<p>周三，加密市场显现出一种在终点线附近跌倒的特质。尽管当天美联储宣布的降息受到欢迎，但如果说是意料之中的话，关于未来进一步降息的猜测则并不那么令人鼓舞。因此，许多投资者从这一资产类别中撤退。</p>
<p>这就是为什么许多币种和代币在当天的交易中出现亏损。<strong>比特币</strong>(BTC -5.46%)，最近突破了$100,000 的价格水平，并似乎决心保持在该水平，然而截至东部时间下午 4 点，其价格仍下跌近 5%。第二大币种 <strong>以太坊</strong>(ETH -6.56%) 的跌幅更大，超过 6%。受欢迎的山寨币 <strong>索拉纳</strong>(SOL -8.47%) 和 <strong>卡尔达诺</strong>(ADA -8.51%) 的跌幅均在 8% 左右。</p>
<h2>未来降息幅度会更小吗？</h2>
<p>从某种角度来看，最近的重大进展使得加密投资者失去了意外的上涨机会。美联储将其关键利率区间下调 25 个基点，正是市场和经济学家普遍预期的结果——没有更多，也没有更少。</p>
<p>更糟糕的是，联邦公开市场委员会 (FOMC，负责设定利率的密切关注机构) 的成员们共同表示，他们预计到 2025 年，利率仅会降低 50 个基点。这与几周前这些官员的预测有所不同；当时他们预测全年将下降一个百分点。</p>
<p>美联储主席杰罗姆·鲍威尔进一步增加了失望情绪，他对近期的前景表示谨慎。他说：“我认为我们处于一个良好的位置，但我认为从这里开始是一个新阶段，我们将对进一步的降息保持谨慎。”</p>
<p>加密货币对利率行动和投机特别敏感。这是因为与股票等传统投资相比，加密货币的波动性相对较大。因此，当利率下降时，加密货币往往更具吸引力，因为理论上市场对风险的胃口更大（此外，避险投资通常收益较低，进一步增加了其吸引力）。</p>
<h2>市场可能过度反应</h2>
<p>这种突如其来的逆风使得加密市场在 2025 年即将到来之际变得相当不确定。然而，即使我们没有获得加密投资者渴望的激进降息，我认为币种和代币很快会反弹。</p>
<p>它们背后有很大的动力，并在普通投资者的眼中跃入了合法性。下个月将上任的总统政府不仅隐性支持加密货币，某些成员——如当选副总统 J.D. Vance——实际上已经投资于加密货币。此外，今年早些时候推出的现货加密交易所交易基金（ETF）仍然受欢迎，并将继续支持市场。</p>

GBTC

ETHE

<p>在周三，主要加密货币遭遇了显著的损失，尽管市场预期美联储将降息。比特币下跌近 5%，以太坊下跌超过 6%。对未来降息的猜测不再乐观，美联储仅暗示预计 2025 年将降息 50 个基点。美联储主席杰罗姆·鲍威尔对进一步降息表示谨慎，这加剧了市场的不确定性。尽管如此，分析师认为，由于加密货币日益获得合法性以及即将上任的总统政府的支持，加上今年早些时候推出的现货加密 ETF 的受欢迎程度，加密货币将会恢复</p>

<p>On Wednesday, there was a distinct stumbling-near-the-finish-line quality to the crypto market. Although the Federal Reserve's rate cut announced that day was welcome, if expected, speculation about future slices wasn't as encouraging. As a result, many investors retreated from the asset class.</p>
<div class="lb-trans"><p>周三，加密市场显现出一种在终点线附近跌倒的特质。尽管当天美联储宣布的降息受到欢迎，但如果说是意料之中的话，关于未来进一步降息的猜测则并不那么令人鼓舞。因此，许多投资者从这一资产类别中撤退。</p>
</div><p>That's why many coins and tokens were booking losses as the day wore on. <strong>Bitcoin</strong>(BTC -5.46%), which vaulted above the $100,000 price level recently and seems determined to stay there, nevertheless was down by almost 5% as of 4 p.m. ET. The No. 2 coin, <strong>Ethereum</strong>(ETH -6.56%), was struggling more with an over 6% fall. Popular altcoins <strong>Solana</strong>(SOL -8.47%) and <strong>Cardano</strong>(ADA -8.51%) were both 8% or so in the red.</p>
<div class="lb-trans"><p>这就是为什么许多币种和代币在当天的交易中出现亏损。<strong>比特币</strong>(BTC -5.46%)，最近突破了$100,000 的价格水平，并似乎决心保持在该水平，然而截至东部时间下午 4 点，其价格仍下跌近 5%。第二大币种 <strong>以太坊</strong>(ETH -6.56%) 的跌幅更大，超过 6%。受欢迎的山寨币 <strong>索拉纳</strong>(SOL -8.47%) 和 <strong>卡尔达诺</strong>(ADA -8.51%) 的跌幅均在 8% 左右。</p>
</div><h2>Shallower cuts coming?</h2>
<div class="lb-trans"><h2>未来降息幅度会更小吗？</h2>
</div><p>Looking at the latest major development in a certain way, crypto-heads were robbed of an upside surprise by the Fed. The regulator's 25-basis-point reduction to its key interest rate range was exactly what was expected widely by the market and by economists -- no more, no less.</p>
<div class="lb-trans"><p>从某种角度来看，最近的重大进展使得加密投资者失去了意外的上涨机会。美联储将其关键利率区间下调 25 个基点，正是市场和经济学家普遍预期的结果——没有更多，也没有更少。</p>
</div><p>Compounding that, members of the Federal Open Market Committee (FOMC, the closely watched body that sets interest rates) collectively said they anticipate rates will be lowered only 50 basis points across all of 2025. That's a change of tune from those officials; mere weeks ago, they were predicting a total decline of a full percentage point during the year.</p>
<div class="lb-trans"><p>更糟糕的是，联邦公开市场委员会 (FOMC，负责设定利率的密切关注机构) 的成员们共同表示，他们预计到 2025 年，利率仅会降低 50 个基点。这与几周前这些官员的预测有所不同；当时他们预测全年将下降一个百分点。</p>
</div><p>Fed chair Jerome Powell added to the disappointment by sounding wary about the immediate future. He said, &#34;I think we're in a good place, but I think from here it's a new phase, and we're going to be cautious about further cuts.&#34;</p>
<div class="lb-trans"><p>美联储主席杰罗姆·鲍威尔进一步增加了失望情绪，他对近期的前景表示谨慎。他说：“我认为我们处于一个良好的位置，但我认为从这里开始是一个新阶段，我们将对进一步的降息保持谨慎。”</p>
</div><p>Cryptocurrencies are particularly sensitive to interest rate action and speculation. That's because they're fairly volatile compared to more traditional investments like stocks. As such, when rates decline, cryptos tend to be more attractive, since theoretically the market has a bigger appetite for risk (also, safe harbor investments usually yield less, adding to the attractiveness).</p>
<div class="lb-trans"><p>加密货币对利率行动和投机特别敏感。这是因为与股票等传统投资相比，加密货币的波动性相对较大。因此，当利率下降时，加密货币往往更具吸引力，因为理论上市场对风险的胃口更大（此外，避险投资通常收益较低，进一步增加了其吸引力）。</p>
</div><h2>Possible market overreaction</h2>
<div class="lb-trans"><h2>市场可能过度反应</h2>
</div><p>The sudden appearance of this headwind makes the crypto market rather uncertain as we barrel into 2025. Yet even if we're not getting the aggressive interest rate slicing crypto investors are so thirsty for, I think coins and tokens will bounce back before long.</p>
<div class="lb-trans"><p>这种突如其来的逆风使得加密市场在 2025 年即将到来之际变得相当不确定。然而，即使我们没有获得加密投资者渴望的激进降息，我认为币种和代币很快会反弹。</p>
</div><p>They have much momentum behind them and have leaped into legitimacy, in the average investor view. The presidential administration that will take power next month not only supports cryptocurrencies implicitly, certain members -- like Vice President-elect J.D. Vance -- have actually invested in them. Also, the spot crypto exchange-traded funds (ETFs) introduced early this year remain popular and will continue to support the market.</p>
<div class="lb-trans"><p>它们背后有很大的动力，并在普通投资者的眼中跃入了合法性。下个月将上任的总统政府不仅隐性支持加密货币，某些成员——如当选副总统 J.D. Vance——实际上已经投资于加密货币。此外，今年早些时候推出的现货加密交易所交易基金（ETF）仍然受欢迎，并将继续支持市场。</p>
</div>

Why Major Cryptocurrencies Wilted on Wednesday

- 加密市场在美联储降息后出现回调，投资者纷纷撤退。  
- 比特币和以太坊分别下跌近 5% 和 6%。  
- 尽管面临不确定性，市场仍有反弹潜力，尤其是新政府支持加密货币。

为什么主要加密货币在周三表现不佳