<p>加密行业上周集体下跌。这并不是一次完全和谐的下跌，因为稳定币保持稳定（如预期）且一些个别币种如 <strong>Zcash</strong>(ZEC 29.22%) 却大幅上涨。但整体的加密趋势无疑是看跌的：</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/fec31c5d7911d987e05d85168d09c11e.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/fec31c5d7911d987e05d85168d09c11e.png"/></p>
<p>比特币价格数据来源于 YCharts</p>
<p>在 9 月 21 日至 9 月 28 日的七天时间里，从周日到周日，<strong>比特币</strong>(BTC 0.70%) 和 <strong>XRP</strong>(XRP -0.76%) 各自下跌了超过 5%。<strong>以太坊</strong>(ETH -0.86%) 的跌幅更深，约为 10%，而更具波动性的币种如 <strong>狗狗币</strong>(DOGE 0.60%) 和 <strong>索拉纳</strong>(SOL 0.56%) 则下跌得更厉害。</p>
<p>让我们来看看上周导致这些加密价格波动的因素。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU1MzQvYml0Y29pbi1oaXQtYnktbGlnaHRuaW5nLWNyeXB0by5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU1MzQvYml0Y29pbi1oaXQtYnktbGlnaHRuaW5nLWNyeXB0by5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>1. 对近期上涨的获利回吐反应</h2>
<p>上周的加密市场动态需要一些额外的背景。此期间之前的两周由于美国经济稳定的迹象而相当看涨。</p>
<p>受到近期通胀报告和其他宏观经济数据的积极趋势的鼓舞，美联储自 2024 年 12 月以来首次降低利率。因此，像大型金融机构这样的风险厌恶型投资者纷纷将新资金投入加密货币和基于加密货币的交易所交易基金（ETF）。成熟的加密货币（例如比特币、以太坊和 XRP）上涨了约 5%，接近历史最高点；狗狗币和索拉纳则享受了两位数的百分比涨幅。</p>
<p>这一加密友好的时期导致了上周的获利回吐潮。一些销售也是被迫的，因为杠杆加密投资者不得不平仓以偿还借款交易的保证金。这是一项风险极大的业务，朋友们。</p>
<h2>2. ETF 投资者加入获利回吐的行列</h2>
<p>那些更喜欢现货价格加密货币 ETF 而不是直接持有加密货币的投资者通常不太喜欢高风险、高回报的策略。</p>
<p>这种进入加密世界的方式对许多无法直接接触比特币或以太坊的账户开放——大型机构投资者、个人退休计划以及那些希望规避风险的人，他们更喜欢额外的监管保护。因此，看到这些群体也获利了结并不奇怪，尤其是当价格高峰主要受到政治和监管举措的推动时。</p>
<p>不过，ETF 持有者在周末无法进行交易。因此，9 月 21 日（星期日）直接的加密货币下跌转化为 9 月 22 日（星期一）ETF 资金的适度流出。<strong>iShares 比特币信托</strong>(IBIT 0.05%) 当天流出 3800 万美元，而 <strong>iShares 以太坊信托</strong>(ETHA -0.66%) 则损失了 1500 万美元的客户资金。</p>
<p>这些数字并不算大，但与近期稳定的资金流入相比，仍然是一个明显的趋势逆转。</p>
<h2>3. 政治压力</h2>
<p>然后就是房间里的那个难以忽视的政治因素。</p>
<p>在 9 月 25 日（星期四），加密货币（以及其他投资市场）面临更多的政治压力。国会威胁在 10 月 1 日关闭政府运作，特朗普政府承诺在加沙采取军事行动，而美联储主席杰罗姆·鲍威尔发出严厉警告称 “没有无风险的路径” 通往健康的经济。</p>
<p>这就是你在之前的图表中看到的大幅下跌。加密投资者认真对待了鲍威尔的警告，<strong>iShares 以太坊信托</strong> 流出 2 亿美元，使得之前的回撤显得微不足道。</p>
<p>这是获利回吐和政治因素的苦涩结合。我应该指出，图表中的所有五种加密货币在过去一年中均上涨了至少 34%，超过了 <strong>标准普尔 500</strong> 指数 (^GSPC 0.41%) 在同一时期 15.5% 的涨幅。</p>
<p>因此，加密空头仍然可以争辩说市场仍然过热，而多头则可以将这次价格下跌视为买入机会。无论如何，上周的事件可能并没有使许多投资者在这场永恒的对抗中改变立场。</p>

ETHE

<p>上周，加密货币行业经历了显著下跌，比特币和 XRP 下跌超过 5%，以太坊下跌约 10%。主要因素包括近期上涨后的获利了结、加密货币 ETF 的资金流出，以及来自政治方面的压力，包括美联储的警告。尽管出现了下滑，但过去一年加密货币仍实现了可观的收益，这导致投资者对市场状况的看法存在分歧</p>

<p>The crypto sector took a collective tumble last week. It wasn't a completely harmonious drop, as stablecoins held firm (as intended) and outliers such as <strong>Zcash</strong>(ZEC 29.22%) posted big gains. But the overarching crypto trend was unmistakably bearish:</p>
<div class="lb-trans"><p>加密行业上周集体下跌。这并不是一次完全和谐的下跌，因为稳定币保持稳定（如预期）且一些个别币种如 <strong>Zcash</strong>(ZEC 29.22%) 却大幅上涨。但整体的加密趋势无疑是看跌的：</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/fec31c5d7911d987e05d85168d09c11e.png" alt="" original-src="https://media.ycharts.com/charts/fec31c5d7911d987e05d85168d09c11e.png"/></p>
<p>Bitcoin Price data by YCharts</p>
<div class="lb-trans"><p>比特币价格数据来源于 YCharts</p>
</div><p>In the seven-day Sunday-to-Sunday span from Sept. 21 to Sept. 28, <strong>Bitcoin</strong>(BTC 0.70%) and <strong>XRP</strong>(XRP -0.76%) dipped a little more than 5% each. <strong>Ethereum</strong>(ETH -0.86%) saw a deeper drop of roughly 10%, while more volatile names such as <strong>Dogecoin</strong>(DOGE 0.60%) and <strong>Solana</strong>(SOL 0.56%) fell even further.</p>
<div class="lb-trans"><p>在 9 月 21 日至 9 月 28 日的七天时间里，从周日到周日，<strong>比特币</strong>(BTC 0.70%) 和 <strong>XRP</strong>(XRP -0.76%) 各自下跌了超过 5%。<strong>以太坊</strong>(ETH -0.86%) 的跌幅更深，约为 10%，而更具波动性的币种如 <strong>狗狗币</strong>(DOGE 0.60%) 和 <strong>索拉纳</strong>(SOL 0.56%) 则下跌得更厉害。</p>
</div><p>Let's take a look at the factors that inspired these crypto price swings last week.</p>
<div class="lb-trans"><p>让我们来看看上周导致这些加密价格波动的因素。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU1MzQvYml0Y29pbi1oaXQtYnktbGlnaHRuaW5nLWNyeXB0by5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F835534%2Fbitcoin-hit-by-lightning-crypto.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>1. Profit-taking reactions to a recent surge</h2>
<div class="lb-trans"><h2>1. 对近期上涨的获利回吐反应</h2>
</div><p>Last week's crypto action needs a bit of additional context. The two weeks before this period were pretty bullish thanks to signs of stabilization in the American economy.</p>
<div class="lb-trans"><p>上周的加密市场动态需要一些额外的背景。此期间之前的两周由于美国经济稳定的迹象而相当看涨。</p>
</div><p>Encouraged by helpful trends in recent inflation reports and other macroeconomic data points, the Federal Reserve lowered interest rates for the first time since December 2024. As a result, risk-averse investors such as large financial institutions poured fresh cash into cryptocurrencies and crypto-based exchange-traded funds (ETFs). Mature cryptocurrencies (Bitcoin, Ethereum, and XRP, for example) posted roughly 5% gains and moved close to their all-time highs; Dogecoin and Solana enjoyed double-digit percentage gains.</p>
<div class="lb-trans"><p>受到近期通胀报告和其他宏观经济数据的积极趋势的鼓舞，美联储自 2024 年 12 月以来首次降低利率。因此，像大型金融机构这样的风险厌恶型投资者纷纷将新资金投入加密货币和基于加密货币的交易所交易基金（ETF）。成熟的加密货币（例如比特币、以太坊和 XRP）上涨了约 5%，接近历史最高点；狗狗币和索拉纳则享受了两位数的百分比涨幅。</p>
</div><p>That crypto-friendly period led up to a wave of profit taking last week. Some of the sales were also forced, as leveraged crypto investors had to settle margin calls on trades financed by borrowed funds. That's a risky business, folks.</p>
<div class="lb-trans"><p>这一加密友好的时期导致了上周的获利回吐潮。一些销售也是被迫的，因为杠杆加密投资者不得不平仓以偿还借款交易的保证金。这是一项风险极大的业务，朋友们。</p>
</div><h2>2. ETF investors joined the profit-taking crowd</h2>
<div class="lb-trans"><h2>2. ETF 投资者加入获利回吐的行列</h2>
</div><p>Investors who prefer spot-priced cryptocurrency ETFs over holding the cryptos directly are usually not big fans of high-risk, high-reward strategies.</p>
<div class="lb-trans"><p>那些更喜欢现货价格加密货币 ETF 而不是直接持有加密货币的投资者通常不太喜欢高风险、高回报的策略。</p>
</div><p>This on-ramp to the crypto world is available to many accounts that simply can't touch Bitcoin or Ethereum directly -- large-scale institutional investors, personal retirement plans, and risk-dodging people who prefer an extra layer of regulatory protection. It's not surprising to see these groups take profits too, especially when the price peak was largely motivated by political and regulatory moves.</p>
<div class="lb-trans"><p>这种进入加密世界的方式对许多无法直接接触比特币或以太坊的账户开放——大型机构投资者、个人退休计划以及那些希望规避风险的人，他们更喜欢额外的监管保护。因此，看到这些群体也获利了结并不奇怪，尤其是当价格高峰主要受到政治和监管举措的推动时。</p>
</div><p>ETF owners can't make trades over the weekend, though. Therefore, the direct cryptocurrency drawdown on Sunday, Sept. 21, translated into a modest outflow of ETF funds on Monday, Sept. 22. The <strong>iShares Bitcoin Trust</strong>(IBIT 0.05%) saw a $38 million outflow that day, while the <strong>iShares Ethereum Trust</strong>(ETHA -0.66%) lost $15 million of customer funds.</p>
<div class="lb-trans"><p>不过，ETF 持有者在周末无法进行交易。因此，9 月 21 日（星期日）直接的加密货币下跌转化为 9 月 22 日（星期一）ETF 资金的适度流出。<strong>iShares 比特币信托</strong>(IBIT 0.05%) 当天流出 3800 万美元，而 <strong>iShares 以太坊信托</strong>(ETHA -0.66%) 则损失了 1500 万美元的客户资金。</p>
</div><p>These figures aren't huge, but that's still a sharp trend reversal from steady inflows in recent weeks.</p>
<div class="lb-trans"><p>这些数字并不算大，但与近期稳定的资金流入相比，仍然是一个明显的趋势逆转。</p>
</div><h2>3. Political pressure</h2>
<div class="lb-trans"><h2>3. 政治压力</h2>
</div><p>And then there's the wonkish elephant in the room.</p>
<div class="lb-trans"><p>然后就是房间里的那个难以忽视的政治因素。</p>
</div><p>On Thursday, Sept. 25, more political pressure was piled on cryptocurrencies (and other investment markets). Congress threatened to close down government operations on Oct. 1, the Trump administration pledged to take military action in Gaza, and Federal Reserve chair Jerome Powell issued a stern warning that &#34;there is no risk-free path&#34; to a healthy economy.</p>
<div class="lb-trans"><p>在 9 月 25 日（星期四），加密货币（以及其他投资市场）面临更多的政治压力。国会威胁在 10 月 1 日关闭政府运作，特朗普政府承诺在加沙采取军事行动，而美联储主席杰罗姆·鲍威尔发出严厉警告称 “没有无风险的路径” 通往健康的经济。</p>
</div><p>That's the big dip you saw in the chart earlier. Crypto investors took Powell's warning seriously, and a $200 million outflow from the iShares Ethereum Trust made the earlier retreat look forgettable.</p>
<div class="lb-trans"><p>这就是你在之前的图表中看到的大幅下跌。加密投资者认真对待了鲍威尔的警告，<strong>iShares 以太坊信托</strong> 流出 2 亿美元，使得之前的回撤显得微不足道。</p>
</div><p>That's a bitter brew of profit taking and politics. I should point out that all five cryptocurrencies in the chart are up by at least 34% over the last year, more than doubling the <strong>S&amp;P 500</strong>(^GSPC 0.41%) stock market index's 15.5% gain over the same period.</p>
<div class="lb-trans"><p>这是获利回吐和政治因素的苦涩结合。我应该指出，图表中的所有五种加密货币在过去一年中均上涨了至少 34%，超过了 <strong>标准普尔 500</strong> 指数 (^GSPC 0.41%) 在同一时期 15.5% 的涨幅。</p>
</div><p>Hence, crypto bears can still argue that the market remains overheated, while the bulls can treat this price dip as a buying opportunity. Either way, the events of last week probably didn't move many investors from one side to the other in that eternal clash.</p>
<div class="lb-trans"><p>因此，加密空头仍然可以争辩说市场仍然过热，而多头则可以将这次价格下跌视为买入机会。无论如何，上周的事件可能并没有使许多投资者在这场永恒的对抗中改变立场。</p>
</div>

3 Reasons the Crypto Sector Tumbled Last Week

- 加密货币市场上周整体下跌，Bitcoin 和 XRP 各跌超 5%。  
- 主要因素包括获利回吐、ETF 投资者的抛售及政治压力。  
- 尽管如此，过去一年内加密货币仍上涨超过 34%。

加密货币行业上周下跌的三个原因