Crypto Markets Languish Amidst Negative Sentiment

加密货币市场在负面情绪中萎靡不振

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.

周末期间，加密货币市场陷入极度恐惧的状态，比特币（BTC）、以太坊（ETH）、Solana（SOL）、Ripple（XRP）、狗狗币（DOGE）等知名加密货币均遭受重大损失。这次经济低迷使加密货币总市值跌破 2 万亿美元。

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 跌至周末低点 52,714 美元，而 ETH 则在周日危险地跌破 2,200 美元。由于美国就业市场数据未达预期，市场转为看跌，SOL 也触及 126 美元的低点。包括 BTC 和 ETH 在内的一些加密货币跌破了关键水平。随着联邦公开市场委员会会议的临近，市场观察人士普遍存在的不确定性进一步影响了投资者的情绪。影响市场的其他因素包括正在进行的 Telegram 事件和 Ripple 诉讼，这些因素继续加剧猜测。

US Job Data Disappoints

美国就业数据令人失望

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.

由于美国就业数据弱于预期，表明经济放缓，美国和加密货币市场出现红色。分析师表示，就业增长乏力强化了经济衰退的说法。他们还指出，从历史上看，九月一直是加密货币和股票的低迷时期。在就业市场数据公布后，分析师预测，由于意外的波动，加密货币市场将经历动荡的一周。就业市场数据低于预期，为 770 万人，比预期的 810 万人下降 4.6%。因此，市场观察人士现在预测美联储将降息 50 个基点。鉴于 9 月份对于股票和加密货币来说是历史上困难的一个月，降息和就业市场数据的更广泛影响仍不清楚。

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

21Shares 研究分析师 Leena ElDeeb 评论道：

"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."

“最近的美国劳动力市场结果对于比特币等风险资产来说是一个关键时刻，因为劳动力市场被认为是可能影响美联储本月降息决定的主要部门。随着失业率略有改善，投资者交易积极，反映了 9 月 18 日宽松的货币政策。降息对风险资产来说是个好兆头，从历史上看，随着借贷成本的下降，比特币和更广泛的资产都会扩大投资者的兴趣。在这些流动性动态的推动下，市场可能会在第四季度出现升值。”

Crypto Markets Lack Near-Term Catalysts

加密货币市场缺乏近期催化剂

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报告中指出，加密货币市场较 3 月份的峰值下跌了 24%，这表明它预计将出现下一个促进增长、保持参与度并引发价格复苏的催化剂。

"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."

“总体而言，我们仍然认为加密生态系统缺乏主要催化剂，因此我们预计加密代币和资产价格对宏观因素越来越敏感。”

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.

尽管市场低迷，摩根大通观察到 8 月份交易量有所上升，日均总交易量 (ADV) 上涨约 8%。一位比特币分析师预测“最大的牛市周期”，目前 45,000 美元是新的价格下限。该分析师表示，BTC正在进行最后的调整，可能会经历两年的牛市。该分析师将 53,000 美元的价格水平确定为该资产的下一个潜在价格下跌目标，尽管很少有分析师愿意宣布 BTC 价格整合结束。然而，企业家、分析师和交易员 Michael van de Poppe 认为，BTC 最近的价格调整已接近尾声。

"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."

“流动性被夺走，#Bitcoin 回到 54,800 美元。预计本次运行最高可达 55,500 美元，然后我们可能会重新回到 53,000 美元，然后明显回升。最终修正，然后是 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 50,000 美元一个月后，投资者仍对价格创新低的可能性持怀疑态度。尽管有利的宏观经济条件即将到来，但这种犹豫仍导致市场状况低迷。

Bitcoin (BTC) Price Analysis

比特币（BTC）价格分析

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.

比特币（BTC）周五大幅下跌，跌破 55,000 美元。卖家将价格推低至全日低点 52,622 美元，随后小幅回升将其推回 54,000 美元上方。收盘价为 54,205 美元。一些即将发生的事件可能会对比特币的价格产生重大影响。在此之前，全球最大的加密货币在过去一周下跌了 5% 以上。分析师指出，投资者信心较低，但即将发生的事件可能会成为催化剂并引发复苏。与此同时，现货比特币 ETF 继续表现不佳，并出现大量资金外流。

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，比特币 ETF 流出 1.7 亿美元，使每周累计流出达到 7.06 亿美元。数据显示，现货比特币ETF已经连续8天出现亏损，12只ETF中没有一只ETF在过去一周出现净流入。富达 (Fidelity) 的 FBTC ETF 报告 9 月 6 日流出超过 8500 万美元，导致每周流出略高于 4.04 亿美元。 9 月 6 日，Grayscale 的 GBTC 提现金额为 5287 万美元，每周流出 1.6 亿美元。

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 价格后认为，比特币价格可能会跌至 45,000 美元，并强调活跃地址数量下降至 612,000 个。此外，梅耶尔倍数跌破1，表明进一步下跌。该公司表示：

"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."

“比特币地址在2023年11月达到顶峰，并在2024年第一季度后大幅下降。当短期持有者持有的BTC数量在4月份开始下降时，长期持有者趁高价退出，暗示周期顶部已经达到了。”

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 日移动平均线后，上周整体下跌，触及 57,529 美元的低点。周三，卖家试图将价格压低至 55,000 美元以下，导致单日低点 55,658 美元。然而，买家反击了抛售压力，推动 BTC 上涨 0.85% 至 58,017 美元。周四和周五抛售压力加剧，导致 BTC 分别下跌 3.15% 和 3.53%，最终收于 54,205 美元，突破 55,000 美元的关键价格水平。周五，卖家将 BTC 推低至 52,622 美元的低点，然后反弹至 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.

周末，买家试图复苏，比特币周六小幅上涨，周日上涨 1.25%，周末收于 54,981 美元。当前交易日显示 BTC 小幅上涨，交易价格高于 55,000 美元。目前，50,000 美元的价格水平对 BTC 来说意义重大。如果买家重新控制该水平，则表明多头买入下跌，可能导致反弹至 57,000-58,000 美元。然而，跌破该水平可能会测试 50,000 美元的支撑位。

Ethereum (ETH) Price Analysis

以太坊（ETH）价格分析

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）周五跌破 2,300 美元，卖家将其压低至 2,150 美元的低点，引发市场观察人士对可能跌破 2,100 美元的担忧。 ETH 一直面临困境，现货以太坊 ETF 也表现不佳。上周 ETH ETF 净流出超过 9100 万美元，连续第四周出现亏损。 Grayscale 的 ETHE 报告资金流出 1070 万美元，累计负流量为 26.7 亿美元。贝莱德的 ETHA 是唯一一只在最后交易日流入 472 万美元的以太坊 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

周二，由于多头未能维持 20 日均线上方的上涨势头，以太坊跌破 2,500 美元。周三卖家试图将价格压低至 2,300 美元以下，最终跌至 2,310 美元的低点。然而，这一水平的强劲需求使 ETH 得以复苏，最终上涨 1.07%，收于 2,451 美元。 ETH 未能突破 2500 美元，周四重回红色，下跌