Bitcoin and Altcoins Undergo Market Downturn

比特币和山寨币经历市场低迷

The cryptocurrency market is experiencing a challenging period, with Bitcoin (BTC) facing a downturn. After nearing $100,000, BTC now trades around $93,230. Analysts predict a further potential decline to $92,000 or lower. This halt of the rapid rally has impacted the entire market. Major altcoins such as Dogecoin (DOGE) and Solana (SOL) have also incurred substantial losses, causing investor apprehension.

加密货币市场正经历一个充满挑战的时期，比特币（BTC）面临低迷。在接近 100,000 美元后，BTC 目前交易价格约为 93,230 美元。分析师预测价格可能进一步下跌至 92,000 美元或更低。快速上涨的停止影响了整个市场。狗狗币（DOGE）和索拉纳（SOL）等主要山寨币也遭受了巨额损失，引起了投资者的担忧。

Bitcoin's Volatility and M2 Money Supply Correlation

比特币的波动性与 M2 货币供应量的相关性

Bitcoin's recent price fluctuations have reignited discussions about its connection to the M2 money supply. Experts observe that BTC has closely tracked global liquidity trends with a notable delay. This pattern suggests Bitcoin may potentially decline by another 20%, possibly landing around $88,000.

比特币最近的价格波动重新引发了有关其与 M2 货币供应量关系的讨论。专家观察到，比特币密切跟踪全球流动性趋势，但明显滞后。这种模式表明比特币可能会再下跌 20%，跌至 88,000 美元左右。

Crypto analyst Joe Consorti emphasized this connection as "shockingly accurate." However, critics argue that Bitcoin's volatility undermines the reliability of such correlations. Nevertheless, the current price action and selling pressure from long-term holders indicate a cooling-off period for BTC. Glassnode's data reveals that over 366,000 BTC have been offloaded monthly, supporting the bearish outlook.

加密货币分析师 Joe Consorti 强调这种联系“准确得令人震惊”。然而，批评者认为，比特币的波动性破坏了这种相关性的可靠性。尽管如此，当前的价格走势和长期持有者的抛售压力表明比特币正处于冷静期。 Glassnode 的数据显示，每月有超过 366,000 枚 BTC 被抛售，支撑了看跌的前景。

Broader Crypto Market Decline

加密货币市场整体下滑

The broader crypto market has been severely affected, with its total capitalization dropping by 5% within 24 hours. Altcoins like DOGE and SOL have led the decline, with DOGE losing over 12% and SOL dropping by approximately 10%. Bitcoin's dip below $94,000 further exacerbated the situation, resulting in market-wide liquidations exceeding $691 million.

更广泛的加密市场受到严重影响，总市值在 24 小时内下跌了 5%。 DOGE 和 SOL 等山寨币领跌，其中 DOGE 下跌超过 12%，SOL 下跌约 10%。比特币跌破 94,000 美元进一步加剧了这种情况，导致整个市场清算超过 6.91 亿美元。

Despite a surge in trading activity, DOGE failed to sustain its price. Similarly, Solana faced intense sell-offs, resulting in its market cap declining significantly. Analysts view this downturn as a necessary correction, with excessive leverage contributing to recent volatility. It serves as a reminder of the inherent unpredictability of the crypto market.

尽管交易活动激增，但 DOGE 未能维持其价格。同样，Solana 也面临剧烈抛售，导致其市值大幅下降。分析师认为，此次经济低迷是一次必要的调整，过度杠杆化导致了近期的波动。它提醒人们加密市场固有的不可预测性。

ETF Inflows Reflect Market Anxiety

ETF 流入反映市场焦虑

Exchange-traded funds (ETFs) provide another indication of the market's instability. Spot Bitcoin ETFs have witnessed $438 million in outflows, a stark reversal from the billions in inflows earlier this month. These outflows coincided with Bitcoin's inability to maintain its $94,000 support level. Grayscale's GBTC and Bitwise's BITB were among the most impacted funds.

交易所交易基金（ETF）是市场不稳定的另一个迹象。现货比特币 ETF 资金流出 4.38 亿美元，与本月初数十亿美元的资金流入形成鲜明对比。这些资金流出恰逢比特币无法维持其 94,000 美元的支撑位。 Grayscale 的 GBTC 和 Bitwise 的 BITB 是受影响最严重的基金之一。

Ethereum ETFs, however, have performed somewhat better, experiencing modest inflows. However, the overall trend highlights growing investor caution. With BTC losing momentum and altcoins floundering, the ETF market mirrors the uncertainty prevalent in the crypto space.

然而，以太坊 ETF 的表现稍好一些，资金流入温和。然而，总体趋势凸显投资者日益谨慎。随着 BTC 失去动力，山寨币陷入困境，ETF 市场反映了加密货币领域普遍存在的不确定性。

Bitcoin's Recovery Prospects

比特币的复苏前景

The crucial question is whether Bitcoin can regain its upward trajectory. Some analysts believe BTC may find support around $85,000, while others anticipate a potential resumption of the rally. However, with M2 money supply trends and market corrections looming, the path forward appears uncertain.

关键问题是比特币能否重拾上升轨迹。一些分析师认为 BTC 可能会在 85,000 美元左右找到支撑，而其他分析师则预计可能会恢复反弹。然而，随着M2货币供应趋势和市场调整的临近，前进的道路似乎充满不确定性。

Currently, the crypto market remains volatile. Glassnode's reports of increased selling by long-term holders and the struggles of major altcoins such as DOGE and SOL contribute to the bearish sentiment. As economic factors like inflation and Federal Reserve policies come into play, crypto enthusiasts await a return to calmer market conditions.

目前，加密货币市场仍然波动。 Glassnode 的报告称，长期持有者抛售增加，以及 DOGE 和 SOL 等主要山寨币陷入困境，加剧了看跌情绪。随着通货膨胀和美联储政策等经济因素发挥作用，加密货币爱好者等待市场状况恢复平静。

The crypto market's volatile nature continues to manifest, demonstrating that volatility is its defining characteristic. While Bitcoin's potential to reach $100,000 remains a possibility, the journey ahead appears complex and uncertain. Stay informed, trade cautiously, and monitor the market closely for updates.

加密货币市场的波动性继续显现，表明波动性是其定义特征。尽管比特币仍有可能达到 10 万美元，但未来的旅程似乎复杂且不确定。随时了解情况，谨慎交易，并密切关注市场动态。