影響市場的其他因素包括正在進行的 Telegram 事件和 Ripple 訴訟，這些因素繼續加劇猜測。

US Job Data Disappoints

美國就業數據令人失望

US and crypto markets turned red following weaker-than-anticipated US job figures, indicating an economic slowdown. According to analysts, the lackluster job growth reinforced the narrative of an economic downturn. They also noted that September has historically been a subdued period for crypto and equities. Following the job market data, analysts predicted a tumultuous week for crypto markets due to the unexpected volatility. Job market figures fell short of expectations, coming in at 7.7 million, a 4.6% decline from the anticipated 8.1 million. Consequently, market observers now predict a 50 basis point rate cut by the Federal Reserve. The wider impact of the rate cut and job market data remains unclear given September's reputation as a historically difficult month for stocks and crypto.

由於美國就業數據弱於預期，顯示經濟放緩，美國和加密貨幣市場出現紅色。分析師表示，就業成長乏力強化了經濟衰退的說法。他們也指出，從歷史上看，九月一直是加密貨幣和股票的低迷時期。在就業市場數據公佈後，分析師預測，由於意外的波動，加密貨幣市場將經歷動盪的一周。就業市場數據低於預期，為 770 萬人，比預期的 810 萬人下降 4.6%。因此，市場觀察家現在預測聯準會將降息 50 個基點。鑑於 9 月對於股票和加密貨幣來說是歷史上困難的一個月，降息和就業市場數據的更廣泛影響仍不清楚。

Leena ElDeeb, a research analyst at 21Shares, commented:

21Shares 研究分析師 Leena ElDeeb 評論道：

"The recent US labor market results acted as a moment of truth for risk-on assets like bitcoin, as the labor market is considered the main sector that may influence the Fed's decision to cut rates this month. With a slightly improving unemployment rate, investors traded positively, pricing in a looser monetary policy on September 18. A rate cut bodes well for risk-on assets, which have historically enjoyed the expansion of investor appetite as borrowing costs decrease. If a hard economic landing is avoided, bitcoin and the broader market may see appreciation in the fourth quarter, driven by these liquidity dynamics."

「最近的美國勞動力市場結果對於比特幣等風險資產來說是一個關鍵時刻，因為勞動力市場被認為是可能影響聯準會本月降息決定的主要部門。隨著失業率略有改善，投資者交易積極，反映了9 月18 日寬鬆的貨幣政策。在性動態的推動下，市場可能會在第四季出現升值。

Crypto Markets Lack Near-Term Catalysts

加密貨幣市場缺乏近期催化劑

JPMorgan noted in a research report on Friday that the crypto market had recorded a 24% decline from its March peak, indicating that it was anticipating the next catalyst to foster growth, maintain engagement, and trigger a price recovery.

摩根大通在周五的一份研究報告中指出，加密貨幣市場較 3 月的峰值下跌了 24%，這表明它預計將出現下一個促進成長、保持參與度並引發價格復甦的催化劑。

"Overall, we continue to see the crypto ecosystem lacking major catalysts, and we thus expect crypto token and asset prices to be incrementally more sensitive to macro factors."

“總體而言，我們仍然認為加密生態系統缺乏主要催化劑，因此我們預計加密代幣和資產價格對宏觀因素越來越敏感。”

Despite the market downturn, JPMorgan observed an uptick in trading volumes in August, with the total average daily volumes (ADV) rising by around 8%. A Bitcoin analyst predicted the "biggest bull cycle," with $45,000 now serving as the new price floor. The analyst stated that BTC is undergoing final corrections and could experience a two-year bull run. The analyst identified the $53,000 price level as the asset's next potential price dip target, although few analysts were willing to declare an end to BTC's price consolidation. However, entrepreneur, analyst, and trader Michael van de Poppe believes that BTC's recent price correction is nearing its conclusion.

儘管市場低迷，摩根大通觀察到 8 月交易量有所上升，每日平均總交易量 (ADV) 上漲約 8%。一位比特幣分析師預測“最大的牛市週期”，目前 45,000 美元是新的價格下限。該分析師表示，BTC正在進行最後的調整，可能會經歷兩年的多頭市場。該分析師將 53,000 美元的價格水平確定為該資產的下一個潛在價格下跌目標，儘管很少有分析師願意宣布 BTC 價格整合結束。然而，企業家、分析師和交易員 Michael van de Poppe 認為，BTC 最近的價格調整已接近尾聲。

"Liquidity was taken & #Bitcoin is back up to $54.8K. Expect a max of $55.5K on this run and then we could be revisiting $53K before clearly breaking back upwards. Final corrections & then 2 years bull."

「流動性被奪走，#Bitcoin 回到 54,800 美元。預計本次運行最高可達 55,500 美元，然後我們可能會重新回到 53,000 美元，然後明顯回升。最終修正，然後是 2 年牛市。”

Investors remain skeptical about the possibility of new price lows, even a month after BTC fell below $50,000. This hesitation has contributed to subdued market conditions, despite favorable macroeconomic conditions approaching.

即使在 BTC 跌破 5 萬美元一個月後，投資者仍對價格創新低的可能性持懷疑態度。儘管有利的宏觀經濟條件即將到來，但這種猶豫仍導致市場狀況低迷。

Bitcoin (BTC) Price Analysis

比特幣（BTC）價格分析

Bitcoin (BTC) suffered a significant downturn on Friday, dropping below $55,000. Sellers drove the price down to a day low of $52,622 before a slight recovery pushed it back above $54,000. The price closed at $54,205. Several upcoming events could significantly impact the price of BTC. This comes after the world's largest cryptocurrency shed over 5% during the past week. Analysts have noted low investor confidence, but upcoming events could act as catalysts and trigger a recovery. Meanwhile, spot Bitcoin ETFs continue to perform poorly and have experienced substantial outflows.

比特幣（BTC）週五大幅下跌，跌破 55,000 美元。賣家將價格推低至全日低點 52,622 美元，隨後小幅回升將其推回 54,000 美元上方。收盤價為 54,205 美元。一些即將發生的事件可能會對比特幣的價格產生重大影響。在此之前，全球最大的加密貨幣在過去一周下跌了 5% 以上。分析師指出，投資人信心較低，但即將發生的事件可能會成為催化劑並引發復甦。與此同時，現貨比特幣 ETF 繼續表現不佳，並出現大量資金外流。

Bitcoin ETFs experienced outflows of $170 million on September 6, bringing the cumulative weekly outflow to $706 million. According to data, spot Bitcoin ETFs have been in the red for 8 consecutive days, with none of the 12 ETFs reporting net inflows over the past week. Fidelity's FBTC ETF reported outflows of over $85 million on September 6, resulting in a weekly outflow of just over $404 million. Grayscale's GBTC witnessed a withdrawal of $52,87 million on September 6, recording a weekly outflow of $160 million.

9 月 6 日，比特幣 ETF 流出 1.7 億美元，使每週累計流出達 7.06 億美元。數據顯示，現貨比特幣ETF已經連續8天出現虧損，12隻ETF中沒有一隻ETF在過去一週出現淨流入。富達 (Fidelity) 的 FBTC ETF 報告 9 月 6 日流出超過 8,500 萬美元，導致每週流出略高於 4.04 億美元。 9 月 6 日，Grayscale 的 GBTC 提現金額為 5,287 萬美元，每週流出 1.6 億美元。

Analyzing the BTC price, 10x Research suggested a potential drop to $45,000 and highlighted a decline in active addresses to 612,000. Additionally, the Mayer Multiple fell below 1, indicating a further decline. The company stated:

10x Research 分析 BTC 價格後認為，比特幣價格可能會跌至 45,000 美元，並強調活躍地址數量下降至 612,000 個。此外，梅耶爾倍數跌破1，顯示進一步下跌。該公司表示：

"Bitcoin addresses peaked in November 2023 and sharply declined after the first quarter of 2024. When the amount of BTC held by short-term holders began to decline in April, long-term holders took advantage of high prices to exit, suggesting a cycle top had been reached."

「比特幣地址在2023年11月達到頂峰，並在2024年第一季後大幅下降。當短期持有者持有的BTC數量在4月份開始下降時，長期持有者趁高價退出，暗示週期頂部已經達到了。

BTC declined throughout last week after failing to surpass the 20-day SMA on Tuesday, reaching a low of $57,529. Sellers attempted to push the price below $55,000 on Wednesday, leading to a day low of $55,658. However, buyers countered the selling pressure, pushing BTC up by 0.85% to $58,017. Selling pressure intensified on Thursday and Friday, causing BTC to drop by 3.15% and 3.53%, respectively, settling at $54,205 and breaking the crucial $55,000 price level. Sellers drove BTC down to a low of $52,622 on Friday before it rebounded to settle above $54,000.

BTC 在周二未能突破 20 日移動平均線後，上週整體下跌，觸及 57,529 美元的低點。週三，賣家試圖將價格壓低至 55,000 美元以下，導致單日低點 55,658 美元。然而，買家反擊了拋售壓力，推動 BTC 上漲 ​​0.85% 至 58,017 美元。週四和週五拋售壓力加劇，導致 BTC 分別下跌 3.15% 和 3.53%，最終收在 54,205 美元，突破 55,000 美元的關鍵價格水平。週五，賣家將 BTC 推低至 52,622 美元的低點，然後反彈至 54,000 美元上方。

Over the weekend, buyers attempted a recovery, with BTC registering a marginal increase on Saturday and a 1.25% increase on Sunday, closing the weekend at $54,981. The current session shows BTC marginally up, trading above the $55,000 price level. The $50,000 price level holds great significance for BTC at this juncture. If buyers regain control of this level, it would signal a buying dip by bulls, potentially leading to a rebound towards $57,000-$58,000. However, a drop below this level could test the $50,000 support level.

週末，買家試圖復甦，比特幣週六小幅上漲，週日上漲 1.25%，週末收在 54,981 美元。當前交易日顯示 BTC 小幅上漲，交易價格高於 55,000 美元。目前，50,000 美元的價格水準對 BTC 來說意義重大。如果買家重新控制該水平，則表示多頭買入下跌，可能導致反彈至 57,000-58,000 美元。然而，跌破該水平可能會測試 50,000 美元的支撐位。

Ethereum (ETH) Price Analysis

以太坊（ETH）價格分析

Ethereum (ETH) dipped below $2,300 on Friday as sellers drove it down to a low of $2,150, raising concerns among market observers about a potential collapse below $2,100. ETH has faced ongoing struggles, with spot Ethereum ETFs also performing poorly. ETH ETFs recorded net outflows of over $91 million last week, marking the fourth consecutive week in the red. Grayscale's ETHE reported outflows of $10.70 million, adding to the cumulative negative flow of $2.67 billion. BlackRock's ETHA was the only Ethereum ETF to report an inflow of $4.72 million on the final trading day.

以太坊（ETH）週五跌破 2,300 美元，賣家將其壓低至 2,150 美元的低點，引發市場觀察家對可能跌破 2,100 美元的擔憂。 ETH 一直面臨困境，現貨以太坊 ETF 也表現不佳。上週 ETH ETF 淨流出超過 9,100 萬美元，連續第四週出現虧損。 Grayscale 的 ETHE 報告資金流出 1,070 萬美元，累計負流量為 26.7 億美元。貝萊德的 ETHA 是唯一一隻在最後交易日流入 472 萬美元的以太坊 ETF。

ETH fell below $2,500 on Tuesday as bulls failed to sustain upward momentum above the 20-day SMA. Sellers attempted to push the price below $2,300 on Wednesday, resulting in a low of $2,310. However, strong demand at this level enabled ETH to recover, ultimately registering an increase of 1.07% to settle at $2,451. ETH failed to break above $2,500 and fell back into the red on Thursday, dropping

週二，由於多頭未能維持 20 日均線上方的上漲勢頭，以太坊跌破 2,500 美元。週三賣家試圖將價格壓低至 2,300 美元以下，最終跌至 2,310 美元的低點。然而，這一水平的強勁需求使 ETH 得以復甦，最終上漲 1.07%，收在 2,451 美元。 ETH 未能突破 2500 美元，週四重回紅色，下跌