Key Points

關鍵點

• The global crypto market has seen a 5.8% increase, pushing Bitcoin’s market dominance to 53.3%.

全球加密貨幣市場成長了 5.8%，將比特幣的市場主導地位推至 53.3%。

• Bitcoin’s market capitalization has reached a new all-time high, with other major altcoins also rallying.

比特幣的市值已創歷史新高，其他主要山寨幣也在上漲。

The global market cap of cryptocurrencies has risen by 5.8% to $2.51 trillion as of March 4. This surge has resulted in a boost in Bitcoin’s (BTC) market dominance to 53.3%, as its market cap reached a new peak.

截至 3 月 4 日，全球加密貨幣市值已上漲 5.8%，達到 2.51 兆美元。這一飆升導致比特幣 (BTC) 的市場主導地位提升至 53.3%，市值達到新的峰值。

Bitcoin (BTC) has seen an 8.5% increase in the last 24 hours, reaching an intra-day high of $68,602 on March 4. Other top cryptocurrencies such as Ethereum (ETH), Cardano (ADA), XRP (XRP), and Dogecoin (DOGE) have also seen significant increases.

比特幣(BTC) 在過去24 小時內上漲8.5%，於3 月4 日達到日內高點68,602 美元。其他頂級加密貨幣如以太坊(ETH)、卡爾達諾(ADA)、瑞波幣(XRP) 和狗狗幣（DOGE）也出現了顯著成長。

Bitcoin’s Market Cap Hits New High

比特幣市值再創新高

Bitcoin’s market capitalization has reached a new record against the dollar. BTC’s rally to $68,602 on March 4 pushed its total market value to a high of $1.33 trillion. The last time BTC’s market cap reached $1.3 trillion was over two years ago, on Nov. 10, 2021, when it hit $68,990.

比特幣兌美元市值創下新紀錄。 3 月 4 日，BTC 上漲至 68,602 美元，將其總市值推至 1.33 兆美元的高點。 BTC 市值上一次達到 1.3 兆美元是在兩年多前，即 2021 年 11 月 10 日，當時觸及 68,990 美元。

A cryptocurrency’s market capitalization is the total value of the digital asset calculated by multiplying the number of coins in circulation by the current spot price of the coin. At the time of writing, there were 19,644,550 BTC in supply.

加密貨幣的市值是透過將流通中的代幣數量乘以該代幣的當前現貨價格計算得出的數位資產的總價值。截至撰寫本文時，比特幣供應量為 19,644,550。

BTC’s price rally has been attributed to the upcoming supply halving, which is expected to reduce miner rewards by 50%. There are approximately 48 days left until the halving. The approval of spot exchange-traded funds (ETFs) in the United States has also contributed to Bitcoin’s price growth.

BTC 價格上漲歸因於即將到來的供應減半，預計礦工獎勵將減少 50%。距離減半還有大約 48 天。美國現貨交易所交易基金（ETF）的批准也促進了比特幣價格的上漲。

Record Inflows into Crypto Products

加密產品的資金流入創歷史新高

The price of BTC continued to rise toward its all-time high amid increasing inflows into the spot Bitcoin ETFs. According to the Digital Asset Fund Flows Weekly Report, crypto products recorded their second-largest weekly inflow, totaling $1.84 billion. This was accompanied by a record $30 billion in trading volume.

隨著現貨比特幣 ETF 的資金流入不斷增加，比特幣的價格繼續上漲至歷史新高。根據《數位資產資金流向週報》，加密產品錄得第二大周流入量，總計 18.4 億美元。同時，交易量也創下了 300 億美元的紀錄。

Bitcoin accounted for “94% of the inflows” at $1.72 billion, as U.S.-based funds continued to dominate with net inflows totaling $1.88 billion. This comes against a backdrop of increasing outflows from the incumbent Grayscale Bitcoin ETF, GBTC.

比特幣佔“資金流入的 94%”，達 17.2 億美元，而美國基金繼續以 18.8 億美元的淨流入佔據主導地位。這是在現有灰階比特幣 ETF（GBTC）資金流出不斷增加的背景下發生的。

While institutional capital continues to flow into Bitcoin, recent price moves saw short investors double down with further inflows. The crypto market rally has also led to a wave of short position liquidations across the market, totaling over $348.2 million in 24 hours.

儘管機構資本繼續流入比特幣，但最近的價格走勢導致空頭投資者加倍下注，資金進一步流入。加密貨幣市場的上漲也引發了整個市場的空頭平倉浪潮，24 小時內總計超過 3.482 億美元。

Despite the short-seller losing streak, “$3 billion in open interest has been added to the #crypto market over the last 24 hours,” according to crypto trading analysis platform Coinalyze.

儘管賣空者連續虧損，但根據加密貨幣交易分析平台 Coinalyze 的數據，「過去 24 小時內#crypto 市場增加了 30 億美元的未平倉合約」。

Open interest (OI) measures the total value of all outstanding crypto futures contracts across exchanges. A high OI value indicates increased market activity and investor sentiment.

未平倉合約 (OI) 衡量交易所所有未平倉加密貨幣期貨合約的總價值。高 OI 值表示市場活動和投資者情緒增加。

There is optimism surrounding the spot ETFs and the upcoming Bitcoin halving, leading to increased positive sentiment. Increased institutional capital flows into crypto funds, a potential spot Ether ETF, and the upcoming Bitcoin halving are strong indications the bull market is here.

人們對現貨 ETF 和即將到來的比特幣減半持樂觀態度，導致正面情緒增加。流入加密貨幣基金的機構資本增加、潛在的以太幣 ETF 現貨以及即將到來的比特幣減半都是牛市到來的強烈跡象。