24K-Production / Shutterstock.com The recent move we've seen in Bitcoin (CRYPTO:BTC) has truly brought about a level of concern in this sector I haven't seen in some time. Quick Read Bitcoin (BTC) has declined more than 30% from its peak amid broader risk asset selloffs. Bitcoin exhibits high correlation with tech-heavy indexes like the Nasdaq. The author sets a one-year Bitcoin price target of $75,000 with a potential range of $50,000 to $150,000. If you’re thinking about retiring or know someon ...

And now I'd like to welcome in Austin King, the co-founder of Nomina to discuss more on Bitcoin with Bitcoin right now having seen this pressure. Of course, I know October was a bit of a disappointment, but walk us through what you think is leading to some of this sign weakness and really why we're seeing this persist I think a bit longer than the bulls would have hoped. Yeah, I think as an asset class at large, crypto is very much still seen as a riskon asset class.And you know, when the we're seeing the l ...

（责任编辑：郭健东 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 据Onchain Lens监测，贝莱德向Coinbase存入3064枚比特币(价值约2.8亿美元)和64707枚以太坊(价 值约1.987亿美元)。 ...

Core Insights - The cryptocurrency market has not responded positively to recent institutional interest and regulatory clarity, leading to a disconnect between potential and actual market performance [3][8] - The market's current valuation of cryptocurrencies, particularly altcoins, appears to be based on speculative trading rather than sustainable economic value [15][23] Market Dynamics - Despite significant developments such as the launch of ETFs and increased institutional participation, the market has not seen corresponding price increases, indicating that positive news may already be priced in [3][6] - The total market capitalization of altcoins is approximately $1.5 trillion, but their underlying narratives are considered weaker compared to Bitcoin, which has a market cap of about $1.9 trillion [4][5] Valuation Concerns - Ethereum's market cap is around $400 billion, with annual revenue from fees and MEV estimated at $1-2 billion, leading to a price-to-sales ratio of 200-400 times, which is deemed unsustainable [13][14] - Solana, with a market cap of approximately $75-80 billion, generates over $1 billion in annual revenue, resulting in a more reasonable price-to-sales ratio of 20-60 times [13][14] Revenue Sustainability - The income generated by major Layer 1 blockchains is characterized as highly cyclical and speculative, akin to casino revenues, rather than stable, predictable cash flows [10][14] - The industry must transition from speculative trading to generating real, recurring economic value to justify current valuations [15][23] Future Outlook - The cryptocurrency sector is still in its early stages, but there is a pressing need to focus on real user adoption and sustainable business models rather than speculative trading [17][21] - The next decade may see significant opportunities in integrating cryptocurrency technology into established businesses, provided it can demonstrate cost efficiency and improved functionality [20][22]

比特币正经历自由落体式下跌，交易员正在为更大规模的跌势做准备。 周二，比特币一度跌破9万美元，创七个月新低。 过去六周内，加密货币总市值暴跌超过1.2万亿美元。 期权市场数据显示，交易员对9万美元、8.5万美元和8万美元等下行点位的保护性需求大幅飙升，押注11月底到期的看跌合约规模已超过7.4亿美元。 专注去中心化金融的Ergonia研究总监Chris Newhouse表示： 随着过去六个月累积头寸的买家发现自己已经严重套牢，基于信念的多头需求正变得越来越疲软。 数据分析平台CoinMarketCap编制的情绪指数显示加密货币参与者陷入"极度恐慌"状态。市场上挤满了投资者，他们亏损太深，无法继续买入，但又不愿止 损。 以太坊非常容易受到这种趋势的影响，因为目前最大的数字资产财库公司都处于亏损状态。 世界第二大加密货币以太币跌至2975美元，自10月初以来跌幅达24%，表现尤为疲弱。 宏观因素施压风险资产 更广泛的经济力量也在拖累市场情绪。美联储政策预期和人工智能泡沫讨论成为年底前加密货币和风险资产面临的两大阻力。 研究机构Kaiko的分析师Adam McCarthy表示： 我认为美联储和AI泡沫讨论是年底前加 ...

本轮抛售始于对科技股估值过高和美国利率政策走向的担忧。数据提供商CoinGecko统计，超过1.8万种数字货币的总市值在此期间下降25%。风险较 高的小市值代币承受了最沉重的打击。分析警告，低迷情绪下，比特币7.5万或许并不遥远。 本轮抛售始于对科技股估值过高和美国利率政策走向的担忧。比特币价格已较10月6日的峰值下跌逾28%，创4月以来最低水平，年内涨幅完全抹平。 据数据提供商CoinGecko统计，超过1.8万种数字货币的总市值在此期间下降25%。 对美联储12月是否降息的新疑虑加剧了市场担忧。较低的利率通常会提升加密代币和其他风险资产的吸引力，因为它们降低了投资者持有短期美国政府 债券的收益。 Astronaut Capital首席投资官Matthew Dibb警告，低迷情绪下，比特币7.5万或许并不遥远： 加密货币市场的情绪相当低迷，自10月份杠杆率暴跌以来一直如此。 加密货币市场正在经历一场剧烈调整，过去六周内总市值暴跌超过1.2万亿美元。 下一个支撑位是7.5万美元，如果市场波动性持续高企，就可能触及该价位。 10月10日的市场崩溃成为此轮下跌的转折点。据交易平台Coinbase监测，当日200亿 ...

Core Viewpoint - The cryptocurrency market is experiencing a significant downturn, with Bitcoin and Ethereum both dropping over 6%, leading to a total market capitalization loss exceeding $1 trillion since October 7. Analysts suggest that the bearish trend may continue as traders are increasingly pessimistic in the options market [1][10][12]. Cryptocurrency Market Performance - Bitcoin fell to approximately $89,501.3, erasing all gains made in 2023, while Ethereum dropped to $2,986.19. Other cryptocurrencies like XRP, Solana, and Cardano also saw declines, with XRP down nearly 6% and Solana over 4% [4][5]. - In the last 24 hours, the total liquidation amount in the cryptocurrency market reached $10.15 billion, affecting 183,500 traders, with long positions accounting for $7.24 billion of the liquidations [6][8]. Market Sentiment and External Factors - The market sentiment has turned negative as expectations for a Federal Reserve interest rate cut have diminished, leading to a broader sell-off in risk assets. The probability of a 25 basis point rate cut in December is now at 42.9%, with a 57.1% chance of maintaining current rates [8][12]. - Analysts indicate that the recent sell-off is a result of profit-taking by long-term holders, outflows of institutional funds, macroeconomic uncertainties, and the liquidation of leveraged long positions [10][13]. Investor Behavior and Market Dynamics - There is a growing concern that the cryptocurrency sell-off could force retail investors to liquidate other assets to meet margin calls, potentially creating a feedback loop of selling across different markets [1][10][13]. - The options market shows a significant increase in protective bets against further declines, with traders focusing on downside levels of $90,000, $85,000, and $80,000, indicating a bearish outlook [12][13].

Core Viewpoint - Global markets experienced widespread sell-offs, with significant declines in U.S. stock futures and cryptocurrencies, driven by concerns over interest rate outlook and technology stock valuations [1]. Market Performance - The Nikkei 225 index in Japan fell by 3.2%, marking its largest single-day drop since April, amid worries over government spending and geopolitical factors [1]. - The KOSPI index in South Korea dropped by 3.32%, led by declines in semiconductor stocks [2]. - A-shares also saw declines, with the Shanghai Composite Index down 0.81%, the ChiNext Index down 1.1%, and the Shenzhen Component Index down 0.92%. The Taiwan Weighted Index fell by 2.5% [3]. - U.S. stock futures showed significant declines, with the Nasdaq 100 futures down over 1%, Dow futures down 0.5%, and S&P 500 futures down 0.7% [4]. Interest Rate and Commodity Impact - The probability of a 25 basis point rate cut by the Federal Reserve in December dropped to 42.9%, leading to a decrease in optimistic sentiment towards gold, which fell below the $4,000 mark [1][5]. - Bitcoin experienced intensified selling pressure, dropping to a low of $89,253 per coin, with traders betting on further declines to $85,000 and even $80,000 [5][13].

Core Insights - Strategy has purchased $835.6 million worth of Bitcoin, marking its largest acquisition since July, bringing its total holdings to 649,870 Bitcoins valued at approximately $6.17 billion [1] - The recent Bitcoin price drop of nearly 30% since early October contrasts with previous market expectations of increased stability due to deeper Wall Street involvement and favorable White House policies [1][3] - The company's market net asset value (mNAV) has plummeted from over 2.5 to 1.2, indicating a significant decline in its valuation relative to Bitcoin holdings, which complicates the buying opportunity for institutional investors [2] Company Actions - Strategy raised €620 million (approximately $716.8 million) through the issuance of euro-denominated perpetual preferred stock, significantly exceeding its initial target of €350 million [6] - The company has shifted its funding strategy from selling common stock to issuing convertible bonds and now to preferred stock, reflecting investor concerns over equity dilution [6] Market Dynamics - The cryptocurrency market has experienced a significant downturn, with approximately $19 billion in digital asset value wiped out since early October, leading to a decline in open interest in cryptocurrency futures [7] - The demand for protective options has surged, particularly for price levels of $90,000, $85,000, and $80,000, indicating a bearish sentiment among traders [3]

Core Insights - The Trump family business has partnered with Saudi Arabia's largest private real estate developer, Dar Al Arkan, to develop a luxury hotel project in the Maldives, combining real estate development and cryptocurrency trading [1][3] - The project will feature 80 ultra-luxury villas and is expected to redefine local luxury standards while innovating real estate investment through tokenization [3][6] Real Estate Development - Dar Global, a subsidiary of Dar Al Arkan, plans to build the luxury villas, which will be accessible by a 25-minute speedboat ride from the capital, Male, with the hotel expected to open by the end of 2028 [3] - This Maldives project is not the only collaboration between the Trump Group and Dar Global, with additional projects planned in Oman, Qatar, UAE, and Saudi Arabia [3] Financial Aspects - The Trump family typically does not invest their own funds in projects but licenses their brand to increase property values, earning millions in fees and profit shares from related sales [4] - In the past year, Trump reportedly earned over $20 million from transactions with Dar Al Arkan [4] Tokenization in Real Estate - The new project involves real estate tokenization, allowing investors to purchase fractional ownership through digital tokens on a blockchain platform, broadening the investor base [6][7] - This innovative financing structure reduces reliance on traditional bank loans and leverages the Trump family's political influence for commercial advantage [6] Cryptocurrency Engagement - The project marks a new chapter for the Trump family in the cryptocurrency sector, with previous ventures including the establishment of a cryptocurrency company and various asset applications related to digital currencies [9] - The Trump family's involvement in cryptocurrency has led to a more favorable regulatory environment, contrasting with the Biden administration's stance [9][10]